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SEABOARD BANCORP, INC. ANNOUNCES RESULTS OF OPERATIONS FOR FOURTH QUARTER AND YEAR ENDED DEC. 31, 1992

 REGISTRATION STATEMENT FOR A RIGHTS AND COMMUNITY
 OFFERING DECLARED EFFECTIVE BY THE SEC
 VIRGINIA BEACH, Va., Feb. 17 /PRNewswire/ -- Seaboard Bancorp, Inc., (NASDAQ: SEAB)the holding company for Seaboard Savings Bank, F.S.B., Virginia Beach, Va. announced today consolidated earnings of $81,000 or $.09 per share for the three months ended Dec. 31, 1992. This compares to a net loss of $29,000 or $.03 per share for the fourth quarter of 1991. The improvement in earnings resulted from an increase in net interest income and a reduction in operating expenses primarily due to the closing of two branches during the third quarter of 1992.
 For the year ended Dec. 31, 1992, the Bank had a net loss of $508,000 or $.57 per share. This compares to a net loss of $2.9 million or $3.26 per share for the year ended Dec. 31, 1991. Net losses for the year ended Dec. 31, 1992 were primarily due to provisions for loan losses of $635,000 and provisions for losses on real estate acquired in settlement of loans of $450,000 taken by the Bank, mostly in the third quarter. This compares to provisions for loan losses of $1.9 million and provision for losses on real estate acquired in settlement of loans of $883,000 for the year ended Dec. 31, 1991.
 Consolidated earnings from continuing operations before provisions for potential losses were $577,000 for the year ended Dec. 31, 1992.
 Non-accrual loans, past-due loans and real estate owned decreased by $4.9 million or 42.6 percent from $11.5 million at Dec. 31, 1991 to $6.6 million at Dec. 31, 1992.
 In accordance with the Bank's Business Plan to "down-size" its asset base, total assets declined $14.7 million or 14.5 percent from $101.5 million at Dec. 31, 1991 to $86.8 million at Dec. 31, 1992 and by $3.3 million or 3.7 percent from $90.1 million at Sept. 30, 1992. This decrease in assets was due primarily to a reduction in cash and interest-bearing deposits, real estate owned and net loans receivable. Total deposits decreased from $90.7 million to $75.2 million during the twelve month period. Loans receivable, net decreased from $80.3 million to $71.8 million. Stockholders' equity decreased by $508,000 or 14.5 percent from $3.5 million at Dec. 31, 1991 to $2.9 million at Dec. 31, 1992.
 At Dec. 31, 1992, the required levels of tangible, core, and risk-based capital for the Bank were $1.3 million, $2.6 million and $5.1 million, respectively, while the actual levels were $2.9 million, $2.9 million and $3.7 million, respectively. Therefore, at Dec. 31, 1992, the Bank failed to meet its risk-based capital requirement by $1.4 million. The Bank has filed a capital plan with the OTS which projects compliance with its capital requirements through an offering of its common stock.
 In furtherance of its capital plan, the Corporation has filed a registration statement with the Securities and Exchange Commission relating to the registration of 3,564,736 shares of common stock to be offered in a Rights Offering and concurrent Community Offering. Each stockholder of the Corporation on Feb. 8, 1993 will receive a non-transferable right to subscribe for and purchase four additional shares of common stock in the Rights Offering for each whole share of common stock owned. The Corporation is concurrently offering shares not subscribed for in the Rights Offering to members of the general public in a concurrent Community Offering. The price per share to be paid for the common stock in the Offering will be $1.00. The Registration Statement was declared effective by the Securities and Exchange Commission on Friday, Feb. 12, 1993 and the Corporation anticipates commencing the Offering on Feb. 22, 1993.
 Seaboard Bancorp, Inc. is a thrift holding company based in Virginia Beach which owns Seaboard Savings Bank, F.S.B. Through its network of full-service branches in Chesapeake, Portsmouth, and Virginia Beach, Va., Seaboard offers mortgage loans, consumer credit, and various deposit accounts. The thrift holding company has approximately 725 stockholders and 891,184 shares of stock outstanding.
 CONSOLIDATED STATEMENT OF CONDITION
 (Unaudited)
 Dec. 31, 1992 and 1991
 ASSETS: 1992 1991
 Loans:
 Conventional first mortgage (net) $ 61,050,496 $ 68,401,949
 Construction (net) 3,209,907 3,699,140
 Consumer and installment (net) 3,986,361 4,851,935
 Commercial (net) 2,431,664 2,007,656
 Savings account loans 316,664 447,256
 Accrued interest on loans 767,843 916,841
 71,762,935 80,324,777
 Cash and other liquid investments 5,004,151 6,327,293
 Mortgage-backed securities 3,817,271 4,784,469
 Federal Home Loan Bank stock 728,600 682,000
 Property and equipment (net) 1,253,390 1,362,943
 Real estate acquired through
 foreclosure (net) 3,610,673 7,024,208
 Other assets 630,284 1,030,448
 Total assets $ 86,807,304 $101,536,138
 LIABILITIES:
 Deposits (demand and time) $ 75,167,522 $ 90,674,301
 Borrowed money 8,160,000 7,160,000
 Other liabilities 528,033 241,950
 Total liabilities 83,855,555 98,076,251
 STOCKHOLDERS' EQUITY:
 Capital stock 8,912 8,912
 Paid-in capital 6,946,646 6,946,646
 Retained earnings (4,003,809) (3,495,671)
 Total stockholders' equity 2,951,749 3,459,887
 Total liabilities and
 stockholders' equity $ 86,807,304 $101,536,138
 CONSOLIDATED STATEMENT OF EARNINGS
 (Unaudited)
 3 Months Ended Dec. 31, 1992 and 1991
 Interest income $ 1,607,759 $ 2,239,839
 Interest expense 1,083,866 1,749,888
 Interest margin 523,893 489,951
 Provision for loan losses (69,000) (65,082)
 Other operating income 103,638 263,615
 Provision for losses on foreclosed
 real estate 75,000 71,082
 Operating expense 540,359 776,566
 Net income (loss) before
 income taxes 81,172 (29,000)
 Income taxes -- --
 Net income (loss) $ 81,172 $ (29,000)
 Net income (loss) per share
 (1992 & 1991 based upon
 891,184 shares) $ .09 $ (.03)
 12 Months Ended Dec. 31, 1992 and 1991
 Interest income $ 7,300,381 $ 9,254,637
 Interest expense 5,033,619 7,416,459
 Interest margin 2,266,762 1,838,178
 Provision for loan losses 634,766 1,855,707
 Other operating income 981,605 767,687
 Provision for losses on foreclosed
 real estate 449,580 882,691
 Operating expense 2,672,159 2,818,499
 Net loss before income taxes (508,138) (2,951,032)
 Income tax benefit -- (42,000)
 Net loss $ (508,138) $(2,909,032)
 Net loss per share
 (1992 & 1991 based upon
 891,184 shares) $ (.57) $ (3.26)
 -0- 2/17/93
 /CONTACT: Clarence W. Keel, Seaboard Bancorp, Inc., 804-490-3181/
 (SEAB)


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

SB-MM -- CH006 -- 7574 02/17/93 17:55 EST
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Date:Feb 17, 1993
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