Civic BanCorp Reports Record Fourth Quarter and Year-End Earnings.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. 18, 2001 Civic BanCorp (Nasdaq:CIVC CIVC Comite Interprofessionnel du Vin de Champagne (French) ) and its subsidiary, CivicBank of Commerce reported record earnings for the quarter and for the year ended December December: see month. 31, 2000. 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 increased to $.38 for the quarter compared to $.30 for the same quarter of 1999, an increase of 27%. Net income for the quarter increased to $1,950,000 from $1,525,000 for the same period in 1999, an increase of $425,000. For the year, diluted earnings per share increased to $1.33 compared with $1.15 for 1999, an increase of 16%. Net income for the year also increased 16% over 1999 to $6,760,000 from $5,850,000. "We are pleased to announce our record earnings for the fourth quarter and for the year," 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. "Our financial performance reflects our continuing ability to execute our core business strategy of attracting and servicing high quality business relationships while effectively managing credit risk." 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. ) increased to 14.80% for the quarter compared with 13.42% for the same quarter in 1999. For the year, ROE increased to 13.56% from 13.19% in 1999. 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 1.57%, consistent with the same quarter of 1999. ROA for the year was 1.42% compared with 1.51% for 1999. The decline in the ROA was attributed with expenses incurred in the acquisition of East County Bank. Merger related expenses of approximately $350,000, on an after-tax basis After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. , were included in the financial results for the year. Such expenses included an accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for executive severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when payments, an accrual for executive employment contract payments, conversion programming costs, and other one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. expenses. Excluding such one-time items, proforma Proforma A financial projection based on assumptions. earnings would have approximated $7.11 million, or $1.40 per share. Proforma return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). would have increased to 1.50% and proforma return on equity would have increased to 14.27%. Total assets at December 31, 2000 increased to $498 million compared to $385 million as of December 31, 1999, an increase of $113 million or 29%. Total loans increased $92 million, or 32%, to $378 million at December 31, 2000 from $286 million at December 31, 1999. Total deposits were $429 million and $335 million as of December 31, 2000 and 1999, respectively, an increase of $94 million or 28%. The balances at December 31, 2000 include the impact of the merger with East County Bank that was effective on February February: see month. 29, 2000. The merger was accounted for under the purchase method of accounting. On an unaudited basis, at February 29, 2000, East County Bank had total assets of $79 million, total loans of $49 million and total deposits of $72 million 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, 1999 and the Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. filed in fiscal 2000. Note to Editors: 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, Rossmoor, Antioch, Concord Concord, cities, 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
Unaudited
dollars in 000's except shares and per share data
Quarters Ended Years Ended
December 31, December 31,
------------------ ------------------
SUMMARY INCOME STATEMENT 2000 1999 2000 1999
-------- -------- -------- --------
Interest income
Loans $ 9,806 $ 6,785 $ 36,177 $ 24,421
Investments 1,103 1,094 4,617 4,399
Other interest income 76 66 230 1,312
--------- --------- --------- ---------
Total Interest Income 10,985 7,945 41,024 30,132
Interest Expense
Deposits 3,015 2,065 11,154 8,194
Other borrowing 53 11 421 23
--------- --------- --------- ---------
Total Interest Expense 3,068 2,076 11,575 8,217
--------- --------- --------- ---------
Net Interest Income 7,917 5,869 29,449 21,915
Provision for Loan Loss 225 150 825 315
Noninterest Income
Depositor service fees 432 284 1,530 971
Other noninterest income 130 82 457 556
--------- --------- --------- ---------
Total Noninterest Income 562 366 1,987 1,527
Noninterest Expenses
Salaries and benefits 3,149 2,197 12,134 8,330
Occupancy and equipment 769 575 2,932 2,157
Other noninterest expense 1,206 846 4,618 3,174
--------- --------- --------- ---------
Total Noninterest Expense 5,124 3,618 19,684 13,661
Income Before Income Taxes 3,130 2,467 10,927 9,466
Income tax provision 1,180 942 4,167 3,616
--------- --------- --------- ---------
Net Income $ 1,950 $ 1,525 $ 6,760 $ 5,850
--------- --------- --------- ---------
Basic Earnings
Per Common Share $ 0.39 $ 0.31 $ 1.37 $ 1.18
Diluted Earnings
per Common Share $ 0.38 $ 0.30 $ 1.33 $ 1.15
Weighted average shares
used to compute
net income 4,954,737 4,904,744 4,945,657 4,948,840
Dilutive effects
of stock options 157,073 144,593 133,214 145,658
--------- --------- --------- ---------
Total weighted average
shares used to compute
diluted earnings 5,111,810 5,049,337 5,078,871 5,094,498
SELECTED PERFORMANCE RATIOS
Return on average
assets (annualized) 1.57% 1.57% 1.42% 1.51%
Return on average
equity (annualized) 14.80% 13.42% 13.56% 13.19%
Net-chargeoffs/(recoveries)
to average
loans (annualized) 0.13% -0.19% 0.24% -0.17%
Non-performing
assets to total assets 0.23% 0.21% 0.23% 0.21%
Loan loss reserve ratio 1.74% 1.70% 1.74% 1.70%
Book value per share $ 10.85 $ 9.41 $ 10.85 $ 9.41
Net charge-offs/(recoveries) $ 124 $ (131) $ 209 $ (111)
Non-performing assets $ 1,139 $ 825 $ 1,139 $ 825
Period ending
shares outstanding 4,955,480 4,908,132 4,955,480 4,908,132
CIVIC BANCORP
Consolidated Financial Results
December 31, 2000
dollars in 000's
SUMMARY BALANCE SHEET December 31, December 31,
2000 1999
-------- --------
ASSETS
Cash $ 25,692 $ 12,205
Federal funds sold -- 7,500
Investments 76,458 77,207
Loans 378,119 285,537
Reserve for loan losses (6,573) (4,850)
Intangible assets 12,092 607
Other assets 12,507 7,165
----------- -----------
TOTAL ASSETS $498,295 $385,371
----------- -----------
LIABILITIES AND EQUITY
Deposits:
Demand Deposits $ 89,090 $ 65,277
Interest Bearing Deposits 340,105 269,437
----------- -----------
Total deposits 429,195 334,714
Other borrowings 6,100 --
Other liabilities 9,218 4,453
----------- -----------
TOTAL LIABILITIES 444,513 339,167
EQUITY 53,782 46,204
----------- -----------
TOTAL LIABILITIES AND EQUITY $498,295 $385,371
----------- -----------
SELECTED AVERAGE BALANCES
Quarter ended Year ended
December 31, December 31,
---------------------------------------------
2000 1999 2000 1999
--------- --------- --------- ---------
Loans $ 374,108 $ 282,251 $ 354,583 $ 260,567
Earning assets $ 455,597 $ 366,595 $ 438,704 $ 366,987
Total assets $ 495,578 $ 388,271 $ 475,344 $ 388,369
Deposits $ 434,184 $ 337,495 $ 413,804 $ 338,548
Equity $ 52,706 $ 45,466 $ 49,838 $ 44,344
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