California Independent Bancorp Announces 2000 Fourth-Quarter and Full-year Results.Business Editors YUBA CITY Yuba City (y  `bə), town (1990 pop. 27,437), seat of Sutter co., N central Calif., on the Feather River; founded 1849 during the gold rush; inc. 1908. , Calif.--(BUSINESS WIRE)--Feb. 20, 2001
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). Independent Bancorp (Nasdaq:CIBN) and its subsidiary, Feather River
The Feather River is a principal tributary of the Sacramento River, 170 miles in length, in Northern California in the United States. State Bank, today reported that net income for the fourth-quarter of 2000 was $532 thousand, a turn-around from the ($611) thousand loss reported in the fourth-quarter of 1999. After excluding the prior year's after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. loss on disposal of the Bank's equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
Divisions of a business that have been sold or written off and that no longer are maintained by the business. , fourth-quarter 2000 net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the more than doubled in comparison to 1999 results for the same period. Net income from continuing operations rose to $491 thousand for the quarter ended December December: see month. 31, 2000, compared to 1999 fourth-quarter net income of $197 thousand. Basic earnings per share for the fourth-quarter of 2000 were $0.26, comparing favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the basic loss per share of ($0.32) for the fourth-quarter of 1999. The weighted average number of basic shares outstanding for the fourth-quarter of 2000 was 2,008,761 an increase of 105,399 shares compared to the prior-year quarter. For the year ended December 31, 2000, the Company reported net income of $2,720 thousand, a substantial increase from net income of $604 thousand for the year ended December 31, 1999. 2000 net income from continuing operations rose to $2,676 thousand, an increase of 68% compared to net income from continuing operations of $1,595 thousand for 1999. Basic earnings per share for 2000 were $1.40, a more than four-fold Adj. 1. four-fold - having four units or components; "quadruple rhythm has four beats per measure"; "quadruplex wire" quadruple, quadruplex, quadruplicate, fourfold increase from the $0.33 reported for 1999. Total assets at December 31, 2000 were $301.4 million, an increase of $1.0 million, which is slightly higher than total assets at December 31, 1999 of $300.4 million. Total loans and deposits were $179.7 million and $267.6 million on December 31, 2000, compared to $162.0 million and $273.5 million respectively, at December 31, 1999. Larry Lar´ry n. 1. Same as Lorry, or Lorrie. Hartwig, 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. commented, "We had a very solid year which, in many respects, reflects a strong affirmation A solemn and formal declaration of the truth of a statement, such as an Affidavit or the actual or prospective testimony of a witness or a party that takes the place of an oath. An affirmation is also used when a person cannot take an oath because of religious convictions. of the business objectives we put in place a year ago. Those objectives were primarily centered in three areas. First, the continued refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus of our efforts toward the needs and expectations of our customers and our commitment to relationship banking. Second, the further stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders and improvement of our asset quality -- including further diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. of the loan portfolio. And third, to achieve improvements in operating efficiencies while focusing on profitable growth in terms of market and product expansion. It was a year of intensive work and strong execution at all levels of the organization, and the success of our strategies is very apparent in our results. Despite a very competitive marketplace, we enter 2001 with a strengthened foundation and with our momentum continuing to build. Our customer-focused approach toward community banking will continue to be the corner stone of our strategic direction and we remain intensely focused on creating an even stronger sales and service culture with a firm commitment to continuing our efforts in enhancing shareholder value." Feather River State Bank has branches in Yuba City, Arbuckle Arbuckle as a personal name can refer to:
Lincoln, city (1991 pop. 79,980) and district, Lincolnshire, E England, in the Parts of Kesteven, on the Witham River. , Calif. during the first-quarter of 2001. 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. -- The Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995: Certain statements contained in this release are forward-looking statements that are subject to risk and uncertainty. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. A number of factors -- many of which are beyond the Company's control -- could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company's reports filed with the Securities and Exchange Commission, including the Company's 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. for the year ended December 31, 1999, and Form 10-Q Form 10-Q See 10-Q. for the quarter ended September 30, 2000, describe some of these factors, including certain credit, market, operational, liquidity, interest rate, and Year 2000 risks associated with the Company's business and operations. Other factors described in the Company's Form 10-K for the year ended December 31, 1999, and Form 10-Q for the quarter ended September 30, 2000, include changes in business and economic conditions, competition, fiscal and monetary policies, and legislation. There are other factors besides these that could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements or otherwise affect in the future the Company's business, results of operations and financial condition. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update such statements in light of new information or future events.
California Independent Bancorp and Subsidiaries
Selected Financial Data
Unaudited
Fourth Quarter 2000 Earnings Release
(Dollars in thousands except per share data)
Consolidated Statement of Financial Condition Data:
As of As of
December 31, December 31,
2000 1999
Assets
Cash and Cash Equivalents $ 19,359 $ 15,887
Fed Funds Sold 7,700 22,000
Securities available-for-sale,
at fair value 76,695 70,820
Securities held-to
maturity 5,317 16,179
Total Investments 82,012 86,999
Loans & leases 179,662 161,980
Less:
Deferred fee income 647 659
Allowance for possible loan
and lease losses 5,724 6,771
Net Loans & Leases 173,291 154,550
Premises and equipment 6,979 7,343
Other real estate owned 405 1,300
Interest receivable and
other assets 11,475 12,281
Net assets from discontinued
operations 226 --
Total Assets $ 301,447 $ 300,360
Liabilities
Deposits:
Noninterest-bearing $ 63,996 $ 60,484
Interest-bearing 203,636 212,975
Total Deposits 267,632 273,459
Other interest-bearing liabilities 4,964 942
Accrued interest payable &
other liabilities 3,081 2,612
Net liabilities from discontinued
operations -- 112
Total Liabilities 275,677 277,125
Shareholders' Equity
Common stock, no par value:
20,000,000 shares authorized,
2,008,966 and 1,904,618 issued
and outstanding at December 31,
2000 and December 31, 1999,
respectively 19,910 17,951
Retained earnings 6,264 6,233
Debt guarantee of ESOP (160) --
Accumulated comprehensive income (loss) (244) (949)
Total Shareholders' Equity 25,770 23,235
Total Liabilities &
Shareholders' Equity $ 301,447 $ 300,360
California Independent Bancorp and Subsidiaries
Selected Financial Data
Unaudited
Fourth Quarter 2000 Earnings Release
(Dollars in thousands except per share data)
Twelve months ended Three months ended
December 31, December 31,
2000 1999 2000 1999
Consolidated Statement
of Income Data:
Interest and
fee income $23,535 $23,279 $5,991 $5,895
Interest expense 9,470 8,573 2,448 2,235
Net Interest Income 14,065 14,706 3,543 3,660
Provisions for
possible loan &
lease losses 200 1,000 0 150
Net Interest Income
After Provision 13,865 13,706 3,543 3,510
Noninterest income 2,669 2,564 708 645
Noninterest expense:
Salaries and
employee benefits 6,541 6,835 1,706 2,027
Occupancy,
furniture &
equipment 1,896 2,085 502 502
Other operating
expense 3,778 4,890 1,227 1,291
Total Noninterest
Expense 12,215 13,810 3,435 3,820
Net Income before
income taxes 4,319 2,460 816 335
Provision for income
taxes 1,643 865 325 138
Net income from
continuing operations 2,676 1,595 491 197
Loss on disposal of
Subsidiary, net
of tax effect -- (714) -- (714)
Income (loss) on
discontinued
operation, net of
tax effect 44 (277) 41 (94)
Net income $2,720 $604 $532 ($611)
Earnings Per Share
Basic Earnings
Per Share $1.40 $0.33 $0.26 ($0.32)
Basic Weighted
Average Shares
Outstanding 1,936,163 1,821,549 2,008,761 1,903,362
Net Interest Margin 4.33% 4.84% 4.25% 4.59%
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