California Center Bank Reports Preliminary Third Quarter Earnings.Business Editors LOS ANGELES--(BUSINESS WIRE)--Oct. 11, 2001 California Center Bank (OTC/BB: CLFC CLFC Creating Lasting Family Connections (New Hampshire) CLFC Clear Lake Fencing Club (Texas) ) today announced preliminary unaudited financial results for the third quarter of 2001. The bank expects to release its complete quarterly financial results later this month. California Center's total assets have increased 33% over the past twelve months to approximately $557 million at Sept. 30, 2001, compared to $418 million one year earlier. At the end of the third quarter, the bank's net loans were approximately $353 million, an increase of $66 million or 23% from $287 million at Sept. 30, 2000. Deposits increased 35% to $493 million compared to $366 million a year ago. "We seized the opportunity earlier this year to expand our branch network and opened five additional branches in 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, ," said Seon Hong Kim, president and 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. . "These branches significantly contributed to our deposit growth, and their success has exceeded our expectations. If it had not been for our expansion and the decreased interest margin we experienced following a series of interest rate cuts by the Federal Reserve this year, our earnings would have matched our strong growth." Following the expenditure of approximately $650,000 of operating costs operating costs npl → gastos mpl operacionales related to the new branches, net income for the third quarter was approximately $1.7 million compared to $2.2 million in the third quarter a year ago. Earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share were approximately $0.28 in the third quarter compared to $0.35 in the third quarter a year ago. Net income for the nine months ended Sept. 30, 2001, was approximately $5.8 million or $0.94 per diluted share, compared to $6.2 million or $0.98 per diluted share for the same period of 2000. Non-performing assets as a percentage of total assets rose to 1.9% as of Sept. 30, 2001, compared to 0.7% one year earlier, but improved sequentially from 2.1% at June 30, 2001. "The increase in non-performing assets is due to two large loans, backed by real estate, that were placed on non-performing status in the second quarter. We expect to fully collect on these loans by the end of the first quarter of 2002," added Kim. California Center Bank, which was founded in 1986, is a community bank offering a full-range of 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. . It specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. in commercial and SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loans and traded finance products for multi-ethnic and small business customers. The bank now operates 11 branches throughout Southern California and three Loan Production Offices, which are located in Phoenix, Seattle and Denver. Further detail about California Center Bank can be found at www.calcenterbank.com. Statements concerning future performance, expectations, and any other discussion of future periods, constitute 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. subject to risks and uncertainties that may cause actual results to differ materially from stated expectations. Specific factors include, but are not limited to: miscalculations, the effect of interest rates changes, the ability to control costs and expenses, and general economic conditions. Additional information on these and other factors that could affect the company's financial results is included in its annual report. |
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