COMMUNITY BANCORP ISSUES EARNINGS
COMMUNITY BANCORP ISSUES EARNINGS MONROEVILLE, Pa., Feb. 13 /PRNewswire/ -- Community Bancorp, Inc.
(NASDAQ-NMS: CBPA) announced today that it had net income of $457,347 or $.29 per share for the three months ended Dec. 31, 1991, compared to $373,482 or $.25 per share for the three months ended Dec. 31, 1990.
Kenneth J. Tyson, president of Community Bancorp, Inc., stated that the $83,865 or 22.5 percent increase in net income was primarily due to a $472,645 increase in net interest income after provision for loan losses and a $105,012 increase in total other income. These increases were partially offset by a $358,481 increase in total other expenses and a $135,311 increase in income tax expense. Tyson further stated that the increase in net interest income after provision for loan losses was primarily due to an increase in the average interest spread from 2.32 percent for the three months ended Dec. 31, 1990, to 2.82 percent for the three months ended Dec. 31, 1991. Also contributing to the increase in net interest income was a $1.1 million increase in net interest-earning assets for the three months ended Dec. 31, 1991, as compared to the same period in the prior year. The association operates through 12 offices in the Greater Pittsburgh metropolitan area and at Dec. 31, 1991, the association's capital exceeded all three capital requirements. COMMUNITY BANCORP, INC. Selected Financial Data (In thousands, except per share data) Three Months Ended Dec. 31 1991 1990 Interest income $8,745 $7,974 Interest expense 5,860 5,768 Net int. inc. bef. prov. for loan losses 2,885 2,206 Provision for loan losses 550 344 Gain on sale of investments 221 152 Other income 359 323 Other expense 2,017 1,658 Income before income taxes 898 679 Provision for income taxes 441 306 Net income 457 373 Earnings per common share $0.29 $0.25 Dividends per common share $0.05 $0.05 Total assets 382,088 333,997 Loans receivable (net) 254,175 221,994 Deposits 314,208 274,253 Stockholders' equity 23,657 22,021 Stockholders' equity per share $15.82 $14.73 -0- 2/13/92 /CONTACT: John A. Howard Jr. of Community Bancorp, 412-242-6011/ (CBPA) CO: Community Bancorp, Inc. ST: Pennsylvania IN: FIN SU: ERN
DM -- PG016 -- 9857 02/13/92 15:15 EST
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|Date:||Feb 13, 1992|
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