Sign in Subscribe
Bank holding companies

Second Bancorp Reports Record Earnings and Asset Size for 1994

Strategic Insights

— 1 min read

Second Bancorp, a banking corporation in Warren, Ohio, has reported record earnings for the fourth quarter and for 1994, as well as record asset size at year-end. The company's net income for the quarter was $1,782,000, a 13 percent increase from the same period in 1993, and $6,643,000 for the year, an 11 percent increase from 1993. The corporation's asset size increased to $787 million in 1994, a 17 percent increase from 1993.

Key Takeaways:

  • Second Bancorp reported record earnings for the fourth quarter and for 1994, with a net income of $1,782,000 and $6,643,000, respectively.
  • The corporation's asset size increased to $787 million in 1994, a 17 percent increase from 1993.
  • The company's return on assets (ROA) for the quarter was 0.91 percent, compared to 0.94 percent for the same period in 1993.
  • The ROE for the quarter improved to 14.46 percent, compared to 12.83 percent in the same period in 1993.
  • Second Bancorp expanded its market share in Portage County through the acquisition of five branches in 1994.
  • The company's average commercial loan balances increased by 13 percent since the fourth quarter of 1993, exceeding $238 million.
  • The reserve for loan losses exceeded $6 million at the end of 1994, representing 111 percent of non-performing loans.
  • Second Bancorp's net interest margin for the quarter increased to 4.53 percent, while net interest margin for the year decreased to 4.63 percent.

Statistics:

  • Net income for the fourth quarter: $1,782,000
  • Net income for 1994: $6,643,000
  • Asset size at year-end 1994: $787 million
  • Increase in asset size from 1993 to 1994: 17%
  • ROA for the quarter: 0.91 percent
  • ROE for the quarter: 14.46 percent
  • Average commercial loan balances: $238 million
  • Reserve for loan losses at the end of 1994: $6.1 million
  • Net interest income for the fourth quarter: $8,041,000
  • Net interest margin for the quarter: 4.53 percent
  • Net interest margin for the year: 4.63 percent

Sources:

  • Business Wire, January 26, 1995
  • Second Bancorp Inc. press release, January 26, 1995
  • NASDAQ National Market issue, trading under symbol "SECD"

Read more