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 first quarter operating results. The company reported earnings for the quarter ended March 31, 2006 of $1.7 million, compared to earnings of $1.0 million for the first quarter 2005, representing a 70%, or $706,000 increase. Basic earnings per share(1) were 54 cents for the current quarter compared to 32 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 (1) were 50 cents for the current quarter compared to 30 cents for the same period last year. The Return on Average Equity and Return on Average Assets as of March 31, 2006 were 20.36% and 1.52%, respectively, compared to 14.40% and 1.10%, for the same period in 2005, respectively. The increases in Return on Average Equity and Return on Average Assets are attributed to our record earnings, which resulted primarily 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 , and an increase in yield from our total gross loans that exceeded the increase in cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. . Total net loans increased $10.6 million, or 3% from $381.2 million from Dec. 31, 2005 to March 31, 2006. Deposits, at $422.6 million, represent an increase of $21.3 million, or 5% from $401.3 million for the same period. Total assets reached a record high of $481 million at March 31, 2006, up 5%, or $24.5 million, from $456 million at Dec. 31, 2005. 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. 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 the most profitable quarter in the company's history. We look forward to the challenges and opportunities for the balance of 2006. 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. is set for May 16, 2006 and we hope our valued shareholders can join us." 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 delighted to reach record performance during the first quarter of 2006. We will continue to work hard to earn the continued trust and confidence shown to us by our loyal shareholder and customer base." In February February: see month. 2006, the company reported results for the year of 2005. Net income for the year ended Dec. 31, 2005 was $5.1 million compared to $3.0 million for all of 2004, an increase of 68%, or $2.1 million. Basic earnings per share(1) were $1.62 in 2005 compared to $0.98 for 2004, while diluted earnings per share(1) were $1.51 for 2005 compared to $0.92 for 2004. 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; 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 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.; its Homeowners Association and a full-service branch 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 full-service branches in Palm Desert, Irwindale and Temecula, Calif. 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 therefrom there·from adv. From that place, time, or thing. Adv. 1. therefrom - from that circumstance or source; "atomic formulas and all compounds thence constructible"- W.V. , the success of branch expansion, changes in interest rates, loan portfolio performance, and other factors detailed in the company's SEC filings. 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.
(1) All per share data has been adjusted for the 50% stock
distribution declared to shareholders of record on March 3, 2006,
and distributed April 3, 2006.
1ST CENTENNIAL BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CONDITION
March 31, 2006 and Dec. 31, 2005
Dollar amounts in thousands 2006 2005
(Unaudited)
ASSETS
Cash and due from banks $17,879 $16,862
Federal funds sold 31,100 21,505
Total cash and cash equivalents 48,979 38,367
Interest-bearing deposits in financial
institutions 2,350 2,334
Investment securities, available for sale 11,141 12,208
Stock investments restricted, at cost 1,636 1,620
Loans, net of allowance for loan losses of
$5,848 and $5,376 391,776 381,153
Accrued interest receivable 2,243 2,425
Premises and equipment, net 3,493 3,652
Goodwill 4,180 4,180
Cash surrender value of life insurance 11,301 6,735
Other assets 3,619 3,518
Total assets $480,718 $456,192
LIABILITIES
Deposits:
Noninterest-bearing demand deposits $109,388 $106,121
Interest-bearing deposits 313,240 295,154
Total deposits 422,628 401,275
Accrued interest payable 212 170
Federal funds purchased - - - -
Borrowings from Federal Home Loan Bank - - - -
Other liabilities 3,950 3,020
Subordinated notes payable to subsidiary
trusts 18,306 18,306
Total liabilities 445,096 422,771
SHAREHOLDERS' EQUITY
Common stock, no par value; authorized
10,000,000 shares, issued and outstanding
2,125,643 and 2,100,075 shares at March 31,
2006 and Dec. 31, 2005, respectively 27,281 26,803
Retained earnings 8,333 6,617
Accumulated other comprehensive income 8 1
Total shareholders' equity 35,622 33,421
Total liabilities and
shareholders' equity $480,718 $456,192
1ST CENTENNIAL BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF EARNINGS
Three Months Ended March 31, 2006 and 2005 (unaudited)
March 31,
Dollar amounts in thousands, except per share amounts 2006 2005
Interest income:
Interest and fees on loans $8,558 $7,000
Deposits in financial institutions 28 39
Federal funds sold 271 11
Investments:
Taxable 95 139
Tax-exempt 40 41
Total interest income 8,992 7,230
Interest expense:
Interest bearing demand and savings deposits 1,162 352
Time deposits $100,000 or greater 561 275
Other time deposits 321 205
Interest on borrowed funds 339 398
Total interest expense 2,383 1,230
Net interest income 6,609 6,000
Provision for loan losses 465 350
Net interest income after provision
for loan losses 6,144 5,650
Noninterest income:
Customer service fees 328 321
Gains from sale of loans 265 55
Conduit loan sale income 495 302
Other income 80 236
Total noninterest income 1,168 914
Noninterest expense:
Salaries and employee benefits 2,487 2,958
Net occupancy expense 551 447
Other operating expense 1,443 1,528
Total noninterest expense 4,481 4,933
Income before provision for income
taxes 2,831 1,631
Provision for income taxes 1,115 621
Net income $1,716 $1,010
Basic earnings per share(2) $0.54 $0.32
Diluted earnings per share(2) $0.50 $0.30
(2) Adjusted for the 50% stock distribution declared to shareholders
of record on March 3, 2006, and distributed April 3, 2006.
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