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SEABOARD BANCORP, INC. ANNOUNCES RESULTS OF OPERATIONS FOR FIRST QUARTER AND CLOSING OF THE RIGHTS AND COMMUNITY OFFERING

 VIRGINIA BEACH, Va., April 23 /PRNewswire/ -- Seaboard Bancorp, Inc., (NASDAQ: SEAB) the holding company for Seaboard Savings Bank, FSB, Virginia Beach, Va., announced today consolidated earnings of $51,000 or $.06 per share for the three months ended March 31, 1993. This compares to earnings of $65,000 or $.07 per share for the first quarter of 1992.
 Earnings for the first quarter of 1993 included a one-time tax benefit of $276,000 as a result of the adoption of Financial Accounting Standards Board Statement No. 109 "Accounting for Income Taxes," a profit on the sale of the deposits at the Shore Drive branch of $96,000 and a recovery of loan losses of $41,000. In order to facilitate the disposition of foreclosed property, these one-time benefits were used by the savings bank as additional provisions for losses on foreclosed real estate in the amount of $413,000.
 Net interest income during the first quarter of 1993 was $497,000 compared with $574,000 during the first quarter of 1992. The 1992 quarter was benefitted by a recovery of previously charged-off interest of approximately $36,000.
 Total assets at March 31, 1993 were $84.1 million as compared to $96.9 million at March 31, 1992 and $86.8 million at Dec. 31, 1992. The decrease in assets for the first quarter of 1993 was due primarily to a reduction in cash and loans receivable which were used to fund deposits that were sold in March.
 Nonperforming assets decreased by $1.1 million from $6.6 million at Dec. 31, 1992 to $5.5 million at March 31, 1993.
 At March 31, 1993, the required levels of tangible, core and risk- based capital for the savings bank were $1.3 million, $2.5 million and $4.9 million, respectively, while the actual levels were $3.0 million, $3.0 million and $3.7 million, respectively. At March 31, 1993, the savings bank complied with the tangible and core capital requirements but did not meet its risk-based capital by $1.2 million. However, on April 20, 1993, Seaboard Bancorp, Inc. closed its Rights and Community Stock Offering. The total number of shares sold was 4,099,446 and the gross proceeds of $4,099,446 have been received by Seaboard Bancorp. Net proceeds after expenses are estimated to be $3.7 million. All the net proceeds will be contributed to the savings bank in order to increase its regulatory capital. The success of the Rights/Community Offering will place the savings bank in full compliance with all capital requirements.
 As a result of the savings bank's capital compliance, on April 21, 1993 the Office of Thrift Supervision advised the savings bank that they had no objection to the savings bank's request to withdraw its capital restoration plan and released the bank from the operating restrictions imposed by the failure to meet its capital requirements.
 In a separate matter, on April 20, 1993, Charles A. Mills, III requested that his name be withdrawn for consideration as a director of Seaboard Bancorp, Inc. and Seaboard Savings Bank, FSB due primarily to the onerous regulatory approval process. Mill stated, "I will remain a supporter of Seaboard and believe that I may be able to be more helpful by maintaining my independence."
 Seaboard Bancorp, Inc. is a thrift holding company based in Virginia Beach which owns Seaboard Savings Bank, FSB. Through its network of full-service branches in Chesapeake, Portsmouth, and Virginia Beach, Va., Seaboard offers mortgage loans, consumer credit, and various deposit accounts. At March 31, 1993, the thrift holding company had approximately 725 stockholders and 891,184 shares of stock outstanding.
 SEABOARD BANCORP, INC.
 CONSOLIDATED STATEMENT OF CONDITION
 (unaudited)
 March 31, 1993 and 1992
 ASSETS: 1993 1992
 Loans:
 Conventional first mortgage (net) $60,942,571 $67,151,813
 Construction (net) 2,245,446 3,221,169
 Consumer and installment (net) 3,563,433 4,821,736
 Commercial (net) 2,498,575 2,470,471
 Savings account loans 233,383 435,572
 Accrued interest on loans 748,864 875,770
 Loans receivable (net) 70,232,272 78,976,531
 Cash and other liquid investments 4,038,971 4,772,704
 Mortgage-backed securities 3,789,754 4,554,697
 Federal Home Loan Bank stock 738,300 694,400
 Property and equipment (net) 1,226,738 1,341,326
 Real estate acquired through
 foreclosure (net) 3,199,525 5,398,653
 Other assets 843,983 1,213,981
 Total assets $84,069,543 $96,952,292
 LIABILITIES:
 Deposits (demand and time) $72,557,433 $85,917,247
 Borrowed money 8,160,000 7,160,000
 Other liabilities 349,583 350,114
 Total liabilities 81,067,016 93,427,361
 STOCKHOLDERS' EQUITY:
 Capital stock 8,912 8,912
 Paid-in capital 6,946,646 6,946,646
 Retained earnings (3,953,031) (3,430,627)
 Total stockholders' equity 3,002,527 3,524,931
 Total liabilities and
 stockholders' equity $84,069,543 $96,952,292
 CONSOLIDATED STATEMENT OF EARNINGS
 (Unaudited)
 Three Months Ended
 March 31,
 1993 1992
 Interest income $1,551,399 $2,046,934
 Interest expense 1,054,637 1,472,583
 Net interest income 496,762 574,351
 Provision for (recovery of)
 loan losses (41,000) (84,741)
 Other operating income 246,829 201,336
 Provision for losses on
 foreclosed real estate 412,725 93,780
 Operating expense 596,774 701,604
 Net income (loss) before
 income taxes and cumulative
 effect of accounting change (224,908) 65,044
 Provision for income taxes -- --
 Cumulative effect of a change
 in method of accounting for
 income tax purposes (275,686) --
 Net income $ 50,778 $ 65,044
 Net income per share
 (1993 & 1992 based upon
 891,184 shares) $ .06 $ .07
 -0- 4/23/93
 /CONTACT: Clarence W. Keel, Seaboard Bancorp, Inc., 804-490-3181/
 (SEAB)


CO: Seaboard Bancorp, Inc. ST: Virginia IN: FIN SU: ERN

SB-MM -- CH010 -- 0262 04/23/93 16:48 EDT
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Date:Apr 23, 1993
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