Bank of Sacramento Reports Second Quarter Earnings.Business Editors 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)--July 12, 2000 Bank of Sacramento's sound and rapid growth continued through the second quarter ended June June: see month. 30, 2000. Total assets for the bank - which will celebrate its second anniversary in July July: see month. 2000 - reached $79.1 million compared to $49.4 million at June 30, 1999. During the second quarter deposits grew to $69.6 million at June 30, 2000. This represents a 73% increase ($29.3 million) over the June 30, 1999 deposit figure of $40.2 million. Growth of the Bank's net loans continued to be significant. At June 30, 2000 net loans amounted to $49.6 million representing a 125% ($27.6 million) increase over the June 30, 1999 net loans number of $22.0 million. "Our ability to sustain such significant growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in both deposits and loans is certainly indicative indicative: see mood. of the dedication and hard work of our staff and Board," stated CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack J. Martin. Martin continued that "Our asset growth has obviously allowed the Bank to relatively quickly reach profitability and we are pleased to announce our third consecutive profitable quarter." The Bank's operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the three months ending June 30, 2000 was $84,000 compared to a (loss) of ($295,000) for the three months ending June 30, 1999. For the first six months of 2000 operating profit was $124,000 compared to a six month 1999 (loss) of ($707,000). Based on reported second quarter earnings and six-month year to date earnings the Bank's Return on Average Assets and Return on Average Equity for the two periods was: 2nd Quarter Ended 6/30/00 6 Months Ended 6/30/00 Return on Average Assets .45% .35% Return on Average Equity 3.79% 2.81% The Bank's tier one capital at June 30, 2000 stood at $9,145,000 and the Bank's leverage capital ratio of 12.3% places Bank of Sacramento 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 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. " position. Martin concluded that "The vitality vi·tal·i·ty n. 1. The capacity to live, grow, or develop. 2. Physical or intellectual vigor; energy. of the area's economy has certainly contributed to our growth and improving profitability. We have, however, always been diligent dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to ensure that our emphasis in lending is on quality not quantity. We feel extremely pleased with the quality of our loan portfolio as we move forward." 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 US Government, credit risk management, regulatory actions, and other risks and uncertainties.
BANK OF SACRAMENTO
FINANCIAL HIGHLIGHTS
(IN THOUSANDS)(UNAUDITED)
CONDENSED BALANCE SHEET
June 30, June 30, % CHANGE
2000 1999
-------- -------- --------
ASSETS
Cash and due from banks $2,750 $1,113 147%
Securities, at fair value 14,257 12,912 10%
Federal funds sold 9,410 10,500 -10%
Net loans 49,631 22,018 125%
Premises and equipment,
(net of depreciation) 761 928 -18%
Other assets 2,241 1,937 16%
-------- -------- --------
TOTAL ASSETS $79,050 $49,408 60%
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LIABILITIES AND
SHAREHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $15,112 $6,060 149%
Interest bearing 54,482 34,188 59%
-------- -------- --------
Total Deposits 69,594 40,248 73%
Other borrowed funds 250 -- N.A.
Other liabilities 295 132 123%
-------- -------- --------
TOTAL LIABILITIES 70,139 40,380 74%
SHAREHOLDERS' EQUITY
Common stock 11,444 11,444 0%
Retained earnings (2,533) (2,416) -5%
-------- -------- --------
TOTAL SHAREHOLDERS' EQUITY 8,911 9,028 -1%
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY $79,050 $49,408 60%
======== ======== ========
CONDENSED STATEMENT OF INCOME
Results of Operation
--------------------
Three Months Ending Year to Date
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
---- ---- ---- ----
Net interest income $833 $354 $1,580 $630
Provision for
possible loan losses 69 60 107 150
------ ------ ------ ------
Net interest income
after provision for
possible loan losses 764 294 1,473 480
Noninterest income 42 42 79 69
Noninterest expense 722 631 1,427 1,256
------ ------ ------ ------
Income before taxes 83 (295) 124 (707)
Income taxes (0) - 1 1
------ ------ ------ ------
NET INCOME (LOSS) $84 $(295) $124 $(708)
====== ====== ====== ======
Earnings per Share $0.07 $(0.26) $0.11 $(0.61)
Return on Average Assets 0.45% N.A. 0.35% N.A.
Return on Average Equity 3.79% N.A. 2.81% N.A.
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