1St Centennial Bancorp Announces Record Earnings; www.1stcent.com.Business Editors REDLANDS Redlands, city (1990 pop. 60,394), San Bernardino co., S Calif., in the San Bernardino Valley; inc. 1888. Industries include software research and development and the manufacture of metal foil, furniture, and electrical equipment. , Calif.--(BUSINESS WIRE)--Jan. 28, 2004 1st Centennial Bancorp (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FCEN FCEN Facultad de Ciencias Exactas y Naturales (Spanish) FCEN Financial Crimes Enforcement Network ), parent holding company of 1st Centennial Bank, today announced fourth quarter operating results. The company reported earnings for the quarter ending Dec. 31, 2003 of $600,000, compared to earnings of $495,000 for the fourth quarter 2002, representing a 21%, or $105,000 increase. Basic earnings per share were 40 cents for the current quarter compared to 39 cents for the same period last year. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were 37 cents for the current quarter compared to 39 cents for the same period last year. Net income for the year ended Dec. 31, 2003 was $2.088 million compared to $1.706 million for all of 2002, an increase of 22%, or $382,000. Basic earnings per share were $1.48 in 2003 compared to $1.35 for 2002, while diluted earnings per share were $1.37 for 2003 compared to $1.34 for 2002. The Return on Average Equity and Return on Average Assets as of Dec. 31, 2003 were 9.82% and .90%, respectively, compared to 10.47% and .83%, for the same period in 2002, respectively. The decrease in Return on Average Equity is due in part, to more equity in 2003 than in 2002 as a result of the issuance of 225,000 shares of the company's common stock in a public stock offering, which was completed in May of 2003. The increase in Return on Average Assets is attributed to our record earnings, which resulted from an increase in average earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin . Total net loans increased $47 million, or 33% from $141 million to $188 million from Dec. 31, 2002 to Dec. 31, 2003. Deposits, at $213 million, represent an increase of $30 million, or 16% from $183 million for the same period. Total assets reached a record high of $254 million at Dec. 31, 2003, up 22%, or $46 million, from $208 million at Dec. 31, 2002. The growth in assets, loans and deposits was due to the continued success of the company's business development efforts in and around the marketplaces it serves. The increase in earnings was in line with management's expectations, and is due to strong loan demand in the market sectors the company serves, as well as the bank's ability to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. certain non-interest income sources. Timothy Timothy, epistles in the New Testament Timothy, two letters of the New Testament. With Titus they comprise the Pastoral Epistles, in which St. Paul addresses his coworkers as the guardians and transmitters of his teaching. P. Walbridge Walbridge may refer to:
Please [ improve this article] or discuss the issue on the talk page. organization and increasing shareholder wealth." Patrick J. Meyer Mey·er , Annie Florance Nathan 1867-1951. American writer and a founder of Barnard College at Columbia University (1889). Her plays include The Dominant Sex (1911) and Black Souls (1932). , chairman of the board stated, "We are fortunate to have a strong shareholder and customer base that continues to show their confidence and support. We are delighted to report the highest earnings in the company's 13-year history, and look forward to expanding our opportunities in the marketplace of Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, ." 1st Centennial Bank operates its main office and construction/real estate loan production offices in downtown Downtown (called a "city centre" in British English) is a term used in North America when referring to a city's core, usually both in a geographical and commercial / community sense. Redlands, a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. branch and its SBA/Commercial Lending Group in Brea Brea (brā`ə), city (1990 pop. 32,873), Orange co., S Calif.; inc. 1917. It is an industrial, commercial, and residential community in an oil and citrus-fruit area some 30 mi (48 km) east of downtown Los Angeles. , Calif., and full-service branches in Escondido Escondido (ĕskəndē`dō), city (1990 pop. 108,635), San Diego co., S Calif.; inc. 1888. Located in a grain-, citrus-fruit-, and grape-growing valley, Escondido produces cereal products and has fruit-packing houses and one of the and Palm Desert, Calif. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that reflect management's current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties including, but not limited to, the ability of the Company to implement its strategy and expand its lending operations. Additional information is available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.1stcent.com or by contacting Beth BETH Elizabeth BETH Elisabeth BETH Bethany Sanders San´ders n. 1. An old name of sandalwood, now applied only to the red sandalwood. See under Sandalwood. , executive vice president and chief financial officer at bsanders@1stcent.com.
1st Centennial Bancorp and Subsidiaries
Consolidated Statements Of Condition (Unaudited)
Dec. 31, Dec. 31,
2003 2002
(In thousands, except
per share data)
Assets:
Cash and due from banks 9,948 12,010
Federal funds sold -- 2,010
Total cash and cash
equivalents 9,948 14,020
Interest-bearing deposits
in financial institutions 4,806 5,151
Investment securities,
available for sale 36,026 32,822
Federal home loan bank
stock, at cost 380 329
Loans, net 188,222 141,112
Accrued interest
receivable 710 673
Premises and equipment,
net 2,468 2,626
Goodwill 4,180 4,180
Cash surrender value of
life insurance 6,206 5,926
Other assets 1,437 1,019
Total Assets $254,383 $207,858
Liabilities and Shareholders'
Equity:
Noninterest-bearing
deposits 66,636 53,896
Interest-bearing and money
market accounts 60,129 48,985
Savings 20,745 17,676
Time deposits $100,000 or
greater 39,190 34,575
Other time deposits 26,073 28,056
Total deposits 212,773 183,188
Accrued interest payable 224 264
Federal funds purchased 1,850 --
Borrowings from federal
home loan bank 7,600 --
Redeemable preferred
securities of subsidiary
trust holding solely
junior subordinated debt 6,000 6,000
Other Liabilities 1,536 1,213
Total Liabilities 229,983 190,665
Shareholders' Equity:
Common stock, no par value;
authorized 10,000,000
shares,issued and
outstanding
1,502,281 and 1,202,517
shares at Dec. 31, 2003
and 2002 respectively 20,456 13,913
Retained earnings 3,692 2,957
Accumulated other
comprehensive income
(loss) 252 323
Total Shareholders'
Equity 24,400 17,193
Total Liabilities
and Shareholders'
Equity $254,383 $207,858
1st Centennial Bancorp and Subsidiaries
Consolidated Statements Of Earnings (Unaudited)
12 Months Ended 3 Months Ended
Dec. 31, Dec. 31,
2003 2002 2003 2002
Interest income:
Interest and fees on loans 15,174 12,586 4,088 3,299
Deposits in financial
institutions 233 220 55 59
Federal funds sold 90 152 17 38
Investments 1,190 1,536 357 339
Total interest
income 16,687 14,494 4,517 3,735
Interest expense:
Interest bearing demand
and savings deposits 512 438 116 138
Time deposits $100,000 or
greater 850 936 185 237
Other time deposits 397 673 105 132
Interest expense on
borrowed funds 347 330 81 90
Total interest
expense 2,106 2,377 487 597
Net interest income 14,581 12,117 4,030 3,138
Provision for loan losses 360 477 -- 170
Net interest income
after provision
for loan losses 14,221 11,640 4,030 2,968
Noninterest income:
Customer service fees 1,348 1,105 376 301
Gain from sale of loans 987 547 297 46
Other income 716 772 127 298
Total noninterest
income 3,051 2,424 800 645
Noninterest expense:
Salaries and employee
benefits 8,432 6,054 2,502 1,758
Net occupancy expense 1,539 1,394 375 279
Other operating expense 4,072 4,108 1,005 839
Total noninterest
expense 14,043 11,556 3,882 2,876
Income before
provision for
income taxes 3,229 2,508 948 737
Provision for income taxes 1,141 802 348 242
Net income $2,088 $1,706 $600 $495
Earnings per share:
Basic 1.48 1.35 0.40 0.39
Diluted 1.37 1.34 0.37 0.39
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