1st Centennial Bancorp Announces Record Third 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 third quarter operating results. The company reported earnings for the three months ended Sept. 30, 2005, of $1.299 million, compared with $880,000 for the same period in 2004, representing a 48%, or $419,000 increase. Year to date income reached a record $3.5 million compared to year to date in 2004 of $2.0 million, a 74% increase. Basic earnings per share(1) were $0.62 cents for the current quarter compared to $0.43 cents for the same period last year. Year to date basic earnings per share(1) reached $1.70 compared to $1.00 for the same period last year. Return on average assets(2) and return on average equity(2) for the nine months ended Sept. 30, 2005, were 1.17% and 15.96% respectively, as compared to 0.88% and 10.75% respectively, for the same period in 2004. The company's total assets reached a record high of $446 million at Sept. 30, 2005, an increase of $89 million, or 25%, compared to total assets of $357 million at Sept. 30, 2004. Total net loans increased $73 million, or 24% from $303 million to $376 million from September September: see month. 2004 to September 2005. Deposits, at $383 million, represent an increase of $93 million, or 32% from $290 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 nine months ended Sept. 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: "1st Centennial Bank has achieved another record quarter ... the highest third 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 is on target. Management will strive to continue the momentum 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.
(1) Adjusted for the 7% stock dividend declared to shareholders of
record on March 15, 2005, and distributed April 15, 2005.
(2) Percentages for these periods on which calculations are based have
been annualized using actual days.
1ST CENTENNIAL BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CONDITION
Sept. 30, 2005 and 2004 (unaudited)
Dollar amounts in thousands 2005 2004
ASSETS
Cash and due from banks $10,607 $7,577
Federal funds sold 21,015 130
Total cash and cash equivalents 31,622 7,707
Interest-bearing deposits in financial
institutions 2,525 4,342
Investment securities, available for sale 13,215 24,009
Stock investments restricted, at cost 2,414 1,427
Loans, net of allowance for loan losses of
$4,991 and $3,448 375,892 302,989
Accrued interest receivable 1,527 955
Premises and equipment, net 3,893 2,582
Goodwill 4,180 4,180
Cash surrender value of life insurance 6,670 6,424
Other assets 3,628 1,924
Total assets $445,566 $356,539
LIABILITIES
Deposits:
Noninterest-bearing demand deposits $116,464 $85,539
Interest-bearing deposits 267,049 204,536
Total deposits 383,513 290,075
Accrued interest payable 154 135
Federal funds purchased -- 4,750
Borrowings from Federal Home Loan Bank 9,000 20,000
Other liabilities 2,801 1,837
Subordinated notes payable to subsidiary trusts 18,306 13,151
Total liabilities 413,774 329,948
STOCKHOLDERS' EQUITY
Common stock, no par value; authorized
10,000,000 shares, issued and outstanding
2,095,844 and 2,041,305 shares at Sept.
30, 2005 and 2004, respectively(1) 26,690 20,731
Retained earnings 5,072 5,718
Accumulated other comprehensive income 30 142
Total stockholders' equity 31,792 26,591
Total liabilities and
stockholders' equity $445,566 $356,539
(1) Adjusted for the 7% stock dividend declared to shareholders of
record on March 15, 2005, and distributed April 15, 2005.
1ST CENTENNIAL BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF EARNINGS
Three and Nine Months Ended Sept. 30, 2005 and 2004 (unaudited)
Three Months Nine Months
Ended Ended
Dollar amounts in thousands, except Sept. 30, Sept. 30,
per share amounts 2005 2004 2005 2004
Interest income:
Interest and fees on loans $8,265 $6,201 $23,206 $15,869
Deposits in financial
institutions 32 51 105 154
Federal funds sold 80 17 122 44
Investments
Taxable 100 167 351 704
Tax-exempt 41 42 124 127
Total interest
income 8,518 6,478 23,908 16,898
Interest expense:
Interest-bearing demand and
savings deposits 733 339 1,508 699
Time deposits $100,000 or greater 533 192 1,321 554
Other time deposits 301 171 769 455
Interest on borrowed funds 425 209 1,296 561
Total interest
expense 1,992 911 4,894 2,269
Net interest income 6,526 5,567 19,014 14,629
Provision for loan losses 300 540 1,310 1,408
Net interest income
after provision
for loan losses 6,226 5,027 17,704 13,221
Noninterest income:
Customer service fees 342 339 1,017 906
Gains and commissions from sale
of loans 661 10 966 254
Other income 182 262 1,237 892
Total noninterest
income 1,185 611 3,220 2,052
Noninterest expense:
Salaries and employee benefits 2,863 2,652 8,777 7,424
Net occupancy expense 544 366 1,474 1,081
Other operating expense 1,861 1,197 4,878 3,567
Total noninterest
expense 5,268 4,215 15,129 12,072
Income before
provision for
income taxes 2,143 1,423 5,795 3,201
Provision for income taxes 844 543 2,257 1,169
Net income $1,299 $880 $3,538 $2,032
Basic earnings per share(1) $0.62 $0.43 $1.70 $1.00
Diluted earnings per share(1) $0.57 $0.40 $1.56 $0.93
(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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