Belvedere Capital Partners Announces a 43% Increase in Net Operating Income over Previous Year.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Feb. 11, 2004 Richard W. Decker, Jr., Co-Founder of Belvedere Belvedere (bĕl`vədēr, Ital. bālvādĕ`rā), court of the Vatican named after a villa built (1485–87) for Innocent VIII. Capital Partners (www.belvederecapital.com), announced today that net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for its two bank portfolio companies rose 43% to $16.9 million for the year ended December 31, 2003, compared to $11.8 million for the same period in 2002. Net operating income is net income before the amortization of intangibles, net of tax effect. Net operating income for the 4th quarter of 2003 increased 89% to $5.0 million from $2.6 million in the prior year. Belvedere Capital Partners is the General Partner of a private equity fund that holds investments in banking institutions in both northern and southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . Its banking companies are: Placer Sierra Bancshares (formerly First California Bancshares), parent of Placer Sierra Bank, the largest community bank headquartered in the Sacramento area (assets of $950 million); and Southland south·land or South·land n. A region in the south of a country or an area. south  land·er n.Noun 1. Capital Co., parent of Bank of Orange County, the largest community bank headquartered in Orange County (assets of $448 million). Decker commented, "Our portfolio banks continue to achieve record results quarter after quarter. We commend com·mend tr.v. com·mend·ed, com·mend·ing, com·mends 1. To represent as worthy, qualified, or desirable; recommend. 2. To express approval of; praise. See Synonyms at praise. 3. the outstanding efforts of our management teams and all of our employees who have achieved these excellent results. We look forward to another successful year in 2004." A large part of the banks' success was due to their ability to reduce cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. in line with the significant declines in market interest rates. The cost of funds for both banks combined in 2004 was only 70 basis points. This low cost of funds contributed to the combined banks' net interest margin of 4.98%, which was 51 basis points higher than the 4.47% average of all California banks. |
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