Bank of Sacramento Reports Financial Results for First Quarter 1999.SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--April 16, 1999-- The most significant news of the quarter was our successful St. Patrick's St. Patrick's or Saint Patrick's may refer to:
On March 17, the Bank opened 420 new 47-day CD accounts totaling approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $21 million. The marketing mission for the month of April and May is to convert a high percentage of these new short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. accounts into long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. customers who will utilize numerous Bank products and services. At March 31, 1999 total assets were $53,432,000 or 89% greater than the $28,241,000 reported at 12/31/98. Net loans grew $7.4 million (76%) during the first three months of 1999 from $9.7 million at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1998 to $17.2 million on 3/31/99. A summarized unaudited balance sheet and income statement is included for your review. Deposits at 3/31/99 stood at $43.9 million representing a 140% increase over the year-end figure of $18.2 million. Of this $25.7 million increase, approximately $21 million is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the one day St. Patrick's Day Certificate of Deposit campaign during which the Bank paid 6 1/4% for 47 day deposits. For the first quarter the Bank showed a net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $413 thousand. This compares to a fourth quarter net operating loss of $500 thousand. This loss is slightly less than our year to date budget for 1999 and is normal for a start up bank which must grow its asset base in order to generate revenue. Bank capital at 3/31/99 stood at $9,428,000 representing 17.6% of total assets which by all regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. standards places Bank of Sacramento in a "well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. " classification. The positive response to the CD campaign is indicative indicative: see mood. of the increasingly successful marketing efforts of the Board and management. The marketing strategies are designed to ensure safe and sound growth and to achieve a goal of monthly profitability during the next twelve months. Forward Looking Statement Disclosure Statements made in this release may constitute Forward Looking Statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and any such statements are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include those related to the economic environment, particularly in the region where Bank of Sacramento operates, competitive products and pricing, general interest rate changes and the fiscal and monetary policies of the U.S. Government, credit risk management, regulatory actions, and other risks and uncertainties. -0-
BANK OF SACRAMENTO
1999 Financial Highlights
(In Thousands)(Unaudited)
as of March 31, 1999
CONDENSED BALANCE SHEET
ASSETS
Cash and due from banks $ 910
Securities, at fair value 10,122
Federal funds sold 22,355
Net Loans 17,188
Premises and equipment, (net of depreciation) 983
Other assets 1,874
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TOTAL ASSETS $ 53,432
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 3,419
Interest bearing 40,441
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Total Deposits 43,860
Other borrowed funds 10
Other liabilities 134
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TOTAL LIABILITIES 44,004
SHAREHOLDERS' EQUITY
Common Stock 11,444
Retained earnings (2,016)
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TOTAL SHAREHOLDERS' EQUITY 9,428
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 53,432
CONDENSED STATEMENT OF INCOME
Results of operation
Three Months Year to Date
Ending Mar. 31, 1999 Mar. 31, 1999
Net interest income $ 276 $ 276
Provision for possible
loan losses 90 90
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Net interest income after
provision for possible
loan losses 186 186
Noninterest income 27 27
Noninterest expense 625 625
Income before taxes (412) (412)
Income taxes 1 1
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NET INCOME (LOSS) (500) (500)
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