California Independent Bancorp Announces Third Quarter 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)--Oct. 24, 2000California 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 third quarter of 2000 more than doubled in comparison to 1999 results for the same period. Net income rose to $802 thousand for the quarter ended September September: see month. 30, 2000, compared to 1999 third quarter net income of $391 thousand. Basic earnings per share for the third quarter of 2000 was $0.42, an increase of 100% from basic earnings per share of $0.21 for the third quarter of 1999. The weighted average number of basic shares outstanding for the third quarter of 2000 was 1,924,711 an increase of 83,711 shares compared to the prior-year quarter. For the nine months ended September 30, 2000, the Company reported net income of $2,188 thousand, up 80% from net income of $1,215 thousand for the nine months ended September 30, 1999. Basic earnings per share for the first nine months of 2000 was $1.14, up 68% from per-share earnings of $0.68 for the same period in 1999. Total assets at September 30, 2000 were $302.9 million, an increase of $9.8 million, or 3% from total assets at September 30, 1999 of $293.1 million. Total loans and deposits were $183.0 million and $260.5 million on September 30, 2000, compared to $187.8 million and $259.8 million respectively, at September 30, 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, "Our strategy for 2000 has been to strengthen our foundation while at the same time looking toward future growth opportunities, both in terms of market and product expansion. We are pleased with the Company's results for the third quarter, which included a continuing 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 asset quality, 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 increased profitability. Additionally, despite a fiercely fierce adj. fierc·er, fierc·est 1. Having a savage and violent nature; ferocious. See Synonyms at cruel. 2. Extremely severe or violent; terrible: competitive marketplace, our customer-focused approach toward community banking has enabled us to maintain a solid core deposit base. With our momentum continuing to build, the Management Team remains 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:
Australia
A community of north-central California, a suburb of Sacramento. Population: 88,500. , CA. 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 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: 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 December: see month. 31, 1999, and Form 10-Q Form 10-Q See 10-Q. for the quarter ended June June: see month. 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 June 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
Third Quarter 2000 Earnings Release
(Dollars in thousands except per share data)
Consolidated Statement of Financial Condition Data:
As of As of
Assets September 30, September 30,
2000 1999
------------- -------------
Cash and Cash Equivalents $ 13,393 $ 21,438
Fed Funds Sold 1,100 0
Securities available-for-sale,
at fair value 85,439 59,727
Securities held-to maturity 5,381 9,434
----------------------------------------------------------------------
Total Investments 90,820 69,161
Loans & leases 182,972 187,770
Less:
Deferred fee income 585 640
Allowance for possible loan
and lease losses 6,148 6,634
----------------------------------------------------------------------
Net Loans & Leases 176,239 180,496
Premises and equipment 7,033 7,470
Other real estate owned 657 1,444
Deferred taxes 2,558 3,686
Interest receivable and other
assets 10,923 8,983
Net assets from discontinued
operations 166 406
----------------------------------------------------------------------
Total Assets $ 302,889 $ 293,084
Liabilities
Deposits:
Noninterest
-bearing $ 54,084 $ 47,297
Interest-bearing 206,417 212,465
----------------------------------------------------------------------
Total Deposits 260,501 259,762
Other interest-bearing
liabilities 15,287 6,825
Accrued interest payable &
other liabilities 2,531 2,695
----------------------------------------------------------------------
Total Liabilities 278,319 269,282
Shareholders' Equity
Common stock, no par value:
20,000,000 shares authorized,
2,008,395 and 1,901,449 issued
and outstanding at September 30, 2000
and September 30, 1999, respectively 19,900 17,876
Retained earnings 5,952 6,959
Debt guarantee of ESOP (200) (40)
Accumulated comprehensive
income (loss) (1,082) (993)
----------------------------------------------------------------------
Total Shareholders' Equity 24,570 23,802
----------------------------------------------------------------------
Total Liabilities
& Shareholders' Equity $ 302,889 $ 293,084
California Independent Bancorp and Subsidiaries
Selected Financial Data
Unaudited
Third Quarter 2000 Earnings Release
(Dollars in thousands except per share data)
Nine months ended Three months ended
September 30, September 30,
2000 1999 2000 1999
----------------- ------------------
Consolidated Statement
of Income Data:
Interest and fee
income $ 17,544 $ 17,384 $ 6,044 $ 5,818
Interest expense 7,022 6,338 2,520 2,244
----------------------------------------------------------------------
Net Interest Income 10,522 11,046 3,524 3,574
Provisions for
possible loan &
lease losses 200 850 0 50
Net Interest Income
After Provision 10,322 10,196 3,524 3,524
Noninterest income 1,961 1,919 726 761
Noninterest expense:
Salaries and
employee
benefits 4,835 4,808 1,675 1,620
Occupancy,
furniture &
equipment 1,394 1,583 469 516
Other operating
expense 2,551 3,599 791 1,326
----------------------------------------------------------------------
Total Noninterest
Expense 8,780 9,990 2,935 3,462
Net Income before
income taxes 3,503 2,125 1,315 823
Provision for income
taxes 1,318 727 496 257
----------------------------------------------------------------------
Net income from
continuing
operations 2,185 1,398 819 566
Income (loss) on
discontinued
operation, net of
tax effect 3 (183) (17) (175)
----------------------------------------------------------------------
Net income $ 2,188 $ 1,215 $ 802 $ 391
Earnings Per Share
Basic Earnings Per
Share $ 1.14 $ 0.68 $ 0.42 $ 0.21
Basic Weighted
Average Shares
Outstanding 1,911,787 1,793,978 1,924,711 1,841,000
----------------------------------------------------------------------
Net Interest Margin 4.35% 4.92% 4.35% 4.77%
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion