Printer Friendly

SECURITY CAPITAL BANCORP ANNOUNCES FINANCIAL RESULTS

 SALISBURY, N.C., April 15 /PRNewswire/ -- Security Capital Bancorp (NASDAQ-NMS: SCBC) announced financial results for the quarter ended March 31, 1993.
 For the three months ended March 31, 1993, net income increased 40.9 percent to $3,969,000, or $.33 per share, compared with net income of $2,817,000, or $.24 per share in the same period last year. Of the 1993 amount, $388,000 represents a one time increase in net income resulting from a required change in the method of accounting for income taxes. Net income excluding the effect of the accounting change was $3,581,000 for a 27.1 percent increase over the same period last year. Earnings per share, excluding the effect of the accounting change, would have been $.30 for the first quarter of 1993 which on an annualized basis represented a 12.11 percent return on average shareholders' equity and a 1.58 percent return on average assets.
 The earnings gain for the first quarter, exclusive of the effects of the accounting change, resulted primarily from an increase in net interest income, an increase in other income and a decrease in noninterest expenses, according to David B. Jordan, Chief Executive Officer.
 Asset quality remained high with total non-performing assets amounting to $4.9 million, or approximately one half of one percent (0.5 percent) of total assets, at March 31, 1993. The allowance for loan losses at quarter end was $7.0 million, or 1.40 percent of net loans and 143 percent of non-performing assets.
 Security Capital, a bank holding company, operates 45 offices in 28 communities located in 11 counties in the south central and western Piedmont regions of North Carolina through its four banking subsidiaries: Security Bank and Trust Company and OMNIBANK, SSB, of Salisbury N.C.; Citizens Savings, SSB, Concord, N.C.; and Home Savings Bank, SSB, Kings Mountain, N.C.
 The common stock of Security Capital is listed on the NASDAQ National Market System under the symbol "SCBC."
 SECURITY CAPITAL BANCORP AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Ended March 31,
 1993 1992
 Total interest income $16,498,000 18,718,000
 Total interest expense 7,248,000 9,813,000
 Provision for loan losses 184,000 246,000
 Net interest income after
 provision for loan losses 9,066,000 8,659,000
 Other income 2,611,000 2,221,000
 Other expense 6,163,000 6,618,000
 Income before taxes 5,514,000 4,262,000
 Income taxes 1,545,000 1,445,000
 Net income $3,969,000 2,817,000
 Net income per share $ .33 .24
 Book value per share $ 10.10 9.44
 Average shares outstanding 11,840,617 11,824,526
 At March 31,
 1993 1992
 Total assets $911,399,000 924,745,000
 Loans, net 498,815,000 540,366,000
 Deposit accounts 769,372,000 781,002,000
 Total stockholders' equity 120,145,000 111,676,000
 -0- 4/15/93
 /CONTACT: David B. Jordan, Vice-Chairman and CEO, Security Capital Bancorp, 704-637-6180/
 (SCBC)


CO: Security Capital Bancorp ST: North Carolina IN: FIN SU: ERN

SB-CM -- CH015 -- 6489 04/15/93 17:14 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 15, 1993
Words:527
Previous Article:CCB AND SHELBY SAVINGS ANNOUNCE ACQUISITION AGREEMENT
Next Article:E.W. SCRIPPS RELEASES FIRST QUARTER EARNINGS
Topics:


Related Articles
SECURITY CAPITAL BANCORP ANNOUNCES FIRST MONTH'S COMBINED OPERATING RESULTS
SECURITY CAPITAL BANCORP ANNOUNCES THIRD QUARTER RESULTS
SECURITY CAPITAL BANCORP ANNOUNCES INCREASED CASH DIVIDEND
SECURITY CAPITAL BANCORP ANNOUNCES FINANCIAL RESULTS
SECURITY CAPITAL BANCORP ANNOUNCES FINANCIAL RESULTS
SECURITY CAPITAL BANCORP ANNOUNCES FINANCIAL RESULTS
SECURITY CAPITAL BANCORP ANNOUNCES FINANCIAL RESULTS
SECURITY CAPITAL BANCORP ANNOUNCES FINANCIAL RESULTS
SECURITY CAPITAL BANCORP ANNOUNCES FINANCIAL RESULTS
SECURITY CAPITAL BANCORP ANNOUNCES FINANCIAL RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters