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SECURITY CAPITAL BANCORP ANNOUNCES FIRST MONTH'S COMBINED OPERATING RESULTS

 SECURITY CAPITAL BANCORP
 ANNOUNCES FIRST MONTH'S COMBINED OPERATING RESULTS
 SALISBURY, N.C., Aug. 13 /PRNewswire/ -- Security Capital Bancorp (NASDAQ: SCBC), the corporation resulting from the June 30th merger of First Security Financial Corporation and Omni Capital Group Inc., today announced financial results for its first month of combined operations ending July 31, 1992.
 For the one month ending July 31, 1992, net income increased to $1,121,000, or $.09 per share, compared with net income of $932,000, or $.08 per share in the same period last year.
 SELECTED FINANCIAL DATA
 (Unaudited)
 (Dollars in thousands except per share data)
 Condensed Consolidated Statements of Financial Condition
 July 31, 1992 June 30, 1992
 Assets
 Cash and cash equivalents $60,429 50,437
 Investment securities 309,190 307,290
 Loans, net 518,148 520,989
 Premises and equipment, net 16,913 16,878
 Other assets 19,427 19,592
 $924,107 915,186
 Liabilities and Stockholders' Equity
 Deposit accounts 781,785 775,051
 FHLB advances 16,000 16,000
 Other liabilities 14,332 13,264
 Total liabilities 812,117 804,315
 Stockholders' equity 111,990 110,871
 $924,107 915,186
 Condensed Consolidated Statements of Income
 One Month Ended July 31
 1992 1991
 Interest income $ 5,985 7,061
 Interest expense 2,932 4,115
 Provision for loan losses 85 119
 Net income after provision 2,968 2,827
 Other income 658 672
 Other expense 2,029 2,120
 Income before taxes 1,597 1,379
 Income taxes 476 447
 Net income $ 1,121 932
 Net income per share $ .09 .08
 The information included above is presented to reflect financial results covering at least 30 days of post-merger combined operations for Security Capital Bancorp, as required by SEC Accounting Series Release No. 135. In the future, Security Capital Bancorp will resume publishing its financial results on a quarterly basis.
 -0- 8/13/92
 /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 -- CH011 -- 9754 08/13/92 17:30 EDT
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Publication:PR Newswire
Date:Aug 13, 1992
Words:341
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