THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, July 29, 1995 TAG: 9507290391
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Daily Digest
LENGTH: Short : 20 lines
Seaboard Bancorp Inc., parent of Seaboard Savings Bank in Virginia Beach, said its second-quarter net income fell 59 percent because of the higher cost of its funds and an inability to immediately reprice the loans in its adjustable-rate loan portfolio. Seaboard reported net income of $122,000 for the April-through-June period, compared with $299,000 for the year-earlier period. Earnings per share were 2 cents, down from 6 cents, for the 1994 second quarter. (Staff) by CNB