Commercial Capital Bancorp, Inc. Announces First Quarter Earnings of $0.40 Per Share on Net Income of $23.1 Million.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. -- Commercial Capital Bancorp, Inc. (Nasdaq:CCBI CCBI Cleveland Community Building Initiative CCBI Central City Business Institute (Syracuse, NY) ): --Company Increases Cash Dividend 17% to $0.07 per Share --EPS Grows 11% from Fourth Quarter 2004 and 82% from First Quarter 2004 --Net Income Increases 14% from Fourth Quarter 2004 and 225% from First Quarter 2004 --Deposits at Bank Subsidiary Increased to $2.4 Billion --Record Total 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 $608 Million, 12% Increase from Fourth Quarter 2004 and Record Core Loan Originations of $595 Million, an Increase of 20% from Fourth Quarter of 2004 --Company's Primary Adjustable Rate Adjustable rate Applies mainly to convertible securities. Refers to interest rate or dividend that is adjusted periodically, usually according to a standard market rate outside the control of the bank or savings institution, such as that prevailing on Treasury bonds or notes. Loan Index Projected to Reprice Upward at a Faster Pace in Second Quarter of 2005 --Return on Average Tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. Equity Increases to 34.49% --Return on Average Tangible Assets Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. Increases to 1.92% --Strategies to Reduce Single Family Portfolio Anticipated to Result in Higher 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 --Company Plans to Sell $612 Million of Low Rate, Super Jumbo jum·bo n. pl. jum·bos An unusually large person, animal, or thing. adj. Unusually large: jumbo shrimp; a jumbo jet. , Single Family, Adjustable Loans and Replace with the Company's Higher Rate, Adjustable Multi-family, Commercial Real Estate and Construction Loans --Company Plans to Continue Selling New Originations of Low Rate, Single Family Adjustable Loans for Cash Gains --Single Family Reduction Strategy Contributes to $8.1 Million Recapture recapture n. in income tax, the requirement that the taxpayer pay the amount of tax savings from past years due to accelerated depreciation or deferred capital gains upon sale of property. (See: income tax) RECAPTURE, war. of Allowance for Loan Losses Commercial Capital Bancorp, Inc. (the "Company"), (Nasdaq:CCBI), the holding company for Commercial Capital Bank (the "Bank") and TIMCOR Exchange Corporation ("TIMCOR"), announced today record net income of $23.1 million, or $0.40 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 of 2005, increases of 225% and 82%, respectively, from $7.1 million or $0.22 per diluted share, for the first quarter of 2004. The results for the first quarter of 2005 include the recapture of $8.1 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta of allowances for loan losses. The recapture of the allowance for loan losses is primarily a result of the Company classifying approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $612 million of low rate single family residential loans as held for sale at March 31, 2005, as well as the sale of newly originated low rate single family loans during the first quarter of 2005, which together reduced the Company's loans held for investment and the allowance for loan losses requirement. These lower rate loans will be replaced by the Company's higher rate multi-family, commercial real estate and construction loan originations, resulting in an increased yield on interest earning assets. Additionally, the Company announced today that it has increased its cash dividend 17% to $0.07 per share to be paid on May 31, 2005 to shareholders of record on May 17, 2005. The Company's return on average equity ("ROAE ROAE Return on Average Equity ") and return on average assets ("ROAA ROAA Return on Average Assets (business, banking, accounting) ROAA Rural Oregon Arts Association ROAA Royce Online Account Access (Royce Fund Services, Inc. ") for the first quarter of 2005 were 14.41% and 1.78%, respectively, compared to 26.30% and 1.56% for the first quarter of 2004, respectively. The Company's return on average tangible equity and return on average tangible assets for the first quarter of 2005 increased to 34.49% and 1.92%, respectively, compared to 29.91% and 1.57% for the first quarter of 2004, respectively. The Company's financial results for the first quarter of 2005 include the effects of the acquisitions of Hawthorne Hawthorne. 1 City (1990 pop. 71,349), Los Angeles co., S Calif., a suburb of Los Angeles; inc. 1922. Located in an oil- and gas-producing area, Hawthorne manufactures navigation systems, solar panels, electronic components, silicon instruments, and Financial Corporation ("Hawthorne") and TIMCOR, which closed on June June: see month. 4, 2004 and February February: see month. 17, 2005, respectively. The financial data for periods prior to June 4, 2004 do not include the impact of the Hawthorne acquisition. The financial data for periods prior to February 17, 2005 do not include the impact of the TIMCOR acquisition. 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 execution of the Company's single family portfolio reduction strategy represents the transition away from what is a lower yielding, margin depressing, overly competitive and commoditized, lower return on equity way of doing business. On June 4, 2004, the Company inherited inherited received by inheritance. inherited achondroplastic dwarfism see achondroplastic dwarfism. inherited combined immunodeficiency see combined immune deficiency syndrome (disease). through the acquisition of Hawthorne a $900 million single family loan portfolio and the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. loan pipeline, which immediately put the Company in the super jumbo, adjustable rate, single family residential loan business. Originating these low rate loans, which initially are put on the Company's books at negative spreads, doesn't does·n't Contraction of does not. meet the higher hurdle rate Hurdle Rate The minimum amount of return that a person requires before they will make an investment in something. Notes: This is the rate of return that will get someone "over the hurdle" and invest their money. of return performance characteristics of the Commercial Capital Bancorp business model, and as such is a poor use of the Company's deposits and equity. Whereas originating these adjustable rate loans for non recourse The right of an individual who is holding a Commercial Paper, such as a check or promissory note, to receive payment on it from anyone who has signed it if the individual who originally made it is unable, or refuses, to tender payment. cash gains on sale is consistent with our higher return on equity business model. This loan production will continue to be included in the Company's total loan origination numbers, but the negative spread impact on net interest income will be eliminated and instead the realized cash gain on sale will benefit noninterest income. Additionally, the strategy of selling the lower rate single family loans that were in the loans held to maturity portfolio and replacing them with the Company's adjustable rate multi-family, commercial real estate and construction loans will result in an increased yield on the Company's loan portfolio. The sale of the Company's single family loans frees up capital to support more profitable, wider margin lending activities." Gordon added, "The quarter also marked the successful acquisition of TIMCOR, the Company's Section 1031 exchange accommodator. The acquisition, which closed on February 17, 2005, represented a synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. opportunity to acquire a premier, 27 year-old business that provides a profitable product and service needed by our 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. . For the first quarter of 2005, TIMCOR contributed to the Company $374,000 of noninterest income and average exchange balances of $183.1 million. The Company finished the quarter with exchange balances of $370.2 million, which were recorded on the Company's consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. as borrowings. The balances are primarily held at the Company's bank subsidiary, and were recorded as $355.6 million of transaction account deposits. Full earnings benefit from these low cost funds and fees charged on transactions is anticipated to begin immediately in the second quarter of 2005."
($ in 000's, except per share data) Q1 Q4 Q1
2005 2004 2004
-------- -------- --------
Net income $23,087 $20,234 $7,101
Basic EPS 0.42 0.37 0.24
Diluted EPS 0.40 0.36 0.22
Net interest income 38,334 38,468 13,802
Net interest margin 3.27% 3.38% 3.14%
Total revenues $65,989 $67,083 $23,448
ROAA 1.78% 1.61% 1.56%
ROAA -- Tangible 1.92 1.73 1.57
ROAE 14.41 13.06 26.30
ROAE -- Tangible 34.49 31.55 29.91
Efficiency ratio 30.07 28.13 25.86
Core loan originations(a) $595,129 $495,730 $230,103
Total loan originations 607,824 540,783 259,372
Some of the Company's and Bank's first quarter 2005 highlights and achievements include: --The Bank's deposits increased 6% to $2.4 billion at March 31, 2005 from $2.3 billion at December December: see month. 31, 2004. The Bank's transaction account deposits increased 9% to $1.4 billion at March 31, 2005 from $1.2 billion at December 31, 2004. In February 2005, the Company announced that it entered into an agreement to acquire TIMCOR, a leading facilitator of tax-deferred tax-de·ferred adj. 1. Of or relating to an investment that is not liable to taxation until income is withdrawn or an appointed date is reached. 2. real estate exchanges pursuant to Section 1031 of the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. of 1986. The Company completed this acquisition on February 17, 2005. At March 31, 2005, TIMCOR held $370.2 million of exchange balances, of which $355.6 million were on deposit at the Bank. For the first quarter of 2005, exchange balances averaged $183.1 million. The exchange balances held by the Company since the acquisition had an average cost of 0.76%. Subsequent to the close of the acquisition, exchange balances held by TIMCOR appear on the Company's consolidated balance sheet as a component of borrowings and are included as transaction account deposits on the subsidiary Bank's balance sheet and, as such, are included in the calculation of various bank-level disclosures as deposits. --The Company's core loan originations were $595.1 million during the first quarter of 2005, an increase of 20% and 159% from $495.7 million and $230.1 million for the fourth quarter of 2004 and first quarter of 2004, respectively. The Company's total loan originations were $607.8 million during the first quarter of 2005, an increase of 12% and 134% from $540.8 million and $259.4 million for the fourth quarter of 2004 and first quarter of 2004, respectively. --The Company entered the second quarter of 2005 with a total loan origination pipeline of $498 million, essentially unchanged from the $497 million reported at December 31, 2004. The Company entered the second quarter of 2005 with a core loan origination pipeline of $476 million at March 31, 2005, a decrease of 1% from $483 million at December 31, 2004. The Company projects significant loan origination volume during the second quarter driven by strong volumes of adjustable rate core loan originations tied to market sensitive indices, with the Company's loan origination pipeline rates floating with market interest rates. --The Company continued to remix re·mix tr.v. re·mixed, re·mix·ing, re·mix·es To recombine (audio tracks or channels from a recording) to produce a new or modified audio recording: the composition of its loan portfolio by completing the sale of $155.8 million of lower rate single family loans during the first quarter of 2005. The loan sales during the quarter included $54.0 million of loans acquired in the TIMCOR transaction. Additionally, the Company classified approximately $612 million of single family residential loans as held for sale. These loans will be sold over time and replaced by the Company's higher rate multi-family, commercial real estate and construction loans. The Company intends to continue to originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. and sell for cash gains its lower rate adjustable super jumbo single family residential loans, which are recorded on the Company's balance sheet at a premium as a result of the costs of 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 and premiums paid to brokers. The Company's loans held for sale at March 31, 2005 are virtually all single family residential loans, with one multi-family loan originated and held for sale by Commercial Capital Mortgage. --The Company's multi-family loan portfolio grew during the first quarter of 2005 at an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. rate of 39% to $2.6 billion at March 31, 2005, and now represents 74% of total loans held for investment. The Company's total loans grew during the first quarter of 2005 at an annualized rate of 25% to $4.2 billion at March 31, 2005. At March 31, 2005, the weighted average months to reset or maturity on the Company's total loan portfolio shortened short·en v. short·ened, short·en·ing, short·ens v.tr. 1. To make short or shorter. 2. to 11 months, compared to 12 months at December 31, 2004. --The Company's allowance for loan losses was 0.80% of net loans held for investment at March 31, 2005, compared to 0.93% at December 31, 2004, and 0.33% at March 31, 2004. The Company recaptured $8.1 million of the allowance for loan losses primarily as a result of the Company classifying approximately $612 million of low rate single family residential loans as held for sale at March 31, 2005, which loans will be replaced with the Company's higher rate adjustable multi-family, commercial real estate and construction loans, which reduced the Company's loans held for investment and the allowance for loan losses requirement. Nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. totaled $6.5 million, or 0.12% of total assets, at March 31, 2005, compared to $6.6 million, or 0.13% of total assets, at December 31, 2004. At March 31, 2005, the allowance for loan losses totaled 444% of nonaccrual loans. --The Company's book value per share increased 3% to $11.78 at March 31, 2005 from $11.47 at December 31, 2004, and 212% from $3.78 at March 31, 2004. The Company's tangible book value per share increased 1% to $4.86 at March 31, 2005 from $4.80 at December 31, 2004, and 45% from $3.35 at March 31, 2004. --The Company's total revenues, defined as interest income plus noninterest income, equaled $66.0 million for the first quarter of 2005, a decrease of 2% from $67.1 million for the fourth quarter of 2004, and an increase of 181% from $23.4 million for the first quarter of 2004. The decrease from the fourth quarter of 2004 is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a decline in gain on sale of loans and a decline in the effect that the purchase accounting adjustments from the Hawthorne transaction had on interest income. --In January January: see month. 2005, the Company announced that its Board of Directors had authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a second share repurchase plan share repurchase plan A corporation's plan for buying back a predetermined number of its own shares in the open market. Institution of a share repurchase plan derives from management's view that the company has limited outside investment opportunities and that provides for the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to 2.5% of the Company's proforma Proforma A financial projection based on assumptions. shares outstanding. During the first quarter of 2005, the Company completed its first share repurchase plan and now operates under the second plan. At March 31, 2005, the Company had repurchased a total of 1,536,100 shares at an average price of $19.86, of which 704,400 shares were purchased during the first quarter of 2005 at an average price of $20.73. --In March 2005, the Company opened its first banking office in Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern . The office located in San Mateo San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. had deposits totaling $17.3 million at March 31, 2005. The Company intends to pursue additional de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. branches in the greater Bay Area and the Sacramento Valley The Sacramento Valley is the portion of the California Central Valley that lies to the north of the San Joaquin-Sacramento Delta in the U.S. state of California. It encompasses all or parts of ten counties. region, both of which are areas with significant existing 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 relationships. The Company also intends to selectively add banking offices in additional Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, markets. --The Company was the 26th largest thrift thrift: see leadwort. in the country, and sixth largest 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). , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. December 31, 2004 data from SNL SNL Saturday Night Live SNL Sandia National Laboratories SNL School for New Learning (Depaul University) SNL Springfield News-Leader (Missouri newspaper) SnL Sweet N Low SNL Standard Nomenclature List Financial. The Bank was the fastest growing savings institution in California for the 36-month period ended December 31, 2004, according to data available from the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). website www.fdic.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . Additionally, the Company was the third largest originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting of multi-family loans in California for the year ended December 31, 2004, according to information available from Dataquick Information Systems. NET INTEREST INCOME The Company's net interest income was $38.3 million for the first quarter of 2005, compared to $38.5 million for the fourth quarter of 2004. The reduction in net interest income in the first quarter of 2005 compared to the fourth quarter of 2004 was due to the decline in the effect of the purchase accounting adjustments related to the Hawthorne acquisition, which was $717,000 lower in the first quarter of 2005 compared to the fourth quarter of 2004. The combination of lower purchase accounting benefit and large volumes of monthly adjustable rate loan originations contributed to the Company's net interest margin declining 11 basis points to 3.27% for the first quarter of 2005, compared to 3.38% for the fourth quarter of 2004, while the Company's net interest margin increased 13 basis points compared to 3.14% for the first quarter of 2004. The Company's net interest spread decreased 16 basis points to 3.10% for the first quarter of 2005, compared to 3.26% for the fourth quarter of 2004 and increased seven basis points, compared to 3.03% for the first quarter of 2004. The Company's yield on interest-earning assets increased one basis point to 5.31% for the first quarter of 2005, compared to 5.30% for the fourth quarter of 2004. The Company's yield on total loans decreased one basis point to 5.46% for the first quarter of 2005, compared to 5.47% for the fourth quarter of 2004, resulting from the origination for portfolio of significant amounts of monthly repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing loans, which repricing indices are tied to the short end of the yield curve. The Company's primary adjustable rate loan index is projected to reprice upward at a faster pace in the second quarter of 2005 on a significant percentage of the Company's loans. Additionally, it is anticipated that as the Company continues to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution its adjustable rate single family loan sales strategy that interest earning asset Earning asset An asset that generates income, e.g., income from rental property. yields should increase. The Company's cost of interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid liabilities increased 17 basis points to 2.21% for the first quarter of 2005, compared to 2.04% for the fourth quarter of 2004. The Company's cost of interest-bearing deposits increased 26 basis points to 1.97% for the first quarter of 2005, compared to 1.71% for the fourth quarter of 2004. The Company's cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. , including the effect of noninterest-bearing deposits, increased 16 basis points to 2.16% for the first quarter of 2005, compared to 2.00% for the fourth quarter of 2004. NONINTEREST INCOME Noninterest income declined 44% to $3.7 million for the first quarter of 2005 from $6.7 million for the fourth quarter of 2004 and increased 106% from $1.8 million for the first quarter of 2004. The decrease from the fourth quarter of 2004 reflects lower gain on sale of loans during the first quarter of 2005. Loan related fee income decreased 34% to $1.1 million for the first quarter of 2005, from $1.6 million for the fourth quarter of 2004. The decrease in loan related fees compared to the fourth quarter of 2004 was driven by lower loan prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. fees, which equaled $740,000 for the first quarter of 2005, compared to $1.4 million for the fourth quarter of 2004. Retail banking fees declined 3% to $531,000 for the first quarter of 2005, from $546,000 for the fourth quarter of 2004. Fees earned from 1031 exchange transactions totaled $374,000 since the close of the TIMCOR acquisition on February 17, 2005. Other income increased 77% to $1.1 million for the first quarter of 2005 from $622,000 for the fourth quarter of 2004. The increase in other income for the first quarter of 2005 is primarily attributable to an increase in income from bank owned life insurance. NONINTEREST EXPENSES The Company's general and administrative expenses totaled $12.7 million for the first quarter of 2005, compared to $12.7 million for the fourth quarter of 2004 and $4.0 million for the first quarter of 2004. General and administrative expenses during the first quarter of 2005 include $441,000 of operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. associated with Timcor since the close of the acquisition on February 17, 2005. First quarter 2005 expenses also include $250,000 in severance-related costs and a $1.5 million reduction in the Company's liability on unfunded commitments. During the fourth quarter of 2004, the Company recorded a $416,000 reduction in its liability of unfunded commitments. The Company recorded $163,000 and $203,000 of amortization of core deposit intangible during the first quarter of 2005 and fourth quarter of 2004, respectively, as a result of the acquisition of Hawthorne. The Company's efficiency ratio was 30.07% for the first quarter of 2005, compared to 28.13% for the fourth quarter of 2004 and 25.86% for the first quarter of 2004. General and administrative expenses were 0.98% of total average assets for the first quarter of 2005, compared to 1.01% for the fourth quarter of 2004 and 0.89% for the first quarter of 2004. INCOME TAXES The Company's effective tax rate was 38.23% for the first quarter of 2005, compared to 37.26% for the fourth quarter of 2004 and 38.68% for the first quarter of 2004. The reduction of the Company's effective tax rate during the first quarter of 2005 compared to the year ago period reflects the realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. of low income housing and other tax credits and the larger amount of income property loans in enterprise zones that generate certain state tax benefits. The increase in the Company's effective tax rate in the first quarter of 2005 compared to the prior quarter reflects higher pre-tax income, without a proportionate pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. increase in tax credits and other benefits. BALANCE SHEET AND CAPITAL The Company had total 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 of $5.3 billion at March 31, 2005, an increase of 6% and 172% from $5.0 billion and $2.0 billion at December 31, 2004 and March 31, 2004, respectively. Total loans, which include loans held for investment, net of the allowance for loan losses, and loans held for sale, totaled $4.2 billion at March 31, 2005, an increase of 6% and 246% from $3.9 billion and $1.2 billion at December 31, 2004 and March 31, 2004, respectively. At March 31, 2005, multi-family loans totaled $2.6 billion, representing 74% of total loans held for investment, an increase of 10% from $2.4 billion at December 31, 2004. At December 31, 2004, multi-family loans represented 61% of total loans held for investment. The Company anticipates that multi-family and commercial real estate loans will increase as a percentage of total loans held for investment as the Company continues to focus on income property lending as a market leader in its primarily multi-family lending niche niche: see ecology. niche Smallest unit of a habitat that is occupied by an organism. A habitat niche is the physical space occupied by the organism; an ecological niche is the role the organism plays in the community of organisms found in the and continues to sell its single family loan originations. At March 31, 2005, 59% of the Company's total loan portfolio is tied to an index that adjusts each month or matures within one month, up from 57% at December 31, 2004. In addition, 70% of the Company's loans have interest rates scheduled to reset or mature within six months from March 31, 2005 and 73% reset or mature within one year from March 31, 2005, compared to 70% and 71%, respectively, at December 31, 2004. The Company's total loan portfolio had a weighted average duration to reset or maturity of approximately 11 months at March 31, 2005, a decrease from 12 months at December 31, 2004. The Company's securities portfolio totaled $464.7 million at March 31, 2005, a decrease of 5% and 8% from $491.3 million and $506.8 million at December 31, 2004 and March 31, 2004, respectively. Mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. were 9% of total assets at March 31, 2005, well below industry peers, and below the Company's historic levels, which was 26% at March 31, 2004. The Company continues to reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. cash flows received from the securities portfolio into the Company's higher yielding adjustable rate loans, positioning the Company to benefit from an anticipated increase in the yield on interest earning assets. The Bank's deposits totaled $2.4 billion at March 31, 2005, an increase of 6% and 223% from $2.3 billion and $742.7 million at December 31, 2004 and March 31, 2004, respectively. The Bank's transaction account deposits totaled $1.4 billion at March 31, 2005, an increase of 9% and 177% from $1.2 billion and $488.1 million at December 31, 2004 and March 31, 2004, respectively. Upon completion of the acquisition, TIMCOR's exchange balances are classified as borrowings on the consolidated balance sheet, although these balances are classified as deposits and transaction account deposits on the Bank's balance sheet. Since TIMCOR had a significant amount of balances at the Bank prior to the acquisition, which were recorded as deposits, the classification of the TIMCOR balances at the Bank will not be consistently reported on the consolidated balance sheet after the acquisition when compared to prior periods. The Company's deposits totaled $2.0 billion at March 31, 2005, a decrease of 10% and an increase of 176% from $2.3 billion and $736.3 million at December 31, 2004, and March 31, 2004, respectively. The Company's transaction account deposits totaled $983.6 million at March 31, 2005, a decrease of 20% and an increase of 104% from $1.2 billion and $481.7 million at December 31, 2004 and March 31, 2004, respectively. The decrease in the Company's deposits and transaction account deposits from December 31, 2004 is primarily attributable to the acquisition of TIMCOR since balances previously classified as deposits have been classified as borrowings since February 17, 2005. Of the Company's transaction account deposits at March 31, 2005, the majority was from 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. , Orange, 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. , 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. , and Ventura Ventura (vĕnt  `rə), city (1990 pop. 92,575), seat of Ventura co., SW Calif., on the Pacific coast in a farm and oil region; inc. 1866. counties, with business
deposits accounting for $232.4 million or 24% of the total. The
Company's time deposits totaled $1.0 billion at March 31, 2005,
compared to $1.0 billion and $254.6 million at December 31, 2004 and
March 31, 2004, respectively.Borrowings totaled $2.6 billion at March 31, 2005, an increase of 24% and 137% from $2.1 billion and $1.1 billion at December 31, 2004 and March 31, 2004, respectively. FHLB FHLB Federal Home Loan Bank advances totaled $2.0 billion at March 31, 2005, an increase of 9% and 108% from $1.9 billion and $970.5 million at December 31, 2004 and March 31, 2004, respectively. During the first quarter of 2005, the Company's exchange balances averaged $183.1 million, and had an average cost of 0.76%. The Company will receive the full benefit of the lower cost exchange balances during the second quarter of 2005 with outstanding exchange balances of $370.2 million at March 31, 2005. At March 31, 2005, the Company's junior subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". issued to its unconsolidated trust subsidiaries totaled $150.4 million, compared to $135.1 million at December 31, 2004 and $64.4 million at March 31, 2004. The increase from December 31, 2004 reflects the issuance of $15.5 million of junior subordinated debt during the first quarter of 2005. The increase in junior subordinated debt from March 31, 2004 reflects the additional issuances by the Company and the debt assumed through the acquisition of Hawthorne. 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. totaled $652.8 million at March 31, 2005, an increase of 4% and 474% from $625.2 million and $113.8 million at December 31, 2004, and March 31, 2004, respectively. Tangible stockholders' equity totaled $269.3 million, an increase of 3% and 167% from $261.9 million and $100.7 million at December 31, 2004 and March 31, 2004, respectively. The Company's equity to assets and tangible equity to assets ratios were 12.24% and 5.05% at March 31, 2005, respectively, compared to 12.44% and 5.21% at December 31, 2004, respectively, and compared to 5.81% and 5.14% at March 31, 2004, respectively. The Company's tangible equity to tangible assets ratio was 5.44% at March 31, 2005, compared to 5.62% and 5.17% at December 31, 2004 and March 31, 2004, respectively. Book value per share totaled $11.78, an increase of 3% and 212% from $11.47 and $3.78 at December 31, 2004, and March 31, 2004, respectively. Tangible book value per share totaled $4.86, an increase of 1% and 45% from $4.80 and $3.35 at December 31, 2004, and March 31, 2004, respectively. During the first quarter of 2005, the Company issued 1,021,890 shares of common stock, valued at $21.7 million, for the acquisition of TIMCOR. 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 the acquisition agreement, an additional 340,630 shares were issued with contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. , which will lapse (language) LAPSE - A single assignment language for the Manchester dataflow machine. ["A Single Assignment Language for Data Flow Computing", J.R.W. Glauert, M.Sc Diss, Victoria U Manchester, 1978]. in their entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. in February 2006. These contingent Fortuitous; dependent upon the possible occurrence of a future event, the existence of which is not assured. The word contingent denotes that there is no present interest or right but only a conditional one which will become effective upon the happening of the shares are excluded from the Company's outstanding shares until such contingencies are satisfied. The acquisition of TIMCOR resulted in $20.4 million of goodwill. The Bank's capital ratios continued to exceed federal regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. for classification as a "well-capitalized" institution, the highest 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. standard. The Bank's core, tier one risk-based and total risk-based capital ratios Risk-based capital ratio Bank requirement that there be a minimum ratio of estimated total capital to estimated risk-weighted asset. are estimated to be 8.05%, 11.42% and 12.24% at March 31, 2005, respectively. LOAN ORIGINATIONS The Company's core loan originations were $595.1 million during the first quarter of 2005, an increase of 20% and 159% from $495.7 million and $230.1 million for the fourth quarter of 2004 and first quarter of 2004, respectively. The Company's total loan originations, which include loans that were funded through the Company's strategic alliance with Greystone Servicing Corporation, a Fannie Mae Fannie Mae: see Federal National Mortgage Association. DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) 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. , and the Company's other broker and conduit conduit /con·du·it/ (kon´doo-it) channel. ileal conduit the surgical anastomosis of the ureters to one end of a detached segment of ileum, the other end being used to form a stoma on the channels, totaled $607.8 million during the first quarter of 2005, an increase of 12% and 134% from $540.8 million and $259.4 million for the fourth quarter of 2004 and first quarter of 2004, respectively. The Company's core loan originations for the first quarter of 2005 consisted of $338.3 million of multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. real estate loans, $46.8 million of commercial real estate loans, $146.5 million of single family residential real estate loans, $57.2 million of construction and land loans, and $6.3 million of business and other loans. During the first quarter of 2005, purchase transactions represented 59% of the Company's core multi-family originations and 21% of the core commercial real estate loan originations. The Company's core multi-family originations during the first quarter of 2005 had at origination an average loan size of $1.9 million, average loan-to-value ("LTV LTV See: Loan-to-value ratio ") of 66.3%, and average debt coverage ratio ("DCR DCR Department of Conservation and Recreation DCR Decrease DCR Digital Cable Ready (television) DCR Dark Crisis (Yu-Gi-Oh! cards) DCR Debt Coverage Ratio DCR Dacryocystorhinostomy ") of 1.25 to 1. The Company's core commercial real estate originations during the first quarter of 2005 had at origination an average loan size of $2.0 million, average LTV of 59.7%, and average DCR of 1.64 to 1. Of the Company's $595.1 million of core loan originations during the first quarter of 2005, virtually all were adjustable rate loans, of which 80% reprice within one year. The Company's focus on adjustable rate lending continues to create a greater degree of rate sensitivity in the Company's loan portfolio, as reflected in the previously stated portfolio weighted average duration to reset or maturity of 11 months at March 31, 2005. The value of loans in the Company's total loan pipeline equaled $498 million at March 31, 2005, an increase of less than 1% and 68% compared to $497 million and $297 million at December 31, 2004 and March 31, 2004, respectively. The value of loans in the Company's core loan pipeline equaled $476 million at March 31, 2005, a decrease of 1% and an increase of 96%, compared to $483 million and $243 million at December 31, 2004 and March 31, 2004, respectively. The Company projects significant growth in loans held for investment during the second quarter of 2005 driven by strong volumes of adjustable rate loan originations. PORTFOLIO ASSET QUALITY The Company's asset quality review, performed during the first quarter of 2005, was based on its asset classification process, which the Company applied to the acquired Hawthorne loan portfolio. The Company used this current information, along with other qualitative qualitative /qual·i·ta·tive/ (kwahl´i-ta?tiv) pertaining to quality. Cf. quantitative. qualitative pertaining to observations of a categorical nature, e.g. breed, sex. and quantitative quantitative /quan·ti·ta·tive/ (kwahn´ti-ta?tiv) 1. denoting or expressing a quantity. 2. relating to the proportionate quantities or to the amount of the constituents of a compound. factors, updated industry, and peer comparison data to calculate the allowance for loan losses. At March 31, 2005, the total loan portfolio held for investment decreased 10% to $3.6 billion from $4.0 billion at December 31, 2004, primarily as a result of a $632.3 million decrease in the single family residential portfolio held for investment offset by a $236.2 million increase in the multi-family portfolio. The single family residential loan portfolio held for investment decreased 75% to $209.5 million at March 31, 2005 from $841.8 million at December 31, 2004. This was primarily the result of identifying and transferring $611.6 million of single family residential loans from held for investment to held for sale, along with completed sale transactions of single family residential loans into the secondary market during the first quarter 2005. The most significant changes in the credit concentration levels of the total loan portfolio held for investment were in the multi-family and single family residential loan portfolios. The single family residential credit concentration level of the total loan portfolio held for investment decreased from 21% at December 31, 2004 to 6% at March 31, 2005. The multi-family credit concentration level increased from 61% at December 31, 2004 to 74% at March 31, 2005. The Bank recaptured $8.1 million of the allowance for loan losses in March 2005 as the result of: identifying and transferring $611.6 million of single family residential loans from held for investment to held for sale at March 31, 2005; selling $101.1 million of the Bank's monthly adjustable single family residential loans in the first quarter of 2005; and management reducing the overall loss factor for single family residential loans. The adjustment in the single family residential loss factor was based on management's assessment of the overall credit quality of the remaining $209.5 million single family residential loan portfolio held for investment, which considered the following qualitative environmental factors: the decline in the credit concentration level of the single family loan portfolio from 21% at December 31, 2004 to 6% at March 31, 2005; an increase in the weighted average seasoning of the remaining single family loans held for investment; a decrease in the average loan size of the remaining single family loans held for investment and a significant decline in the volume of new single family loan originations classified as held for investment since it is the Company's intention to sell the vast majority of new single family residential loan originations into the secondary market. Management establishes the allowance for loan losses by considering the credit quality and historical performance of the Company's multi-family, commercial real estate, single family residential, construction, and land loan portfolios, which accounts for virtually all of the loan portfolio. The Company's overall asset quality remains sound, as supported by its internal risk rating process of a more seasoned multi-family, commercial real estate and single family residential loan portfolio. The allowance for loan losses is derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. by analyzing the historical loss experience and asset quality within each loan portfolio segment, along with assessing qualitative environmental factors and correlating it with the delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. and classification status for each portfolio segment. Management utilizes a loan grading system with five classification categories, including assets classified as Pass, based upon credit risk characteristics and categorizes each loan asset by risk grade allowing for a more consistent review of similar loan assets. Management has also evaluated the loss exposure of classified loans, which are reviewed individually based on the evaluation of the cash flow, collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although , other sources of repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan , guarantors and any other relevant factors to determine the inherent loss potential in the credit. Management considers the following qualitative environmental factors in determining the allocated loss factors when analyzing the allowance for loan losses: the levels of and trends in past due, non-accrual, and impaired See assistive technology. loans; levels of and trends in charge-offs and recoveries; the trend in volume and terms of loans; the effects of changes in credit concentrations; the effects of changes in risk selection, 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. standards, and other changes in lending policies, procedures and practices; the experience, ability and depth of management and other relevant staff; national and local economic trends and conditions; and industry conditions. The overall adequacy of the allowance for loan losses is reviewed by the Bank's Internal Asset Review Committee on a quarterly basis and submitted to the Board of Directors for approval. The Internal Asset Review Committee's responsibilities consist of risk management, as well as problem loan management, which include ensuring proper risk grading of all loans and analysis of specific allocations for all classified loans. At March 31, 2005, the Company had total assets of $5.3 billion and the Bank had total deposits of $2.4 billion. The Bank operates banking offices located in Westlake Westlake, city (1990 pop. 27,018), Cuyahoga co., NE Ohio, a suburb of Cleveland; inc. as a city 1956. A growing city, its various manufactures include ink and plastics. Village (Ventura County), Tarzana, Malibu, Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , Baldwin Baldwin, cities, United States Baldwin. 1 Uninc. city (1990 pop. 22,719), Nassau co., SE N.Y., on the south shore of Long Island, on Baldwin Bay; settled 1640s. A fishing center and summer resort, it has varied manufactures. Hills, Westchester Westchester is the name of some places in the United States of America:
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:
1 City (1990 pop. 148,134), Maricopa co., S central Ariz., adjacent to Phoenix; inc. 1910. It is located in a rich agricultural region irrigated by the Salt River project. Glendale has become one of the fastest-growing U.S. , West Los Angeles
Newport, town (1991 pop. 19,758), Isle of Wight, S England. It is also a port and the commercial center of the island, with agricultural markets and light industries (plastics, soft drinks, and woodworking). In the 17th cent. Coast, California in mid- mid- pref. Middle: midbrain. 2005. The Company was the 3rd largest multi-family lender in California during the year ended December 31, 2004 (source: Dataquick Information Systems) and the Bank was the fastest growing savings institution in California, based on percentage growth in total assets over the 36 months ended December 31, 2004 (source: www.fdic.gov). TIMCOR, the Company's Section 1031-exchange accommodator subsidiary, is a leading "qualified intermediary The Qualified Intermediary (also known as an Accommodator) should be a corporation that is in the full-time business of facilitating 1031 exchanges. The role of a QI is similar to, but not identical to, the role of an escrow company. " and facilitates exchange transactions nationwide through its headquarters in Los Angeles, California and offices located in Texas and Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and . Timcor has plans to open an office in Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. in June 2005. CONFERENCE CALL AND WEBCAST INFORMATION Analysts and investors may listen to a discussion of the first quarter of 2005 performance and participate in the question/answer session either by dialing the phone number listed below, or through viewing a live video webcast of the discussion accessed through a link on the home page of the Company's website at www.commercialcapital.com. The multimedia webcast enables participants to listen to the discussion and simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics view the video broadcast, tables, charts, an outline of the performance highlights, and submit questions for live response from the hosts. Windows Media Player Digital jukebox software for Windows from Microsoft that plays a variety of audio, video and streaming formats including MP3, WMA, CD audio and MIDI. Starting with Version 6.2 in 1999, the Windows Media Rights Manager was added for securing copyrighted content. is required for viewing the video webcast. Interested parties can download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. the slide presentation from the Company's website prior to the start of the call. It is recommended that participants dial into the call, or log in to the webcast, approximately 5 to 10 minutes prior to the event. Conference Call Date: Monday, April 25, 2005 Time: 7 a.m. PDT (10 a.m. EDT) Phone Number: 800-591-6930 International Dial In: 617-614-4908 Access Code: 55364717 Webcast Date: Monday, April 25, 2005 Time: 7 a.m. PDT (10 a.m. EDT) Webcast URL: www.commercialcapital.com Windows Media Player is required Replay Information: for those who are unable to participate in the call or webcast live, an archive (1) A file that contains one or more compressed files. Most archive formats are also capable of storing folders in order to reconstruct the file/folder relationship when decompressed. See archive formats. of the webcast will be available on the Company's website at www.commercialcapital.com beginning approximately 2 hours following the end of the call. To listen to the call replay dial 888-286-8010, or for international callers dial 617-801-6888; the access code for either replay number is 67358788. The webcast archive and call replay will be available until June 2, 2005. This press release and the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. webcast 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 the 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 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. The Company 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. (a) The Company defines core loan originations to exclude those loan originations funded through its strategic alliance with Greystone Servicing Corporation, a Fannie Mae DUS lender, and the Company's other broker and conduit channels.
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)
Mar. 31, Mar. 31,
2005 2004
--------------------------------------------------------------------
ASSETS
Cash and Bank Accounts $78,775 $7,897
Fed Funds - 64,000
Securities
MBS -- Available For Sale 464,689 506,682
Other Investments -- Available For
Sale - 100
----------------------
Total Securities 464,689 506,782
FHLB Stock 97,007 48,475
Loans Held for Investment
Single Family 209,480 2,882
Multi-family 2,633,004 1,045,651
Commercial Real Estate 440,088 146,329
Construction Loans 225,650 -
Land 50,182 -
----------------------
Total Real Estate Loans 3,558,404 1,194,862
Business and Other Loans 19,364 7,094
----------------------
Total Loans Held for Investment 3,577,768 1,201,956
Net Deferred Fees, Premiums and
Discounts (4,798) (1,087)
Allowance for Loan Losses (28,743) (3,944)
----------------------
Total Loans Held for Investment,
Net 3,544,227 1,196,925
Loans Held for Sale 612,549 3,079
----------------------
Total Loans 4,156,776 1,200,004
Fixed Assets -- Net 16,419 1,784
Foreclosed Assets - -
Accrued Interest Receivable 19,374 7,626
Goodwill 377,726 13,035
Core Deposit Intangible 5,739 -
Bank-Owned Life Insurance 47,081 18,130
Affordable Housing Investments 35,798 9,458
Other Assets 33,961 82,465
--------------------------------------------------------------------
TOTAL ASSETS $5,333,345 $1,959,656
====================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand Deposits -- Noninterest-Bearing $110,741 $35,959
Demand Deposits -- Interest-Bearing 78,611 1,084
Money Market Checking 316,639 441,595
Money Market Savings 195,875 -
Savings 281,766 3,105
----------------------
Total Transaction Deposits 983,632 481,743
Retail Time Deposits 933,209 186,597
Broker Time Deposits 115,199 67,960
----------------------
Total Time Deposits 1,048,408 254,557
----------------------
Total Deposits 2,032,040 736,300
Borrowings
FHLB Advances 2,015,338 970,477
Exchange Balances 370,202 -
Junior Subordinated Debentures 150,398 64,435
Warehouse Line of Credit - 2,100
Other Borrowings 61,000 58,502
----------------------
Total Borrowings 2,596,938 1,095,514
Other Liabilities 51,589 14,082
--------------------------------------------------------------------
TOTAL LIABILITIES 4,680,567 1,845,896
STOCKHOLDERS' EQUITY 652,778 113,760
--------------------------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $5,333,345 $1,959,656
====================================================================
Operating Data
Performance Ratios and Other Data: Mar. 31, Mar. 31,
2005 2004
----------------------
Equity to assets at end of period 12.24% 5.81%
Tangible equity to assets at end of period 5.05 5.14
Tangible equity to tangible assets at end of
period 5.44 5.17
Nonperforming assets $6,475 $75
Nonperforming assets to total assets 0.12% 0.00%
Allowance for loan losses to loans held for
investment at end of period 0.80 0.33
Allowance for loan losses to nonaccrual loans 444 5,259
Per Share Data
Common shares outstanding at end of period 55,416,348 30,100,472
Book value per share $11.78 $3.78
Tangible book value per share 4.86 3.35
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands, except per share data)
THREE MONTHS ENDED
Mar. 31, Mar. 31,
2005 2004
---------------------------------------------------------------------
Interest Income
Loans $55,905 $15,041
Securities 5,219 6,170
FHLB Stock 1,034 399
Fed Funds and Other 83 20
---------------------------
Total Interest Income 62,241 21,630
Interest Expense
Deposits 9,874 3,088
FHLB Advances 11,145 3,895
Exchange Balances 341 -
Junior Subordinated Debentures 2,043 638
Warehouse Line of Credit - 51
Other Borrowings 504 156
---------------------------
Total Interest Expense 23,907 7,828
---------------------------
Net Interest Income 38,334 13,802
Recapture of Allowance for Loan Losses (8,109) -
---------------------------
Net Interest Income after Recapture
of Allowance for Loan Losses 46,443 13,802
Noninterest Income
Loan Related Fees 1,058 410
Retail Banking Fees 531 27
Mortgage Banking Fees 40 112
1031 Exchange Fees 374 -
Gain on Sale of Loans 645 138
Gain on Sale of Securities - 893
Other Income 1,100 238
---------------------------
Total Noninterest Income 3,748 1,818
Noninterest Expenses
Compensation and Benefits 6,627 2,210
Non-Cash Stock Compensation 241 29
Occupancy and Equipment 2,159 361
Marketing 654 279
Technology 612 128
Professional and Consulting 490 205
Insurance Premiums and Assessment
Costs 568 219
Merger-Related - -
Other Expenses 1,303 608
---------------------------
Total G&A Expenses 12,654 4,039
Early Extinguishment of Debt - -
Amortization of Core Deposit
Intangible 163 -
---------------------------
Total Noninterest Expenses 12,817 4,039
---------------------------
Income Before Taxes 37,374 11,581
Income Tax Expense 14,287 4,480
---------------------------
Net Income $23,087 $7,101
===========================
THREE MONTHS ENDED
Mar. 31, Mar. 31,
2005 2004
Operating Data
Performance Ratios and Other Data:
Earnings per share -- Basic $0.42 $0.24
Earnings per share -- Diluted 0.40 0.22
Weighted average shares outstanding
-- Basic 54,821,891 30,018,996
Weighted average shares outstanding
-- Diluted 57,277,806 32,215,530
Return on average assets 1.78% 1.56%
Return on average tangible assets 1.92 1.57
Return on average stockholders'
equity 14.41 26.30
Return on average tangible
stockholders' equity 34.49 29.91
Interest rate spread 3.10 3.03
Net interest margin 3.27 3.14
Efficiency ratio 30.07 25.86
G&A to average assets 0.98 0.89
Effective tax rate 38.23 38.68
Total loan originations $607,824 $259,372
Core loan originations 595,129 230,103
Broker/conduit originations 12,695 29,269
Net Charge-offs (Recoveries) (17) (2)
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)
Mar. 31, Dec. 31, Sept. 30,
2005 2004 2004
---------------------------------------------------------------------
ASSETS
Cash and Bank Accounts $78,775 $16,961 $20,445
Fed Funds - - -
Securities
MBS -- Available For Sale 464,689 491,265 486,120
Other Investments -- Available
For Sale - - 100
-----------------------------
Total Securities 464,689 491,265 486,220
FHLB Stock 97,007 96,046 86,147
Loans Held for Investment
Single Family 209,480 841,818 957,825
Multi-family 2,633,004 2,396,788 2,235,427
Commercial Real Estate 440,088 420,015 435,075
Construction Loans 225,650 225,058 213,656
Land 50,182 56,308 55,786
-----------------------------
Total Real Estate Loans 3,558,404 3,939,987 3,897,769
Business and Other Loans 19,364 16,360 13,399
-----------------------------
Total Loans Held for
Investment 3,577,768 3,956,347 3,911,168
Net Deferred Fees, Premiums
and Discounts (4,798) (5,708) (11,740)
Allowance for Loan Losses (28,743) (36,835) (36,846)
-----------------------------
Total Loans Held for
Investment, Net 3,544,227 3,913,804 3,862,582
Loans Held for Sale 612,549 976 17,620
-----------------------------
Total Loans 4,156,776 3,914,780 3,880,202
Fixed Assets -- Net 16,419 10,318 9,989
Foreclosed Assets - - -
Accrued Interest Receivable 19,374 17,120 16,819
Goodwill 377,726 357,367 357,367
Core Deposit Intangible 5,739 5,902 6,105
Bank-Owned Life Insurance 47,081 46,277 46,270
Affordable Housing Investments 35,798 36,719 17,261
Other Assets 33,961 31,169 39,951
---------------------------------------------------------------------
TOTAL ASSETS $5,333,345 $5,023,924 $4,966,776
=====================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand Deposits -- Noninterest-
Bearing $110,741 $97,931 $92,950
Demand Deposits -- Interest-
Bearing 78,611 78,003 80,267
Money Market Checking 316,639 473,344 419,760
Money Market Savings 195,875 245,306 298,165
Savings 281,766 336,474 293,905
-----------------------------
Total Transaction Deposits 983,632 1,231,058 1,185,047
Retail Time Deposits 933,209 932,562 1,040,634
Broker Time Deposits 115,199 93,161 72,961
-----------------------------
Total Time Deposits 1,048,408 1,025,723 1,113,595
-----------------------------
Total Deposits 2,032,040 2,256,781 2,298,642
Borrowings
FHLB Advances 2,015,338 1,856,349 1,831,798
Exchange Balances 370,202 - -
Junior Subordinated Debentures 150,398 135,079 135,225
Warehouse Line of Credit - - -
Other Borrowings 61,000 101,000 57,000
-----------------------------
Total Borrowings 2,596,938 2,092,428 2,024,023
Other Liabilities 51,589 49,499 35,403
---------------------------------------------------------------------
TOTAL LIABILITIES 4,680,567 4,398,708 4,358,068
STOCKHOLDERS' EQUITY 652,778 625,216 608,708
---------------------------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $5,333,345 $5,023,924 $4,966,776
=====================================================================
Mar. 31, Dec. 31, Sept. 30,
2005 2004 2004
-----------------------------
Operating Data
Performance Ratios and Other Data:
Equity to assets at end of period 12.24% 12.44% 12.26%
Tangible equity to assets at end of
period 5.05 5.21 4.94
Tangible equity to tangible assets at
end of period 5.44 5.62 5.33
Nonperforming assets $6,475 $6,601 $5,095
Nonperforming assets to total assets 0.12% 0.13% 0.10%
Allowance for loan losses to loans
held for investment at end of period 0.80 0.93 0.94
Allowance for loan losses to
nonaccrual loans 444 558 723
Per Share Data
Common shares outstanding at end of
period 55,416,348 54,519,579 54,361,762
Book value per share $11.78 $11.47 $11.20
Tangible book value per share 4.86 4.80 4.51
June 30, Mar. 31,
2004 2004
----------------------------------------------------------------------
ASSETS
Cash and Bank Accounts $18,379 $7,897
Fed Funds - 64,000
Securities
MBS -- Available For Sale 499,746 506,682
Other Investments -- Available For Sale 100 100
------------------
Total Securities 499,846 506,782
FHLB Stock 85,543 48,475
Loans Held for Investment
Single Family 924,238 2,882
Multi-family 2,065,938 1,045,651
Commercial Real Estate 427,898 146,329
Construction Loans 216,926 -
Land 51,637 -
------------------
Total Real Estate Loans 3,686,637 1,194,862
Business and Other Loans 12,926 7,094
------------------
Total Loans Held for Investment 3,699,563 1,201,956
Net Deferred Fees, Premiums and Discounts (14,801) (1,087)
Allowance for Loan Losses (36,831) (3,944)
------------------
Total Loans Held for Investment, Net 3,647,931 1,196,925
Loans Held for Sale 983 3,079
------------------
Total Loans 3,648,914 1,200,004
Fixed Assets - Net 8,441 1,784
Foreclosed Assets - -
Accrued Interest Receivable 16,897 7,626
Goodwill 357,367 13,035
Core Deposit Intangible 6,308 -
Bank-Owned Life Insurance 45,843 18,130
Affordable Housing Investments 10,950 9,458
Other Assets 45,362 82,465
---------------------------------------------------------------------
TOTAL ASSETS $4,743,850 $1,959,656
=====================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand Deposits -- Noninterest-Bearing $92,627 $35,959
Demand Deposits -- Interest-Bearing 88,922 1,084
Money Market Checking 450,317 441,595
Money Market Savings 386,836 -
Savings 198,063 3,105
------------------
Total Transaction Deposits 1,216,765 481,743
Retail Time Deposits 1,154,211 186,597
Broker Time Deposits 72,961 67,960
------------------
Total Time Deposits 1,227,172 254,557
------------------
Total Deposits 2,443,937 736,300
Borrowings
FHLB Advances 1,550,770 970,477
Exchange Balances - -
Junior Subordinated Debentures 135,370 64,435
Warehouse Line of Credit - 2,100
Other Borrowings - 58,502
----------------------
Total Borrowings 1,686,140 1,095,514
Other Liabilities 30,952 14,082
---------------------------------------------------------------------
TOTAL LIABILITIES 4,161,029 1,845,896
STOCKHOLDERS' EQUITY 582,821 113,760
---------------------------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $4,743,850 $1,959,656
=====================================================================
June 30, Mar. 31,
2004 2004
------------------
Operating Data
Performance Ratios and Other Data:
Equity to assets at end of period 12.29% 5.81%
Tangible equity to assets at end of period 4.62 5.14
Tangible equity to tangible assets at end of
period 5.00 5.17
Nonperforming assets $5,255 $75
Nonperforming assets to total assets 0.11% 0.00%
Allowance for loan losses to loans held for
investment at end of period 1.00 0.33
Allowance for loan losses to nonaccrual loans 701 5,259
Per Share Data
Common shares outstanding at end of period 53,126,308 30,100,472
Book value per share $10.97 $3.78
Tangible book value per share 4.13 3.35
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands, except per share data)
THREE MONTHS ENDED
Mar. 31, Dec. 31, Sept. 30,
2005 2004 2004
---------------------------------------------------------------------
Interest Income
Loans $55,905 $54,221 $50,777
Securities 5,219 5,285 5,301
FHLB Stock 1,034 860 891
Fed Funds and Other 83 27 18
-----------------------------
Total Interest Income 62,241 60,393 56,987
Interest Expense
Deposits 9,874 9,174 9,060
FHLB Advances 11,145 10,717 8,345
Exchange Balances 341 - -
Junior Subordinated Debentures 2,043 1,770 1,611
Warehouse Line of Credit - - -
Other Borrowings 504 264 94
-----------------------------
Total Interest Expense 23,907 21,925 19,110
-----------------------------
Net Interest Income 38,334 38,468 37,877
Recapture of Allowance for Loan
Losses (8,109) - -
-----------------------------
Net Interest Income after Recapture
of Allowance for Loan Losses 46,443 38,468 37,877
Noninterest Income
Loan Related Fees 1,058 1,591 2,217
Retail Banking Fees 531 546 588
Mortgage Banking Fees 40 122 137
1031 Exchange Fees 374 - -
Gain on Sale of Loans 645 3,809 72
Gain on Sale of Securities - - -
Other Income 1,100 622 601
-----------------------------
Total Noninterest Income 3,748 6,690 3,615
Noninterest Expenses
Compensation and Benefits 6,627 6,120 6,148
Non-Cash Stock Compensation 241 29 29
Occupancy and Equipment 2,159 2,096 2,131
Marketing 654 500 422
Technology 612 538 496
Professional and Consulting 490 438 369
Insurance Premiums and Assessment
Costs 568 579 582
Merger-Related - 282 494
Other Expenses 1,303 2,123 2,023
-----------------------------
Total G&A Expenses 12,654 12,705 12,694
Early Extinguishment of Debt - - -
Amortization of Core Deposit
Intangible 163 203 203
-----------------------------
Total Noninterest Expenses 12,817 12,908 12,897
-----------------------------
Income Before Taxes 37,374 32,250 28,595
Income Tax Expense 14,287 12,016 10,591
-----------------------------
Net Income $23,087 $20,234 $18,004
=============================
THREE MONTHS ENDED
Mar. 31, Dec. 31, Sept. 30,
2005 2004 2004
-----------------------------
Operating Data
Performance Ratios and Other Data:
Earnings per share -- Basic $0.42 $0.37 $0.34
Earnings per share -- Diluted 0.40 0.36 0.32
Weighted average shares outstanding
-- Basic 54,821,891 54,399,694 53,625,568
Weighted average shares outstanding
-- Diluted 57,277,806 56,947,525 56,824,595
Return on average assets 1.78% 1.61% 1.50%
Return on average tangible assets 1.92 1.73 1.62
Return on average stockholders'
equity 14.41 13.06 12.02
Return on average tangible
stockholders' equity 34.49 31.55 30.55
Interest rate spread 3.10 3.26 3.39
Net interest margin 3.27 3.38 3.49
Efficiency ratio 30.07 28.13 30.59
G&A to average assets 0.98 1.01 1.05
Effective tax rate 38.23 37.26 37.04
Total loan originations $607,824 $540,783 $583,184
Core loan originations 595,129 495,730 544,953
Broker/conduit originations 12,695 45,053 38,231
Net Charge-offs (Recoveries) (17) 11 (15)
June 30, Mar. 31,
2004 2004
------------------
Interest Income
Loans $26,647 $15,041
Securities 6,301 6,170
FHLB Stock 662 399
Fed Funds and Other 16 20
------------------
Total Interest Income 33,626 21,630
Interest Expense
Deposits 4,815 3,088
FHLB Advances 4,774 3,895
Exchange Balances - -
Junior Subordinated Debentures 986 638
Warehouse Line of Credit 37 51
Other Borrowings 139 156
------------------
Total Interest Expense 10,751 7,828
------------------
Net Interest Income 22,875 13,802
Recapture of Allowance for Loan Losses - -
------------------
Net Interest Income after Recapture of Allowance
for Loan Losses 22,875 13,802
Noninterest Income
Loan Related Fees 977 410
Retail Banking Fees 186 27
Mortgage Banking Fees 194 112
1031 Exchange Fees - -
Gain on Sale of Loans 4 138
Gain on Sale of Securities 1,259 893
Other Income 345 238
------------------
Total Noninterest Income 2,965 1,818
Noninterest Expenses
Compensation and Benefits 3,452 2,210
Non-Cash Stock Compensation 29 29
Occupancy and Equipment 713 361
Marketing 404 279
Technology 214 128
Professional and Consulting 205 205
Insurance Premiums and Assessment Costs 316 219
Merger-Related 420 -
Other Expenses 794 608
------------------
Total G&A Expenses 6,547 4,039
Early Extinguishment of Debt 1,204 -
Amortization of Core Deposit Intangible 58 -
------------------
Total Noninterest Expenses 7,809 4,039
------------------
Income Before Taxes 18,031 11,581
Income Tax Expense 7,108 4,480
------------------
Net Income $10,923 $7,101
==================
THREE MONTHS ENDED
June 30, Mar. 31,
2004 2004
------------------
Operating Data
Performance Ratios and Other Data:
Earnings per share -- Basic $0.30 $0.24
Earnings per share -- Diluted 0.28 0.22
Weighted average shares outstanding -- Basic 36,729,282 30,018,996
Weighted average shares outstanding -- Diluted 39,194,351 32,215,530
Return on average assets 1.57% 1.56%
Return on average tangible assets 1.63 1.57
Return on average stockholders' equity 17.66 26.30
Return on average tangible stockholders' equity 32.58 29.91
Interest rate spread 3.41 3.03
Net interest margin 3.51 3.14
Efficiency ratio 25.34 25.86
G&A to average assets 0.94 0.89
Effective tax rate 39.42 38.68
Total loan originations $466,690 $259,372
Core loan originations 418,916 230,103
Broker/conduit originations 47,774 29,269
Net Charge-offs (Recoveries) (2) (2)
COMMERCIAL CAPITAL BANCORP, INC.
Average Balances, Net Interest Income, Yields Earned and Rates Paid
(Dollars in Thousands)
THREE MONTHS ENDED MARCH 31,
2005
Average Interest Average
Balance Yield/Cost
-----------------------------
Interest-Earning Assets:
Total Loans(1) $4,095,700 $55,905 5.46%
Securities(2) 481,842 5,219 4.33
FHLB Stock 96,676 1,034 4.28
Cash and Cash Equivalents(3) 14,022 83 2.37
-----------------------------
Total Interest-Earning Assets 4,688,240 62,241 5.31
Noninterest-Earning Assets 494,283
-----------------------------
Total Assets $5,182,523
=============================
Interest-Bearing Liabilities:
Deposits:
Transaction Accounts(4) $1,003,642 4,190 1.69
Certificates of Deposits 1,029,099 5,684 2.24
-----------------------------
Total Deposits 2,032,741 9,874 1.97
FHLB Advances 1,939,052 11,145 2.33
Exchange Balances 183,108 341 0.76
Junior Subordinated Debentures 144,995 2,043 5.71
Warehouse Line of Credit - - -
Other Borrowings 81,540 504 2.51
-----------------------------
Total Interest-Bearing Liabilities 4,381,436 23,907 2.21
-----------------------------
Noninterest-Bearing Deposits 109,306
Other Noninterest-Bearing Liabilities 51,106
-----------------------------
Total Liabilities 4,541,848
Stockholders' Equity 640,675
-----------------------------
Total Liabilities and Stockholders'
Equity $5,182,523
=============================
Net Interest-Earning Assets $306,804
=============================
Net Interest Income/Interest Rate Spread $38,334 3.10%
=============================
Net Interest Margin 3.27%
THREE MONTHS ENDED MARCH 31,
2004
Average Interest Average
Balance Yield/Cost
-----------------------------
Interest-Earning Assets:
Total Loans(1) $1,122,528 $15,041 5.36%
Securities(2) 581,703 6,170 4.24
FHLB Stock 44,954 399 3.55
Cash and Cash Equivalents(3) 9,281 20 0.86
-----------------------------
Total Interest-Earning Assets 1,758,466 21,630 4.92
Noninterest-Earning Assets 59,314
-----------------------------
Total Assets $1,817,780
=============================
Interest-Bearing Liabilities:
Deposits:
Transaction Accounts(4) $419,234 2,004 1.92
Certificates of Deposits 258,945 1,084 1.68
-----------------------------
Total Deposits 678,179 3,088 1.83
FHLB Advances 867,922 3,895 1.81
Exchange Balances - - -
Junior Subordinated Debentures 54,238 638 4.73
Warehouse Line of Credit 9,596 51 2.14
Other Borrowings 54,769 156 1.15
-----------------------------
Total Interest-Bearing Liabilities 1,664,704 7,828 1.89
-----------------------------
Noninterest-Bearing Deposits 33,259
Other Noninterest-Bearing Liabilities 11,821
-----------------------------
Total Liabilities 1,709,784
Stockholders' Equity 107,996
-----------------------------
Total Liabilities and Stockholders'
Equity $1,817,780
=============================
Net Interest-Earning Assets $93,762
=============================
Net Interest Income/Interest Rate Spread $13,802 3.03%
=============================
Net Interest Margin 3.14%
=====================================================================
(1) The average balance of loans receivable includes loans held for
sale and is presented without reduction for the allowance for loan
losses.
(2) Consists of mortgage-backed securities and U.S. government
securities which are classified as available-for-sale, excluding the
unrealized gains or losses on these securities.
(3) Consists of cash in interest-earning accounts and federal funds
sold.
(4) Consists of savings, money market accounts and other interest-
bearing deposits.
COMMERCIAL CAPITAL BANCORP, INC.
Reconciliation of Non-GAAP Financial Measures
(Dollars in Thousands, except per share data)
The following tables provide a reconciliation of the Company's
reported net interest margin and net interest spread compared to
adjusted net interest margin and net interest spread excluding the net
effect of the amortization or accretion of premiums or discounts
resulting from the purchase accounting adjustments due to the
Hawthorne acquisition:
1Q 2005 As Reported Excluding
Premium/Discount
Effect
-----------------------------------------------
Average Interest Avg. Average Interest
Balance Yield/Cost Balance
-----------------------------------------------
Total Interest-
Earning Assets $4,688,240 $62,241 5.31% $7,390 $(2,096)
Total Interest-
Bearing Liabilities 4,381,436 23,907 2.21% (4,090) 549
-----------------------------------------------
Net Interest Income/Interest
Rate Spread $38,334 3.10% $(2,645)
Net Interest Margin 3.27%
1Q 2005 Adjusted
-------------------------------
Average Interest Avg.
Balance Yield/Cost
-------------------------------
Total Interest-Earning Assets $4,695,630 $60,145 5.12%
Total Interest-Bearing Liabilities 4,377,346 24,456 2.27%
-------------------------------
Net Interest Income/Interest Rate Spread $35,689 2.85%
Net Interest Margin 3.04%
4Q 2004 As Reported Excluding
Premium/Discount
Effect
-----------------------------------------------
Average Interest Avg. Average Interest
Balance Yield/Cost Balance
-----------------------------------------------
Total Interest-
Earning Assets $4,554,868 $60,393 5.30% $11,643 $(2,400)
Total Interest-
Bearing Liabilities 4,267,578 21,925 2.04% (4,893) 962
-----------------------------------------------
Net Interest Income/Interest
Rate Spread $38,468 3.26% $(3,362)
Net Interest Margin 3.38%
4Q 2004 Adjusted
-------------------------------
Average Interest Avg.
Balance Yield/Cost
-------------------------------
Total Interest-Earning Assets $4,566,511 $57,993 5.08%
Total Interest-Bearing Liabilities 4,262,685 22,887 2.14%
-------------------------------
Net Interest Income/Interest Rate Spread $35,106 2.94%
Net Interest Margin 3.08%
COMMERCIAL CAPITAL BANK, FSB
Selected Financial Data
(Dollars in Thousands)
Mar. 31, Dec. 31,
2005 2004
---------------------------------------------------------------------
ASSETS
---------------------------------------------------------------------
Cash and Bank Accounts $72,805 $16,609
Securities 462,937 489,371
FHLB Stock 97,007 96,046
Loans
Single Family 209,480 841,818
Multi-family 2,629,668 2,396,788
Commercial Real Estate 440,088 420,015
Construction 225,650 225,058
Land 48,182 56,308
---------------------
Total Real Estate Loans 3,553,068 3,939,987
Business & Other Loans 19,251 16,360
---------------------
Total Loans Held for Investment 3,572,319 3,956,347
Net Deferred Fees, Premiums and Discounts (2,689) (3,326)
Allowance for Loan Losses (28,743) (36,835)
---------------------
Total Loans Held for Investment, Net 3,540,887 3,916,186
Loans Held For Sale 611,576 -
---------------------
Total Loans 4,152,463 3,916,186
Other Assets 500,496 489,183
---------------------
TOTAL ASSETS $5,285,708 $5,007,395
=====================================================================
LIABILITIES AND STOCKHOLDER'S EQUITY
=====================================================================
Deposits
Demand Deposits -- Non-Interest $125,973 $101,119
Demand Deposits -- Interest 78,611 78,003
Money Market Checking 669,359 478,505
Money Market Savings 195,875 245,306
Savings 281,766 336,474
---------------------
Total Transaction Deposits 1,351,584 1,239,407
Total Time Deposits 1,048,408 1,025,723
---------------------
Total Deposits 2,399,992 2,265,130
Borrowings 2,076,338 1,957,349
Other Liabilities 58,507 55,530
---------------------
TOTAL LIABILITIES 4,534,837 4,278,009
STOCKHOLDER'S EQUITY 750,871 729,386
---------------------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $5,285,708 $5,007,395
=====================================================================
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