1st Centennial Bancorp Announces Record Second Quarter Earnings.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)--July 18, 2003 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 second quarter operating results. The company reported earnings for the quarter ending June June: see month. 30, 2003 of $472,000, compared with earnings of $367,000 for the second quarter 2002, representing a 29%, or $105,000 increase. Basic earnings per share were 34 cents for the current quarter compared with 29 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 33 cents for the current quarter compared with 29 cents for the same period last year. YTD See Year-to-date. YTD See year to date (YTD). net income was reported at $941,000 at June 30, 2003 compared with $793,000 at June 30, 2002, an increase of 19%, or $148,000. Year to date basic earnings per share were 71 cents in 2003 compared with 63 cents in 2002, and diluted earnings per share of 68 cents for year to date 2003 compared with 63 cents for the same period in 2002. Total assets reached a record high of $234 million at June 30, 2003, up from $202 million at June 30, 2002. Total net loans increased $25 million, or 18% from $138 million to $163 million from June 30, 2002 to June 30, 2003. Deposits, at $201 million, represent an increase of $21 million, or 12% from $180 million for the same period. 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:
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 look forward to expanding our opportunities in the marketplace of San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. , Riverside Riverside. 1 City (1990 pop. 226,505), seat of Riverside co., S Calif.; inc. 1883. One of the fastest growing U.S. cities in the late 20th cent., it is famous for its orange industry. , Orange, and San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Counties." In May, the company completed the sale of 225,000 shares of its common stock, all of which were offered directly by 1st Centennial Bancorp. The company will use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering, totaling approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $4.8 million, for general working capital purposes. 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) June 30, June 30,
2003 2002
(In thousands, except
per share data)
Assets:
Cash and due from banks 12,024 13,568
Federal funds sold 9,995 3,385
Total cash and cash equivalents 22,019 16,953
Interest-bearing deposits in financial
institutions 5,071 4,265
Investment securities, available for sale 28,672 30,713
Federal home loan bank stock, at cost 356 501
Loans, net 163,319 138,085
Accrued interest receivable 793 928
Premises and equipment, net 2,708 2,596
Goodwill 4,180 4,180
Other assets 7,132 3,958
Total Assets $234,250 $202,179
Liabilities and Shareholders' Equity:
Noninterest-bearing deposits 63,221 48,565
Interest-bearing and NOW accounts 52,660 51,022
Savings 17,738 19,989
Time deposits $100,000 or greater 38,406 30,122
Other time deposits 29,209 30,366
Total Deposits 201,234 180,064
Accrued interest payable 298 134
Borrowings from federal home loan bank 2,500
Long-term debt 3,750
Redeemable preferred securities of
subsidiary trust holding solely junior
subordinated debt 6,000
Other Liabilities 947 1,966
Total Liabilities 210,979 185,914
Shareholders' Equity:
Common stock, no par value;
authorized 10,000,000 shares,
issued and outstanding 1,500,570 and
1,202,119 shares at June 30, 2003 and 2002
respectively 6,002 4,808
Additional paid-in-capital 14,429 9,100
Retained earnings 2,545 2,045
Accumulated other comprehensive income
(loss) 295 312
Total Shareholders' Equity 23,271 16,265
Total Liabilities and Shareholders'
Equity $234,250 $202,179
1st Centennial Bancorp and Subsidiaries Six Months Three Months
Consolidated Statements Of Earnings Ended Ended
(Unaudited) June 30, June 30,
2003 2002 2003 2002
Interest Income:
Interest and fees on loans 7,237 6,049 3,719 3,207
Deposits in financial institutions 114 105 57 45
Federal funds sold 36 84 32 51
Investments 597 799 301 390
Total Interest Income 7,984 7,037 4,109 3,693
Interest Expense:
Demand and savings deposits 270 192 134 102
Time deposits $100,000 or greater 452 489 219 232
Other time deposits 196 422 93 160
Interest expense on borrowed funds 184 150 94 94
Total Interest Expense 1,102 1,253 540 588
Net Interest Income 6,882 5,784 3,569 3,105
Provision for loan losses 210 161 120 80
Net interest income after provision
for loan losses 6,672 5,623 3,449 3,025
Other Income:
Customer service fees 675 546 334 264
Gain from sale of loans 327 339 230 95
Other income 405 275 231 198
Total Other Income 1,407 1,160 795 557
Other Expenses:
Salaries and employee benefits 3,794 2,771 1,959 1,389
Net occupancy expense 776 683 403 352
Other operating expense 2,075 2,183 1,176 1,346
Total Other Expenses 6,645 5,637 3,538 3,087
Income before provision for income
taxes 1,434 1,146 706 495
Provision for income taxes 493 353 234 128
Net Income $ 941 $ 793 $ 472 $ 367
Earnings per share:
Basic 0.71 0.63 0.34 0.29
Diluted 0.68 0.63 0.33 0.29
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