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SEABOARD BANCORP, INC. ANNOUNCES FIRST QUARTER OPERATING RESULTS

 SEABOARD BANCORP, INC. ANNOUNCES FIRST QUARTER OPERATING RESULTS
 VIRGINIA BEACH, Va., April 29 /PRNewswire/ -- Clarence W. Keel, President and Chief Executive Officer of Seaboard Bancorp, Inc., (NASDAQ: SEAB) announced today the consolidated results of operations for the quarter ended March 31, 1992. During this period the company earned a profit of $65,044 or $.07 per share. This compared to a loss of $117,696 or $.13 per share for the comparable quarter of 1991 and a profit of $29,000 or $.03 per share for the previous quarter. The profit in the first quarter of 1992 was due mainly to a decrease in the non-accruing loans, from $1.9 million at Dec. 31, 1991 to $300,000 at March 31, 1992; and a decrease in real estate acquired in settlement of loans, from $7.0 million at Dec. 31, 1991 to $5.4 million at March 31, 1992.
 Total assets at March 31, 1992 were $96.9 million as compared to $104.6 million at March 31, 1991 and $101.5 million at Dec. 31, 1991. This decrease in assets was due primarily to a reduction of cash and interest-bearing deposits which were used to fund savings deposit outflows and the repayment of short-term borrowings. This reduction in assets is in accordance with the Savings Bank's business plan of reducing assets in an attempt to meet current capital requirements.
 Net worth at March 31, 1992 was $3.5 million. The required levels of tangible, core and risk-based capital at March 31, 1992 were $1.5 million, $2.9 million and $5.5 million, respectively, while the actual levels were $3.5 million, $3.5 million and $4.4 million, respectively. The Savings Bank has failed to meet its risk-based capital requirement since Sept. 30, 1991, and at March 31, 1992, the risk-based capital deficit was $1.1 million. As a consequence of failing the risk-based capital requirement at Sept. 30, 1991, the Savings Bank filed a capital plan with the Office of Thrift Supervision delineating how management anticipated that capital compliance might be achieved. On March 9, 1992, the Savings Bank was notified by the OTS that the capital plan was denied. The OTS instructed the Savings Bank to resubmit a modified capital plan by May 8, 1992. Management is currently working on such a plan.
 Additionally in the first quarter, the Savings Bank recovered $436,000 on a previous charge off. These recoveries were used to increase the general and specific loan loss provisions.
 Seaboard Bancorp, Inc. is a thrift holding company based in Virginia Beach which owns Seaboard Savings Bank, F.S.B. Through its network of six full-service branches in Chesapeake, Norfolk, Portsmouth, and Virginia Beach, Va., Seaboard offers mortgage loans, consumer credit and various deposit accounts. The thrift holding company has approximately 900 stockholders and 891,184 shares of stock outstanding.
 -0- 4/29/92
 /CONTACT: Clarence W. Keel, Seaboard Bancorp, Inc., 804-490-3181/
 (SEAB) CO: Seaboard Bancorp, Inc. ST: Virginia IN: FIN SU: ERN


DF -- CH014 -- 4586 04/29/92 16:46 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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