CCBT Financial Companies, Inc. Report 2002 Fourth Quarter and Year-to-Date Earnings.Business Editors SOUTH YARMOUTH Yarmouth, city, Canada Yarmouth (yär`məth), city (1991 pop. 7,781), SW N.S., Canada, on the Atlantic Ocean. It is a port, with exports of lumber, fish, berries, and Irish moss. , Mass.--(BUSINESS WIRE)--Jan. 30, 2003 CCBT CCBT Comprehensive Cognitive Behavioral Therapy Financial Companies, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CCBT) Chief Executive Officer and President Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and B. Lawson The name Lawson can refer to a number of different things: People
A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. on Federal Home Loan Bank of Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. ("FHLBB FHLBB abbr. Federal Home Loan Bank Board ") borrowings, an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. loss recorded in its investment security portfolio and declining net interest income resulting from the November November: see month. FOMC See Federal Open Market Committee. FOMC See Federal Open Market Committee (FOMC). rate cut. The quarter included a $1.9 million penalty from the prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of $18 million of FHLBB borrowings. The prepayment of these borrowings, due to mature in 2005 and carrying a weighted-average interest rate of 6.10%, will result in an annual improvement in pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta net interest income of approximately $675,000 over the remaining life of the borrowings. The Company also recorded an impairment loss of $1.0 million on an asset-backed security Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. as payment delinquencies increased in its supporting collateral, a result of ongoing weakness in the U.S. economy. The FOMC's November 50 basis point rate cut further reduced the Company's earning asset Earning asset An asset that generates income, e.g., income from rental property. yields and when coupled with its inability to lower rates on its high level of demand deposits and lower rate interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid deposits, net interest income declined for the 2002 fourth quarter. Earnings adjusted for the prepayment penalty and impairment charge would have been $2.8 million or $.32 per share. The return on average equity and assets for the fourth quarter of 2002 were 3.20% and 0.25% compared to 18.29% and 1.38%, respectively for the same quarter in 2001. The return on average equity and assets for the fourth quarter of 2002 after adjustment for the prepayment penalty and impairment charge would have been 9.28% and 0.71%, respectively. Non-interest income for the fourth quarter of 2002 was $4.4 million compared to $4.5 million in 2001, excluding net gain (loss) from sales of securities and loans. The decrease in loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. fee income effectively offset quarterly improvements in both brokerage fees and insurance commissions. For the year ended December December: see month. 31, 2002, the Company reported earnings of $14.4 million, or $1.67 per share, as compared to $19.5 million, or $2.25 per share. In addition to the fourth quarter FHLBB prepayment penalty and impairment loss, the Company recognized $506,000 of expenses related to an early-retirement program implemented in the second quarter. Improving fee based non-interest income was more than offset by increases in non-interest expenses and decreases in net interest income. Earnings for 2002 after adjusting for the prepayment, impairment and early-retirement program charges would have been $16.5 million or $1.91 per share. The return on average equity and assets for 2002 were 12.24% and 0.99% compared to 18.43% and 1.32%, respectively, for 2001. The return on average equity and assets for 2002 after adjustment for the prepayment penalty, impairment charge and early-retirement program would have been 14.03% and 1.14%, respectively. In 2002, the Company continued its efforts of increasing its non-interest income through growing fee-based revenues. Fee-based revenues increased $1.6 million or 9.5% in 2002, from $17.0 million to $18.7 million. New business development remains solid as evidenced by insurance revenues and electronic banking fee income increases while progress in the trust and investment management area was masked A state of being disabled or cut off. by the disappointing financial markets. The opening of 4 financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. offices and 2 supermarket branches, selected for their growth potential, normal annual operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. increases and the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. early-retirement program expense of $506,000 caused non-interest expense to increase $2.8 million, or 6.1%, over last year. Mr. Lawson commented, "The capital to assets ratios stand at 8.0% and 7.9%, respectively, as capital on December 31, 2002 was $118.4 million as compared to $115.3 million a year ago. Total non-performing assets declined from $3.3 million to $2.8 million at December 31, 2001 and 2002, respectively. The allowance for loan losses was $12.4 million on December 31, 2002, up slightly from $12.3 million a year ago. Total assets grew $27.2 million year over year as $38.8 million of deposit growth exceeded the reduction in borrowings. Net sources of funds were used primarily to grow securities. Total loans were $801.4 million, down from the $884.2 million reported one year ago. We are continuing to pursue our strategy of providing a wide range of financial services to our market area from under one roof while maintaining a strong capital position and asset quality. Sustaining net interest income in the continued low interest rate environment presents a challenge as a significant portion of our liabilities have limited repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing opportunity." CCBT Financial Companies, Inc. recently declared a $0.19 quarterly dividend to be paid January January: see month. 31, 2003 to stockholders of record January 21, 2003. The board of directors has also authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. , from time to time based on market conditions, of an additional 200,000 shares of common stock at its meeting held on January 23, 2003. Coupled with the shares remaining from the repurchase program announced February February: see month. 12, 2002, the Company will have the ability to repurchase a total of 372,500 shares or approximately 4.3% of the stock currently outstanding. CCBT Financial Companies, Inc. is a bank holding company with total assets of $1.5 billion on December 31, 2002. Its subsidiary, Cape Cod Cape Cod, narrow peninsula of glacial origin, 399 sq mi (1,033 sq km), SE Mass., extending 65 mi (105 km) E and N into the Atlantic Ocean. It is generally flat, with sand dunes, low hills, and numerous lakes. Bank and Trust Company, N.A., owns CCBT Brokerage Direct and a 51% interest in Murray Murray, river, Australia Murray, principal river of Australia, 1,609 mi (2,589 km) long, rising in the Australian Alps, SE New South Wales, and flowing westward to form the New South Wales–Victoria boundary. & MacDonald Insurance Services, Inc. The Company offers a wide range of financial products and services including deposit services, loans, municipal services This article or section deals primarily with the United Kingdom and does not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , insurance, trust, investments and retirement services to individuals, municipalities and businesses. To find out more about CCBT Financial Companies, Inc. and our services, please visit our web site at www.ccbt.com or better yet, stop in for a visit at one of our thirty-four branch locations. This report may contain statements that are not historical facts and are considered 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. 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. These statements relate to, among other things, future financial results of the Company. You should not rely on forward-looking statements because the Company's actual results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, changes in prevailing interest rates, changes in economic conditions and equity and fixed income market fluctuations. Reference is made to the Company's filings on Forms 10-K with the Securities and Exchange Commission for factors that could cause actual results to differ materially from those anticipated. Our Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filing with the SEC and available on our web site will contain more detailed financial information.
ASSETS ($000) 12/31/02 12/31/01
Cash & cash equivalents 60,798 62,062
Securities available for sale 510,837 438,350
Other securities 24,738 24,738
Construction loans 99,544 95,186
Commercial mortgages 283,457 264,934
Commercial loans 84,883 86,110
Residential mortgages 262,095 376,504
Home equity loans 65,794 53,336
Other consumer loans 5,629 8,221
Total portfolio loans 801,402 884,291
Loans held for sale 37,332 8,349
Loan loss reserve (12,384) (12,252)
Goodwill 1,023 1,240
Other intangibles 5,503 6,732
Total intangible assets 6,526 7,972
Mortgage servicing rights 2,088 1,351
Real estate owned 1,500 1,500
Other assets 49,046 38,306
Total assets 1,481,883 1,454,667
LIABILITIES ($000)
Savings/NOW accounts 259,587 304,364
Money market deposits 294,295 185,156
Other consumer time 121,961 151,197
Time deposits over $100,000 37,344 53,123
Short-term borrowings 274,741 249,801
Long-term borrowings 123,099 170,249
Total interest-bearing liab. 1,111,027 1,113,890
Demand deposits 229,033 209,551
Minority interest 234 4
Other liabilities 23,142 15,906
Total liabilities 1,363,436 1,339,351
EQUITY ($000)
Common equity 118,447 115,316
Net unrealized gain
on AFS securities (1,018) 2,822
Book value per share 13.79 13.38
Common shares issued 9,061,064 9,061,064
Treasury shares (470,266) (440,641)
Common shares outstanding 8,590,798 8,620,423
INCOME STATEMENT ($000) 4th 4th
Quarter 02 Quarter 01 YTD 2002 YTD 2001
Interest income 18,700 23,242 77,237 97,755
Interest expense 8,419 8,714 29,118 44,555
Net interest income 10,281 14,528 48,119 53,200
Net interest income (FTE) 10,363 14,653 48,468 53,758
Loan loss provision 0 0 0 0
Gain (loss) on sale of
securities (1,104) 1,042 2,074 2,187
Trust revenue 1,665 1,687 6,807 6,909
Service charge on deposits 531 565 2,210 2,130
Gain on sale of loans 294 763 1,941 2,956
Other noninterest income 2,247 2,210 9,917 8,740
Total noninterest income 3,633 6,267 22,949 22,922
Employee comp and benefits 6,662 7,770 27,074 25,818
Occupancy and equipment 1,630 1,257 6,289 5,434
Foreclosed property expense 17 49 78 81
Amortization of intangibles 332 396 1,305 1,583
Deposit insurance expense 39 43 162 183
Other noninterest expense 3,595 2861 14,037 12,937
Total noninterest expense 12,275 12,376 48,945 46,036
Net income before taxes 1,639 8,419 22,123 30,086
Tax provision 687 3,182 7,683 10,622
Net income 952 5,237 14,440 19,464
Basic EPS 0.11 0.61 1.68 2.26
Diluted EPS 0.11 0.61 1.67 2.25
Dividends per common share 0.19 0.18 0.76 0.72
Avg shares for basic
EPS 8,590,341 8,620,423 8,613,383 8,613,106
Avg shares for diluted
EPS 8,622,653 8,649,756 8,649,056 8,646,625
AVE. BALANCE SHEET 4th 4th
($000) Quarter 02 Quarter 01 YTD 2002 YTD 2001
Taxable securities 579,087 521,093 488,386 492,872
Tax-exempt securities 17,971 25,707 18,252 23,571
Total portfolio loans 845,842 888,304 873,417 892,568
Loans held for sale 19,431 4,227 8,758 1,930
Other earning assets 0 0 0 0
Total earning assets 1,462,331 1,439,331 1,388,813 1,410,941
Total assets 1,533,074 1,505,809 1,455,989 1,478,204
Savings/NOW accounts 257,382 298,555 239,120 286,141
Money market deposits 310,177 187,879 289,682 173,675
Other consumer time 124,029 157,309 133,821 183,887
Time deposits over
$100,000 37,845 57,280 41,642 86,255
Total interest-bearing
deposits 729,433 701,023 704,265 729,958
Short-term borrowings 298,537 290,691 249,827 299,921
Long-term borrowings 145,217 175,028 152,666 125,760
Total interest-bearing
liab. 1,173,187 1,166,742 1,106,758 1,155,639
Demand deposits 231,417 214,490 222,183 208,071
Minority interest (76) 4 234 4
Other liabilities 10,481 10,975 8,867 8,873
Total liabilities 1,415,009 1,392,211 1,338,042 1,372,587
Common equity 118,065 113,598 117,947 105,616
Return on average
assets 0.25% 1.38% 0.99% 1.32%
Return on average
equity 3.20% 18.29% 12.24% 18.43%
CHARGEOFFS ($000) 4th 4th
Quarter 02 Quarter 01 YTD 2002 YTD 2001
Loan chargeoffs (89) (71) (226) (347)
Recoveries 51 157 358 445
Net loan charge-
offs(recoveries) 38 (86) (132) (98)
ASSET QUALITY ($000) 12/31/02 12/31/01
Nonaccrual loans 1,348 1,802
Renegotiated loans 210 224
Other real estate owned 1,500 1,500
Total nonperforming
assets 2,848 3,302
SUPPLEMENTAL DATA 12/31/02 12/31/01
Loans serviced f/others
($000) 322,085 197,553
FTE employees 402 387
Number of full service
offices 34 29
Number of subsidiaries 2 2
Number of ATM's 42 35
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