SOMERSET – Slade’s Ferry Bancorp, parent company of Slade’s Ferry Trust Company, announced that earnings for the second quarter of 2004 reached $601,723, and that it had experienced continued growth in deposits, assets and loans.
Diluted earnings per share for the second quarter was 15 cents, compared to 40 cents for the second quarter of 2003. For the six-month period, net income rose to $1.25 million, compared to $971,516 for the same period last year, the bank said. Diluted earnings per share for the six months was 31 cents, compared to 23 cents for the same time in 2003.
According to Slade’s Ferry, both quarterly and six-month earnings in 2003 were affected by a change in state legislation that denied the deduction for dividends received from real estate investment trusts or REITs retroactive to 1999. As a result, Slade’s Ferry took a $1.28 million charge in the first quarter of 2003, the company said.
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Total assets rose $86 million, an increase of 19.6 percent since the end of 2003, for a total of $525.4 million at the end of the second quarter of 2004, the company said. Total gross loans were up 8.2 percent since the end of 2003, reaching $363.7 million at the end of the second quarter.
Raytheon arm to develop digital electronics for Air Force
WALTHAM – Raytheon Systems Limited, a United Kingdom-based division of Raytheon Company, has won a competitive development contract from the U.S. Air Force Joint Program Office to provide next generation GPS Advanced Digital Antenna Production systems. The program is worth approximately $50 million and the first part of the work is valued at $8 million, Raytheon said.
The digital production systems is an improvement on Raytheon’s GPS Antenna System, which the company has been providing to the Air Force for six years. The first production contract is scheduled for October 2006, with delivery starting in 2007. Raytheon said that about 1,300 units are slated to be delivered during the six-year production run. The systems will be used on both aircraft and ships.
