City Bank Announces Earnings for Second Quarter 2003.Business Editors LYNNWOOD Lynnwood, city (1990 pop. 28,695), Snohomish co., W central Wash., a residential and industrial suburb of Seattle; inc. 1959. Aerospace parts, communications and electrical equipment, electronic components, precious metal jewelry, and scales and balances are among , Wash.--(BUSINESS WIRE)--July 17, 2003 City Bank (Nasdaq:CTBK) today announced 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: net income of $5.0 million for the quarter ended June June: see month. 30, 2003, compared with $4.9 million for the second quarter of 2002, reflecting an increase of 3.1% year over year. On a 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. per share basis, net income was $.50 for the quarter, compared with $.49 last year, an increase of 2.0%. Net interest income for the second quarter of 2003 was down 1.3% from the comparable period in 2002 as the average yield on loans continues to adjust downward at a quicker pace than average rates paid on deposits. This decrease was more than offset by increased premiums on mortgage loans sold. Net income before Federal income tax for Diligenz, Inc., the Bank's majority owned subsidiary, was $233 thousand and $550 thousand for the three and six months ended June 30, 2003 versus $334 thousand and $517 thousand for the comparable periods in 2002. Consolidated net income of $9.927 million for the six months ended June 30, 2003 reflected a slight decrease of .4% compared to the $9.962 million for the same period in 2002. Consolidated 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 decreased 1.9% from $1.04 to $1.02. City Bank's return on average assets for the three and six months ended June 30, 2003 was 3.08% and 3.09% compared to 3.25% and 3.38% for the same periods in 2002. Return on average equity was 13.00% and 13.09% compared to 14.21% and 14.83% for the same periods in 2002. The ratio of average equity to average assets for the three and six months ended June 30, 2003 was 23.67% and 23.60% compared to 22.90% and 22.82% for the same periods in 2002. At June 30, 2003, total assets were $662.1 million, up 8.1% over June 30, 2002 and 4.7% since year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2002. Loans grew 6.5% to $561.8 million compared to $527.6 million at June 30, 2002. Loan growth since year-end 2002 was 3.5%. At June 30, 2003, deposits were $430.6 million. 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 previous discussion contains a review of CityBank's operating results and financial condition for the three months ended June 30, 2003. The discussion may contain certain forward-looking statements, which are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions 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. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those stated. Readers are cautioned not to place undue reliance on these forward-looking statements. City Bank is a state-chartered commercial bank founded in 1974 and headquartered in Lynnwood, Washington Lynnwood is a city in Snohomish County, Washington, United States. The population was 33,847 at the 2000 census making it the third largest in Snohomish County and twenty-fourth largest in Washington State. . The bank is publicly traded (Nasdaq:CTBK) and many of the stockholders are local individuals. Eight banking offices serve both Snohomish Snohomish can refer to:
Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. State as well as nationally. CityBank's majority owned subsidiary, Diligenz, Inc. is a Web-based nationwide due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and document retrieval The ability to search for documents by keywords and other attributes such as date and author. It implies that the documents have been indexed on all pertinent fields and that keywords have been chosen based upon title and textual content. See document imaging and document management system. service provider. Diligenz, Inc. offers the industry's most complete and accurate UCC An abbreviation for the Uniform Commercial Code. searching, filing and due diligence services, including corporate good standing searches, right from the client's desktop.
CITY BANK
Selected Consolidated Financial Highlights
(In thousands, except per share data and ratios; unaudited)
Three months ended Six months ended
June June
2003 2002 % Change 2003 2002 % Change
-----------------------------------------------------
Income Statement
Data
Interest
income $11,481 $12,048 -4.71% $23,075 $24,706 -6.60%
Interest
expense 2,645 3,098 -14.62% 5,383 6,307 -14.65%
Net interest
income 8,836 8,950 -1.27% 17,692 18,399 -3.84%
Provision for
credit losses 525 75 600.00% 925 275 236.36%
Net interest
income after
provision for
credit losses 8,311 8,875 -6.35% 16,767 18,124 -7.49%
Diligenz sales
revenue 3,159 2,397 31.79% 6,094 4,331 40.71%
Other
noninterest
income 4,923 4,108 19.84% 9,334 7,360 26.82%
Diligenz UCC
data and
search
expense 1,345 843 59.55% 2,615 1,517 72.38%
Other
noninterest
expense 7,310 7,060 3.54% 14,148 13,229 6.95%
Income before
income taxes 7,738 7,477 3.49% 15,432 15,069 2.41%
Income taxes 2,708 2,581 4.92% 5,434 5,040 7.82%
Income before
minority
interest 5,030 4,896 2.74% 9,998 10,029 -0.31%
Minority
interest in
income of
consolidated
subsidiary (30) (44) -31.82% (71) (67) 5.97%
Net income $5,000 $4,852 3.05% $9,927 $9,962 -0.35%
Share Data
Actual shares
outstanding 9,732 9,640 0.95%
Basic earnings
per common
share $0.51 $0.51 0.00% $1.02 $1.04 -1.92%
Diluted
earnings per
common share $0.50 $0.49 0.02 $1.00 $1.01 -0.99%
Book value per
common share $15.92 $14.31 11.25%
Basic Average
shares
outstanding 9,729 9,607 1.27% 9,715 9,596 1.24%
Fully Diluted
average
shares
outstanding 9,930 9,864 0.67% 9,911 9,831 0.81%
Balance Sheet Data
(at period end)
Investment
securities $6,859 $6,902 -0.62%
Federal home
loan bank
stock, at
cost 4,476 4,210 6.32%
Loans held for
sale 23,203 9,717 138.79%
Loans, net of
unearned
income 561,789 527,623 6.48%
Allowance for
credit losses 10,360 10,461 -0.97%
Total assets 662,131 612,480 8.11%
Total deposits 430,626 411,774 4.58%
Total
Shareholders'
equity $154,925 $137,957 12.30%
Selected Ratios
Return on
average
shareholders'
equity 13.00% 14.21% -8.49% 13.09% 14.83% -11.74%
Average
shareholders'
equity to
average
assets 23.67% 22.90% 3.34% 23.60% 22.82% 3.41%
Return on
average total
assets 3.08% 3.25% -5.43% 3.09% 3.38% -8.73%
Net interest
spread 5.03% 5.39% -6.68% 5.10% 5.64% -9.57%
Net interest
margin 5.77% 6.33% -8.85% 5.96% 6.61% -9.83%
Efficiency
ratio - Bank
only 41.70% 44.54% -6.38% 41.48% 42.32% -1.98%
Efficiency
ratio -
consolidated 51.14% 51.11% 0.06% 50.60% 49.21% 2.82%
Assets Quality Ratios
Allowance for
credit losses $10,360 $10,461 -0.97%
Allowance to
ending total
Loans 1.84% 1.98% -6.99%
Non-performing
Assets
Non-accrual $10,349 $4,191 146.93%
90 days past
due and
still
accruing 2,534 4,924 -48.54%
Foreclosed
real estate 15,408 12,282 25.45%
Non-performing
Assets to
Total Assets 4.27% 3.49% 22.30%
Net recoveries
(chargeoffs) $(980) $(223) 339.46%
Net loan
charge-offs
to average
loans 0.34% 0.09% 277.78%
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