Civic BanCorp Reports First Quarter Financial Results and Announces Stock Dividend.Business Editors OAKLAND Oakland, city (1990 pop. 372,242), seat of Alameda co., W Calif., on the eastern side of San Francisco Bay; inc. 1852. Together with San Francisco and San Jose, the city comprises the fourth largest metropolitan area in the United States. , Calif.--(BUSINESS WIRE)--April 20, 2001 CIVIC BANCORP (NASDQ:CIVC CIVC Comite Interprofessionnel du Vin de Champagne (French) ) and its subsidiary, CivicBank of Commerce reported financial results for the quarter ended March 31, 2001. Net income for the quarter increased to $1,525,000 from $1,505,000 for the same period in 2000, an increase of $20,000 or 1.3%. "We are pleased to announce our earnings for the first quarter," said Herb Foster, 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 Civic BanCorp. "Net income was impacted by the Federal Reserve rate reductions which had the effect of reducing our net interest margin. We believe this is part of the normal rate cycle. Long term, we are encouraged by the continued strength of the Bay Area economy as well as the strength of our targeted market, the strength of our balance sheet and the high quality of our staff." The Company also announced that on April 18, 2000, at a regularly scheduled meeting of the Board of Directors of Civic BanCorp, the Directors declared a 5% stock dividend to shareholders of record on May 2, 2001, payable on May 16, 2001. Fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. will be paid in cash. The Director's action is intended to reward long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. shareholders and reflects the Company's profitability and growth. First quarter 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 were $.28 and were equal to the first quarter of 2000, as adjusted for the stock dividends declared on April 18, 2001. Return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) for the quarter was 1.21% compared with 1.43% for the same quarter in 2000. Return on average equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ) decreased to 11.09% for the quarter ended March 31, 2001 compared with 12.76% for the same period in 2000. The declines in the ROA and ROE were attributed to the reduction in the net interest margin. Total assets at March 31, 2001 increased to $519 million compared to $498 million as of December December: see month. 31, 2000, an increase of $21 million or 4.2%. Total loans were $355 million and $378 million as of March 31, 2001 and December 31, 2000 respectively, a decrease of $23 million or 6.2%. Deposits increased $25 million from $429 million on December 31, 2000 to $454 million March 31, 2001 an increase of 5.8%. In addition to historical information, certain statements in this press release constitute "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. These statements involve certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Factors which might cause such a difference include, but are not limited to interest rate risk, asset quality, general economic conditions, legislative or regulatory changes, and increases in personal or commercial customers' bankruptcies. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements. Readers should carefully review the risk factors described in other documents the Company files from time to time with the Securities and Exchange Commission, including the Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2000 and the Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. filed in fiscal 2001. CivicBank of Commerce, the Bay Area's leading independent business bank, serves companies, their owners and the professional community through offices located in Oakland, 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 , San Leandro San Leandro (săn lēăn`drō), city (1990 pop. 68,223), Alameda co., W Calif., on San Francisco Bay; inc. 1872. Metal, wood, and paper products; chemicals; leather goods; foods and beverages; medical equipment; lighting fixtures; and , Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Fremont Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Rossmoor Rossmoor can refer to several places in the United States:
Concord (kŏng`kərd, kŏn`kôrd'). 1 city (1990 pop. 111,348), Contra Costa co., W central Calif.; settled c.1852, inc. 1906. and Walnut Creek Walnut Creek, residential city (1990 pop. 60,569), Contra Costa co., W Calif., in the San Francisco Bay area; inc. 1914. It is the trade and shipping center of an extensive agricultural area where walnuts are among the major product. .
CIVIC BANCORP
Consolidated Financial Results
March 31, 2001
Unaudited
dollars in 000's except shares and per share data
Quarter Ended March 31,
SUMMARY INCOME STATEMENT 2001 2000
Interest income
Loans $ 8,532 $ 7,544
Investments 1,145 1,127
Other interest
income 416 72
Total Interest
Income 10,093 8,743
Interest Expense
Deposits 2,937 2,288
Other borrowing 3 67
Total Interest
Expense 2,940 2,355
Net Interest Income 7,153 6,388
Provision for
Loan Loss 225 150
Noninterest Income
Depositor service fees 441 308
Other noninterest
income 128 44
Total Noninterest
Income 569 352
Noninterest Expense
Salaries and
benefits 3,117 2,632
Occupancy and
equipment 795 610
Other noninterest
expense 1,129 907
Total Noninterest
Expense 5,041 4,149
Income Before
Income Taxes 2,456 2,441
Income tax
provision 931 936
Net Income $ 1,525 $ 1,505
Basic Earnings
Per Common Share $ 0.29 $ 0.29
Diluted Earnings
per Common Share $ 0.28 $ 0.28
Weighted average
shares used
to compute
net income 5,232,224 5,166,654
Dilutive effects
of stock options 158,354 116,970
Total weighted
average shares used
to compute
diluted earnings 5,390,578 5,283,624
SELECTED QUARTERLY PERFORMANCE RATIOS
Return on average
assets (annualized) 1.21% 1.43%
Return on average
equity (annualized) 11.09% 12.76%
Net-chargeoffs to
average loans (annualized) 0.10% 0.19%
Net charge-offs $ 93 $ 146
NOTE: Average shares have been restated to reflect stock dividends.
CIVIC BANCORP
Consolidated Financial Results
March 31, 2001
Unaudited
dollars in 000's except shares and per share data
SUMMARY BALANCE SHEET March 31, December 31,
2001 2000
ASSETS
Cash $ 28,842 $ 25,692
Federal funds
sold 51,500 -
Investments 66,718 76,458
Loans 354,813 378,119
Reserve for
loan losses (6,706) (6,573)
Intangible assets 11,855 12,092
Interest receivable
and other assets 9,398 10,106
Leasehold improvements
and equipment, net 2,501 2,401
TOTAL ASSETS $ 518,921 $ 498,295
LIABILITIES AND EQUITY
Deposits:
Demand deposits $ 78,113 $ 89,090
Interest bearing
deposits 376,408 340,105
Total deposits 454,521 429,195
Other borrowings - 6,100
Other liabilities 8,570 9,218
TOTAL LIABILITIES 463,091 444,513
EQUITY 55,830 53,782
TOTAL LIABILITIES AND EQUITY $ 518,921 $ 498,295
SELECTED QUARTERLY AVERAGE BALANCES
Quarter ended March 31,
2001 2000
Loans $ 361,165 $ 309,272
Earning assets $ 462,735 $ 394,459
Total assets $ 505,025 $ 420,525
Deposits $ 441,879 $ 364,142
Equity $ 54,993 $ 47,162
SELECTED BALANCE SHEET INFORMATION
Non-performing assets
to total assets 0.44% 0.36%
Non-performing assets $ 2,289 $ 1,798
Loan loss reserve ratio 1.89% 1.74%
Book value per share $ 10.63 $ 10.34
Period ending shares
outstanding 5,253,275 5,201,209
NOTE: Shares outstanding have been restated to reflect stock
dividends.
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