Commercial Capital Bancorp Inc. Announces Record Second Quarter Earnings of $0.30 Per Share on Net Income of $4.7 Million.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)--July 28, 2003 Total Assets Reach $1.4 Billion and Efficiency Ratio Declines to 29% Commercial Capital Bancorp, Inc. ("CCBI CCBI Cleveland Community Building Initiative CCBI Central City Business Institute (Syracuse, NY) " or the "Company"), (Nasdaq:CCBI), the holding company for Commercial Capital Bank (the "Bank"), Commercial Capital Mortgage, Inc. ("CCM CCM Contemporary Christian Music CCM Critical Care Medicine CCM County College of Morris (New Jersey) CCM Chama Cha Mapinduzi (political party, Tanzania) CCM CORBA Component Model "), 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"), and Commercial Capital Asset Management, Inc. ("CCAM Congenital cystic adenomatoid malformation (CCAM) A condition in which one or more lobes of the fetal lungs develop into fluid-filled sacs called cysts. Mentioned in: Prenatal Surgery ") announced today record net income of $4.7 million, or $0.30 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 second quarter ended June June: see month. 30, 2003, an increase of 100% and 25%, respectively, from $2.3 million and $0.24 per diluted share, for the second quarter of 2002. The Company's net income for the six-month period ended June 30, 2003 was $8.9 million, or $0.59 per diluted share, an increase of 130% and 44%, respectively, from $3.9 million and $0.41 per diluted share, for the six-month period ended June 30, 2002. CCBI's return on average equity and return on average assets for the second quarter of 2003 was 21.08% and 1.48%, respectively, compared to 20.60% and 1.70%, for the first quarter of 2003. CCBI's return on average equity and return on average assets for the six-month period ended June 30, 2003 now stands at 20.85% and 1.58%, respectively. Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and H. Gordon Gordon, river in W Tasmania, Australia, 125 mi (200 km) long. Flowing from mountains to the W coast, its main tributaries are the Franklin and Denison from the N, and Serpentine and Olga to the S. , Chairman and Chief Executive Officer, stated, "The second quarter's improved financial performance was highlighted again by strong growth in core components of the Company's balance sheet, with no compromise to asset quality. Higher earnings per share resulted from the growth in net income more than compensating for the increase in weighted average shares outstanding. The previously announced realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of our lending operations, which enables the Bank to retain up to 100% of its 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. , is resulting in the Company experiencing significant growth in net interest income driven by record growth in loans held for investment. We believe the benefits of the realignment will include sustainable financial improvements in future quarters as we strategically transition proceeds from sales of and cash flows received from front-loaded growth in lower yielding mortgage backed securities into the Company's higher yielding loan originations." Gordon added, "During the quarter, we continued to proactively manage the Company's balance sheet with particular focus on extending the duration of our deposits and borrowings, while lowering our 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. . The Company's efficiency ratio declined further to 29%, as strong revenue growth continued to outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, lower growth in expenses.
($ in 000's, except per share data)
Q2 Q1 Q2 Year to Year to
Date Date
2003 2003 2002 6/30/2003 6/30/2002
Net income $ 4,675 $ 4,239 $ 2,332 $ 8,914 $ 3,877
Basic EPS 0.32 0.30 0.26 0.62 0.43
Diluted EPS 0.30 0.28 0.24 0.59 0.41
Net interest income 9,999 8,064 5,021 18,063 9,015
Net interest margin 3.29% 3.39% 3.46% 3.34% 3.54%
Noninterest income $ 3,034 $ 3,215 $ 1,420 $ 6,249 $ 2,493
Noninterest expense 4,574 3,545 2,170 8,119 4,032
Total revenues 19,332 16,606 10,706 35,938 18,935
Return on average
equity 21.08% 20.60% 29.94% 20.85% 25.82%
Return on average
assets 1.48 1.70 1.54 1.58 1.46
Efficiency ratio 29.18 30.08 33.69 29.60 35.04
Some of the Company's second quarter 2003 highlights and achievements include: -- The Company's consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: assets increased 20% to $1.4 billion at June 30, 2003, from $1.2 billion at March 31, 2003, and 117% from $649.1 million, at June 30, 2002. Average assets increased 26% to $1.3 billion for the second quarter of 2003, from $1.0 billion for the first quarter of 2003, and 108% from $604.6 million for the second quarter 2002. Total assets grew 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. growth rate of 81% during the second quarter of 2003. -- The Company's loans held for investment increased 22% to $697.0 million at June 30, 2003, from $572.8 million at March 31, 2003, and 109% from $333.9 million, at June 30, 2002. The Company retained 76% of its loan originations during the second quarter of 2003, compared to 49% during the first quarter of 2003 and 36% of its loan originations during the second quarter of 2002. Total loans held for investment grew at an annualized growth rate of 87% during the second quarter of 2003. As a result of the previously announced realignment of the Company's lending operations, the Company anticipates retaining a greater percentage of its loan fundings than it was able to prior to the realignment. -- The Company's total deposits increased 30% to $529.6 million at June 30, 2003, from $408.0 million at March 31, 2003, and 107% from $256.2 million at June 30, 2002. Transaction accounts increased 24% to $292.0 million at June 30, 2003, from $234.8 million at March 31, 2003, and 299% from $73.3 million at June 30, 2002. Money market deposits increased 25% to $278.5 million at June 30, 2003, from $222.2 million at March 31, 2003, and 329% from $64.9 million at June 30, 2002. Total deposits grew at an annualized growth rate of 119% during the second quarter of 2003. -- The Company's total revenues, defined as interest income plus noninterest income, increased 16% to $19.3 million for the second quarter of 2003, from $16.6 million for the first quarter of 2003, and 81% from $10.7 million for the second quarter of 2002. Total revenues grew at an annualized growth rate of 66% during the second quarter of 2003. -- The Company's efficiency ratio declined to 29.18% for the second quarter of 2003, from 30.08% for the first quarter of 2003, and 33.69% for the second quarter of 2002. The Company defines its efficiency ratio as general and administrative expenses as a percentage of net interest income and noninterest income. General and administrative expenses as a percentage of average assets declined to 1.21% for the second quarter of 2003 from 1.36% for the first quarter of 2003, and 1.44% for the second quarter of 2002. -- The Company's net income increased 10% to $4.7 million for the second quarter of 2003, from $4.2 million for the first quarter of 2003, and 100% from $2.3 million for the second quarter of 2002. Net income grew at an annualized growth rate of 41% during the second quarter of 2003. The Company's return on average equity increased to 21.08% for the second quarter of 2003, from 20.60% for the first quarter of 2003. -- The Company's banking subsidiary, Commercial Capital Bank, was the fastest growing bank 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). for the 36-month period ended March 31, 2003, 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. 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 12-month period ended March 31, 2003, according to information available from Dataquick Information Systems. Net Interest Income The Company's net interest income increased 99% and 100% to $10.0 million and $18.1 million for the three and six-month periods ended June 30, 2003, respectively, from $5.0 million and $9.0 million for the three and six-month periods ended June 30, 2002, respectively. The Company's net interest margin was 3.29% and 3.34% for the three and six-month periods ended June 30, 2003, respectively, compared to 3.46% and 3.54% for the three and six-month periods ended June 30, 2002, respectively. The Company's interest rate spread and net interest margin for the first quarter ended March 31, 2003 were 3.23% and 3.39%, respectively. The decline in interest rate spread and net interest margin from the first quarter to the second quarter of 2003 was due to the purchase of lower-yielding mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. to further leverage the capital raised in the Company's recent 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. , thereby increasing the Company's net income, earnings per share and return on average equity. The Company anticipates net interest income expansion as it strategically transitions proceeds from sales of and cash flows received from the front-loaded growth in lower yielding mortgage-backed securities into the Company's higher yielding loan originations. 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 decreased to 5.36% and 5.48% for the three and six-month periods ended June 30, 2003, respectively, compared to 6.40% and 6.45% for the three and six-month periods ended June 30, 2002, respectively. The Company's cost of interest bearing liabilities decreased to 2.19% and 2.28% for the three and six-month periods ended June 30, 2003, respectively, compared to 3.04% and 3.05% for the three and six-month periods ended June 30, 2002, respectively. The Company's cost of funds, which includes the effect of noninterest bearing deposits, decreased to 2.17% and 2.27% for the three and six-month periods ended June 30, 2003, respectively, compared to 3.01% for both the three and six-month periods ended June 30, 2002. The decline in asset yields during the second quarter of 2003 reflects the effects of growing the Company's balance sheet through the origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real of new 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. loans and the acquisition of additional mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises. Almost all of the Company's loans have interest rate floors. The decline in the cost of interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid liabilities during the second quarter of 2003 reflects the Company's ability to proactively 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 FHLB FHLB Federal Home Loan Bank advances, while prepaying shorter duration, higher costing FHLB advances. During the second quarter of 2003, the Company continued to take proactive steps in managing its net interest margin through the lowering of the cost and extending 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. In early April, the Company prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. $20 million of fixed rate FHLB
advances, and replaced those advances at a 129 basis points savings, and
in early May, the Company prepaid an additional $20 million of fixed
rate FHLB advances, and replaced those advances at a 201 basis points
savings. The Company also changed the composition of its borrowings by
reducing 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. by $65.6 million, and replacing them with longer duration, lower costing, fixed rate FHLB advances. The Company cut the rate of interest paid on its money market accounts in mid-April Noun 1. mid-April - the middle part of April 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" Apr, April - the month following March and preceding May , mid-May n. 1. the middle part of May. Noun 1. mid-May - the middle part of May period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" , and early June for a cumulative reduction of 30 basis points on balances of $50,000 or more. The Company had an average balance of money market deposits of $256.9 million during the second quarter of 2003. The full impact of these transactions will be seen in the third quarter of 2003. The Company also continued to benefit from the growth and changing mix of its time deposits through the extension of duration and lowering of interest costs during this unprecedented interest rate environment. Noninterest Income Noninterest income increased 114% and 151% to $3.0 million and $6.2 million for the three and six-month periods ended June 30, 2003, respectively, compared to $1.4 million and $2.5 million for the three and six-month periods ended June 30, 2002, respectively. The Company's noninterest income included gains on sales of securities of $1.5 million and $3.2 million for the three and six-month periods ended June 30, 2003, respectively, compared to $56,000 for both the three and six-month periods ended June 30, 2002. The Company's noninterest income for the three-month period ended June 30, 2003 also included $571,000 of cash gains on sales of loans, $285,000 in net mortgage banking fees, and $661,000 in other fees including miscellaneous banking, trust and securities brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. fee income. The gain on sales of loans represents cash gains received on sales to third parties. The reduction in gain on sales of loans, despite the increase in originations for the three-month period ended June 30, 2003 compared to the same 2002 period, reflects the Company's ability to now retain a greater percentage of its originations. Noninterest Expenses The Company's efficiency ratio declined to 29.18% and 29.60% for the three and six-month periods ended June 30, 2003, respectively, compared to 33.69% and 35.04% for the three and six-month periods ended June 30, 2002, respectively. General and administrative expenses declined to 1.21% and 1.28% of total average assets for the three and six-month periods ended June 30, 2003, respectively, compared to 1.44% and 1.52% for the three and six-month periods ended June 30, 2002, respectively. The Company's general and administrative expenses totaled $3.8 million and $7.2 million for the three and six-month periods ended June 30, 2003, respectively, compared to $2.2 million and $4.0 million for the three and six-month periods ended June 30, 2002, respectively. The increase during the three-month period ended June 30, 2003 compared to the three-month period ended June 30, 2002 is primarily due to higher personnel and occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal related to the growth of the Company, severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs and higher legal and other professional costs due to the Company being a public entity starting in December December: see month. 2002. During the three and six-month periods ended June 30, 2003, the Company recorded $771,000 and $923,000, respectively, in costs associated with the early extinguishment of fixed rate FHLB advances. Income Taxes The Company's effective tax rate was 39.93% and 40.20% for the three and six-month periods ended June 30, 2003, respectively, compared to 41.38% and 41.80% for the three and six-month periods ended June 30, 2002, respectively. The decline in the Company's effective tax rate includes 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 tax benefits from certain multi-family and commercial real estate loans located in California Enterprise Zones, as well as the recognition of affordable housing tax credits. Balance Sheet The Company had total consolidated assets of $1.4 billion at June 30, 2003, an increase of 20% and 117% from $1.2 billion and $649.1 million at March 31, 2003 and June 30, 2002, respectively. The increase in assets during the second quarter of 2003 was primarily due to a $124.1 million increase in its loans held for investment portfolio and a $134.3 million increase in its securities portfolio. The Company experienced its largest increase in loans held for investment during the second quarter of 2003 due to the realignment of its lending operations in April of 2003, as the Company retained 76% of its loan originations. Total loans, which include loans held for investment and loans held for sale, net of allowances, totaled $751.8 million, an increase of 16% and 98% from $649.8 million and $378.9 million at March 31, 2003 and June 30, 2002, respectively. Additionally, the Company increased its securities portfolio to $581.2 million, an increase of 30% and 155% from $446.9 million and $228.2 million at March 31, 2003 and June 30, 2002, respectively. The Company's deposits totaled $529.6 million at June 30, 2003, an increase of 30% and 107% from $408.0 million and $256.2 million at March 31, 2003 and June 30, 2002, respectively. The increase in deposits from June 30, 2002 is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the growth of the Bank's money market accounts and time deposits. The Company continued to successfully mature the composition of its deposit base as the focus on attracting money market deposits resulted in transaction accounts now accounting for more than 55% of total deposits at June 30, 2003 versus 29% at June 30, 2002. Of the Company's money market deposits at June 30, 2003, 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 $53.8 million or 19% of the total. The Company continues to focus on attracting money market deposits and other transaction accounts, which increased $57.2 million to $292.0 million, or 24% during the quarter. The Company's time deposits totaled $237.6 million at June 30, 2003, an increase of 37% and 30% from $173.3 million and $182.9 million at March 31, 2003 and June 30, 2002, respectively. Borrowings totaled $765.5 million, an increase of 18% and 116% from $648.7 million and $355.1 million at March 31, 2003 and June 30, 2002, respectively. FHLB advances totaled $606.7 million, an increase of 49% and 251% from $408.1 million and $173.0 million at March 31, 2003 and June 30, 2002, respectively. During the quarter, the Company utilized the opportunity presented by the unprecedented low interest rate environment to lower the cost and extend the duration of its liabilities at extraordinarily low rates, in anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, that rates may rise in the future. Repurchase agreements totaled $68.8 million, a decrease of 49% and 35% from $134.5 million and $106.7 million at March 31, 2003 and June 30, 2002, respectively. 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 $91.3 million, an increase of 8% and 173% from $84.8 million and $33.4 million at March 31, 2003, and June 30, 2002, respectively. In addition, the capital ratios of Commercial Capital Bank 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. Loan Originations and Portfolio Asset Quality The Company's consolidated loan originations during the second quarter of 2003 totaled $207.1 million, primarily consisting of multi-family and commercial real estate loans, compared to $179.1 million for the second quarter of 2002. The Company's loan originations increased 29% to a record $474.1 million during the six-month period ended June 30, 2003, from $368.3 million for the six-month period ended June 30, 2002. During the second quarter of 2003, loans funded by the Company to facilitate refinancing Refinancing An extension and/or increase in amount of existing debt. transactions declined to 59% of total multi-family and commercial real estate fundings, compared to 65% during the first quarter of 2003, which primarily consist of loans at other financial institutions. It is the Company's belief that its loan origination volumes are driven by the continued maturation maturation /mat·u·ra·tion/ (mach-u-ra´shun) 1. the process of becoming mature. 2. attainment of emotional and intellectual maturity. 3. of its franchise and less a result of the interest rate environment. The Company has originated, from its inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. through June 30, 2003, approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.5 billion in loans. The realignment of the Company's lending operations, which occurred on April 1, 2003, resulted in the Bank becoming the originator of most of the Company's loans, and enabled the Bank to hold a significantly increased percentage of the Company's loan originations. The Company retained for investment a record $157.8 million or 76% of its consolidated originations for the second quarter ended June 30, 2003, compared to $131.1 million or 49% for the first quarter ended March 31, 2003, and $63.8 million or 36% for the second quarter of 2002. CCM continues to actively maintain and utilize its independent, third-party provided, warehouse line of credit to fund and sell those loans which the Bank elects to assign to CCM for reasons which may include the Bank's loans to one borrower BORROWER, contracts. He to whom a thing is lent at his request. 2. The contract of loan confers rights, and imposes duties on the borrower' 1. In general, he has the right to use the thing borrowed, during the time and for the purpose intended between the limits, capital constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. , geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. concentrations or for other reasons as determined by management. The Company's average loan size for both the multi-family and commercial real estate loans held for investment portfolios at June 30, 2003 was $1.2 million. At June 30, 2003, the Company's multi-family real estate loans held for investment, at origination, had a weighted average loan to value of 69.2%, and a weighted average debt coverage ratio of 1.29, and commercial real estate loans, at origination, had a weighted average loan to value of 65.6%, and a weighted average debt coverage ratio of 1.35. The Company had one nonaccrual loan with a $205,000 outstanding balance as of June 30, 2003, which is the only nonperforming asset Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. at that date, and is currently performing 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 its restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). agreement. The Company's overall asset quality remained sound with no nonperforming or more than 30 days past due multi-family or commercial real estate loans as of June 30, 2003. The Company added $677,000 to the allowance for loan losses during the second quarter of 2003, increasing the allowance for loan losses to $4.0 million. 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, which includes income-property real estate investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. , middle market commercial businesses, and high net-worth individuals, families and professionals. At June 30, 2003, CCBI had total assets of $1.4 billion, was the 3rd largest multi-family lender LENDER, contracts. He from whom a thing is borrowed. 2. The contract of loan confers rights, and imposes duties on the lender. 1. The lender has the right to revoke the loan at his mere pleasure; 9 Cowen, R. 687; 8 Johns. Rep. 432; 1 T. R. 480; 2 Campb. Rep. in California during the 12 months ended March 31, 2003 (source: Dataquick Information Systems) and has originated approximately $2.5 billion in multi-family and commercial real estate loans through June 30, 2003. Commercial Capital Bank, the Company's bank subsidiary, was the fastest growing banking organization in California, based on percentage growth in total assets over the 36 months ended March 31, 2003 (source: www.fdic.gov). The Bank has full service banking offices located at the Company's headquarters in Irvine, Rancho ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. Santa Margarita Santa Margarita ("Saint Margaret") may refer to:
Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Corte Corte (Corsican Corti) in is a town and a commune in the Haute-Corse département in central Corsica, in France. It is the fourth-largest commune in Corsica (after Ajaccio, Bastia, and Porto-Vecchio), with a 1999 census population of 6,329 inhabitants. Madera (Marin Mar·in , John 1870-1953. American painter noted for his semiabstract watercolors, including Brooklyn Bridge. County), Oakland Oakland, city (1990 pop. 372,242), seat of Alameda co., W Calif., on the eastern side of San Francisco Bay; inc. 1852. Together with San Francisco and San Jose, the city comprises the fourth largest metropolitan area in the United States. , Burlingame Burlingame, city (1990 pop. 26,801), San Mateo co., W Calif., on San Francisco Bay; founded 1868, inc. 1908. Burlingame is mainly residential, with light manufacturing (plastic and metal products, furniture, and computers). The city is named for U.S. diplomat Anson Burlingame. , Woodland Hills, Encino, 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. , CA, and plans to open a banking office in La Jolla La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , CA in September September: see month. of 2003. Commercial Capital Mortgage, Inc., the Company's mortgage banking subsidiary, funds and sells those loans which the Bank elects to assign to CCM. ComCap Financial Services, Inc., the Company's NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). registered broker dealer, provides fixed income and mortgage-backed securities advisory and brokerage services to corporations, high net-worth individuals and other financial institutions. Commercial Capital Asset Management, Inc., the Company's asset management subsidiary, provides asset management services to alternative investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company , made available to accredited to attribute something to him; as, Mr. Clay was accredited with these views; they accredit him with a wise saying s>. See also: Accredit investors. Conference Call and Webcast Information Analysts and investors may listen to a discussion of the second quarter of 2003 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. Either Real Media or 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. Conference Call Date: Monday Monday: see week. , July July: see month. 28, 2003 Time: 7:30 a.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT (10:30 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) Phone Number (800) 884-5695 Access Code: 38858132 Webcast Date: Monday, July 28, 2003 Time: 7:30 a.m. PDT (10:30 a.m. EDT) Webcast URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : www.commercialcapital.com Real Media or Windows Media player required Replay information: for those who are unable to participate in the call or webcast, 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 site at www.commercialcapital.com beginning approximately 2 hours following the end of the call. The archive will be available until September Until September is a 1984 romantic drama set in France. It stars Karen Allen as an American tourist in Paris who falls in love with a married Frenchman (Thierry Lhermitte). External links 7, 2003. It is recommended that participants dial into the call, or log in to the webcast, approximately 5 to 10 minutes prior to the event. This Press Release and 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 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 environment; changes in business conditions, particularly in California real estate; volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the of rate sensitive deposits; asset/liability matching risks and liquidity risks; and changes in the securities markets. CCBI undertakes no obligation to revise or publicly release any revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. to these forward-looking statements.
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)
JUNE 30, JUNE 30,
2003 2002
ASSETS
Cash and Bank Accounts $2,218 $5,058
Fed Funds -- 700
Securities
MBS -- Held To Maturity -- 2,053
MBS -- Available For Sale 581,106 226,007
Other Investments -- Available For Sale 101 102
Total Securities 581,207 228,162
FHLB Stock 30,282 9,515
Loans Held for Investment
Single Family 3,239 5,242
Multifamily 610,202 283,634
Commercial Real Estate 78,620 36,910
Total Real Estate Loans 692,061 325,786
Business Loans 3,094 4,415
Business & Consumer Lines of Credit 6,185 5,430
Consumer Loans 79 68
Total Loans 701,419 335,699
Premiums on Loans Purchased 115 214
Unearned Net Loan Fees and Discounts (577) (96)
Allowance for Loan Losses (4,002) (1,921)
Total Loans Held for Investment, Net 696,955 333,896
Loans Held for Sale 54,890 45,028
Fixed Assets -- net 1,023 466
Foreclosed Assets -- --
Accrued Interest Receivable 5,622 2,942
Goodwill 13,035 13,014
Other Assets 26,589 10,335
TOTAL ASSETS $1,411,821 $649,116
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand Deposit $9,916 $6,302
Money Market 278,542 64,934
Savings 3,553 2,040
Total Transaction Deposits 292,011 73,276
Retail Time Deposits 189,433 159,847
Broker Time Deposits 48,123 23,042
Total Time Deposits 237,556 182,889
Total Deposits 529,567 256,165
Borrowings
FHLB Advances 606,733 172,974
Securities Sold Under Agreements to
Repurchase 68,840 106,689
Trust Preferred Securities 35,000 35,000
Warehouse Lines of Credit 54,967 40,409
Total Borrowings 765,540 355,072
Other Liabilities 25,368 4,468
TOTAL LIABILITIES 1,320,475 615,705
STOCKHOLDERS' EQUITY 91,346 33,411
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,411,821 $649,116
Operating Data
Performance Ratios and Other Data: JUNE 30, JUNE 30,
2003 2002
Equity to assets at end of period 6.47% 5.15%
Tangible equity to assets at end of period 5.55 3.14
Nonperforming assets $205 $--
Net charge-offs -- --
Allowance for loan losses to total loans held for
investment at end of period 0.57% 0.57%
Per Share Data
Common shares outstanding at end of period 14,637,864 8,964,868
Book value per share $6.24 $3.73
Tangible book value per share 5.35 2.28
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
THREE MONTHS ENDED
JUNE 30, JUNE 30,
2003 2002
Interest Income
Real Estate Loans $10,154 $5,866
Other Loans 155 195
Investments 5,989 3,225
Total Interest Income 16,298 9,286
Interest Expense
Deposits 2,540 1,394
FHLB Advances 2,557 1,512
Repurchase Agreements 384 500
Trust Preferred Securities 448 520
Warehouse Line Advances 370 339
Total Interest Expense 6,299 4,265
Net Interest Income 9,999 5,021
Provision for Loan Losses 677 293
Net Interest Income after Provision for Loan
Losses 9,322 4,728
Noninterest Income
Gain on Sale of Loans 571 1,118
Mortgage Banking Fees 285 67
Banking and Servicing Fees 383 58
Trust Fees 96 48
Bank-owned life insurance income 145 73
Securities Brokerage Fees 37 --
Gain on Sale of Securities 1,517 56
Total Noninterest Income 3,034 1,420
Noninterest Expenses
Compensation and Benefits 2,127 1,085
Severance 241 --
Non-Cash Stock Compensation 145 35
Occupancy 205 148
General Operating 1,085 902
Total G&A Expenses 3,803 2,170
Early Extinguishment of Debt 771 --
Total Noninterest Expenses 4,574 2,170
Income Before Taxes 7,782 3,978
Income Tax Expense 3,107 1,646
Net Income $4,675 $2,332
Operating Data THREE MONTHS ENDED
Performance Ratios and Other Data: JUNE 30, JUNE 30,
2003 2002
Earnings per share -- Basic $0.32 $0.26
Earnings per share -- Diluted 0.30 0.24
Weighted average shares outstanding -- Basic 14,565,512 8,950,628
Weighted average shares outstanding -- Diluted 15,435,813 9,617,546
Return on average assets 1.48% 1.54%
Return on average stockholders' equity 21.08 29.94
Interest rate spread 3.17 3.36
Net interest margin 3.29 3.46
Efficiency ratio 29.18 33.69
G&A to average assets 1.21 1.44
Effective tax rate 39.93 41.38
Total loan originations $207,128 $179,126
Loans originations retained in portfolio 157,803 63,816
Average assets 1,259,882 604,586
Average interest-earning assets 1,215,768 579,968
Average interest-bearing liabilities 1,154,442 562,775
Average stockholders' equity 88,729 31,151
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
SIX MONTHS ENDED
JUNE 30, JUNE 30,
2003 2002
Interest Income
Real Estate Loans $18,562 $10,564
Other Loans 298 356
Investments 10,829 5,522
Total Interest Income 29,689 16,442
Interest Expense
Deposits 4,543 2,396
FHLB Advances 4,672 2,671
Repurchase Agreements 853 929
Trust Preferred Securities 904 779
Warehouse Line Advances 654 652
Total Interest Expense 11,626 7,427
Net Interest Income 18,063 9,015
Provision for Loan Losses 1,286 814
Net Interest Income after Provision for Loan
Losses 16,777 8,201
Noninterest Income
Gain on Sale of Loans 1,546 1,886
Mortgage Banking Fees 360 259
Banking and Servicing Fees 578 136
Trust Fees 191 83
Bank-owned life insurance income 252 73
Securities Brokerage Fees 158 --
Gain on Sale of Securities 3,164 56
Total Noninterest Income 6,249 2,493
Noninterest Expenses
Compensation and Benefits 3,631 2,187
Severance 671 --
Non-Cash Stock Compensation 353 69
Occupancy 406 293
General Operating 2,135 1,483
Total G&A Expenses 7,196 4,032
Early Extinguishment of Debt 923 --
Total Noninterest Expenses 8,119 4,032
Income Before Taxes 14,907 6,662
Income Tax Expense 5,993 2,785
Net Income $8,914 $3,877
Operating Data SIX MONTHS ENDED
Performance Ratios and Other Data: JUNE 30, JUNE 30,
2003 2002
Earnings per share -- Basic $0.62 $0.43
Earnings per share -- Diluted 0.59 0.41
Weighted average shares outstanding -- Basic 14,444,004 8,934,107
Weighted average shares outstanding -- Diluted 15,234,570 9,449,039
Return on average assets 1.58% 1.46%
Return on average stockholders' equity 20.85 25.82
Interest rate spread 3.20 3.40
Net interest margin 3.34 3.54
Efficiency ratio 29.60 35.04
G&A to average assets 1.28 1.52
Effective tax rate 40.20 41.80
Total loan originations $474,079 $368,275
Loans originations retained in portfolio 288,921 168,963
Average assets 1,128,219 530,788
Average interest-earning assets 1,082,965 509,575
Average interest-bearing liabilities 1,026,168 491,178
Average stockholders' equity 85,517 30,034
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)
JUNE 30, MAR. 31, DEC. 31,
2003 2003 2002
ASSETS
Cash and Bank Accounts $2,218 $3,680 $3,408
Fed Funds -- 18,400 --
Securities
MBS -- Held To Maturity -- 2,036 2,042
MBS -- Available For Sale 581,106 444,754 307,932
Other Investments -- Available
For Sale 101 101 100
Total Securities 581,207 446,891 310,074
FHLB Stock 30,282 22,272 15,701
Loans Held for Investment
Single Family 3,239 3,855 4,134
Multifamily 610,202 496,627 399,928
Commercial Real Estate 78,620 65,630 57,858
Total Real Estate Loans 692,061 566,112 461,920
Business Loans 3,094 4,221 4,531
Business & Consumer Lines of
Credit 6,185 5,986 5,386
Consumer Loans 79 61 129
Total Loans 701,419 576,380 471,966
Premiums on Loans Purchased 115 142 167
Unearned Net Loan Fees and
Discounts (577) (353) (231)
Allowance for Loan Losses (4,002) (3,325) (2,716)
Total Loans Held for
Investment, Net 696,955 572,844 469,186
Loans Held for Sale 54,890 76,994 18,338
Fixed Assets -- net 1,023 933 976
Foreclosed Assets -- -- --
Accrued Interest Receivable 5,622 4,612 3,543
Goodwill 13,035 13,035 13,035
Other Assets 26,589 13,218 15,208
TOTAL ASSETS $1,411,821 $1,172,879 $849,469
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand Deposit $9,916 $8,661 $6,905
Money Market 278,542 222,192 176,194
Savings 3,553 3,942 2,109
Total Transaction Deposits 292,011 234,795 185,208
Retail Time Deposits 189,433 135,198 109,029
Broker Time Deposits 48,123 38,052 18,042
Total Time Deposits 237,556 173,250 127,071
Total Deposits 529,567 408,045 312,279
Borrowings
FHLB Advances 606,733 408,097 289,139
Securities Sold Under Agreements
to Repurchase 68,840 134,488 110,993
Trust Preferred Securities 35,000 35,000 35,000
Warehouse Lines of Credit 54,967 71,098 16,866
Total Borrowings 765,540 648,683 451,998
Other Liabilities 25,368 31,366 7,589
TOTAL LIABILITIES 1,320,475 1,088,094 771,866
STOCKHOLDERS' EQUITY 91,346 84,785 77,603
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $1,411,821 $1,172,879 $849,469
Operating Data
Performance Ratios and Other Data: JUNE 30, MAR. 31, DEC. 31,
2003 2003 2002
Equity to assets at end of period 6.47% 7.23% 9.14%
Tangible equity to assets at end of
period 5.55 6.12 7.60
Nonperforming assets $205 $225 $--
Net charge-offs -- -- --
Allowance for loan losses to total
loans held for investment at end of
period 0.57% 0.58% 0.58%
Per Share Data
Common shares outstanding at end of
period 14,637,864 14,354,858 13,978,858
Book value per share $6.24 $5.91 $5.55
Tangible book value per share 5.35 5.00 4.62
SEPT. 30, JUNE 30,
2002 2002
ASSETS
Cash and Bank Accounts $2,763 $5,058
Fed Funds 26,000 700
Securities
MBS -- Held To Maturity 2,048 2,053
MBS -- Available For Sale 236,115 226,007
Other Investments -- Available For Sale 101 102
Total Securities 238,264 228,162
FHLB Stock 10,832 9,515
Loans Held for Investment
Single Family 4,425 5,242
Multifamily 341,555 283,634
Commercial Real Estate 49,152 36,910
Total Real Estate Loans 395,132 325,786
Business Loans 4,714 4,415
Business & Consumer Lines of Credit 8,864 5,430
Consumer Loans 58 68
Total Loans 408,768 335,699
Premiums on Loans Purchased 186 214
Unearned Net Loan Fees and Discounts (119) (96)
Allowance for Loan Losses (2,358) (1,921)
Total Loans Held for Investment, Net 406,477 333,896
Loans Held for Sale 40,914 45,028
Fixed Assets -- net 915 466
Foreclosed Assets -- --
Accrued Interest Receivable 3,189 2,942
Goodwill 13,035 13,014
Other Assets 10,570 10,335
TOTAL ASSETS $752,959 $649,116
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand Deposit $8,048 $6,302
Money Market 152,317 64,934
Savings 1,760 2,040
Total Transaction Deposits 162,125 73,276
Retail Time Deposits 147,906 159,847
Broker Time Deposits 18,042 23,042
Total Time Deposits 165,948 182,889
Total Deposits 328,073 256,165
Borrowings
FHLB Advances 213,432 172,974
Securities Sold Under Agreements to Repurchase 99,445 106,689
Trust Preferred Securities 35,000 35,000
Warehouse Lines of Credit 33,057 40,409
Total Borrowings 380,934 355,072
Other Liabilities 5,963 4,468
TOTAL LIABILITIES 714,970 615,705
STOCKHOLDERS' EQUITY 37,989 33,411
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $752,959 $649,116
Operating Data
Performance Ratios and Other Data: SEPT. 30, JUNE 30,
2002 2002
Equity to assets at end of period 5.05% 5.15%
Tangible equity to assets at end of period 3.31 3.14
Nonperforming assets $-- $--
Net charge-offs -- --
Allowance for loan losses to total loans held for
investment at end of period 0.58% 0.57%
Per Share Data
Common shares outstanding at end of period 8,964,868 8,964,868
Book value per share $4.24 $3.73
Tangible book value per share 2.78 2.28
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
THREE MONTHS ENDED
JUNE 30, MAR. 31, DEC. 31, SEPT. 30, JUNE 30,
2003 2003 2002 2002 2002
Interest Income
Real Estate
Loans $10,154 $8,408 $7,389 $6,551 $5,866
Other Loans 155 143 211 180 195
Investments 5,989 4,840 3,806 3,988 3,225
Total
Interest
Income 16,298 13,391 11,406 10,719 9,286
Interest Expense
Deposits 2,540 2,003 2,135 2,119 1,394
FHLB Advances 2,557 2,115 1,817 1,674 1,512
Repurchase
Agreements 384 469 459 528 500
Trust Preferred
Securities 448 456 503 513 520
Warehouse Line
Advances 370 284 222 252 339
Total
Interest
Expense 6,299 5,327 5,136 5,086 4,265
Net Interest
Income 9,999 8,064 6,270 5,633 5,021
Provision for
Loan Losses 677 609 358 437 293
Net Interest
Income after
Provision for
Loan Losses 9,322 7,455 5,912 5,196 4,728
Noninterest
Income
Gain on Sale of
Loans 571 975 1,595 1,096 1,118
Mortgage
Banking Fees 285 75 53 127 67
Banking and
Servicing Fees 383 195 159 109 58
Trust Fees 96 95 62 52 48
Bank-owned life
insurance
income 145 107 157 85 73
Securities
Brokerage Fees 37 121 193 464 --
Gain on Sale of
Securities 1,517 1,647 396 574 56
Total
Noninterest
Income 3,034 3,215 2,615 2,507 1,420
Noninterest
Expenses
Compensation
and Benefits 2,127 1,504 1,583 1,589 1,085
Severance 241 430 -- -- --
Non-Cash Stock
Compensation 145 208 35 35 35
Occupancy 205 201 199 190 148
General
Operating 1,085 1,050 904 1,061 902
Total G&A
Expenses 3,803 3,393 2,721 2,875 2,170
Early
Extinguishment
of Debt 771 152 395 508 --
Total
Noninterest
Expenses 4,574 3,545 3,116 3,383 2,170
Income Before
Taxes 7,782 7,125 5,411 4,320 3,978
Income Tax
Expense 3,107 2,886 2,202 1,696 1,646
Net Income $4,675 $4,239 $3,209 $2,624 $2,332
Operating Data THREE MONTHS ENDED
Performance JUNE 30, MAR. 31, DEC. 31, SEPT. 30, JUNE 30,
Ratios and Other 2003 2003 2002 2002 2002
Data:
Earnings per
share -- Basic $0.32 $0.30 $0.33 $0.29 $0.26
Earnings per
share -- Diluted 0.30 0.28 0.31 0.27 0.24
Weighted average
shares
outstanding --
Basic 14,565,512 14,321,146 9,623,732 8,964,868 8,950,628
Weighted average
shares
outstanding --
Diluted 15,435,813 14,989,534 10,309,944 9,659,467 9,617,546
Return on average
assets 1.48% 1.70% 1.59% 1.45% 1.54%
Return on average
stockholders'
equity 21.08 20.60 29.03 29.19 29.94
Interest rate
spread 3.17 3.23 3.22 3.22 3.36
Net interest
margin 3.29 3.39 3.27 3.26 3.46
Efficiency ratio 29.18 30.08 30.62 35.32 33.69
G&A to average
assets 1.21 1.36 1.35 1.59 1.44
Effective tax
rate 39.93 40.51 40.69 39.26 41.38
Total loan
originations $207,128 $266,951 $200,258 $189,290 $179,126
Loans
originations
retained in
portfolio 157,803 131,118 82,530 87,123 63,816
Average assets 1,259,882 996,555 805,901 721,753 604,586
Average interest-
earning assets 1,215,768 950,162 767,719 690,965 579,968
Average interest-
bearing
liabilities 1,154,442 897,892 748,053 675,680 562,775
Average
stockholders'
equity 88,729 82,305 44,217 35,959 31,151
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