Commercial Capital Bancorp, Inc. Announces First Quarter Earnings of $0.28 Per Share.Business Editors IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif.--(BUSINESS WIRE)--April 28, 2003 Total Assets Reach $1.2 Billion, Record Loan Originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. of $267 Million and Efficiency Ratio Declines to 30% Commercial Capital Bancorp, Inc. ("CCBI CCBI Cleveland Community Building Initiative CCBI Central City Business Institute (Syracuse, NY) " or the "Company"), (Nasdaq:CCBI), the holding company for Commercial Capital Bank, (the "Bank"), Commercial Capital Mortgage, Inc. ("CCM CCM Contemporary Christian Music CCM Critical Care Medicine CCM County College of Morris (New Jersey) CCM Chama Cha Mapinduzi (political party, Tanzania) CCM CORBA Component Model "), and ComCap Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc. ("ComCap"), announced today record net income of $4.2 million, or $0.28 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, for the first quarter ended March 31, 2003, an increase of 174% and 65% from $1.5 million and $0.17 per diluted share, for the first quarter of 2002. CCBI's return on average equity and return on average assets for the first quarter of 2003 were 20.60% and 1.70%, respectively, compared to 21.37% and 1.35% for the first quarter of 2002, respectively. Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and H. Gordon Gordon, river in W Tasmania, Australia, 125 mi (200 km) long. Flowing from mountains to the W coast, its main tributaries are the Franklin and Denison from the N, and Serpentine and Olga to the S. , Chairman and Chief Executive Officer, stated, "The first quarter resulted in continued strong growth in assets, deposits, revenues, and net income as we continued implementing our business plan, began leveraging the additional equity raised from the Company's IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , and continued to opportunistically reposition the Company's balance sheet to enhance overall earnings. The recently announced realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of the Company's lending operation will immediately increase net interest income by enabling the Bank to hold a significantly increased percentage of the Company's relationship-driven loan originations, while efforts continue to focus on cross-selling Cross-selling is the term used to describe the sale of additional products or services to a customer. Less frequently it is used to describe the sale of services to additional business units at an account or to different geographic units of a customer. borrowers and building core deposits."
($ in 000's, except per share data) Q1 Q1
2003 2002
Net income $4,239 $1,545
Basic EPS 0.30 0.17
Diluted EPS 0.28 0.17
Net interest income 8,064 3,994
Net interest margin 3.39% 3.64%
Noninterest income $3,215 $1,073
Noninterest expense 3,545 1,862
Total revenues 16,606 8,229
Return on average equity 20.60% 21.37%
Return on average assets 1.70 1.35
Efficiency ratio 30.08 36.75
Some of the Company's first quarter 2003 highlights include: -- The Company's 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: assets increased 38% to $1.2 billion at March 31, 2003, from $849.5 million at December December: see month. 31, 2002, and 95% from $602.2 million, at March 31, 2002. Average assets increased 24% to $996.6 million for the first quarter of 2003, from $805.9 million for the fourth quarter of 2002, and 118% from $457.0 million for the first quarter 2002. Total assets grew at a compounded quarterly growth rate of 18% for the four quarters ended March 31, 2003. -- The Company's loan originations increased 33% to a record $267.0 million during the first quarter of 2003, from $200.3 million for the fourth quarter of 2002, and increased 39% from $192.1 million for the first quarter of 2002. -- The Company's total deposits increased 31% to $408.0 million at March 31, 2003, from $312.3 million at December 31, 2002, and 135% from $173.3 million at March 31, 2002. Transaction accounts increased 27% to $234.8 million at March 31, 2003, from $185.2 million at December 31, 2002, and more than 13 times from $15.7 million at March 31, 2002. Money market deposits increased 26% to $222.2 million at March 31, 2003, from $176.2 million at December 31, 2002, and more than 32 times from $6.7 million at March 31, 2002. Total deposits grew at a compounded quarterly growth rate of 24% for the four quarters ended March 31, 2003. -- The Company's total revenues, defined as interest income plus noninterest income, increased 18% to $16.6 million for the first quarter of 2003, from $14.0 million for the fourth quarter of 2002, and increased 102% from $8.2 million for the first quarter of 2002. Total revenues grew at a compounded quarterly growth rate of 19% for the four quarters ended March 31, 2003. -- The Company's efficiency ratio declined to 30.08% for the first quarter of 2003, from 30.62% for the fourth quarter 2002, and 36.75% for the first quarter of 2002. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with new SEC regulations, the Company revised its efficiency ratio to include the gain on sale of securities. The Company now defines its efficiency ratio as general and administrative expenses as a percentage of net interest income and noninterest income. The loss on early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt is not considered a component of general and administrative expenses. The efficiency ratios for prior periods reflect this revised definition. -- The Company's net income increased 32% to $4.2 million for the first quarter of 2003, from $3.2 million for the fourth quarter of 2002, and 174% from $1.5 million for the first quarter of 2002. Net income grew at a compounded quarterly growth rate of 29% for the four quarters ended March 31, 2003. The Company's return on average assets increased to 1.70% for the first quarter of 2003, from 1.59% for the fourth quarter of 2002, and from 1.35% from the first quarter of 2002. The Company's return on average equity was 20.60% for the first quarter of 2003, compared to 29.03% for the fourth quarter of 2002, and 21.37% for the first quarter of 2002. The decrease in return on average equity for the first quarter of 2003 reflects the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of having not yet fully leveraged the additional equity raised from the Company's recent IPO. -- The Company announced its intention to open a new full service banking office in La Jolla La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , CA, projected to open in August 2003, which will provide loan and deposit products to existing and new clients located throughout San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. County. -- In January January: see month. 2003, the underwriters of CCBI's initial public offering exercised the over-allotment option to purchase an additional 375,000 shares of the Company's common stock at $8.00 per share, resulting in the receipt of an additional $2.8 million of net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). and increased capital after adjusting for underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. discounts and expenses. Net Interest Income The Company's net interest income increased 29% to $8.1 million for the first quarter of 2003, from $6.3 million for the fourth quarter of 2002, and 102% from $4.0 million for the first quarter of 2002. The Company's net interest margin was 3.39% for the first quarter of 2003, compared to 3.27% for the fourth quarter of 2002, and 3.64% for the first quarter of 2002. The Company's yield on interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin declined 30 basis points to 5.64% during the quarter ended March 31, 2003, from 5.94% during the quarter ended December 31, 2002, and 88 basis points from 6.52% during the quarter ended March 31, 2002. The Company's cost of interest bearing liabilities declined 31 basis points to 2.41% during the quarter ended March 31, 2003, from 2.72% during the quarter ended December 31, 2002, and 65 basis points from 3.06% during the quarter ended March 31, 2002. The decline in asset yields during the quarter and year ended March 31, 2003 reflects the effects of growing the Company's balance sheet, through the origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real of new variable-rate loans Variable-rate loan Loan made at an interest rate that fluctuates depending on a base interest rate, such as the prime rate or LIBOR. and the acquisition of additional U.S. Government agency mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. . Since the majority of the Company's loans have interest rate floors, most of the decline was due to the addition of new assets in a lower interest rate environment. The decline in the cost of interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid liabilities during the first quarter of 2003 primarily reflects the Company's ability to lower its rate of interest paid on money market, time deposit accounts and other deposits, as well as to utilize lower cost, longer duration borrowings, primarily obtained through advances from the Federal Home Loan Bank ("FHLB FHLB Federal Home Loan Bank "). The Company cut the rate of interest paid on its money market accounts in mid-January n. 1. the middle part of January. Noun 1. mid-January - the middle part of January period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" and mid-March n. 1. the middle part of March. Noun 1. mid-March - the middle part of March period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" for a cumulative reduction of 15 basis points on balances of $50,000 or more, the full impact of which will be seen in the second quarter of 2003. During the first quarter of 2003, the Company continued to take proactive steps in managing its net interest margin through the lowering of the cost and the extension of the duration of its interest bearing liabilities. The Company accomplished this by utilizing gains on sales of securities to offset penalties incurred through the early extinguishment of higher costing, shorter duration, fixed rate advances from the FHLB and replacing them with lower costing, longer duration, fixed rate advances. In March 2003, the Company prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. $10 million of
fixed rate FHLB advances, and replaced those advances at a 146 basis
point savings.As a result of the Company's realignment of its lending operations, announced on April 3, 2003, the Company anticipates that recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. net interest income should greatly increase, as the operational realignment enables the Company to retain a substantially greater percentage of its loan originations in its portfolio, rather than to be sold to third parties for one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. cash gains. Noninterest Income Noninterest income increased 23% to $3.2 million for the first quarter of 2003, from $2.6 million for the fourth quarter of 2002, and 200% from $1.1 million for the first quarter of 2002. The Company's noninterest income included gain on sales of securities of $1.6 million for the first quarter of 2003, compared to $396,000 for the fourth quarter of 2002. The increase in gain on sales of securities resulted from the sale of lower yielding and higher prepaying U. S. government agency mortgage-backed securities. The gain was utilized to offset prepayment penalties Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. associated with the early extinguishment of higher costing and shorter duration FHLB advances, 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 costs associated with the previously announced departure of one of the Company's officers, and to supplement noninterest income realized from gain on sales of loans as the Company sold a lower dollar volume of loans to third parties during the quarter and instead retained a greater amount of its loans in portfolio, thereby increasing recurring net interest income. In addition to the Company's gain on sales of securities, the Company's noninterest income for the first quarter of 2003 consisted of $975,000 from ongoing cash gain on sales of loans and $593,000 in net mortgage banking fees, securities brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. fees, and other fees including miscellaneous banking and trust fee income. The gain on sales of loans represents ongoing cash gains received on sales to third parties. Noninterest Expense The Company's efficiency ratio declined to 30.08% for the first quarter of 2003, from 30.62% for the fourth quarter of 2002, and 36.75% for the first quarter of 2002. General and administrative expenses were 1.36% of total average assets for the first quarter of 2003, compared to 1.35% for the fourth quarter of 2002, and 1.63% for the first quarter of 2002. The Company's noninterest expenses, excluding costs associated with the early extinguishment of debt and severance costs, totaled $3.0 million for the first quarter of 2003, compared to $2.7 million for the fourth quarter of 2002, and $1.9 million for the first quarter of 2002 . The increase in the first quarter of 2003 compared to the first quarter of 2002 is primarily due to higher personnel costs associated with the Company's growth, including variable expenses related to securities brokerage commissions paid by ComCap, and also includes marketing costs in connection with the Bank's money market accounts growth. During the first quarter of 2003, the Company incurred $152,000 in costs associated with the early extinguishment of higher cost, fixed rate FHLB advances. Balance Sheet The Company's total consolidated assets increased 38% to $1.2 billion at March 31, 2003, from $849.5 million at December 31, 2002, and 95% from $602.2 million at March 31, 2002. The increase in assets during the quarter was primarily due to a $103.7 million increase in the loans held for investment portfolio, a $58.7 million increase in loans held for sale, and a $136.8 million increase in securities. The Bank purchased $125.5 million in loans from CCM during the first quarter of 2003, an increase of 54% from $81.5 million for the fourth quarter of 2002, as the Company increased its focus on retaining for portfolio a greater amount of its loan originations. Total loans, which include loans held for investment and loans held for sale, net of the allowance for loan losses, increased 33% to $649.8 million at March 31, 2003, from $487.5 million at December 31, 2002, and 100% from $325.5 million at March 31, 2002. The Company plans to retain in portfolio more of its loan originations as a result of the realignment of the Company's loan origination function from CCM to the Bank. Prior to this realignment, the Bank was limited to purchasing less than 50% of CCM's loan production. CCM will continue to actively maintain and utilize its independent, third-party provided, warehouse line of credit to fund and sell those loans which the Bank elects to assign to CCM for reasons which may include the Bank's loans to one borrower BORROWER, contracts. He to whom a thing is lent at his request. 2. The contract of loan confers rights, and imposes duties on the borrower' 1. In general, he has the right to use the thing borrowed, during the time and for the purpose intended between the limits, capital constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. , geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. concentrations or for other reasons as determined by management. The Company's portfolio of U.S. Government agency mortgage-backed securities increased 44% to $446.8 million at March 31, 2003, from $310.0 million at December 31, 2002, and increased 153% from $176.5 million at March 31, 2002. The Company's mortgage-backed securities portfolio consists of GNMA GNMA abbr. Government National Mortgage Association , FHLMC See Federal Home Loan Mortgage Corporation. , and FNMA FNMA abbr. Federal National Mortgage Association Noun 1. FNMA - a federally chartered corporation that purchases mortgages Fannie Mae, Federal National Mortgage Association pass-through securities Pass-through securities A pool of fixed income securities backed by a package of assets (i.e., mortgages) where the holder receives the principal and interest payments. Related: Mortgage pass-through security with a weighted average life of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4.2 years, a weighted average duration of approximately 3.5 years, and an unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. of $6.1 million, at March 31, 2003. The growth in the securities portfolio during the quarter reflects the ongoing decision by the Company to additionally leverage its equity with low risk, high cash-flow assets. The Company's deposits increased 31% to $408.0 million at March 31, 2003, from $312.3 million at December 31, 2002, and 135% from $173.3 million at March 31, 2002. The increase in deposits from March 31, 2002 is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the continued focus on increasing transaction accounts as a percentage of total deposits, with transaction accounts now accounting for more than 58% of total deposits at March 31, 2003, versus 9% at March 31, 2002. Transaction accounts increased 27% to $234.8 million at March 31, 2003, from $185.2 million at December 31, 2002, and increased more than 13 times from $15.7 million at March 31, 2002. The majority of the Company's total transaction accounts are from Orange, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and Riverside Riverside. 1 City (1990 pop. 226,505), seat of Riverside co., S Calif.; inc. 1883. One of the fastest growing U.S. cities in the late 20th cent., it is famous for its orange industry. counties, with business deposits accounting for approximately 22% of the total, at march 31, 2003. Time deposits increased 36% to $173.3 million at March 31, 2003, from $127.1 million at December 31, 2002, and 10% from $157.6 million at March 31, 2002. The increase in time deposits during the quarter resulted from the Company's focus on attracting lower cost, longer duration, term deposits during this unprecedented interest rate environment. The Company's borrowings increased 44% to $648.7 million at March 31, 2003, from $452.0 million at December 31, 2002, and 64% from $394.9 million at March 31, 2002. FHLB advances increased 41% to $408.1 million, from $289.1 million at December 31, 2002, and 127% from $179.7 million at March 31, 2002, as the Company continued to extend the duration, while lowering the cost of funding its growth. Repurchase agreements Repurchase agreement An agreement with a commitment by the seller (dealer) to buy a security back from the purchaser (customer) at a specified price at a designated future date. increased 21% to $134.5 million, from $111.0 million at December 31, 2002, and decreased 2% from $136.8 million at March 31, 2002. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased 9% to $84.8 million at March 31, 2003, from $77.6 million at December 31, 2002, and 200% from $28.2 million at March 31, 2002. Loan Originations and Portfolio Asset Quality The Company's loan originations increased 33% to a record $267.0 million during the first quarter of 2003, from $200.3 million for the fourth quarter of 2002, and 39% from $192.1 million for the first quarter of 2002. Loan originations for the first quarter of 2003 consisted of $261.4 million of multi-family and commercial real estate loans and $5.6 million of business loans and lines of credit. For the first quarter of 2003, loan refinances accounted for 65% of total multi-family and commercial real estate loan originations, compared to 70% for the fourth quarter of 2002, and 68% for the first quarter of 2002. The Company has originated, from its inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. through March 31, 2003, over $2.2 billion in multi-family and commercial loans. The Company's average loan size in its multi-family and commercial real estate loans held for investment portfolio equaled $1.1 million and $1.2 million, respectively, at March 31, 2003. At March 31, 2003, the Company's multi-family real estate loans held for investment, at origination, had a weighted average loan to value of 69.2%, and a weighted average debt coverage ratio of 1.29, and commercial real estate loans, at origination, had a weighted average loan to value of 66.3%, and a weighted average debt coverage ratio of 1.35. The Company had one nonaccrual business line of credit for $225,000 as of March 31, 2003, which is the only nonperforming asset Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. at that date. The Company's overall asset quality remained sound with no nonperforming or more than 30 days past due multi-family or commercial real estate loans as of March 31, 2003. The Company added $609,000 to the allowance for loan losses during the first quarter of 2003, increasing the allowance for loan losses to $3.3 million at March 31, 2003. CCBI, headquartered in Irvine, CA, is a multifaceted mul·ti·fac·et·ed adj. Having many facets or aspects. See Synonyms at versatile. Adj. 1. multifaceted - having many aspects; "a many-sided subject"; "a multifaceted undertaking"; "multifarious interests"; "the multifarious financial services company which provides financial services to meet the needs of its client base of income-property real estate investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. , middle market commercial businesses, and high net-worth individuals, families and professionals. At March 31, 2003, CCBI had total assets of $1.2 billion, and Commercial Capital Bank, the Company's bank subsidiary, was the fastest growing banking organization in Orange County, based on percentage growth in total assets on a quarterly basis over the 24 months ended December 31, 2002 (source: www.fdic.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. ). The Bank has full service banking offices located at the Company's headquarters in Irvine, Rancho ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. Santa Margarita Santa Margarita ("Saint Margaret") may refer to:
Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Corte Corte (Corsican Corti) in is a town and a commune in the Haute-Corse département in central Corsica, in France. It is the fourth-largest commune in Corsica (after Ajaccio, Bastia, and Porto-Vecchio), with a 1999 census population of 6,329 inhabitants. Madera (Marin Mar·in , John 1870-1953. American painter noted for his semiabstract watercolors, including Brooklyn Bridge. County), 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. , Burlingame Burlingame, city (1990 pop. 26,801), San Mateo co., W Calif., on San Francisco Bay; founded 1868, inc. 1908. Burlingame is mainly residential, with light manufacturing (plastic and metal products, furniture, and computers). The city is named for U.S. diplomat Anson Burlingame. , Woodland Hills, Los Angeles, Irvine, and San Diego, CA, and plans to open a banking office in La Jolla, CA in August of 2003. Commercial Capital Mortgage, Inc., the Company's mortgage banking subsidiary, was the 4th largest multi-family lender LENDER, contracts. He from whom a thing is borrowed. 2. The contract of loan confers rights, and imposes duties on the lender. 1. The lender has the right to revoke the loan at his mere pleasure; 9 Cowen, R. 687; 8 Johns. Rep. 432; 1 T. R. 480; 2 Campb. Rep. in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). during the 12 months ended December 31, 2002 and has originated over $2.2 billion in multi-family and commercial real estate loans from its inception through March 31, 2003. ComCap Financial Services, Inc., the Company's NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). registered broker dealer, provides fixed income and mortgage-backed securities advisory and brokerage services to corporations, high net worth individuals and other financial institutions. Conference Call and Webcast Information Analysts and investors may listen to CCBI's conference call on Monday Monday: see week. , April 28, 2003, at 7:30 PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT at www.commercialcapital.com or by dialing (800) 299-7635, access code 13642365. For those who are unable to participate in the call/Webcast live, a playback Playback could mean:
This Press Release may include 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. (related to each company's plans, beliefs and goals), which involve certain risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: competitive pressure in the banking industry; changes in the interest rate environment; the health of the economy, either nationally or regionally; the deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of credit quality, which would cause an increase in the provision for possible loan and lease losses; changes in the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environment; changes in business conditions, particularly in California real estate; volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the of rate sensitive deposits; asset/liability matching risks and liquidity risks; and changes in the securities markets. CCBI undertakes no obligation to revise or publicly release any revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. to these forward-looking statements.
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)
MAR. 31, MAR. 31,
2003 2002
ASSETS
Cash and Bank Accounts $3,680 $1,156
Fed Funds 18,400 68,970
Securities
MBS - Held To Maturity 2,036 2,057
MBS - Available For Sale 444,754 174,482
Other Investments - Available For Sale 101 102
Total Securities 446,891 176,641
FHLB Stock 22,272 9,405
Loans Held for Investment
Single Family 3,855 7,052
Multifamily 496,627 235,723
Commercial Real Estate 65,630 30,113
Total Real Estate Loans 566,112 272,888
Business Loans 4,221 5,457
Business & Consumer Lines of Credit 5,986 5,394
Consumer Loans 61 63
Total Loans 576,380 283,802
Premiums on Loans Purchased 142 236
Unearned Net Loan Fees and Discounts (353) (94)
Allowance for Loan Losses (3,325) (1,628)
Total Loans Held for Investment, Net 572,844 282,316
Loans Held for Sale 76,994 43,156
Fixed Assets - net 933 444
Foreclosed Assets -- --
Accrued Interest Receivable 4,612 2,437
Goodwill 13,035 13,014
Other Assets 13,218 4,669
TOTAL ASSETS $1,172,879 $602,208
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand Deposit $8,661 $6,115
Money Market 222,192 6,663
Savings 3,942 2,935
Total Transaction Deposits 234,795 15,713
Retail Time Deposits 135,198 139,573
Broker Time Deposits 38,052 18,042
Total Time Deposits 173,250 157,615
Total Deposits 408,045 173,328
Borrowings
FHLB Advances 408,097 179,745
Securities Sold Under Agreements
to Repurchase 134,488 136,835
Trust Preferred Securities 35,000 35,000
Warehouse Lines of Credit 71,098 43,336
Total Borrowings 648,683 394,916
Other Liabilities 31,366 5,725
TOTAL LIABILITIES 1,088,094 573,969
STOCKHOLDERS' EQUITY 84,785 28,239
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,172,879 $602,208
Operating Data Three Months Ended
Performance Ratios and Other Data: MAR. 31, MAR. 31,
2003 2002
Average assets $996,555 $456,990
Average interest earning assets 950,162 439,182
Average interest bearing liabilities 897,892 419,584
Average stockholders' equity 82,305 28,918
Equity to assets at end of period 7.23% 4.69%
Tangible equity to assets at end of period 6.12 2.53
Nonperforming assets $225 $--
Net charge-offs -- --
Allowance for loan losses to total loans held for
investment at end of period 0.58% 0.57%
Per Share Data
Common shares outstanding at end of period 14,354,858 8,971,763
Book value per share $5.91 $3.15
Tangible book value per share $5.00 1.70
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED QUARTERLY STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
THREE MONTHS ENDED
MAR. 31, MAR. 31,
2003 2002
Interest Income
Real Estate Loans $8,408 $4,698
Other Loans 143 161
Investments 4,840 2,297
Total Interest Income 13,391 7,156
Interest Expense
Deposits 2,003 1,002
FHLB Advances 2,115 1,159
Repurchase Agreements 469 429
Trust Preferred Securities 456 259
Warehouse Line Advances 284 313
Total Interest Expense 5,327 3,162
Net Interest Income 8,064 3,994
Provision for Loan Losses 609 521
Net Interest Income after Provision
for Loan Losses 7,455 3,473
Noninterest Income
Gain on Sale of Loans 975 768
Mortgage Banking Fees 75 192
Banking and Servicing Fees 195 77
Trust Fees 95 36
Other Income 107 --
Securities Brokerage Fees 121 --
Gain on Sale of Securities 1,647 --
Total Noninterest Income 3,215 1,073
Noninterest Expenses
Compensation and Benefits 1,504 1,030
Severance 430 --
Non-Cash Stock Compensation 208 34
Occupancy 201 145
General Operating 1,050 653
Total G&A Expenses 3,393 1,862
Early Extinguishment of Debt 152 --
Total Noninterest Expenses 3,545 1,862
Income Before Taxes 7,125 2,684
Income Tax Expense 2,886 1,139
Net Income $4,239 $1,545
Operating Data Three Months Ended
Performance Ratios and Other Data: MAR. 31, MAR. 31,
2003 2002
Earnings per share -- Basic $0.30 $0.17
Earnings per share -- Diluted 0.28 0.17
Weighted average shares outstanding -- Basic 14,321,146 8,917,403
Weighted average shares outstanding -- Diluted 14,989,534 9,233,206
Return on average assets 1.70% 1.35%
Return on average stockholders' equity 20.60 21.37
Interest rate spread 3.23 3.46
Net interest margin 3.39 3.64
Efficiency ratio 30.08 36.75
G&A to average assets 1.36 1.63
Total loan originations $266,951 $192,071
CCM loan originations only 261,351 184,921
Bank loan originations only 5,600 7,150
Total CCM loan sale settlements 202,543 193,958
CCM loan purchases by Bank 125,518 97,997
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands,
except per share data)
MAR. 31, DEC. 31, SEPT. 30, JUNE 30,
2003 2002 2002 2002
ASSETS
Cash and Bank Accounts $3,680 $3,408 $2,763 $5,058
Fed Funds 18,400 -- 26,000 700
Securities
MBS - Held To Maturity 2,036 2,042 2,048 2,053
MBS - Available For
Sale 444,754 307,932 236,115 226,007
Other Investments -
Available For Sale 101 100 101 102
Total Securities 446,891 310,074 238,264 228,162
FHLB Stock 22,272 15,701 10,832 9,515
Loans Held for Investment
Single Family 3,855 4,134 4,425 5,242
Multifamily 496,627 399,928 341,555 283,634
Commercial Real Estate 65,630 57,858 49,152 36,910
Total Real Estate
Loans 566,112 461,920 395,132 325,786
Business Loans 4,221 4,531 4,714 4,415
Business & Consumer
Lines of Credit 5,986 5,386 8,864 5,430
Consumer Loans 61 129 58 68
Total Loans 576,380 471,966 408,768 335,699
Premiums on Loans
Purchased 142 167 186 214
Unearned Net Loan
Fees and Discounts (353) (231) (119) (96)
Allowance for Loan
Losses (3,325) (2,716) (2,358) (1,921)
Total Loans Held
for Investment, Net 572,844 469,186 406,477 333,896
Loans Held for Sale 76,994 18,338 40,914 45,028
Fixed Assets - net 933 976 915 466
Foreclosed Assets -- -- -- --
Accrued Interest Receivable 4,612 3,543 3,189 2,942
Goodwill 13,035 13,035 13,035 13,014
Other Assets 13,218 15,208 10,570 10,335
TOTAL ASSETS $1,172,879 $849,469 $752,959 $649,116
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand Deposit $8,661 $6,905 $8,048 $6,302
Money Market 222,192 176,194 152,317 64,934
Savings 3,942 2,109 1,760 2,040
Total Transaction
Deposits 234,795 185,208 162,125 73,276
Retail Time Deposits 135,198 109,029 147,906 159,847
Broker Time Deposits 38,052 18,042 18,042 23,042
Total Time Deposits 173,250 127,071 165,948 182,889
Total Deposits 408,045 312,279 328,073 256,165
Borrowings
FHLB Advances 408,097 289,139 213,432 172,974
Securities Sold Under
Agreements
to Repurchase 134,488 110,993 99,445 106,689
Trust Preferred
Securities 35,000 35,000 35,000 35,000
Warehouse Lines of
Credit 71,098 16,866 33,057 40,409
Total Borrowings 648,683 451,998 380,934 355,072
Other Liabilities 31,366 7,589 5,963 4,468
TOTAL LIABILITIES 1,088,094 771,866 714,970 615,705
STOCKHOLDERS' EQUITY 84,785 77,603 37,989 33,411
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,172,879 $849,469 $752,959 $649,116
Operating Data Three Months Ended
Performance Ratios and MAR. 31, DEC. 31, SEPT. 30, JUNE 30,
Other Data: 2003 2002 2002 2002
Average assets $996,555 $805,901 $721,753 $604,586
Average interest earning
assets 950,162 767,719 690,965 579,968
Average interest bearing
liabilities 897,892 748,053 675,680 562,775
Average stockholders' equity 82,305 44,217 35,959 31,151
Equity to assets at end
of period 7.23% 9.14% 5.05% 5.15%
Tangible equity to assets at
end of period 6.12 7.60 3.31 3.14
Nonperforming assets $225 $-- $-- $--
Net charge-offs -- -- -- --
Allowance for loan losses to
total loans held for
investment at end of period 0.58% 0.58% 0.58% 0.57%
Per Share Data
Common shares outstanding at
end of period 14,354,858 13,978,858 8,964,868 8,964,868
Book value per share $5.91 $5.55 $4.24 $3.73
Tangible book value
per share $5.00 $4.62 2.78 2.28
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED QUARTERLY STATEMENT OF OPERATIONS
(Dollars in Thousands,
except per share data)
THREE MONTHS ENDED
MAR. 31, DEC. 31, SEPT. 30, JUNE 30,
2003 2002 2002 2002
Interest Income
Real Estate Loans $8,408 $7,389 $6,551 $5,866
Other Loans 143 211 180 195
Investments 4,840 3,806 3,988 3,225
Total Interest Income 13,391 11,406 10,719 9,286
Interest Expense
Deposits 2,003 2,135 2,119 1,394
FHLB Advances 2,115 1,817 1,674 1,512
Repurchase Agreements 469 459 528 500
Trust Preferred Securities 456 503 513 520
Warehouse Line Advances 284 222 252 339
Total Interest Expense 5,327 5,136 5,086 4,265
Net Interest Income 8,064 6,270 5,633 5,021
Provision for Loan Losses 609 358 437 293
Net Interest Income after
Provision for Loan Losses 7,455 5,912 5,196 4,728
Noninterest Income
Gain on Sale of Loans 975 1,595 1,096 1,118
Mortgage Banking Fees 75 53 127 67
Banking and Servicing Fees 195 159 109 58
Trust Fees 95 62 52 48
Other Income 107 157 85 73
Securities Brokerage Fees 121 193 464 --
Gain on Sale of Securities 1,647 396 574 56
Total Noninterest Income 3,215 2,615 2,507 1,420
Noninterest Expenses
Compensation and Benefits 1,504 1,583 1,589 1,085
Severance 430 -- -- --
Non-Cash Stock
Compensation 208 35 35 35
Occupancy 201 199 190 148
General Operating 1,050 904 1,061 902
Total G&A Expenses 3,393 2,721 2,875 2,170
Early Extinguishment of
Debt 152 395 508 --
Total Noninterest
Expenses 3,545 3,116 3,383 2,170
Income Before Taxes 7,125 5,411 4,320 3,978
Income Tax Expense 2,886 2,202 1,696 1,646
Net Income $4,239 $3,209 $2,624 $2,332
Operating Data Three Months Ended
Performance Ratios and Other MAR. 31, DEC. 31, SEPT. 30, JUNE 30,
Data: 2003 2002 2002 2002
Earnings per share -- Basic $0.30 $0.33 $0.29 $0.26
Earnings per share -- Diluted 0.28 0.31 0.27 0.24
Weighted average shares
outstanding -- Basic 14,321,146 9,623,732 8,964,868 8,950,628
Weighted average shares
outstanding -- Diluted 14,989,534 10,309,944 9,659,467 9,617,546
Return on average assets 1.70% 1.59% 1.45% 1.54%
Return on average
stockholders' equity 20.60 29.03 29.19 29.94
Interest rate spread 3.23 3.22 3.22 3.36
Net interest margin 3.39 3.27 3.26 3.46
Efficiency ratio 30.08 30.62 35.32 33.69
G&A to average assets 1.36 1.35 1.59 1.44
Total loan originations $266,951 $200,258 $189,290 $179,126
CCM loan originations only 261,351 199,208 185,490 179,012
Bank loan originations only 5,600 1,050 3,800 114
Total CCM loan sale
settlements 202,543 221,748 189,653 177,147
CCM loan purchases by Bank 125,518 81,480 83,323 63,702
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