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SECURITY CAPITAL BANCORP ANNOUNCES FINANCIAL RESULTS

 SALISBURY, N.C., July 15 /PRNewswire/ -- Security Capital Bancorp (NASDAQ-NMS: SCBC) announced financial results for the quarter ended June 30, 1993.
 For the three months ended June 30, 1993, net income increased $3,433,000 to $3,652,000, or $.31 per share, compared with net income of $219,000, or $.02 per share, in the same period last year. For the six months ended June 30, 1993, net income increased to $7,621,000, or $.64 per share, compared with net income of $3,036,000, or $.26 per share, in the same period last year. The prior year amounts include approximately $4.1 million of special charges and provisions recognized by First Security Financial Corporation and Omni Capital Group, Inc., prior to the consummation of their merger to form Security Capital Bancorp on June 30, 1992. Net income for the three and six months ended June 30, 1993, increased approximately 14 percent and 23 percent, respectively, over the same periods last year exclusive of the 1992 merger related special charges and provisions. For the three and six months ended June 30, 1993, the annualized returns on average assets were 1.59 percent and 1.67 percent, respectively, and the annualized returns on average equity were 12.12 percent and 12.77 percent, respectively.
 David B. Jordan, vice-chairman and chief executive officer, stated that "we are extremely pleased with the strength and quality of Security Capital's earnings for the second quarter of 1993. Since June 30, 1993, marks the anniversary of the consummation of the merger of First Security Financial Corporation and Omni Capital Group, Inc., we feel it is important to reflect on the accomplishments of the combined companies. Management is pleased to report the merger has gone extremely well and is meeting, or exceeding, the initial projected timetable for consolidating activities. Net income was $14,546,000, or $1.22 per share, for the twelve month period ended June 30, 1993. To achieve these results has taken the support of our customers and shareholders, along with the commitment and dedication of the entire management team and staff. We will continue to do everything necessary to carry on the company's tradition of sound growth and profitability."
 Asset quality remained high with total non-performing assets amounting to $3.7 million, or approximately four tenths of one percent (0.4 percent) of total assets, at June 30, 1993. The allowance for loan losses at quarter end was $7.0 million, or 1.42 percent of loans and 188 percent of non-performing assets.
 During the three months ended June 30, 1993, Security Capital Bancorp repurchased approximately 192,000 shares of its outstanding common stock in the open market or in privately-negotiated transactions. Purchases were made in accordance with the repurchase program adopted by the board of directors in January 1993.
 Security Capital, a bank holding company, operates 41 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, Salisbury; Citizens Savings, SSB, Concord; and Home Savings Bank, SSB, Kings Mountain.
 The common stock of Security Capital Bancorp is listed on the NASDAQ National Market System under the symbol "SCBC".
 SECURITY CAPITAL BANCORP AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (Unaudited)
 June 30, Dec. 31, June 30,
 1993 1992 1992
 (Dollars in thousands)
 Assets
 Cash and due from banks $ 17,525 $ 19,242 $ 15,005
 Interest-bearing balances in
 other banks 7,760 9,589 24,931
 Federal funds sold 3,000 4,500 10,500
 Investment securities 351,761 338,604 307,290
 Loans, net 487,886 503,520 517,017
 Loans held for sale 8,422 2,264 3,973
 Premises and equipment, net 17,629 17,103 16,878
 Other assets 20,643 18,889 19,592
 $914,626 $913,711 $915,186
 Liabilities and Stockholders' Equity
 Deposit accounts 771,477 773,635 775,051
 Advances from the Federal Home
 Loan Bank 10,640 12,500 16,000
 Other borrowed money 733 706 176
 Other liabilities 11,644 9,942 13,088
 Total liabilities 794,494 796,783 804,315
 Common stock 51,957 54,120 54,522
 Retained earnings, substantially
 restricted 68,175 62,808 56,349
 Total stockholders' equity 120,132 116,928 110,871
 $914,626 $913,711 $915,186
 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
 For the Six Months For the Three Months
 Ended June 30, Ended June 30,
 1993 1992 1993 1992
 (Dollars in thousands)
 Total interest income $32,777 $37,219 $16,279 $18,501
 Total interest expense 14,352 18,845 7,104 9,031
 Net interest income 18,425 18,374 9,175 9,470
 Provision for loan losses 337 1,542 153 1,296
 Net interest income after
 provision for loan losses 18,088 16,832 9,022 8,174
 Total other income 5,211 4,479 2,600 2,257
 Total other expense 12,363 15,302 6,200 8,684
 Income before income taxes 10,936 6,009 5,422 1,747
 Income taxes 3,315 2,973 1,770 1,528
 Net income $7,621 $3,036 $3,652 $ 219
 SECURITY CAPITAL BANCORP AND SUBSIDIARIES
 OTHER INFORMATION
 (Unaudited)
 For the Six Months For the Three Months
 Ended June 30, Ended June 30,
 1993 1992 1993 1992
 (Dollars in thousands, except per share)
 PER SHARE DATA:
 Net income $ .64 $ .26 $ .31 $.02
 Book value $10.26 $9.37 $10.26 $9.37
 Weighted average
 shares outstanding 11,839,871 11,829,638 11,839,133 11,834,750
 ALLOWANCE FOR LOAN LOSSES:
 Beginning balance $6,909 $5,429 $7,005 $5,386
 Add:
 Provision charged to
 operations 337 1,542 153 1,296
 Less:
 Loan charge-offs 344 740 180 274
 Less loan recoveries 125 498 49 321
 Net loan charge-offs
 (recoveries) 219 242 131 (47)
 Ending balance $7,027 $6,729 $7,027 $6,729
 SIGNIFICANT OPERATING RATIOS (PCT.):
 Gross loans, excluding loans
 held for sale, to total
 deposits 64.1 67.8 64.1 67.8
 Annualized return on
 average assets 1.67 .66 1.59 .10
 Annualized return on
 average equity 12.77 5.44 12.12 .78
 Equity to total assets 13.1 12.1 13.1 12.1
 June 30, Dec. 31, June 30,
 1993 1992 1992
 ASSET QUALITY RATIOS (PCT):
 Nonaccruals to gross loans,
 excluding loans held
 for sale .28 .49 .16
 Allowance for loan losses
 to gross loans, excluding
 loans held for sale 1.42 1.35 1.28
 Allowance for loan losses
 to non-performing assets 188.1 129.0 220.5
 Non-performing assets to
 total assets .41 .59 .33
 NON-PERFORMING ASSETS:
 Real Estate Owned $917 $983 $780
 Nonaccrual loans 1,397 2,515 838
 Accruing loans 90+ days
 past due 407 1,380 961
 Restructured loans 1,015 479 472
 Total non-performing assets $3,736 $5,357 $3,051
 -0- 7/15/93
 /CONTACT: David B. Jordan, Vice Chairman-CEO, Security Capital Bancorp, 704-637-6180/
 (SCBC)


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

CM-JM -- CH004 -- 1822 07/15/93 09:47 EDT
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Date:Jul 15, 1993
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