Nothing Mystic About Real Estate Returns for Bank Holding Co.

MEDFORD, MA-Locally based Mystic Financial Inc., the holding company for Medford Co-operative Bank, is enjoying a banner 2000, due mostly to positive returns generated from a sizzling hot real estate market.

Net loans jumped to $201.2 million at the end of Q3, an increase of $12.0 million or 6.3% from the end-of-June balance of $189.2 million. Growth in commercial real estate loans and residential mortgage loans as well as construction loans accounted for the increases. Non-performing loans were $2,000 at September 30, 2000 compared to $1,500 at the end of June.

Overall, the company’s earnings per share jumped to $.28 (basic and diluted) for the three months ended September 30. It was $.22 (a year earlier. Net income was $496,000 as compared to $487,000 for the three months.