City Bank Announces Earnings for Third Quarter 2002.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)--Oct. 16, 2002 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 $4,755,377 for the quarter ended September September: see month. 30, 2002, compared with $5,024,958 for the third quarter of 2001 reflecting a decrease of 5.36% 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 $.48 for the quarter, compared with $.50 last year, a decrease of 4.0%. Consolidated net income of $14,717,870 for the nine months ended September 30, 2002 reflected a decrease of 2.10% compared to the $15,033,962 for the same period in 2001. 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 2.61% from $1.53 to $1.49. Income continues to be negatively impacted by compression compression, external stress applied to an object or substance, tending to cause a decrease in volume (see pressure). Gases can be compressed easily, solids and liquids to a very small degree if at all. of net interest margin and higher expenses associated with other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most . City Bank's return on average assets for the three and nine months ended September 30, 2002 was 3.09% and 3.28% compared to 3.37% and 3.50% for the same periods in 2001. Return on average equity was 13.52% and 14.37% compared to 16.19% and 16.71% for the same periods in 2001. The ratio of average equity to average assets for the three and nine months ended September 30, 2002 was 22.84% and 22.83% compared to 20.83% and 20.94% for the same periods in 2001. At September 30, 2002, total assets were $634,060,186, up 3.07% over last year and 7.31% over 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. 2001. Loans of $544,820,212 reflected an increase of 5.20% over last year and of 7.74% over year-end 2001. At September 30, 2002, deposits of $420,649,731 were down 2.34% from September 30, 2001 and up 3.12% over year-end 2001. The operating results of Diligenz, Inc., CityBank's majority owned subsidiary, are included on a consolidated basis. These results include sales revenue for third quarter 2002 of $2,758,443 compared to $1,477,373 for the same period in 2001, representing an increase of 86.7%. Diligenz, Inc.'s net income after tax for the three and nine months ending September 30, 2002 was $371,861 and $708,137 compared to losses of $295,643 and $515,835 for the same periods in 2001. On a diluted per share basis, the Bank's portion of Diligenz, Inc.'s net income represented $.03 of the consolidated $.48 per share for the three months ended September 30, 2002, and $.06 of the consolidated $1.49 for the nine months ended September 30, 2002. 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. 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 third quarter and nine months ended September 30, 2002. 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.
CITY BANK
Selected Consolidated Financial Highlights
(In thousands, except per share data and ratios; unaudited)
Three months ended
September
Income Statement Data 2002 2001 % Change
-------- --------- ---------
Interest income $11,926 $14,308 -16.65%
Interest expense 3,123 4,926 -36.60%
Net interest income 8,803 9,382 -6.17%
Provision for credit losses 200 450 -55.56%
Net interest income after provision for
credit losses 8,603 8,932 -3.68%
Noninterest income 7,557 5,580 35.43%
Noninterest expense 8,739 6,865 27.30%
Minority interest in (income) loss of
consolidated subsidiary (75) --
Income before income taxes 7,346 7,647 -3.94%
Provision for income taxes 2,590 2,622 -1.22%
Net income $4,756 $5,025 -5.36%
Share Data
Actual shares outstanding
Basic earnings per common share $0.49 $0.52 -5.77%
Diluted earnings per common share $0.48 $0.50 -4.00%
Book value per common share
Basic Average shares outstanding 9,642 9,576 0.69%
Fully Diluted average shares
outstanding 9,961 9,877 0.85%
Balance Sheet Data (at period end)
Investment securities
Loans held for sale
Loans, net of unearned income
Allowance for credit losses
Total assets
Total deposits
Total Shareholders' equity
Selected Ratios
Return on average shareholders' equity 13.52% 16.19% -16.50%
Average shareholders' equity to average
assets 22.84% 20.83% 9.66%
Return on average total assets 3.09% 3.37% -8.31%
Net interest spread 4.99% 5.69% -12.30%
Net interest margin 6.03% 6.55% -7.94%
Efficiency ratio 53.41% 46.09% 15.88%
Asset Quality Ratios
Allowance for credit losses
Allowance to ending total Loan
Non-performing Assets
Non-accrual
90 days past due and still accruing
Foreclosed real estate
Non-performing Assets to Total Assets
Net (chargeoffs) recoveries
Net loan charge-offs (annualized) to
average loans
Nine months ended
September
Income Statement Data 2002 2001 % Change
-------- ------------------
Interest income $36,632 $43,388 -15.57%
Interest expense 9,430 15,171 -37.84%
Net interest income 27,202 28,217 -3.60%
Provision for credit losses 475 1,025 -53.66%
Net interest income after provision for
credit losses 26,727 27,192 -1.71%
Noninterest income 19,248 15,416 24.86%
Noninterest expense 23,485 19,630 19.64%
Minority interest in (income) loss of
consolidated subsidiary (142) 4
Income before income taxes 22,348 22,982 -2.76%
Provision for income taxes 7,630 7,948 -4.00%
Net income $14,718 $15,034 -2.10%
Share Data
Actual shares outstanding 9,653 9,576 0.80%
Basic earnings per common share $1.53 $1.57 -2.55%
Diluted earnings per common share $1.49 $1.53 -2.61%
Book value per common share $14.71 $13.10 12.29%
Basic Average shares outstanding 9,614 9,559 0.58%
Fully Diluted average shares
outstanding 9,885 9,794 0.93%
Balance Sheet Data (at period end)
Investment securities $6,930 $9,596 -27.78%
Loans held for sale 15,244 12,329 23.64%
Loans, net of unearned income 544,820 517,881 5.20%
Allowance for credit losses 10,418 10,481 -0.60%
Total assets 634,060 615,148 3.07%
Total deposits 420,650 430,723 -2.34%
Total Shareholders' equity 141,992 125,487 13.15%
Selected Ratios
Return on average shareholders' equity 14.37% 16.71% -13.98%
Average shareholders' equity to average
assets 22.83% 20.94% 8.99%
Return on average total assets 3.28% 3.50% -6.25%
Net interest spread 5.43% 5.43% 0.00%
Net interest margin 6.39% 6.85% -6.72%
Efficiency ratio 50.54% 45.06% 12.16%
Asset Quality Ratios
Allowance for credit losses $10,418 $10,481 -0.60%
Allowance to ending total Loan 1.91% 2.02% -5.44%
Non-performing Assets
Non-accrual $11,383 $5,529 105.88%
90 days past due and still accruing $3,842 $4,881 -21.29%
Foreclosed real estate $11,688 $6,404 82.51%
Non-performing Assets to Total Assets 4.24% 2.73% 55.29%
Net (chargeoffs) recoveries $(466) $(664) -29.82%
Net loan charge-offs (annualized) to
average loans 0.12% 0.17% -29.41%
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