Capital Corp of the West Announces Second Quarter Results.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)--July 12, 1999-- 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 41% 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: earnings for the three-month period ending June June: see month. 30, 1999 over the same period a year ago. Consolidated earnings were $1,205,000 or $.26 basic earnings per share for the three-month period ended June 30, 1999. This compares to earnings of $856,000 or $.19 basic earnings per share for the three-month period ended June 30, 1998, and $1,151,000 or $.25 basic earnings per share for the prior three-month period ended March 31, 1999. 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 0.97% and 10.96% for the three-month period ended June 30, 1999 compared with 0.78% and 8.32% for the three-month period ended June 30, 1998. "We are especially pleased by these second quarter results and the continued strengthening of our Central California Central California can refer to one of several divisions or regions of the U.S state of California:
Second quarter 1999 earnings show an increase over those of the comparable quarter in 1998 due primarily to a $1,187,000 improvement in net interest income. The increase in net interest income was driven primarily by $57,890,000 in average interest-earning asset growth. The provision for loan losses decreased by $145,000 and net charge-offs declined by $203,000 in the second quarter of 1999 when compared with 1998. Other expenses increased by $769,000 due primarily to increases in salaries and benefits of $493,000 and professional fees of $151,000. Salary and benefit increases were the result of management and support staff increases made in the normal course of operations. Increases in professional fees were the result of spending on consulting projects designed to increase Company productivity. The increase of $56,000 in income taxes over 1998 was the result of increased pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. levels. The Company's loan loss reserves stood at $5,889,000 or 1.92% of total loans as of June 30, 1999. 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 $3,075,000 or .60% of total assets and nonperforming loans stood at $2,814,000 or 0.92% of total loans. The loan loss reserves totaled 209% of nonperforming loans. This compares with loan loss reserves of $4,246,000 or 1.73 % of total loans as of June 30, 1998. As of June 30, 1998, nonperforming assets totaled $3,205,000 or .72% of total assets, nonperforming loans totaled $3,007,000 or 1.22% of total loans and the loan loss reserves totaled 141% of nonperforming loans. The Company's capital at June 30, 1999 stood at $43,540,000 compared with $41,964,000 as of June 30, 1998. 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 $9.47 and $8.28 as of June 30, 1999. The Company's tangible leverage capital ratio stood at 8.03% at June 30, 1999. This compares with a tangible leverage ratio of 8.02% as of June 30, 1998. 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 pose 1 v. posed, pos·ing, pos·es v.intr. 1. To assume or hold a particular position or posture, as in sitting for a portrait. 2. To affect a particular mental attitude. 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 to two financial institutions: County Bank, with more than 20 years of service as "Central California's Community Bank" and Town & Country Finance & Thrift thrift: see leadwort. Company, an industrial loan company headquartered in Turlock Turlock (tûr`lŏk), city (1990 pop. 42,198), Stanislaus co., central Calif.; inc. 1908. It is the center of the Turlock irrigation district, which uses the waters of the Tuolumne River for a fertile farm area. serving the Central Valley for more than forty years. Currently, County Bank has thirteen branch offices serving the communities of Merced, Mariposa, Madera, Stanislaus 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. Town & Country has four branch offices located in Turlock, Modesto Modesto (mōdĕs`tō), city (1990 pop. 164,278), seat of Stanislaus co., central Calif., on the Tuolumne River, near the northern end of the San Joaquin valley; inc. 1884. , Visalia Visalia (vəsāl`yə), city (1990 pop. 75,636), seat of Tulare co., S central Calif., in the San Joaquin Valley; founded 1852, inc. 1874. Its economy is centered around agriculture (cotton, grapes, olives) and livestock. and 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. . For further information about the Company's financial performance, contact Tom Hawker, President & Chief Executive Officer, 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 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. Chief Financial Officer, at (209) 725-7435. -0-
Capital Corp of the West
Consolidated Balance Sheets (unaudited)
At June 30, 1999 & 1998
(Dollars in thousands)
1999 1998
Cash & noninterest-bearing
deposits in other banks $ 23,329 $ 23,144
Federal funds sold & time deposits
in other banks 8,475 5,550
Investment securities 139,636 141,418
Loans, net 300,905 241,532
Premises and equipment, net 13,016 13,467
Other assets 20,405 16,203
Intangible assets 5,465 6,258
TOTAL ASSETS $ 511,231 $ 447,572
Deposits:
Noninterest-bearing demand
and NOW $ 140,240 $ 119,258
Savings 179,611 153,206
Time 137,598 109,908
Total deposits 457,449 382,372
Borrowed funds 5,943 21,408
Other liabilities 4,299 1,828
TOTAL LIABILITIES $ 467,691 $ 405,608
Shareholders' equity:
Common shares outstanding:
4,596,105 at 06/30/99
and 4,602,261 at 06/30/98 $ 37,026 $ 33,998
Retained earnings 7,989 7,811
Accumulated other comprehensive
(loss) income (1,475) 155
Total shareholders' equity 43,540 41,964
TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY $ 511,231 $ 447,572
Capital Corp of the West For the Three Months For the Six Months
Consolidated Statements Ending June 30, Ending June 30,
of Income 1999 1998 1999 1998
Interest income $ 9,438 $ 8,362 $18,381 $16,454
Interest expense 3,268 3,386 6,474 6,689
Net interest income 6,170 4,983 11,907 9,765
Provision for loan losses 593 738 1,100 990
Other income 1,224 1,389 2,603 2,447
Other expenses 5,147 4,378 9,943 8,701
Income before income taxes 1,654 1,256 3,467 2,521
Provision for income taxes 449 393 1,111 828
NET INCOME $ 1,205 $ 863 $ 2,356 $ 1,693
BASIC EARNINGS PER SHARE $ .26 $ .19 $ .51 $ .37
Three Three Six Six
Capital Corp of the West Months Months Months Months
Selected Financial Data Ended Ended Ended Ended
06/30/99 06/30/98 06/30/99 06/30/98
Basic Earnings Per Share $ .26 $ .19 $ .51 $ .37
Diluted earning per share $ .25 $ .18 $ .50 $ .36
Annualized Return on:
Average Assets 0.97% 0.78% 0.96% 0.78%
Average Equity 10.96% 8.32% 10.97% 8.24%
Net Interest Margin 5.54% 5.14% 5.40% 5.17%
Net Charge-offs to
Average Loans 0.03% 0.13% 0.00% 0.26%
06/30/99 06/30/98
Book Value Per Share $ 9.47 $ 9.12
Tangible Book Value Per Share $ 8.28 $ 7.76
Leverage Capital Ratio 8.03% 8.02%
Nonperforming Loans
to Total Loans 0.92% 1.22%
Allowance for Loan
Losses to Total Loans 1.92% 1.73%
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion