1st Centennial Bancorp Announces Record First Quarter 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 ) today announced first quarter operating results. The company reported earnings for the quarter ending March 31, 2005, of $1.010 million, compared to earnings of $582,000 for the first quarter 2004, representing a 74%, or $428,000 increase. Basic earnings per share(a) were 49 cents for the current quarter compared to 29 cents for the same period last year. There were 2,080,683 shares outstanding for the first quarter of 2005 compared to 2,026,642 shares for the first quarter of 2004(a). The difference of 54,041 is primarily attributed to the exercise of stock options by employees. Return on average assets and return on average equity for first quarter 2005 were 1.09% and 14.24%, annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. , respectively, compared to 0.85% and 9.40%, annualized, respectively, for the same period in 2004. Total assets reached a record high of $386.2 million at March 31, 2005, up from $284.3 million at March 31, 2004. Average assets increased $98.7 million, or 36% from $272.9 million to $371.6 million from March 2004 to March 2005. Total loans, net of deferred fees and cost increased $120.8 million, or 55% from $218.6 million to $339.4 million from March 2004 to March 2005. Deposits, at $303.7 million, represent an increase of $69.8 million, or 30% from $233.9 million for the same period last year. The growth in assets and loans was due to the continued successful deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. of our business development efforts within the marketplaces we serve. The growth in deposits was primarily due to a promotional money market account and brokered deposits. The increase in earnings exceeded management's expectations, and is due to strong loan demand in the market sectors we serve. The increase in return on average assets and return on average equity for the quarter ended March 31, 2005, when compared to the same period in 2004 is due in part, to the increase in interest income as a result of growth in average interest 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 . 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: "We are proud to report the highest first quarter earnings in the history of the company. The increased income is a direct result of management's financial strategy of quality loan and deposit growth, along with capitalizing on the benefits of enhanced ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. banking products and services." In February February: see month. 2005, the company announced that the board had approved a 7% stock dividend to shareholders of record March 15, 2005, and payable April 15, 2005, adding approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 136,000 more shares of FCEN. 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 in us. The dividend reflects the ongoing success of the bank and rewards shareholders for their continued support." 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) March 31, March 31,
2005 2004
(In thousands, except
per share data)
Assets:
Cash and due from banks $8,402 $12,833
Federal funds sold 1,510 970
Total cash and cash
equivalents 9,912 13,803
Interest-bearing deposits in
financial institutions 3,189 4,728
Investment securities, available for
sale 16,964 32,792
Stock investments restricted, at cost 2,367 1,356
Loans, net of deferred fees and cost 339,396 218,588
Allowance for loan losses (4,488) (2,449)
Net loans 334,908 216,139
Accrued interest receivable 1,361 675
Premises and equipment, net 3,478 2,472
Goodwill 4,180 4,180
Cash surrender value of life insurance 6,544 6,292
Other assets 3,266 1,822
Total Assets $386,169 $284,259
Liabilities:
Deposits:
Noninterest-bearing demand deposits $93,401 $74,549
Interest-bearing deposits 210,338 159,375
Total deposits 303,739 233,924
Accrued interest payable 198 147
Federal funds purchased 3,200 --
Borrowings from federal home loan bank 34,000 10,000
Other Liabilities 2,754 1,834
Subordinated notes payable to subsidiary
trusts 13,151 13,151
Total Liabilities 357,042 259,056
Shareholders' Equity:
Common stock, no par value; authorized
10,000,000 shares, issued and
outstanding 2,080,683 and 2,026,642
shares at March 31, 2005, and 2004,
respectively(a) 21,407 20,679
Retained earnings 7,705 4,274
Accumulated other comprehensive income 15 250
Total Shareholders' Equity 29,127 25,203
Total Liabilities and Shareholders'
Equity $386,169 $284,259
1st Centennial Bancorp and Subsidiaries 3 Months Ended
Consolidated Statements Of Earnings March 31,
(Unaudited)
2005 2004
Interest income:
Interest and fees on loans $7,000 $4,575
Deposits in financial institutions 39 52
Federal funds sold 11 4
Investments
Taxable 139 298
Tax-exempt 41 47
Total interest income 7,230 4,976
Interest expense:
Interest-bearing demand and savings
deposits 352 124
Time deposits $100,000 or greater 275 181
Other time deposits 205 121
Interest expense on borrowed funds 398 170
Total interest expense 1,230 596
Net interest income 6,000 4,380
Provision for loan losses 350 428
Net interest income after provision
for loan losses 5,650 3,952
Noninterest income:
Customer service fees 321 280
Gains and commissions from sale of loans 55 212
Other income 538 348
Total noninterest income 914 840
Noninterest expense:
Salaries and employee benefits 2,958 2,409
Net occupancy expense 447 357
Other operating expense 1,528 1,135
Total noninterest expense 4,933 3,901
Income before provision for income
taxes 1,631 891
Provision for income taxes 621 309
Net income $1,010 $582
Basic earnings per share(a) $0.49 $0.29
Diluted earnings per share(a) $0.45 $0.27
(a) Adjusted for the 7% stock dividend declared to shareholders of
record on March 15, 2005, and distributed April 15, 2005.
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