NEW BEDFORD, MASS. — Seacoast Financial Services Corporation, the holding company for CompassBank and Nantucket Bank, reported a slight decrease in earnings for 2000. The company reported earnings of $23.93 million, or $1.01 per diluted share for the year 2000, compared to consolidated net income of $24.53 million, or $0.97 per diluted share, for 1999.
The company’s net income for 1999 included a non-recurring after tax gain of $856,000 on termination of Compass Bank’s defined benefit pension plan. Not including that gain, earnings per share increased 7.4 percent for 2000.
For the three months ended December 31, 2000, Seacoast reported net income of $6.41 million, or $0.27 per diluted share, compared to $6.16 million, or $.25 per share for the same period a year ago.
Effective December 31, 2000, Seacoast completed its acquisition of Nantucket-based Home Port Bancorp, Inc., the holding company for Nantucket Bank. Nantucket’s operating results were not reflected in Seacoast’s 2000 operations. According to Seacoast, Nantucket Bank had total assets of $341 million at year’s end.
Seacoast’s board of directors approved a quarterly cash dividend of $0.08 per share payable on February 16 to shareholders of record on February 2.
