THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Wednesday, July 20, 1994 TAG: 9407200503
SECTION: BUSINESS PAGE: D3 EDITION: FINAL
SOURCE: Staff
LENGTH: Short : 22 lines
Seaboard Bancorp Inc., parent of Seaboard Savings Bank, said Tuesday that its net income for the June 30 quarter jumped sharply because of higher net interest income, a reduction in operating expenses, and a state tax refund. The Virginia Beach thrift holding company said it earned $298,741, or 6 cents per share, in the second quarter, up from $51,791, or 1 cent per share, in the comparable three months of 1993. Net interest income rose 12 percent from the 1993 quarter to $586,678, while operating expenses fell almost 24 percent to $469,070. Since mid-1993, the thrift has reduced its non-performing assets to $2.9 million from $4.5 million. by CNB