1st Centennial Bancorp Announces Record Second 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 second quarter operating results. The Company reported earnings for the quarter ending June June: see month. 30, 2005 of $1.2 million, compared to earnings of $570,000 for the second quarter 2004, representing a 116%, or $659,000 increase. Basic earnings per share(1) were $0.59 cents for the current quarter compared to $0.28 cents for the same period last year. Return on average assets and return on average equity for the second quarter 2005 were 1.21% and 16.67%, 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 0.74% and 9.08%, annualized, respectively, for the same period in 2004. Total assets reached a record high of $425.1 million at June 30, 2005, up from $333.3 million at June 30, 2004. Average assets increased $98.0 million, or 34% from $291.1 million to $389.1 million from June 2004 to June 2005. Total loans, net of deferred fees and costs increased $107.7 million, or 41% from $261.8 million to $369.5 million from June 2004 to June 2005. Deposits, at $343.6 million, represent an increase of $60.2 million, or 21% from $283.4 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 June 30, 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 . 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, and an extremely positive economic climate in our primary markets." 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, "It is really gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to report that 1st Centennial Bank has achieved the highest second quarter earnings since the company was founded 15 years ago. The performance of your company is the result of continued strong demand for residential construction financing, coupled with incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. new business from our existing customer base in addition to new business generated from our expanding branch office network. Our strategic plan for this year is bearing good fruit. Management will strive to continue to improve performance for the balance of the year." 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 SUBSIDIARY
CONSOLIDATED STATEMENTS OF CONDITION
June 30, 2005 and 2004 (unaudited)
Dollar amounts in thousands 2005 2004
ASSETS
Cash and due from banks $8,043 $13,415
Federal funds sold 14,560 11,800
Total cash and cash equivalents 22,603 25,215
Interest-bearing deposits in financial
institutions 2,708 4,748
Investment securities, available for sale 14,759 27,495
Stock investments restricted, at cost 2,394 1,363
Loans, net of deferred fees and costs 369,484 261,748
Allowance for loan losses (5,142) (2,871)
Net loans 364,342 258,877
Accrued interest receivable 1,379 789
Premises and equipment, net 3,525 2,499
Goodwill 4,180 4,180
Cash surrender value of life insurance 6,607 6,356
Other assets 2,572 1,771
Total assets $425,069 $333,293
LIABILITIES
Deposits:
Noninterest-bearing demand deposits $103,017 $83,698
Interest-bearing deposits 240,606 199,658
Total deposits 343,623 283,356
Accrued interest payable 244 118
Borrowings from Federal Home Loan Bank 35,500 9,500
Other liabilities 2,052 1,604
Subordinated notes payable to subsidiary trusts 13,151 13,151
Total liabilities 394,570 307,729
STOCKHOLDERS' EQUITY
Common stock, no par value; authorized
10,000,000 shares, issued and outstanding
2,093,783 and 2,029,990 shares at June 30,
2005 and 2004, respectively(1) 26,663 20,711
Retained earnings 3,773 4,838
Accumulated other comprehensive income 63 15
Total stockholders' equity 30,499 25,564
Total liabilities and
stockholders' equity $425,069 $333,293
1ST CENTENNIAL BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF EARNINGS
Three and Six Months Ended June 30, 2005 and 2004 (unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
Dollar amounts in thousands, except
per share amounts 2005 2004 2005 2004
Interest income:
Interest and fees on loans $7,941 $5,093 $14,941 $9,668
Deposits in financial institutions 34 51 73 103
Federal funds sold 31 23 42 27
Investments
Taxable 112 230 251 537
Tax-exempt 42 38 83 85
Total interest
income 8,160 5,435 15,390 10,420
Interest expense:
Interest bearing demand and
savings deposits 423 236 775 360
Time deposits $100,000 or greater 513 181 788 362
Other time deposits 263 163 468 284
Interest on borrowed funds 473 182 871 352
Total interest
expense 1,672 762 2,902 1,358
Net interest income 6,488 4,673 12,488 9,062
Provision for loan losses 660 440 1,010 868
Net interest income
after provision for
loan losses 5,828 4,233 11,478 8,194
Noninterest income:
Customer service fees 354 287 675 567
Gains and commissions from sale of
loans 250 32 305 244
Other income 517 291 1,055 630
Total noninterest
income 1,121 610 2,035 1,441
Noninterest expense:
Salaries and employee benefits 2,956 2,363 5,914 4,772
Net occupancy expense 483 358 930 715
Other operating expense 1,489 1,235 3,017 2,370
Total noninterest
expense 4,928 3,956 9,861 7,857
Income before
provision for
income taxes 2,021 887 3,652 1,778
Provision for income taxes 792 317 1,413 626
Net income $1,229 $570 $2,239 $1,152
Basic earnings per share(1) $0.59 $0.28 $1.08 $0.57
Diluted earnings per share(1) $0.54 $0.26 $0.99 $0.53
(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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