Printer Friendly

THE BANK OF SOUTHINGTON REPORTS SECOND QUARTER EARNINGS ARE UP AND ANNOUNCES A QUARTERLY CASH DIVIDEND

 SOUTHINGTON, Conn., July 28 /PRNewswire/ -- Joseph LaPlume, president of The Bank of Southington (AMEX: BSO) reported that second quarter earnings for 1993 are up 3 percent compared to the second quarter of 1992. Income for the second quarter was $178,679 compared to $173,543 in the same period last year. Net income for the first six months totaled $379,845 up 22 percent from $310,087 reported for the first six months of 1992.
 The bank continues to grow with total assets of $92,192,274 at June 30, 1993 as compared to $79,058,901 at June 30, 1992 up 17 percent.
 Mr. LaPlume reports that non performing loans are $1,031,256 and the allowance for loan losses is $1,286,500 or 2.03 percent of total loans outstanding at June 30, 1993. The bank remains well capitalized with a capital to asset ratio of 9.29 percent.
 The bank of Southington reports that at its regular meeting, the board of directors voted a $.05 per share cash dividend payable on Sept. 29, 1993 to shareholders of record on Aug. 31, 1993. The bank's stock is traded on the American Stock Exchange with the trading symbol BSO. The board indicated that dividends are now expected to be paid quarterly.
 THE BANK OF SOUTHINGTON
 (Dollars in thousands, except per share amounts)
 Second quarter ended June 30 1993 1992
 Net income $ 180 $ 174
 Per share .17 .17
 ROA .77 pct. .88 pct.
 ROE 8.34 pct. 8.75 pct.
 Net interest margin 4.57 pct. 4.99 pct.
 Net interest income 969 894
 Non interest income 63 57
 Non interest expense 717 561
 Less provision 38 104
 Net charge offs 1 9
 Year-to-date 1993 1992
 Net income $ 380 $ 310
 Per share .37 .30
 ROA .87 pct. .78 pct.
 ROE 8.96 pct. 7.82 pct.
 Net interest margin 4.30 pct. 4.67 pct.
 Net interest income 1,906 1,671
 Non interest income 132 108
 Non interest expense 1,374 1,077
 Less provision 70 194
 Net charge offs 43 94
 THE BANK OF SOUTHINGTON
 Balance Sheet
 6/30/93 6/30/92
 Assets $ 92,192 $ 79,059
 Deposits 83,440 70,980
 Loans, net 62,233 58,048
 Leverage cap. ratios 9.29 pct. 10.03 pct.
 Tier 1 cap. ratio 12.33 pct. 12.46 pct.
 Tier 1 & 2 cap. ratio 14.18 pct. 14.19 pct.
 -0- 7/28/93
 /CONTACT: Ronald M. Moskwa, senior vice president of Bank of Southington, 203-620-5000/
 (BSO)


CO: Bank of Southington ST: Connecticut IN: FIN DIV SU: ERN

WB -- NY112 -- 7000 07/28/93 18:04 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:Jul 28, 1993
Words:439
Previous Article:MORGAN STANELY EMERGING MARKETS FUND, INC. ANNOUNCES THE RESULT OF ITS RIGHTS OFFERING
Next Article:EMPRESAS ICA ANNOUNCES SECOND QUARTER AND FIRST HALF RESULTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters