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Article Excerpt
Business Editors
FALMOUTH, Mass.--(BUSINESS WIRE)--April 30, 2004
Falmouth Bancorp, Inc. (AMEX: FCB) (the "Company"), a Delaware corporation, the holding company for Falmouth Bank (the "Bank"), announced today the Company's results of operations for the second quarter ended March 31, 2004. For the three months ended March 31, 2004, the Company reported a net loss of $384,000 as compared to a net loss of $572,000 for the three months ended March 31, 2003. For the six months ended March 31, 2004, the Company reported a net loss of $383,000 as compared to a net loss of $196,000 for the six months ended March 31, 2003. The Company's basic earnings per share for the three months ended March 31, 2004 increased to a loss of $0.43 from a loss of $0.66 for the three months ended March 31, 2003. Diluted earnings per share for the three months ended March 31, 2004 increased to a loss of $0.40 from a loss of $0.62 for the three months ended March 31, 2003. The Company's basic earnings per share for the six months ended March 31, 2004 decreased to a loss of $0.43 from a loss of $0.23 for the six months ended March 31, 2003. Diluted earnings per share for the six months ended March 31, 2004 decreased to a loss of $0.40 from a loss of $0.21 for the six months ended March 31, 2003.
The Company's total assets decreased by $7.3 million or 4.39% for the six months ended March 31, 2004, from $166.1 million at September 30, 2003 to $158.8 million at March 31, 2004, primarily due to decreases in investment securities. Investment securities decreased $14.8 million or 21.0% due, in part, to meeting deposit withdrawals and funding loans held for portfolio. The decrease in investment securities was partially offset by a $7.0 million increase in net loans. Total net loans, including...
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