Canyon Bancorp Reports Record Second Quarter Net Income of $1,063,000.PALM SPRINGS, Calif. -- Canyon canyon Very narrow, deep valley cut by a river through resistant rock and having steep, almost vertical sides. Canyons occur most often in arid or semiarid regions. Some canyons (e.g., the Grand Canyon) are spectacular natural features. See also submarine canyon. Bancorp (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CYBA CYBA Charter Yacht Broker Association CYBA Conejo Youth Basketball Association (Conejo Valley, California) CYBA California Yacht Brokers Association CYBA Cybertron Army CYBA Columbia Yacht Brokers Association ) today announced record net income of $1,063,000, or $0.46 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 for the second quarter ended June June: see month. 30, 2006 - an increase of $157,000 or 17.3 percent compared to income of $906,000, or $0.40 per diluted share for the second quarter of 2005. For the six months ended June 30, 2006, Canyon Bancorp earned $2,009,000, or $0.87 per diluted share compared to $1,672,000 or $0.73 per diluted share for the same period of 2005, an increase of $337,000 or 20.2 percent. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. for the second quarter of 2006 was 20.05 percent, with an annualized return on average assets of 1.70 percent. Other financial highlights for the second quarter 2006 compared to the same period in 2005: --Total assets increased $25.2 million or 11.8 percent to $240.0 million. --Net loans increased $24.6 million or 15.7 percent to $181.2 million. --Total deposits increased $20.5 million or 10.5 percent to $216.7 million. --Total shareholders' equity increased by $4.2 million or 24.1 percent to $21.6 million. --Net interest margin for the second quarter 2006 was 6.50 percent compared to 6.00 percent for the same period in 2005. "Since June 2004, the Federal Reserve's Open Market Committee has increased short-term interest rates Short-term interest rates Interest rates on loan contracts-or debt instruments such as Treasury bills, bank certificates of deposit or commerical paper-having maturities of less than one year. Often called money market rates. seventeen Seventeen novel of young love. [Am. Lit.: Booth Tarkington Seventeen in Magill I, 882] See : Adolescence times. The overall increase is 4.25 percent resulting in a Fed Funds fed funds See federal funds. rate of 5.25 percent as of June 29. These increases, although challenging to both funding costs and deposit and loan growth, have contributed to Canyon Bancorp's earnings performance, thus resulting in the higher margin in 2006," said 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. Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and G. Hoffmann Hoffmann thrice a loser when one girl turns out to be a mechanical doll, the second dies, and the third loves another man. [Fr. Opera: Tales of Hoffmann in Scholes, 1005] See : Love, Unrequited . Other highlights of the quarter include: --The bank announced that July July: see month. marks its eighth year of service since opening July 10, 1998. --Less than four months after opening, the bank's newest branch at Desert Business Park across from Del Webb's Sun City reported total deposits in excess of $3 million. Hoffmann credits the branch's asset growth to the expanding area's need for personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. , customer-focused bank services. Hoffmann stated, "The growth of business and retail prospects in this area is significant. Our goal is to personally inform our neighbors that the Coachella Coachella can refer to:
adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. banking needs." --Formation of Canyon Bancorp on June 30, 2006, a newly created bank holding company. The holding company structure will provide greater corporate and financial flexibility allowing Canyon Bancorp to engage in expanded bank activities, acquire or establish other bank-related businesses, and to provide alternatives for raising capital. Canyon Bancorp is a bank holding company with one banking subsidiary, Canyon National Bank, a full-service commercial bank and member of the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). . Palm Springs branch locations are at 1711 East Palm Canyon Drive at the Smoke Tree Village Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into and 901 East Tahquitz Tahquitz, also called Lily Rock [8,000+ ft], is a rock outcrop () located on the high western slope of the San Jacinto mountain range in Southern California, United States, above the mountain town of Idyllwild. Canyon Way. Palm Desert branch locations are at 74-150 Country Club Drive and 77-933 Las Montanas Road across from Sun City. Shares of the Company's common stock are traded on the Over the Counter Bulletin Board - stock symbol CYBA. This release may contain certain 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. within the meaning 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. Actual results could differ materially from those projected in the forward-looking statements.
CANYON BANCORP & SUBSIDIARY
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
Assets 6/30/2006 12/31/2005 6/30/2005
(Unaudited) (Audited) (Unaudited)
------------ ---------- ------------
Cash and cash equivalents $ 19,720 $ 27,576 $ 19,175
Interest-bearing deposits in
other financial institutions 4,600 3,400 3,100
Investment securities available
for sale 23,730 24,702 28,112
Federal Home Loan Bank and
Federal Reserve Bank and
Pacific Coast Bankers' Bank
restricted stock, at cost 1,527 1,412 1,252
Loans held for sale 1,534 782
Loans receivable, net 181,186 171,833 156,607
Furniture, fixtures and
equipment 4,723 4,444 4,454
Income tax receivable -- 69 188
Deferred tax asset 1,476 1,384 903
Other assets 1,496 3,638 966
------------ ---------- ------------
Total Assets $ 239,992 $ 239,240 $ 214,757
============ ========== ============
Liabilities and Stockholders'
Equity
Deposits:
Demand deposits $ 86,491 $ 85,142 $ 81,087
NOW accounts 8,836 8,271 6,519
Savings and money market 72,923 89,642 85,706
Time certificate of deposits 48,409 35,471 22,817
------------ ---------- ------------
Total Deposits 216,659 218,526 196,129
------------ ---------- ------------
Other Liabilities 1,768 1,263 1,256
------------ ---------- ------------
Total Liabilities 218,427 219,789 197,385
------------ ---------- ------------
Commitments and contingencies -- -- --
------------ ---------- ------------
Stockholders' Equity:
Preferred stock, $5.00 par
value; authorized 10,000,000
shares; none issued or
outstanding -- -- --
Common stock; authorized
10,000,000 shares;
2,180,479, 2,160,655 and
2,041,347 shares issued and
outstanding as of June 30,
2006, December 31, 2005,
and June 30, 2005,
respectively(1) 5,452 5,402 5,103
Additional paid-in capital 12,007 11,888 9,293
Accumulated other
comprehensive income
unrealized (loss) on
investment securities
available-for-sale (298) (234) (127)
Retained earnings 4,404 2,395 3,103
------------ ---------- ------------
Total Stockholders' Equity 21,565 19,451 17,372
------------ ---------- ------------
Total Liabilities and
Stockholders' Equity $ 239,992 $ 239,240 $ 214,757
============ ========== ============
(1) On June 30, 2006 Canyon National Bank's Plan of Reorganization was
consummated to form a bank holding company, Canyon Bancorp. On the
date of consummation, 2,180,479 shares of Canyon National Bank,
$2.50 par value, were exchanged for the same number of shares of
Canyon Bancorp, no par value. Shares outstanding prior to June 30,
2006 were issued by Canyon National Bank.
CANYON BANCORP & SUBSIDIARY
Consolidated Statement of Operations
(Unaudited)
For the three and six months ended June 30, 2006 and 2005
(Dollars in thousands, except per share amounts)
Three-months ended Six-months ended
June 30, June 30,
---------------------- ----------------------
2006 2005 2006 2005
---------- ---------- ---------- ----------
Interest income:
Loans receivable $ 4,113 $ 3,121 $ 7,980 $ 6,022
Federal funds sold 302 82 482 172
Interest bearing
deposits in other
financial institutions 51 21 88 27
Investment securities
available for sale 241 250 475 471
---------- ---------- ---------- ----------
Total Interest Income 4,707 3,474 9,025 6,692
Interest expense on
deposits 938 443 1,740 800
---------- ---------- ---------- ----------
Net Interest Income 3,769 3,031 7,285 5,892
Provision for loan
losses 100 150 325 300
---------- ---------- ---------- ----------
Net Interest Income
After Provision for
Loan Losses 3,669 2,881 6,960 5,592
---------- ---------- ---------- ----------
Noninterest income:
Service charges and
fees 144 139 279 257
Loan related fees 134 99 301 210
Lease administration
fees 365 331 674 603
Automated teller
machine fees 154 153 299 318
Net gain (loss) on
disposition of fixed
assets -- (4) (3) (5)
---------- ---------- ---------- ----------
Total Noninterest
Income 797 718 1,550 1,383
---------- ---------- ---------- ----------
Noninterest expenses:
Salaries and employee
benefits 1,387 1,065 2,702 2,140
Occupancy and
equipment expense 368 310 695 639
Professional fees 73 74 180 156
Data processing 138 112 262 228
Marketing and
advertising expense 117 83 220 174
Director and
shareholder expense 142 87 239 189
Other operating
expense 449 321 824 611
---------- ---------- ---------- ----------
Total Noninterest
Expenses 2,674 2,052 5,122 4,137
---------- ----------- ---------- -----------
Earnings before
income taxes 1,792 1,547 3,388 2,838
Income Tax Expense 729 641 1,379 1,166
---------- ---------- ---------- ----------
Net earnings $ 1,063 $ 906 $ 2,009 $ 1,672
========== ========== ========== ==========
Earnings Per Share:
Basic $ 0.49 $ 0.43 $ 0.93 $ 0.79
Diluted $ 0.46 $ 0.40 $ 0.87 $ 0.73
========== ========== ========== ==========
Weighted Average Shares
Outstanding:
Basic 2,178,655 2,123,603 2,171,064 2,121,365
Diluted 2,298,393 2,278,868 2,295,795 2,281,755
========== ========== ========== ==========
CANYON BANCORP & SUBSIDIARY
Selected Ratios
Unaudited
Three Months Ended (1) Six Months Ended (1)
---------------------- ---------------------
6/30/2006 6/30/2005 6/30/2006 6/30/2005
---------- ----------- ---------- ----------
Return on average equity 20.05% 21.59% 19.44% 20.39%
Return on average assets 1.70% 1.64% 1.63% 1.52%
Yield on interest earning-
assets 8.12% 6.87% 7.99% 6.71%
Cost of interest-bearing
liabilities 2.76% 1.50% 2.63% 1.35%
Net interest margin 6.50% 6.00% 6.45% 5.91%
Non-interest income /
average assets 1.28% 1.30% 1.27% 1.27%
Non-interest expense /
average assets 4.28% 3.72% 4.20% 3.80%
Net non-interest expense /
average assets 3.01% 2.42% 2.93% 2.53%
Net charge-offs
/(recoveries) to average
loans 0.01% 0.12% -0.03% 0.07%
as of:
---------------------------------
6/30/2006 12/31/2005 6/30/2005
---------- ----------- ----------
Capital Ratios (2)
------------------
Tier 1 capital ratio 8.8% 8.4% 7.9%
Tier 1 risk based capital 12.0% 11.2% 11.5%
Risk-based capital 13.3% 12.5% 12.8%
Allowance for loan losses
/ gross loans 1.77% 1.67% 1.72%
Loan to deposit ratio 83.6% 78.6% 79.8%
Adversely classified loans
to gross loans 1.0% 1.2% 1.2%
Demand deposit accounts
/ total deposit accounts 40.0% 39.0% 41.3%
Book value per share (3) $9.95 $9.00 $8.10
(1) Interim periods annualized
(2) Capital Ratios for Canyon National Bank only
(3) Restated for past stock dividends and splits
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