1st Centennial Bancorp Announces Record Third Quarter Earnings; www.1stcent.com.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)--Oct. 22, 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 third quarter operating results. The company reported earnings for the quarter ending September September: see month. 30, 2003 of $547,000, compared to earnings of $418,000 for the third quarter 2002, representing a 31%, or $129,000 increase. Basic earnings per share were 36 cents for the current quarter compared to 33 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 35 cents for the current quarter compared to 33 cents for the same period last year. YTD See Year-to-date. YTD See year to date (YTD). net income was reported at $1.488 million at September 30, 2003 compared to $1.211 million at September 30, 2002, an increase of 23%, or $277,000. Year to date basic earnings per share were $1.08 in 2003 compared to 96 cents in 2002, and diluted earnings per share of $1.02 for year to date 2003 compared to 95 cents for the same period in 2002. 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. Return on Average Equity and Return on Average Assets as of September 30, 2003 were 9.8% and .88%, respectively, compared to 10.03% and .77% annualized, for the same period in 2002, respectively. The decrease in Return on Average Equity is due in part, to more equity in 2003 than in 2002 as a result of the issuance of 225,000 shares of the Company's common stock, all of which were offered by 1st Centennial Bancorp in May of 2003. Total net loans increased $26 million, or 19% from $137 million to $163 million from September 30, 2002 to September 30, 2003. Deposits, at $203 million, represent an increase of $31 million, or 18% from $173 million for the same period. Total assets reached a record high of $235 million at September 30, 2003, up 18%, or $36 million, from $199 million at September 30, 2002. 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 was in line with management's expectations, and 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. 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:
Please [ improve this article] or discuss the issue on the talk page. organization and increasing shareholder wealth." 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." 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 September September
(Unaudited) 30, 30,
2003 2002
(In thousands, except
per share data)
Assets:
Cash and due from banks 9,686 11,414
Federal funds sold 9,535 4,190
Total cash and cash equivalents 19,221 15,604
Interest-bearing deposits in financial
institutions 4,991 4,980
Investment securities, available for sale 31,793 28,267
Federal home loan bank stock, at cost 363 361
Loans, net 163,187 137,247
Accrued interest receivable 855 864
Premises and equipment, net 2,601 2,667
Goodwill 4,180 4,180
Cash surrender value of life insurance 6,145 4,157
Other assets 1,292 1,021
Total Assets $234,628 $199,348
Liabilities and Shareholders' Equity:
Noninterest-bearing deposits 60,858 49,588
Interest-bearing and NOW accounts 56,525 48,994
Savings 19,283 15,531
Time deposits $100,000 or greater 39,005 29,780
Other time deposits 27,738 28,743
Total deposits 203,409 172,636
Accrued interest payable 281 127
Redeemable preferred securities of subsidiary
trust holding solely junior subordinated debt 6,000 6,000
Other Liabilities 1,015 3,868
Total Liabilities 210,705 182,631
Shareholders' Equity:
Common stock, no par value; authorized
10,000,000 shares, issued and outstanding
1,502,281 and 1,262,007 shares at
September 30, 2003 and 2002 respectively 6,009 4,808
Additional paid-in-capital 14,447 9,100
Retained earnings 3,092 2,463
Accumulated other comprehensive income (loss) 375 346
Total Shareholders' Equity 23,923 16,717
Total Liabilities and Shareholders'
Equity $234,628 $199,348
1st Centennial Bancorp and Subsidiaries 9 Months 3 Months
Consolidated Statements Of Earnings Ended Ended
(Unaudited) September September
30, 30,
2003 2002 2003 2002
Interest income:
Interest and fees on loans 11,086 9,287 3,849 3,238
Deposits in financial institutions 178 161 64 56
Federal funds sold 73 114 37 30
Investments 833 1,197 236 375
Total interest income 12,170 10,759 4,186 3,699
Interest expense:
Demand and savings deposits 396 300 126 108
Time deposits $100,000 or greater 665 566 211 168
Other time deposits 292 674 98 161
Interest expense on borrowed funds 266 240 82 90
Total interest expense 1,619 1,780 517 527
Net interest income 10,551 8,979 3,669 3,172
Provision for loan losses 360 307 150 146
Net interest income after provision
for loan losses 10,191 8,672 3,519 3,026
Noninterest income:
Customer service fees 972 804 297 258
Gain from sale of loans 690 501 363 162
Other income 589 474 184 222
Total noninterest income 2,251 1,779 844 642
Noninterest expense:
Salaries and employee benefits 5,930 4,296 2,136 1,525
Net occupancy expense 1,164 1,115 388 432
Other operating expense 3,067 3,269 992 1,086
Total noninterest expense 10,161 8,680 3,516 3,043
Income before provision for income taxes 2,281 1,771 847 625
Provision for income taxes 793 560 300 207
Net income $1,488 $1,211 $547 $418
Earnings per share:
Basic 1.08 0.96 0.36 0.33
Diluted 1.02 0.95 0.35 0.33
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