1st Centennial Bancorp Announces Record Earnings.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. -- 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 and year ending operating results. The Company reported earnings for the quarter ending December December: see month. 31, 2005 of $1.545 million, compared to earnings of $988,000 for the fourth quarter 2004, representing a 56%, or $557,000 increase. Basic earnings per share were 74 cents for the current quarter compared to 48 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 69 cents for the current quarter compared to 45 cents for the same period last year. Net income for the year ended December 31, 2005 was $5.083 million compared to $3.020 million for all of 2004, an increase of 68%, or $2.063 million. Basic earnings per share were $2.44 in 2005 compared to $1.48 for 2004, while diluted earnings per share were $2.27 for 2005 compared to $1.38 for 2004. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]The Return on Average Equity and Return on Average Assets as of December 31, 2005 were 16.77% and 1.22%, respectively, compared to 11.75% and .94%, for the same period in 2004, respectively. The increases in Return on Average Equity and Return on Average Assets are 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 , primarily in our total gross loans. E[acute accent]Total net loans increased $73 million, or 24% from $308 million to $381 million from December 31, 2004 to December 31, 2005. Deposits, at $401 million, represent an increase of $109 million, or 37% from $292 million for the same period. Total assets reached a record high of $456 million at December 31, 2005, up 28%, or $99.5 million, from $357 million at December 31, 2004. E[acute accent]The growth in assets, loans, and deposits was due to the continued success of our business development efforts in and around the marketplaces we serve. The increase in earnings is due to strong loan demand in the market sectors we serve, 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. E[acute accent]Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs E. Vessey, President and Chief Executive Officer, stated, "Management is proud to report another record year of asset growth and increased earnings. We look forward to the challenges and opportunities that lie ahead in 2006. We have scheduled the Annual Shareholders' Meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. for May 16, 2006 and hope our valued shareholders can join us." E[acute accent]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 15-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, . The Board of Directors is particularly pleased with the caliber of our bank employees throughout the organization." E[acute accent]1st Centennial Bank operates its main office and construction/real estate loan production offices in downtown Redlands, California For other uses of the term "Redlands", see Redlands. Redlands is a city in San Bernardino County, California, United States. As of the 2000 census, the city had a total population of 63,591. , its Religious Lending Group and its SBA/Commercial Lending Group and a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. branch in Brea, California Brea is a city in Orange County, California, United States. The population, as of 2007 is 39,560. The city began as a center of crude oil production, was later propelled by citrus production, and is now an important retail center because of the large Brea Mall and the , 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 , Palm Desert, Irwindale and Temecula, California Temecula is a city in southwestern Riverside County, California, United States. The population was 57,716 at the 2000 census. The current population as of January 2007 has skyrocketed to 97,935. [1] It was incorporated on December 1, 1989. . E[acute accent]The statements contained in this release that are not historical facts are 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. based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). economies, the Company's ability to implement its strategy and expand its lending operations, the Company's ability to attract and retain skilled employees, customers' service expectations, the Company's ability to successfully deploy new technology and gain efficiencies there from, the success of branch expansion, changes in interest rates, loan portfolio performance, and other factors detailed in the Company's SEC filings. E[acute accent]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 SUBSIDIARY
CONSOLIDATED STATEMENTS OF CONDITION
December 31, 2005 and 2004 (unaudited)
Dollar amounts in thousands 2005 2004
ASSETS
Cash and due from banks $ 16,862 $ 5,695
Federal funds sold 21,505 --
Total cash and cash equivalents 38,367 5,695
Interest-bearing deposits in financial
institutions 2,334 3,964
Investment securities, available for sale 12,208 20,096
Stock investments restricted, at cost 1,620 1,615
Loans, net of allowance for loan losses of
$5,376 and $4,137 381,153 308,030
Accrued interest receivable 2,425 766
Premises and equipment, net 3,652 3,113
Goodwill 4,180 4,180
Cash surrender value of life insurance 6,735 6,488
Other assets 3,518 2,731
Total assets $456,192 $356,678
LIABILITIES
Deposits:
Noninterest-bearing demand deposits $106,121 $ 92,620
Interest-bearing deposits 295,154 199,182
Total deposits 401,275 291,802
Accrued interest payable 170 315
Federal funds purchased -- 475
Borrowings from Federal Home Loan Bank -- 21,000
Other liabilities 3,020 1,934
Subordinated notes payable to subsidiary trusts 18,306 13,151
Total liabilities 422,771 328,677
SHAREHOLDERS' EQUITY
Common stock, no par value; authorized
10,000,000 shares, issued and outstanding
2,100,075 and 1,939,611 shares at
December 31, 2005 and 2004, respectively 26,803 21,208
Retained earnings 6,617 6,706
Accumulated other comprehensive income 1 87
Total shareholders' equity 33,421 28,001
Total liabilities and
shareholders' equity $456,192 $356,678
1ST CENTENNIAL BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF EARNINGS
Three and Twelve Months Ended December 31, 2005 and 2004
(unaudited)
Three Months Twelve Months
Ended Ended
Dollar amounts in thousands, December 31, December 31,
except per share amounts 2005 2004 2005 2004
Interest income:
Interest and fees on loans $8,891 $6,573 $32,097 $22,442
Deposits in financial
institutions 29 46 134 200
Federal funds sold 228 22 350 66
Investments:
Taxable 99 137 450 841
Tax-exempt 41 42 165 169
Total interest income 9,288 6,820 33,196 23,718
Interest expense:
Interest bearing demand and
savings deposits 964 386 2,472 1,085
Time deposits $100,000 or greater 531 234 1,852 788
Other time deposits 320 179 1,089 634
Interest on borrowed funds 347 267 1,643 828
Total interest expense 2,162 1,066 7,056 3,335
Net interest income 7,126 5,754 26,140 20,383
Provision for loan losses 830 690 2,140 2,098
Net interest income after
provision for loan
losses 6,296 5,064 24,000 18,285
Noninterest income:
Customer service fees 359 315 1,376 1,221
Gains and commissions from sale
of loans 428 41 1,394 295
Other income 449 200 1,686 1,092
Total noninterest income 1,236 556 4,456 2,608
Noninterest expense:
Salaries and employee benefits 2,668 2,489 11,445 9,913
Net occupancy expense 577 381 2,051 1,462
Other operating expense 1,739 1,138 6,617 4,705
Total noninterest expense 4,984 4,008 20,113 16,080
Income before provision
for income taxes 2,548 1,612 8,343 4,813
Provision for income taxes 1,003 624 3,260 1,793
Net income $1,545 $ 988 $ 5,083 $ 3,020
Basic earnings per share(1)
$ 0.74 $ 0.48 $ 2.44 $ 1.48
Diluted earnings per share(1) $ 0.69 $ 0.45 $ 2.27 $ 1.38
(1) Adjusted for the 7% stock dividend declared to shareholders of
record on March 15, 2005, and distributed April 15, 2005.
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