California State Bank Reports First-Quarter Financial Results.WEST COVINA West Covina, city (1990 pop. 96,086), Los Angeles co., S Calif., in the San Gabriel valley; settled 1905, inc. 1923. Before World War II, West Covina was a small rural community where walnuts, wheat, and livestock were raised. , Calif.--(BUSINESS WIRE)--April 20, 1998--California State Bank (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 :CSTB CSTB Centre Scientifique et Technique du Batiment (France) CSTB Computer Science and Telecommunications Board (NRC) CSTB Computer Science and Technology Board CSTB Computer Science and Telecommunication Board ) reported its unaudited financial results as of March 31, 1998. Net earnings for the 1998 first quarter increased by 27 percent to $2.6 million, or 46 cents diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , compared with $2.0 million, or 37 cents diluted earnings per share, in the 1997 first quarter. Net earnings for the 1998 first quarter were reduced by $273,000 as a result of merger expenses associated with the acquisition of 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). State Bank by First Security Corp., as announced on Feb. 19, 1998. This transaction will be accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. with each party responsible for its own expenses. The merger expenses lowered 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. and basic earnings per share by 5 cents in the quarter. Assets and important balance sheet items also increased from a year ago. Total assets increased by 8 percent to $863.5 million as of March 31, 1998, from $798.3 million at March 31, 1997. During the same period, securities available for sale increased by 52 percent to $285.2 million from $187.3 million, net loans increased by 4 percent to $445.3 million from $427.0 million, and deposits increased to $711.4 million from $708.6 million. 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. was $87.9 million at March 31, 1998, compared with $78.5 million a year ago. The allowance for credit losses was $8.4 million, or 1.84 percent of total loans at March 31, 1998, compared with $8.3 million and 1.90 percent at March 31, 1997. Non-performing assets, defined as non-accrual loans, foreclosed properties and renegotiated debt, totaled $4.8 million, or 0.55 percent of total assets at March 31, 1998, compared with $5.6 million, or 0.70 percent of total assets a year ago. Eugene Eugene, city (1990 pop. 112,669), seat of Lane co., W Oregon, on the Willamette River; inc. 1862. A processing and shipping center in a farming area, the "Emerald City" has lumbering, food-processing, and microchip and other electronics industries. D. Bishop, president of California State Bank, stated: "We are very pleased with our financial results for the first quarter, particularly in light of the merger expenses. The merger is progressing as planned, and we are hoping that it can be completed by the end of the second quarter." California State Bank is a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. bank serving 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. , Orange, Riverside Riverside. 1 City (1990 pop. 226,505), seat of Riverside co., S Calif.; inc. 1883. One of the fastest growing U.S. cities in the late 20th cent., it is famous for its orange industry. and San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. counties through 17 branches. -0-
CALIFORNIA STATE BANK
Financial Highlights
For the quarter ended March 31, 1998 1997
Net earnings $ 2,558,000 $ 2,018,000
Basic earnings per share 49 cents 39 cents
Diluted earnings per share 46 cents 37 cents
As of March 31, 1998 1997
Total assets $863,472,000 $798,273,000
Securities available for sale 285,218,000 187,259,000
Net loans 445,326,000 426,955,000
Total deposits 711,413,000 708,555,000
Stockholders' equity 87,929,000 78,458,000
CALIFORNIA STATE BANK
Consolidated Balance Sheets
(Unaudited)
Dollars in Thousands
As of March 31, 1998 1997
Assets
Cash and due from banks $ 39,407 $ 58,851
Federal funds sold 35,000 61,200
Cash and cash equivalents 74,407 120,051
Securities available for sale 285,218 187,259
Loan and leases, net 445,326 426,955
Premises and equipment, net 15,964 17,741
Real estate acquired for development 433 2,545
Real estate investment 1,410 1,735
Other real estate owned 456 2,246
Goodwill and other intangible assets 15,861 17,272
Other assets 24,397 22,469
Total $863,472 $798,273
Liabilities and Stockholders' Equity
Noninterest-bearing deposits $252,719 $218,097
Interest-bearing deposits 458,694 490,458
Total deposits 711,413 708,555
Borrowings 52,584 1,159
Other liabilities 11,546 10,101
Total liabilities 775,543 719,815
Common stock 50,297 49,415
Net unrealized gain (loss) on securities
available for sale 1,005 (585)
Retained earnings 36,627 29,628
Total stockholders' equity 87,929 78,458
Total liabilities and stockholders' equity $863,472 $798,273
Consolidated Statements of Earnings
(Unaudited)
Dollars in thousands, except earnings per share
For the quarter ended March 31, 1998 1997
Interest income $ 15,757 $ 14,285
Interest expense 4,716 3,941
Net interest income 11,041 10,344
Provision for credit losses 75 250
Net interest income after provision 10,966 10,094
Service charge income 777 832
Other noninterest income 1,344 1,203
Total noninterest income 2,121 2,035
Salaries and benefits 4,280 4,496
Occupancy and equipment 1,461 1,539
Other noninterest expenses 2,904 2,778
Total noninterest expenses 8,645 8,813
Earnings before income taxes 4,442 3,316
Provision for income taxes 1,884 1,298
Net earnings $ 2,558 $ 2,018
Basic earnings per share 49 cents 39 cents
Diluted earnings per share 46 cents 37 cents
CONTACT: California State Bank, West Covina Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. E. Brandt Brandt , Willy 1913-1992. German political leader. He served as chancellor of West Germany (1969-1974) and won the 1971 Nobel Peace Prize for his efforts to reduce tension between the East and the West. Noun 1. , 626/915-4424 |
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