COMMUNITY BANCORP, INC. REPORTS YEAR-END RESULTS
COMMUNITY BANCORP, INC. REPORTS YEAR-END RESULTS MONROEVILLE, Pa., Dec. 9 /PRNewswire/ -- Community Bancorp, Inc.
(NASDAQ-NMS: CBPA) announced today that it had net income of $1,724,323 or $1.14 per share for the year ended Sept. 30, 1991, compared to $1,023,809 or $.68 per share for the year ended Sept. 30, 1990.
Kenneth J. Tyson, president of Community Bancorp, Inc., stated that the $700,514 or 68.4-percent increase in net income was primarily due to a $1.5 million increase in net interest income after provision for loan losses, and a $274,878 decrease in other expenses. These increases were partially offset by an $804,155 increase in income tax expense and a $226,275 decrease in other income. Tyson further stated that the increase in net interest income after provision for loan losses was primarily due to a $3.9 million or 24.3-percent increase in net interest-earning assets for the year ended Sept. 30, 1991, as compared to the year ended Sept. 30, 1990. Also, the average interest rate spread increased from 2.24 percent for fiscal 1990 to 2.41 percent for fiscal 1991. The association operates through 12 offices in the greater Pittsburgh metropolitan area and at Sept. 30, 1991, the association's capital exceeded all three capital requirements. COMMUNITY BANCORP, INC. SELECTED FINANCIAL DATA AS OF AND FOR THE FISCAL YEAR ENDED SEPT. 30, 1991, AND 1990 (in thousands, except per-share data) Fiscal Year Ended September 1991 1990 Interest income 33,022 29,852 Interest expense 23,341 21,834 Net interest income before provision for loan losses 9,681 8,018 Provision for loan losses, net of recoveries 857 650 Gain on sale of investments 375 520 Other income 1,310 1,391 Other expenses 7,148 7,423 Income before income taxes 3,360 1,856 Provision for income taxes 1,636 832 Net income 1,724 1,024 Earnings per common share $1.14 $0.68 Dividends per share $0.20 $0.20 Total assets 366,165 321,245 Loans receivable (net) 250,602 210,707 Deposits 301,150 262,999 Stockholders' equity 23,253 21,701 Stockholders' equity per share 15.55 14.52 -0- 12/9/91 /CONTACT: John A. Howard Jr. of Community Bancorp, Inc., 412-242-6011/ (CBPA) CO: Community Bancorp, Inc. ST: Pennsylvania IN: FIN SU: ERN
SM-KK -- PG011 -- 0532 12/09/91 12:02 EST
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|Date:||Dec 9, 1991|
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