California Center Bank Reports Record First Quarter Results.Business Editors/Banking Writers LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--May 3, 2000 California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Center Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CLFC CLFC Creating Lasting Family Connections (New Hampshire) CLFC Clear Lake Fencing Club (Texas) .OB) today announced record first quarter results with a 140 percent increase in net income compared with the same quarter of 1999. Net income increased to $1.9 million for the first quarter of 2000, from $0.8 million for the same quarter of 1999. 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 rose to $0.69 for the first quarter as compared with $0.33 for the same period of 1999. All per share data has been adjusted to reflect recent stock dividends. For the first quarter of 2000, return on average assets and return on average stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. climbed to 2.14 percent and 20.96 percent, respectively, versus 1.15 percent and 10.22 percent for the respective quarter of 1999. Results of Operations Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income totaled $3.1 million for the first quarter of 2000, compared with $1.2 million for the same quarter of 1999. The increase of $1.9 million in pre-tax income was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to an increase of $1.7 million, or 54 percent, in net interest income. During the first quarter of 2000, total interest income increased $2.4 million, or 50 percent, to $7.2 million. This was primarily a result of $2.7 million increase in interest income from loans. The Bank experienced substantial loan demand during the first quarter of 2000 as compared to 1999. Average net loans grew by $20.0 million, or 9 percent, to $234.6 million compared to the fourth quarter of $214.6 million. Total interest expense increased $0.7 million, or 42 percent, to $2.3 million for the first quarter of 2000, resulting from increases in volume and deposit rates of interest bearing deposits. However, the Bank is continuously realizing substantial benefits from its positive rate-sensitive position. The Bank's net interest margin increased 93 basis points to 5.98 percent for the first quarter of 2000 from 5.05 percent for the same quarter of 1999. Non-interest income increased $238,000, or 13 percent, to $2.1 million in the first quarter of 2000 compared with $1.8 million in the same quarter of 1999. A significant portion of the increase came from service charges. Non-interest expense increased $245,000, or 7 percent, to $3.7 million in the first quarter of 2000 compared with $3.4 million in the same quarter of 1999. Business development and salary expenses accounted for most of the increase in non-interest expenses. The Bank's efficiency ratio improved significantly from 67.04 percent in the first quarter of 1999 to 51.02 percent in the same quarter of 2000. From December December: see month. 31, 1999 to March 31, 2000, total assets increased $17.1 million, or 5 percent, to $370.1 million. Net loans grew by $9.5 million, or 4 percent, to $240.1 million. Commercial real estate loans and commercial loans showed the greatest increases as a result of the continued expansion of the Bank's primary markets. Total deposits increased $16.4 million, or 5 percent, to $327.1 million. Non-interest bearing deposits grew by $12.3 million while time deposits of $100,000 or more increased $8.1 million. Stockholders' equity increased $1.9 million, or 5 percent, to $37.0 million. Asset Quality Total non-performing assets, which include loans past due 90 days or more and still accruing interest, non-accrual loans and OREO, increased $427,000 from $1.7 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. 1999 to $2.1 million at March 31, 2000. As a percentage of gross loans plus OREO, non-performing assets increased slightly from 0.71 percent at year-end 1999 to 0.86 percent at March 31, 2000. Management remains diligent dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d in its asset quality controls and is confident in the Bank's ability to maintain 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. while beating peer asset quality levels. The Bank contributed $0.2 million to loan loss reserves in the first quarter of 2000 compared with $0.3 million for the same quarter of 1999. Allowance for loan losses totaled $6.5 million or 2.63 percent of gross loans at March 31, 2000 versus $6.6 million or 2.76 percent of gross loans at year-end 1999. Capital Adequacy As of March 31, 2000, the Bank's total capital, Tier 1 capital Tier 1 Capital A term used to describe the capital adequacy of a bank. Tier I capital is core capital, this includes equity capital and disclosed reserves. Notes: Equity capital includes instruments that can't be redeemed at the option of the holder. and Tier 1 leverage capital ratios were 15.29 percent, 14.08 percent and 10.58 percent, respectively. These capital levels place the Bank in the "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. " category. California Center Bank is a community bank located in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . It was founded in March 1986 and offers a full-range A Full-range loudspeaker drive unit is defined as a driver which reproduces as much of the audible frequency range as possible, with high-fidelity, within the boundaries imposed by the physical limitations of the specific design. 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. . The Bank now operates 5 branches throughout 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, and one Loan Production Office in Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). . California Center Bank's Web page is found at www.calcenterbank.com. If you have any question on this report, contact Jason G. Lee, SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul & Cashier CASHIER. An officer of a moneyed institution, who is entitled by virtue of his office to take care of the cash or money of such institution. 2. The cashier of a bank is usually entrusted with all the funds of the bank, its notes, bills, and other choses in at 213/637-9510 for further information. The Bank wishes to take advantage of the "Safe-Harbor" provisions 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 as to "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " statements in this release that are not historical facts. Some factors could affect the Bank's business and cause actual results to differ materially from those expressed in any forward- looking statement made in this release.
California Center Bank
CONDENSED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(In thousands, except share and per share data)
As of
03/31/2000 12/31/1999 % change
Assets
Cash and due from banks $ 22,282 $ 16,450 36
Federal funds sold and securities
purchased under agreements to resell 27,000 24,000 13
Securities available-for-sale 32,639 32,847 (1)
Securities held-to-maturity 34,113 34,114 0
Loans (net of allowance for loan
losses of $6,484 in 2000 and
$6,561 in 1999) 240,085 230,626 4
Other real estate owned 55 546 (90)
Fixed assets 6,144 6,258 (2)
Other assets 8,319 8,740 (5)
Total assets $ 370,637 $ 353,581 5
Liabilities and Stockholders' Equity
Non-interest bearing deposits $ 121,899 $ 109,599 11
Interest bearing deposits 205,203 201,142 2
Total deposits 327,102 310,741 5
Securities sold under agreements
to repurchase 0 0 0
Other liabilities 6,519 7,704 (15)
Total liabilities 333,621 318,445 5
Stockholders' equity 37,016 35,136 5
Total liabilities and
stockholders' equity $ 370,637 $ 353,581 5
Book value per share $ 13.71 $ 14.71 (7)
Number of common shares
outstanding at period end 2,699,931 2,388,658 13
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
(In thousands, except share and per share data)
For the three months
ended March 31,
2000 1999 % change
Interest income $ 7,176 $ 4,779 50
Interest expense 2,283 1,609 42
Net interest income 4,893 3,170 54
Provision for loan losses 200 320 (38)
Net interest income after
provision for loan losses 4,693 2,850 65
Non-interest income 2,066 1,828 13
Non-interest expense 3,676 3,431 7
Income before income tax expense 3,083 1,247 147
Income tax expense 1,183 456 159
Net income 1,900 791 140
Other comprehensive loss (31) (117) (74)
Total comprehensive income $ 1,869 674 177
Net income per share, basic $0.70 $0.33 113
Net income per share, diluted $0.69 $0.33 109
Basic average common shares
outstanding 2,699,112 2,388,106
Diluted average common shares
outstanding 2,740,475 2,428,188
SELECTED FINANCIAL INFORMATION
(Unaudited)
(In thousands)
As of
03/31/2000 12/31/1999 % change
Loans
Commercial $ 111,947 $ 110,661 1
Residential mortgage 3,795 3,741 1
Commercial mortgage 115,645 105,370 10
Real estate construction 0 3,604 (100)
Installment 15,482 12,529 24
Other 95 1,751 (95)
Total loans - gross 246,964 237,656 4
Allowance for loan losses (6,484) (6,561) (1)
Unamortized deferred loan fees (395) (469) (16)
Total loans - net $ 240,085 230,626 4
Non-performing assets
Loans past due 90 days or more and
still accruing interest $ 0 5 (100)
Non-accrual loans 2,070 1,147 81
Total non-performing loans 2,070 1,152 80
Other real estate owned 55 546 (90)
Total non-performing assets $ 2,125 1,698 25
Deposits
Non-interest bearing $ 121,899 109,599 11
Interest bearing checking 52,128 58,185 (10)
Savings 21,040 21,570 (3)
Time deposits 132,035 121,387 9
Total deposits $ 327,102 310,741 5
Selected ratios
Non-accrual loans to gross loans 0.84% 0.48% 74
Non-performing assets to gross loans
and OREO 0.86% 0.71% 21
Allowance for loan losses to
gross loans 2.63% 2.76% (5)
Allowance for loan losses to
non-performing loans 313.2% 572.0% (45)
Tier 1 risk-based capital ratio 14.08% 15.13% (7)
Total risk-based capital ratio 15.29% 16.40% (7)
Tier 1 leverage ratio 10.58% 10.32% 3
SELECTED FINANCIAL RATIOS
(Unaudited)
For the three months
ended March 31,
2000 1999 % change
Return on average assets 2.14% 1.15% 86
Return on average stockholders'
equity 20.96% 10.22% 105
Net interest margin
(non tax equivalent) 5.98% 5.05% 18
Efficiency ratio 51.02% 67.04% (24)
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