Civic BanCorp Reports Fourth Quarter and Year-End Financial Results.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)--Jan. 16, 2002 Civic BanCorp (Nasdaq:CIVC CIVC Comite Interprofessionnel du Vin de Champagne (French) ) and its subsidiary, CivicBank of Commerce reported financial results for the quarter and for the year ended December December: see month. 31, 2001. Net income for the quarter ended December 31, 2001 was $775,000 or $.14 per 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. share. Return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) was .59% for the fourth quarter of 2001 and 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. ) was 5.28%. Net income for the year ended December 31, 2001 was $4.56 million or $.84 per diluted share. Return on average assets (ROA) was .89% for the year ended 2001 and return on equity (ROE) was 8.00%. Total assets increased to $524 million as of December 31, 2001, an increase of $26 million or 5.1% over total assets of $498 million as of December 31, 2000. Total deposits increased $27 million or 6.3% to $456 million as of December 31, 2001 from $429 million as of December 31, 2000. Total loans were $378 million as of December 31, 2001 and were consistent with the prior year. "Our performance for the fourth quarter and for the year 2001 has been impacted by the considerable decline in the interest rate environment," said Herbert C. Foster, President and 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. "The Federal Reserve reduced the bench-mark Federal funds rate Federal Funds Rate The interest rate at which a depository institution lends immediately available funds (balances at the Federal Reserve) to another depository institution overnight. a total of 475 basis point through December 31, 2001, which has significantly reduced the yield earned on the loan portfolio," Mr. Foster explained. "However, competition for deposits has limited the ability of the bank to reduce deposit rates to the same extent which has reduced net interest income. To mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. this spread compression,
the Bank has increased depositor service charges to competitive levels
and has reduced noninterest expenses in all areas that would not have an
impact on the level of customer service."On November November: see month. 19, 2001 City National Corporation and Civic BanCorp announced a definitive agreement for the acquisition of Civic by City National in a transaction valued at $113 million in cash and stock. Under terms of the agreement, each of the 5.3 million shares of Civic common stock will be exchanged at the election of each shareholder for an amount in cash equal to $20.25 per share or for an amount of City National common stock based on the average per share price of City National common stock for a 10 day trading Day trading Establishing and liquidating the same position or positions within one day's trading. period prior to the closing. If this average price of City National stock is (1) between $37.56 and $50.82 per share, each share of Civic stock may be exchanged for 0.4582 of a share of City National stock, (2) less than $37.56 per share, the exchange ratio will equal $17.21 divided by the average price of City National stock, and (3) greater than $50.82, the exchange ratio will equal $23.29 divided by the average price of City National stock. Since each Civic shareholder may elect to receive cash, stock or a combination of both, these elections may have to be pro-rated to ensure that between 47% and 53.5% of the total consideration is paid in City National stock, as required by the merger agreement. The completion of the transaction is subject to regulatory and Civic shareholder approval and is expected to close in the first quarter of 2002. 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 that 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. Investors are urged to read the joint proxy statement/prospectus regarding the merger when it becomes available because it will contain important information. Investors may obtain a free copy of the joint proxy statement/prospectus (when it is available) at the SEC's web site at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . The joint proxy statement/prospectus, as well as other filings containing information about City National and Civic, may also be obtained for free by directing a request to Mr. Heng imp. 1. Hung. W. Chen, City National Corporation, 400 North Roxbury Roxbury is a name referring to several locations in the USA:
Oakland (IPA: /ˈoʊklənd/), founded in 1852, is the eighth-largest city in the U.S. 94612 (510/836-6500). 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. , San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Fremont, Rossmoor 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
December 31, 2001
Unaudited
dollars in 000's except shares and per share data
Quarter Ended December 31, Year Ended December 31,
------------------------ ------------------------
SUMMARY INCOME
STATEMENT 2001 2000 2001 2000
---------- ---------- ---------- ----------
Interest income
Loans $ 6,363 $ 9,806 $ 29,888 $ 36,177
Investments 679 1,103 3,510 4,617
Other interest
income 309 76 1,617 230
---------- ---------- ---------- ----------
Total Interest
Income 7,351 10,985 35,015 41,024
Interest Expense
Deposits 1,786 3,015 9,773 11,154
Other borrowing -- 53 3 421
---------- ---------- ---------- ----------
Total Interest
Expense 1,786 3,068 9,776 11,575
---------- ---------- ---------- ----------
Net Interest
Income 5,565 7,917 25,239 29,449
Provision for
Loan Loss 300 225 900 825
Noninterest Income
Depositor
service fees 641 432 2,203 1,530
Other
noninterest
income 193 130 710 457
---------- ---------- ---------- ----------
Total Noninterest
Income 834 562 2,913 1,987
Noninterest
Expense
Salaries and
benefits 2,676 3,149 11,681 12,134
Occupancy and
equipment 820 769 3,247 2,932
Other
noninterest
expense 993 1,206 4,553 4,618
---------- ---------- ---------- ----------
Total Noninterest
Expense 4,489 5,124 19,481 19,684
Income Before
Income Taxes 1,610 3,130 7,771 10,927
Income tax
provision 835 1,180 3,211 4,167
---------- ---------- ---------- ----------
Net Income $ 775 $ 1,950 $ 4,560 $ 6,760
---------- ---------- ---------- ----------
Basic Earnings
Per Common
Share $ 0.15 $ 0.37 $ 0.87 $ 1.30
Diluted Earnings
per Common
Share $ 0.14 $ 0.36 $ 0.84 $ 1.27
Weighted average
shares used to
compute net
income 5,268,423 5,202,474 5,255,844 5,192,940
Dilutive effects
of stock options 188,780 164,927 161,286 139,875
---------- ---------- ---------- ----------
Total weighted
average shares
used to compute
diluted earnings 5,457,203 5,367,401 5,417,130 5,332,815
SELECTED PERFORMANCE RATIOS
Return on average
assets
(annualized) 0.59% 1.57% 0.89% 1.42%
Return on average
equity
(annualized) 5.28% 14.80% 8.00% 13.56%
Net-chargeoffs to
average loans
(annualized) 0.22% 0.13% 0.47% 0.24%
Non-performing
assets to total
assets 0.92% 0.25% 0.92% 0.25%
Allowance for
loan loss to
total loan ratio 1.87% 1.74% 1.87% 1.74%
Book value per
share $ 11.23 $ 10.34 $ 11.23 $ 10.34
Net charge-offs $ 207 $ 124 $ 431 $ 209
Non-performing
assets $ 4,843 $ 1,223 $ 4,843 $ 1,223
Period ending
shares
outstanding 5,281,457 5,203,254 5,281,457 5,203,254
NOTE: Outstanding shares, average shares, and earnings per share have
been restated to reflect stock dividends.
CIVIC BANCORP
Consolidated Financial Results
December 31, 2001
Unaudited
dollars in 000's except shares and per share data
SUMMARY BALANCE SHEET Dec. 31, Dec. 31,
2001 2000
---------- ----------
ASSETS
Cash $ 13,526 $ 25,692
Federal funds sold 68,400 --
Investments 49,461 76,458
Loans 377,549 378,119
Allowance for loan losses (7,043) (6,573)
Intangible assets 11,144 12,092
Interest receivable and other assets 8,476 10,106
Leasehold improvements and equipment, net 2,223 2,401
---------- ----------
TOTAL ASSETS $ 523,736 $ 498,295
---------- ----------
LIABILITIES AND EQUITY
Deposits:
Demand deposits $ 73,752 $ 89,090
Interest bearing deposits 382,569 340,105
---------- ----------
Total deposits 456,321 429,195
Other borrowings -- 6,100
Other liabilities 8,128 9,218
---------- ----------
TOTAL LIABILITIES 464,449 444,513
EQUITY 59,287 53,782
---------- ----------
TOTAL LIABILITIES AND EQUITY $ 523,736 $ 498,295
---------- ----------
SELECTED AVERAGE BALANCES
Quarter ended December 31, Year ended December 31,
------------------------ ------------------------
2001 2000 2001 2000
---------- ---------- ---------- ----------
Loans $ 372,601 $ 374,108 $ 366,070 $ 354,583
Earning assets $ 484,490 $ 455,597 $ 471,442 $ 438,704
Total assets $ 529,623 $ 495,578 $ 513,154 $ 475,344
Deposits $ 462,088 $ 434,184 $ 447,806 $ 413,804
Equity $ 58,733 $ 52,706 $ 57,006 $ 49,838
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