Capital Corp of the West Announces 26% Increase in First Quarter Fully Diluted EPS.Business Editors MERCED Merced (mərsĕd`), city (1990 pop. 56,216), seat of Merced co., central Calif.; inc. 1889. It is a growing city and a center for tourism and farm trade in a cotton, fruit, and dairy region. , Calif.--(BUSINESS WIRE)--April 11, 2001 Capital Corp of the West (the "Company"), quoted on Nasdaq as CCOW CCOW Clinical Context Object Workgroup CCOW Channel Control Order Wire CCOW Control Channel Order Wire CCOW Contributing to Coalition Operations Worldwide CCOW Computer Care on Wheels (Brantford, Ontario, Canada) , reported a 26% increase in consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. for the quarter ending March 31, 2001 over the same 2000 quarter. Consolidated earnings were $1,912,000 or $.39 per share for the quarter compared to earnings of $1,514,000 or $.31 per share for the same 2000 quarter. Cash earnings per share, defined as earnings before amortization of intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. , for the second quarter were $2,110,000 or $.43 per share. 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 assets and return on average equity were 1.11% and 13.93% for the quarter compared with 1.08% and 13.73% for the comparable 2000 quarter. "We are pleased by our ability to grow asset size by $142 million or 24% over a year ago, while at the same time achieving nine consecutive quarters of increasing earnings," stated Tom Hawker, 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. of the Company. "This growth in our Central California Central California can refer to one of several divisions or regions of the U.S state of California:
A lawsuit is generally named for the persons who are parties to it. is considerably greater than the statistics indicate when you filter out the impact of the required securities mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. adjustment on ROE calculations," stated McKinney McKinney, city (1990 pop. 21,283), seat of Collin co., N Tex.; inc. 1849. It is a shipping point for cotton, cattle, and grains. Manufacturing includes electronic equipment, leather and food products, marble items, and copper wire. , CFO See Chief Financial Officer. of the Company. "Filtering out this impact gives a 14.04% ROE for the current quarter versus 13.23% for the same quarter a year ago -- an 81 bp increase in core ROE," added McKinney. The first quarter 2001 earnings showed an $398,000 increase over those of the comparable 2000 quarter due primarily to a $1,486,000 improvement in net interest income. The increase in net interest income was driven by a $126,069,000 growth in average interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin . The net interest margin was 5.39% for the three months ending March 31, 2001 which compares with 5.56% achieved during the same period in 2000. Other expenses increased $1,133,000 due primarily to increases in salaries and benefits of $807,000 that were the result of expanding our branch network and management and support staff increases necessary to accommodate company growth. The Company's loan loss reserves stood at $8,389,000 or 2.01% of total loans as of March 31, 2001. Nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. totaled $2,772,000 or 0.38% of total assets and nonperforming loans stood at $2,524,000 or 0.61% of total loans. The loan loss reserves totaled 332.28% of nonperforming loans. This compares with loan loss reserves of $6,792,000 or 1.95% of total loans as of March 31, 2000. As of March 31, 2000, nonperforming assets totaled $2,704,000 or 0.46% of total assets, nonperforming loans totaled $2,314,000 or 0.67% of total loans and the loan loss reserves totaled 293.52% of nonperforming loans. The Company's capital at March 31, 2001 stood at $57,046,000 compared with $45,264,000 as of March 31, 2000. Book value and tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. book value per share totaled $11.87 and $11.02 as of March 31, 2001. Both book value and tangible book value as of March 31, 2001 are being impacted positively by $.27 per share due to the required mark-to-market accounting adjustment for securities classified, for accounting purposes, as "available for sale." The Company's tangible leverage capital ratio stood at 8.41% at March 31, 2001, compared with 7.74% as of March 31, 2000. The increase in tangible leverage capital is due in part to the issuance of $6,000,000 of trust preferred capital securities that were issued during the quarter. These securities qualify for Tier 1 regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. capital and enhance the Company's ability to grow the Balance sheet. In addition to historical information, this release includes certain forward looking statements regarding events and trends which may affect the Company's future results. Such statements are subject to risks and uncertainties that could cause the Company's actual results to differ materially. These factors include general risks inherent to commercial lending; risks related to asset quality; risks related to the Company's dependence on key personnel and its ability to manage existing and future growth; risks related to competition; risks posed by present and future government regulation and legislation; and risks resulting from federal monetary policy. Capital Corp of the West, a bank holding company established November November: see month. 1, 1995, is the parent company of County Bank, with more than 20 years of service as "Central California's Community Bank." Currently County Bank has seventeen Seventeen novel of young love. [Am. Lit.: Booth Tarkington Seventeen in Magill I, 882] See : Adolescence offices serving the communities of Fresno Fresno (frĕz`nō), city (1990 pop. 354,202), seat of Fresno co., S central Calif.; inc. 1885. Settled in 1872 as a station on the Central Pacific RR, Fresno profited from irrigated farming as early as the 1880s. , Madera, Mariposa, Merced, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Stanislaus, Tulare Tulare (təlâr`, t  lâr`ē), city (1990 pop. 33,249), Tulare co., S central Calif., in the San Joaquin valley; inc. 1888. and Tuolumne Tu·ol·um·ne A river, about 249 km (155 mi) long, of central California flowing generally westward to the San Joaquin River. counties. For further information about the Company's financial performance, contact Tom Hawker, president & chief executive officer at 209/725-2276, or R. Dale Dale , Sir Henry Hallett 1875-1968. British physiologist. He shared a 1936 Nobel Prize for work on the chemical transmission of nerve impulses, particularly for the isolation and study of acetylcholine (1914). McKinney, executive vice president & chief financial officer, at 209/725-7435.
Capital Corp of the West
Consolidated Balance Sheets (unaudited)
At March 31, 2001 & 2000
(Dollars in thousands)
2001 2000
---------- ----------
Cash & noninterest-bearing deposits
in other banks $ 30,362 $ 24,614
Federal funds sold & time deposits
in other banks 29,630 12,290
Investment securities 219,431 168,506
Loans, gross 416,786 347,730
Less: allowance for loan losses (8,389) (6,792)
---------- ----------
Loans, net 408,397 340,938
Premises and equipment, net 13,009 13,071
Intangible assets 4,079 4,871
Other assets 24,329 22,595
========== ==========
TOTAL ASSETS $ 729,237 $ 586,885
Deposits:
Noninterest-bearing demand and NOW $ 183,196 $ 152,347
Savings 187,973 177,365
Time 253,291 182,216
---------- ----------
Total deposits 624,460 511,928
Borrowed funds 36,142 25,395
Other liabilities 5,602 4,298
---------- ----------
TOTAL LIABILITIES $ 666,204 $ 541,621
Trust Preferred "Capital Securities" 6,000 --
Shareholders' equity:
Common shares outstanding:
4,827,213 at 03/31/00 and
4,752,281 at 03/31/00 $ 39,361 35,743
Retained earnings 16,373 12,257
Accumulated other comprehensive
(loss) income 1,299 (2,736)
---------- ----------
Total shareholders' equity 57,033 45,264
========== ==========
TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY $ 729,237 $ 586,885
Capital Corp of the West
Consolidated Statements of Income
For the Three Months For the Twelve Months
Ending Mar. 31, Ending Dec. 31,
2001 2000 2000 1999
---------- --------- --------- ---------
Interest income $ 14,286 $ 11,233 $ 50,888 $ 39,361
Interest expense 5,871 4,304 20,768 14,040
---------- --------- --------- ---------
Net interest income 8,415 6,929 30,120 25,321
Provision for loan losses 750 763 3,286 2,659
Other income 1,353 1,147 5,407 5,089
Other expenses 6,276 5,143 22,774 20,538
Dividends on Capital
Securities 63 - - -
---------- --------- --------- ---------
Income before income taxes 2,679 2,170 9,467 7,213
Provision for income taxes 767 656 2,761 2,104
---------- --------- --------- ---------
NET INCOME $ 1,912 $ 1,514 $ 6,706 $ 5,109
Three Three Twelve Twelve
Capital Corp of the West Months Months Months Months
Selected Financial Data Ended Ended Ended Ended
03/31/01 03/31/00 12/31/00 12/31/99
---------- --------- --------- ---------
Basic Earnings Per Share $ .40 $ .32 $ 1.41 $ 1.07
Diluted earning per share $ .39 $ .31 $ 1.37 $ 1.04
Annualized Return on:
Average Assets 1.11 % 1.08 % 1.09 % .99 %
Average Equity 13.93 % 13.73 % 14.33 % 11.86 %
Net Interest Margin 5.39 % 5.65 % 5.42 % 5.51 %
---------- --------- --------- ---------
Net Annualized Charge-offs
to Average Loans 0.55 % 0.61 % 0.44 % 0.29 %
03/31/01 03/31/00
--------- ---------
Book Value Per Share $ 11.87 $ 9.57
Tangible Book Value
Per Share $ 11.02 $ 8.53
--------- ---------
Leverage Capital Ratio 8.41 % 7.74 %
Nonperforming Loans
to Total Loans 0.61 % 0.67 %
Allowance for Loan
Losses to Total Loans 2.01 % 1.95 %
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