Commercial Capital Bancorp, Inc. Announces Record Fourth Quarter and Annual Earnings of $0.31 and $1.00 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)--Jan. 27, 2003 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. Completed, 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. Reach $749 Million and Efficiency Ratio Declines to 32% 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, FSB (FrontSide Bus) See system bus. FSB - front side bus (the "Bank"), Financial Institutional Partners Mortgage Corporation ("FIPMC"), 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 net income of $3.2 million, or $0.31 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 fourth quarter ended December December: see month. 31, 2002, compared to net income of $728,000, or $0.08 per diluted share, for the fourth quarter of 2001. The Company's net income for the year ended December 31, 2002 was $9.7 million, or $1.00 per diluted share, compared to net income of $1.6 million, or $0.17 per diluted share, for the year ended December 31, 2001. CCBI's return on average equity and return on average assets for the fourth quarter of 2002 was 29.03% and 1.59%, respectively, compared to 10.59% and 0.95%, for the fourth quarter of 2001. CCBI's return on average equity and return on average assets for the year ended December 31, 2002 was 27.69% and 1.50%, respectively, compared to 5.98% and 0.66%, for the year ended December 31, 2001. The Company discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: the amortization of goodwill in 2002 due to the adoption of a new accounting standard. Excluding the amortization of goodwill, the Company would have had net income of $918,000 and $2.3 million for the fourth quarter and year ended December 31, 2001, respectively. Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and H. Gordon Gordon, river in W Tasmania, Australia, 125 mi (200 km) long. Flowing from mountains to the W coast, its main tributaries are the Franklin and Denison from the N, and Serpentine and Olga to the S. , Chairman and Chief Executive Officer, stated, "We are very pleased to have been able to successfully achieve many of our goals for the year including record earnings, loan originations, deposit growth and continued outstanding asset quality. When combined with the completion of the Company's IPO in December, along with the strengthening of the executive management team in the areas of corporate risk management and relationship banking, the foundation and scale has been established to support continued organic growth." Gordon added, "We look forward to implementing our plans for the coming year including deploying the capital raised in the IPO to support continued loan and securities growth and further developing our relationship banking franchise and core deposit funding. To support this deposit growth, we plan to selectively open branches in areas where there is a high concentration of our existing or targeted clientele of middle market commercial businesses, income-property real estate investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. , high net-worth individuals, families and professionals. Additionally, we plan to continue to grow and mature our loan origination operation, capitalizing on the strong market position we already hold." ($ in 000's, except Q4 Q3 Q4 Year Ended Year Ended per share data) 2002 2002 2001 12/31/2002 12/31/2001 Net income $ 3,209 $ 2,624 $ 728 $ 9,710 $ 1,556 Basic EPS 0.33 0.29 0.08 1.07 0.18 Diluted EPS 0.31 0.27 0.08 1.00 0.17 Net interest income 6,270 5,633 2,513 20,918 6,631 Net interest margin 3.27% 3.26% 3.46% 3.38% 3.06% Noninterest income $ 2,615 $ 2,507 $1,759 $ 7,615 $ 4,942 Noninterest expense 3,116 3,383 2,518 10,531 7,507 Total revenues 14,021 13,226 6,713 46,182 20,821 Return on average equity 29.03% 29.19% 10.59% 27.69% 5.98% Return on average assets 1.59 1.45 0.95 1.50 0.66 Efficiency ratio 32.05 38.00 69.62 35.00 66.60 Some of the Company's 2002 highlights include: -- The Company's net income increased 22% to $3.2 million for the fourth quarter of 2002, from $2.6 million for the third quarter of 2002. The Company's net income grew at a compounded quarterly growth rate of 58% for the year ended December 31, 2002. -- The Company's total revenues, defined as interest income plus noninterest income, increased 6% to $14.0 million for the fourth quarter of 2002, from $13.2 million for the third quarter of 2002. The Company's total revenues grew at a compounded quarterly growth rate of 22% for the year ended December 31, 2002. -- The Company's consolidated assets increased 13% to $849.5 million at December 31, 2002, from $753.0 million at September 30, 2002. The Company's consolidated assets grew at a compounded quarterly growth rate of 19% for the year ended December 31, 2002. -- The Company's money market deposits increased 16% to $176.2 million at December 31, 2002, from $152.3 million at September 30, 2002. -- FIPMC loan originations increased 7% to a record $199.2 million of multi-family and commercial real estate loans during the fourth quarter of 2002, from $185.5 million for the third quarter of 2002. FIPMC originations grew at a compounded quarterly growth rate of 12%, totaling a record $748.6 million, for the year ended December 31, 2002. -- The Company had no non-performing assets at December 31, 2002, and no loan was more than 60 days past due. On December 20, 2002, the Company completed its initial public offering ("IPO") of 5,000,000 shares of its common stock at $8.00 per share, resulting in the receipt of $35.8 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 of the offerings. At December 31, 2002, the Company had 13,978,858 shares of common stock outstanding(a). For the purpose of calculating 2002 performance ratios, the weighted average basic and diluted shares outstanding for the fourth quarter of 2002 were 9,623,732 and 10,309,944, respectively, and for the year ended December 31, 2002 were 9,115,684 and 9,728,918, respectively. Since the IPO was not completed until December 20, 2002, the Company's results of operations do not reflect any material impact on earnings from the planned deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. of the IPO proceeds. Net Interest Income The Company's net interest income was $6.3 million and $20.9 million for the fourth quarter and year ended December 31, 2002, respectively, compared to $2.5 million and $6.6 million for the fourth quarter and year ended December 31, 2001, respectively. The Company's net interest margin was 3.27% and 3.38% for the fourth quarter and year ended December 31, 2002, respectively, compared to 3.46% and 3.06% for the fourth quarter and year ended December 31, 2001, respectively. 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 27 basis points to 5.94% during the quarter ended December 31, 2002, from 6.21% during the quarter ended September September: see month. 30, 2002. The Company's cost of interest bearing liabilities declined 27 basis points to 2.72% during the fourth quarter of 2002, from 2.99% during the quarter ended September 30, 2002. The decline in asset yields during the quarter ended December 31, 2002 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 most 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 market. The decline in the cost of interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid liabilities during the fourth quarter of 2002 reflects the Company's ability to lower its rate of interest paid on money market 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 "). During the fourth quarter of 2002, 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 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 higher costing fixed rate advances from the FHLB and replacing them with lower costing, longer duration, fixed rate advances. During the fourth quarter of 2002, the Company prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. $35 million of
fixed rate FHLB advances, and reduced borrowing costs on these advances
by 105 basis points. The Company also benefited from the 50 basis point
Fed cut that occurred in November November: see month. 2002, which subsequently lowered the
interest expense incurred on its repurchase agreements Repurchase agreementAn 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. , trust preferred securities, and approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $30 million of deposits which are tied to the six month treasury bill. The Company cut the rate of interest paid on its money market accounts in mid-October n. 1. the middle part of October. Noun 1. mid-October - the middle part of October 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" , early November, and late December for a cumulative reduction of 60 basis points on balances of $50,000 or more, the full impact of which will be seen in the first quarter of 2003. The Company had an average balance of money market deposits of $164.4 million for the fourth quarter of 2002. Noninterest Income Noninterest income was $2.6 million and $7.6 million for the fourth quarter and year ended December 31, 2002, respectively, compared to $1.8 million and $4.9 million for the fourth quarter and year ended December 31, 2001, respectively. While noninterest income continues to increase, its contribution to total revenues represents a lower percentage to total revenues as the growth of the Company's balance sheet contributes larger amounts of interest income. Noninterest income contributed 19% and 16% to total revenues for the fourth quarter and year ended December 31, 2002, respectively, compared to 26% and 24% for the fourth quarter and year ended December 31, 2001, respectively. The Company's noninterest income included gains on sales of securities of $396,000 and $1.0 million for the fourth quarter and year ended December 31, 2002, respectively, compared to $932,000 and $1.4 million for the fourth quarter and year ended December 31, 2001, respectively. Excluding the gains on sales of securities, which are not considered to be part of the Company's core operations, noninterest income increased 168% and 87% to $2.2 million and $6.6 million for the quarter and year ended December 31, 2002, respectively, compared to $827,000 and $3.5 million for the quarter and year ended December 31, 2001, respectively. The Company's noninterest income, excluding gains on sales of securities, for the year ended December 31, 2002 consisted of $4.6 million of ongoing cash gains on sales of loans, $439,000 in net mortgage banking fees, $657,000 in securities brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. fees, and $916,000 in 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 The increase in noninterest income for the 2002 periods compared to the 2001 periods is primarily due to higher volume of loan originations and cash loan sales achieved by FIPMC, as well as the earnings contribution of ComCap, which was acquired on July July: see month. 1, 2002. Noninterest Expenses The Company's efficiency ratio declined to 32.05% and 35.00% for the fourth quarter and year ended December 31, 2002, respectively, compared to 69.62% and 66.60% for the fourth quarter and year ended December 31, 2001, respectively. The Company defines its efficiency ratio as noninterest expenses, excluding goodwill amortization and costs associated with the early extinguishment of debt, as a percentage of net interest income and noninterest income, excluding gains on sales of securities. General and administrative expenses declined to 1.35% and 1.49% of total average assets for the fourth quarter and year ended December 31, 2002, respectively, compared to 3.02% and 2.88% for the same periods in 2001, respectively. The Company's noninterest expenses, excluding goodwill amortization in the 2001 periods and costs associated with the early extinguishment of debt in the 2002 periods, totaled $2.7 million and $9.6 million for the fourth quarter and year ended December 31, 2002, respectively, compared to $2.3 million and $6.8 million for the fourth quarter and year ended December 31, 2001, respectively. The increase during the year ended 2002 compared to the year ended 2001 is primarily due to higher personnel costs, including expenses incurred due to securities brokerage commissions paid by ComCap, and additional marketing costs in connection with the Bank's money market accounts growth. During the fourth quarter and year ended December 31, 2002, the Company recorded $395,000 and $903,000, respectively, in costs associated with the early extinguishment of fixed rate FHLB advances. Balance Sheet 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 $849.5 million at December 31, 2002, an increase of 13% and 100% from $753.0 million and $423.7 million at September 30, 2002 and December 31, 2001, respectively. The increase in assets during the three-months ended December 31, 2002 was primarily due to a $62.7 million increase in its loans held for investment portfolio. The Bank purchased $81.5 million in loans from FIPMC during the fourth quarter of 2002. Total loans, which include loans held for investment and loans held for sale, net of allowances, totaled $487.5 million, an increase of 9% and 102% from $447.4 million and $241.2 million at September 30, 2002 and December 31, 2001, respectively. Additionally, the Company increased its securities portfolio to $310.1 million, an increase of 30% and 159% from $238.3 million and $119.7 million at September 30, 2002 and December 31, 2001, respectively. The balance sheet growth during the fourth quarter of 2002 was partially offset by deploying $26 million of fed funds fed funds See federal funds. sold on the Company's balance sheet at September 30, 2002. The Company's deposits totaled $312.3 million at December 31, 2002, a decrease of 5% and an increase of 164% from $328.1 million and $118.3 million at September 30, 2002 and December 31, 2001, respectively. The increase in deposits from December 31, 2001 is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the Bank's introduction of its Prime Money Market account in March 2002 and the Maximum Money Market account in September 2002. The increase in money market deposits has significantly changed the Company's deposit mix with transaction accounts now accounting for more than 59% of total deposits at December 31, 2002 versus 13% at December 31, 2001. Of the Company's money market deposits at December 31, 2002, the majority was 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 21% of the total. As a result of the current unprecedented interest rate environment, management made the decision during the fourth quarter of 2002 to replace maturing short duration certificates of deposit with low cost, longer duration FHLB advances, resulting in a decrease in total deposits, while contributing to a lower overall 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. and a longer duration of liabilities should interest rates eventually rise. The Company continues to focus on attracting money market deposits and other transaction accounts, which increased $23.1 million, or 14% during the quarter. Borrowings totaled $452.0 million, an increase of 19% and 64% from $380.9 million and $274.8 million at September 30, 2002 and December 31, 2001, respectively. FHLB advances totaled $289.1 million, an increase of 35% and 125% from $213.4 million and $128.7 million at September 30, 2002 and December 31, 2001, respectively. Repurchase agreements totaled $111.0 million, an increase of 12% and 41% from $99.4 million and $78.8 million at September 30, 2002 and December 31, 2001, respectively. Trust preferred securities totaled $35.0 million, an increase of 133% from $15.0 million at December 31, 2001. The Company's loans held for sale were funded by a warehouse line of credit. 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 $77.6 million, an increase of 104% and 190% from $38.0 million and $26.8 million at September 30, 2002, and December 31, 2001, respectively. Loan Originations FIPMC loan originations increased 7% to a record $199.2 million of multi-family and commercial real estate loans during the fourth quarter of 2002, from $185.5 million for the third quarter of 2002. FIPMC loan originations increased 55% to a record $748.6 million of multi-family and commercial real estate loans during the year ended December 31, 2002, from $483.0 million for the year ended December 31, 2001. For the fourth quarter of 2002, loan refinances accounted for 70% of total originations, which was unchanged from the fourth quarter of 2001. For the year ended December 31, 2002, loan refinances declined to 63% of total originations, from 67% for the year ended December 31, 2001. FIPMC 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 December 31, 2002, $2.0 billion in loans. Consolidated loan originations, which include loans originated by the Bank, increased by 45% and 54% to $200.3 million and $760.7 million of loans during the fourth quarter and year ended December 31, 2002, respectively, compared to $138.6 million and $494.9 million during the fourth quarter and year ended December 31, 2001. 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 middle market commercial businesses, income-property real estate investors, high net-worth individuals, families and professionals. At December 31, 2002, CCBI had total assets of $849.5 million, and its subsidiary, Commercial Capital Bank, 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 June June: see month. 30, 2002 (source: www.fdic.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. ). The Bank has three full service branches located at the Company's headquarters in Irvine, Riverside, and in 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:
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 September 30, 2002, has originated approximately $2.0 billion in multi-family and commercial real estate loans since its inception through December 31, 2002 and has loan origination offices in 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. , 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. , Woodland Hills, Los Angeles, Irvine and 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. . ComCap, a 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. , January January: see month. 27, 2003, at 10:30 EST EST electroshock therapy. EST abbr. electroshock therapy at www.commercialcapital.com or by dialing 800/299-0148, passcode 877287. 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. (a) In January 2003, the underwriters of CCBI's IPO, 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 and increased capital after adjusting for underwriting discounts and expenses of the offerings. This additional transaction increased the Company's outstanding shares of common stock to 14,353,858.
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED QUARTERLY STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
THREE MONTHS ENDED
DEC. 31, DEC. 31,
2002 2001
Interest Income
Interest on Real Estate Loans $ 7,389 $ 3,503
Interest on Other Loans 211 119
Interest on Investments 3,806 1,332
Total Interest Income 11,406 4,954
Interest Expense
Interest on Deposits 2,135 970
Interest on FHLB Advances 1,817 806
Interest on Repurchase Agreements 459 284
Interest on Trust Preferred Securities 503 86
Interest on Warehouse Line Advances 222 295
Total Interest Expense 5,136 2,441
Net Interest Income 6,270 2,513
Provision for Loan Losses 358 283
Net Interest Income after Provision for Loan
Losses 5,912 2,230
Noninterest Income
Mortgage Banking Fees 53 10
Gain on Sale of Loans 1,595 735
Banking and Servicing Fees 159 54
Trust Fees 62 28
Other Income 157 -
Gain on Sale of Securities 396 932
Securities Brokerage Fees 193 -
Total Noninterest Income 2,615 1,759
Noninterest Expenses
Personnel 1,618 1,711
Occupancy 199 149
General Operating 904 468
Total G&A Expenses 2,721 2,328
Goodwill Amortization - 190
Early Extinguishment of Debt 395 -
Total Noninterest Expenses 3,116 2,518
Income Before Taxes 5,411 1,471
Income Tax Expense 2,202 694
Income Before Minority Interest 3,209 777
Income to Minority Interest - 49
Net Income $ 3,209 $ 728
Net Income excluding goodwill amortization $ 3,209 $ 918
Operating Data At or For the Three
Months Ended
Performance Ratios and Other Data: DEC. 31, DEC. 31,
2002 2001
Earnings per share - Basic $ 0.33 $ 0.08
Earnings per share - Diluted 0.31 0.08
Weighted average shares outstanding -- Basic 9,623,732 8,843,824
Weighted average shares outstanding -- Diluted 10,309,944 9,167,337
Return on average assets 1.59% 0.95%
Return on average stockholders' equity 29.03 10.59
Interest rate spread 3.22 3.19
Net interest margin 3.27 3.46
Efficiency ratio 32.05 69.62
G&A to average assets 1.35 3.02
Total loan originations $200,258 $138,569
FIPMC loan originations only 199,208 136,894
Bank loan originations only 1,050 1,675
Total FIPMC loan sale settlements 221,748 113,346
FIPMC loan purchases by Bank 81,480 55,525
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
YEAR ENDED
DEC. 31, DEC. 31,
2002 2001
Interest Income
Interest on Real Estate Loans $24,504 $11,387
Interest on Other Loans 747 491
Interest on Investments 13,316 4,001
Total Interest Income 38,567 15,879
Interest Expense
Interest on Deposits 6,651 3,923
Interest on FHLB Advances 6,162 2,864
Interest on Repurchase Agreements 1,916 668
Interest on Trust Preferred Securities 1,794 86
Interest on Warehouse Line Advances 1,126 1,707
Total Interest Expense 17,649 9,248
Net Interest Income 20,918 6,631
Provision for Loan Losses 1,609 686
Net Interest Income after Provision for Loan
Losses 19,309 5,945
Noninterest Income
Mortgage Banking Fees 439 645
Gain on Sale of Loans 4,577 2,671
Banking and Servicing Fees 403 114
Trust Fees 198 88
Other Income 315 -
Gain on Sale of Securities 1,026 1,424
Securities Brokerage Fees 657 -
Total Noninterest Income 7,615 4,942
Noninterest Expenses
Personnel 5,426 4,206
Occupancy 682 581
General Operating 3,520 1,972
Total G&A Expenses 9,628 6,759
Goodwill Amortization - 748
Early Extinguishment of Debt 903 -
Total Noninterest Expenses 10,531 7,507
Income Before Taxes 16,393 3,380
Income Tax Expense 6,683 1,716
Income Before Minority Interest 9,710 1,664
Income to Minority Interest - 108
Net Income 9,710 1,556
Net Income excluding goodwill amortization $ 9,710 $ 2,304
Operating Data At or For the Year
Ended
Performance Ratios and Other Data: DEC. 31, DEC. 31,
2002 2001
Earnings per share -- Basic $ 1.07 $ 0.18
Earnings per share -- Diluted 1.00 0.17
Weighted average shares outstanding -- Basic 9,115,684 8,680,976
Weighted average shares outstanding -- Diluted 9,728,918 9,003,856
Return on average assets 1.50% 0.66%
Return on average stockholders' equity 27.69 5.98
Interest rate spread 3.29 2.56
Net interest margin 3.38 3.06
Efficiency ratio 35.00 66.60
G&A to average assets 1.49 2.88
Total loan originations $760,745 $494,897
FIPMC loan originations only 748,631 483,048
Bank loan originations only 12,114 11,849
Total FIPMC loan sale settlements 782,506 452,571
FIPMC loan purchases by Bank 326,502 134,484
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)
DEC. 31, DEC. 31,
2002 2001
ASSETS
Cash and Bank Accounts $ 3,408 $ 1,664
Fed Funds - 35,850
Securities
MBS - Held To Maturity 2,042 -
MBS - Available For Sale 307,932 119,583
Other Investments - Available For Sale 100 102
Total Securities 310,074 119,685
FHLB Stock 15,701 6,367
Loans Held to Maturity
Single Family 4,134 7,802
Multifamily 399,928 150,338
Commercial Real Estate 57,858 23,674
Deferred Loan Fees (188) (49)
Premiums on Loans Purchased 167 262
Total Real Estate Loans 461,899 182,027
Business Loans 4,531 2,599
Business & Consumer Lines of Credit 5,386 5,223
Deferred Loan Fees (43) (22)
Consumer Loans 129 77
Total Loans 471,902 189,904
Allowance for Loan Losses (2,716) (1,107)
Total Loans Held to Maturity, Net 469,186 188,797
Loans Held for Sale 18,338 52,379
Fixed Assets - net 976 394
Foreclosed Assets - -
Accrued Interest Receivable 3,543 1,622
Goodwill 13,035 13,014
Other Assets 15,208 3,919
TOTAL ASSETS $849,469 $423,691
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand Deposit $ 6,905 $ 6,460
Money Market 176,194 5,179
Savings 2,109 3,918
Total Transaction Deposits 185,208 15,557
Retail Time Deposits 109,029 97,782
Broker Time Deposits 18,042 5,000
Total Time Deposits 127,071 102,782
Total Deposits 312,279 118,339
Borrowings
FHLB Advances 289,139 128,690
Securities Sold Under Agreements to
Repurchase 110,993 78,752
Trust Preferred Securities 35,000 15,000
Warehouse Lines of Credit 16,866 52,389
Total Borrowings 451,998 274,831
Other Liabilities 7,589 3,719
TOTAL LIABILITIES 771,866 396,889
STOCKHOLDERS' EQUITY 77,603 26,802
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $849,469 $423,691
Operating Data At or For the Year
Ended
Performance Ratios and Other Data: DEC. 31, DEC. 31,
2002 2001
Average assets $647,308 $234,456
Average interest earning assets 619,457 217,051
Average interest bearing liabilities 601,719 194,240
Average stockholders' equity 35,061 26,020
Equity to assets at end of period 9.14% 6.33%
Tangible equity to assets at end of period 7.60 3.25
Nonperforming assets - -
Net charge-offs - -
Allowance for loan losses to total loans held for
investment at end of period 0.58 0.58
Per Share Data
Common shares outstanding at end of period 13,978,858 8,845,764
Book value per share $5.55 $3.03
Tangible book value per share 4.62 1.56
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED QUARTERLY STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
THREE MONTHS ENDED
DEC. 31, SEPT. 30, JUNE 30, MAR. 31,
2002 2002 2002 2002
Interest Income
Interest on Real Estate Loans $7,389 $6,551 $5,866 $4,698
Interest on Other Loans 211 180 195 161
Interest on Investments 3,806 3,988 3,225 2,297
Total Interest Income 11,406 10,719 9,286 7,156
Interest Expense
Interest on Deposits 2,135 2,119 1,394 1,002
Interest on FHLB Advances 1,817 1,674 1,512 1,159
Interest on Repurchase
Agreements 459 528 500 429
Interest on Trust Preferred
Securities 503 513 520 259
Interest on Warehouse Line
Advances 222 252 339 313
Total Interest Expense 5,136 5,086 4,265 3,162
Net Interest Income 6,270 5,633 5,021 3,994
Provision for Loan Losses 358 437 293 521
Net Interest Income after
Provision for Loan Losses 5,912 5,196 4,728 3,473
Noninterest Income
Mortgage Banking Fees 53 127 67 192
Gain on Sale of Loans 1,595 1,096 1,118 768
Banking and Servicing Fees 159 109 58 77
Trust Fees 62 52 48 36
Other Income 157 85 73 -
Gain on Sale of Securities 396 574 56 -
Securities Brokerage Fees 193 464 - -
Total Noninterest Income 2,615 2,507 1,420 1,073
Noninterest Expenses
Personnel 1,618 1,624 1,120 1,064
Occupancy 199 190 148 145
General Operating 904 1,061 902 653
Total G&A Expenses 2,721 2,875 2,170 1,862
Early Extinguishment of Debt 395 508 - -
Total Noninterest Expenses 3,116 3,383 2,170 1,862
Income Before Taxes 5,411 4,320 3,978 2,684
Income Tax Expense 2,202 1,696 1,646 1,139
Net Income $3,209 $2,624 $2,332 $1,545
Operating Data At or For the Three Months Ended
Performance Ratios DEC. 31, SEPT. 30, JUNE 30, MAR. 31,
and Other Data: 2002 2002 2002 2002
Earnings per share -- Basic $0.33 $0.29 $0.26 $0.17
Earnings per share -- Diluted 0.31 0.27 0.24 0.17
Weighted average shares
outstanding -- Basic 9,623,732 8,964,868 8,950,628 8,917,403
Weighted average shares
outstanding -- Diluted 10,309,944 9,659,467 9,617,546 9,233,206
Return on average assets 1.59% 1.45% 1.54% 1.35%
Return on average
stockholders' equity 29.03 29.19 29.94 21.37
Interest rate spread 3.22 3.22 3.36 3.46
Net interest margin 3.27 3.26 3.46 3.64
Efficiency ratio 32.05 38.00 33.99 36.75
G&A to average assets 1.35 1.59 1.44 1.63
Total loan originations $200,258 $189,290 $179,126 $192,071
FIPMC loan originations only 199,208 185,490 179,012 184,921
Bank loan originations only 1,050 3,800 114 7,150
Total FIPMC loan sale
settlements 221,748 189,653 177,147 193,958
FIPMC loan purchases by
Bank 81,480 83,323 63,702 97,997
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)
DEC. 31, SEPT. 30, JUNE 30, MAR. 31,
2002 2002 2002 2002
ASSETS
Cash and Bank Accounts $3,408 $2,763 $5,058 $1,156
Fed Funds - 26,000 700 68,970
Securities
MBS - Held To Maturity 2,042 2,048 2,053 2,057
MBS - Available For Sale 307,932 236,115 226,007 174,482
Other Investments -
Available For Sale 100 101 102 102
Total Securities 310,074 238,264 228,162 176,641
FHLB Stock 15,701 10,832 9,515 9,405
Loans Held to Maturity
Single Family 4,134 4,425 5,242 7,052
Multifamily 399,928 341,555 283,634 235,723
Commercial Real Estate 57,858 49,152 36,910 30,113
Deferred Loan Fees (188) (70) (57) (39)
Premiums on Loans
Purchased 167 186 214 236
Total Real Estate
Loans 461,899 395,248 325,943 273,085
Business Loans 4,531 4,714 4,415 5,457
Business & Consumer
Lines of Credit 5,386 8,864 5,430 5,394
Deferred Loan Fees (43) (49) (39) (55)
Consumer Loans 129 58 68 63
Total Loans 471,902 408,835 335,817 283,944
Allowance for Loan Losses (2,716) (2,358) (1,921) (1,628)
Total Loans Held to
Maturity, Net 469,186 406,477 333,896 282,316
Loans Held for Sale 18,338 40,914 45,028 43,156
Fixed Assets - net 976 915 466 444
Foreclosed Assets - - - -
Accrued Interest
Receivable 3,543 3,189 2,942 2,437
Goodwill 13,035 13,035 13,014 13,014
Other Assets 15,208 10,570 10,335 4,669
TOTAL ASSETS $849,469 $752,959 $649,116 $602,208
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand Deposit $6,905 $8,048 $6,302 $6,115
Money Market 176,194 152,317 64,934 6,663
Savings 2,109 1,760 2,040 2,935
Total Transaction
Deposits 185,208 162,125 73,276 15,713
Retail Time Deposits 109,029 147,906 159,847 139,573
Broker Time Deposits 18,042 18,042 23,042 18,042
Total Time Deposits 127,071 165,948 182,889 157,615
Total Deposits 312,279 328,073 256,165 173,328
Borrowings
FHLB Advances 289,139 213,432 172,974 179,745
Securities Sold Under
Agreements to Repurchase 110,993 99,445 106,689 136,835
Trust Preferred Securities 35,000 35,000 35,000 35,000
Warehouse Lines of Credit 16,866 33,057 40,409 43,336
Total Borrowings 451,998 380,934 355,072 394,916
Other Liabilities 7,589 5,963 4,468 5,725
TOTAL LIABILITIES 771,866 714,970 615,705 573,969
STOCKHOLDERS' EQUITY 77,603 37,989 33,411 28,239
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $849,469 $752,959 $649,116 $602,208
Operating Data At or For the Three Months Ended
Performance Ratios and Other DEC. 31, SEPT. 30, JUNE 30, MAR. 31,
Data: 2002 2002 2002 2002
Average assets $805,901 $721,753 $604,586 $456,990
Average interest earning
assets 767,719 690,965 579,968 439,182
Average interest bearing
liabilities 748,053 675,680 562,775 419,584
Average stockholders' equity 44,217 35,959 31,151 28,918
Equity to assets at end of
period 9.14% 5.05% 5.15% 4.69%
Tangible equity to assets at
end of period 7.60 3.31 3.14 2.53
Nonperforming assets $- $- $- $-
Net charge-offs - - - -
Allowance for loan losses to
total loans held for
investment at end of period 0.58% 0.58% 0.57% 0.57%
Per Share Data
Common shares outstanding at
end of period 13,978,858 8,964,868 8,964,868 8,971,763
Book value per share $5.55 $4.24 $3.73 $3.15
Tangible book value per share $4.62 2.78 2.28 1.70
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