Commercial Capital Bancorp Inc. Announces Third Quarter 2002 Earnings.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)--Dec. 3, 2002 Commercial Capital Bancorp Inc. ("CCB CCB Calcium channel blocker, see there " or the "company") today announced net income of $2,624,000 and $6,501,000 for the three and nine-month periods ended Sept. 30, 2002, compared with net income of $701,000 and $828,000 for the same periods, respectively, of 2001. Excluding the amortization of goodwill, the company would have had net income of $887,000 and $1,386,000 for the three and nine-month periods ended Sept. 30, 2001, respectively. 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. CCB's return on average equity was 29.19%, and return on average assets was 1.45% for the three-months ended Sept. 30, 2002 compared with 10.55% and 1.14%, respectively, for the three-months ended Sept. 30, 2001. CCB is the holding company for Commercial Capital Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus (the "bank"), an FDIC-insured, federally chartered savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , Financial Institutional Partners Mortgage Corp. ("FIPMC"), a multi-family and commercial mortgage banking company 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"), a NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). registered broker dealer. Some of the company's third quarter 2002 highlights include: -- The company's consolidated assets increased to $753 million at Sept. 30, 2002, an increase of 16% and 78% from $649.1 million and $423.7 million, at June 30, 2002 and Dec. 31, 2001, respectively, and an increase of 186% from $263.7 million at Sept. 30, 2001. -- FIPMC originated $549.4 million of multi-family and commercial real estate loans during the nine-month period ended Sept. 30, 2002, an increase of 59%, from $346.2 million for the nine-month period ended Sept. 30, 2001. FIPMC has originated, from its inception through Sept. 30, 2002, $1.8 billion in loans. -- The company's net interest margin was 3.26% and 3.43% for the three and nine-month periods ended Sept. 30, 2002, respectively, compared with 2.98% and 2.85%, for the three and nine-month periods ended Sept. 30, 2001, respectively. -- The company's efficiency ratio was 38% and 36% for the three and nine-month periods ended Sept. 30, 2002, respectively, compared with 49% and 65% for three and nine-month periods ended Sept. 30, 2001, respectively. -- The company had no non-performing assets at Sept. 30, 2002, and no loan was more than 60 days past due. -- On July 1, 2002 the company acquired ComCap, a registered broker dealer, to provide fixed income, U.S Government agency mortgage-backed securities, and other cash management execution services to corporations, high net worth individuals and other banks and thrifts. ComCap contributed $464,000 to revenues during the third quarter of 2002. -- In September 2002, the bank opened a new retail branch in Rancho Santa Margarita, Calif. The new branch will serve business and high net worth individual clients in South Orange County, one of the fastest growing regions in California. -- The bank introduced its Prime Money Market account in mid-March 2002, and its Maximum Money Market in late September, and at Sept. 30, 2002 the bank had $152.3 million of money market deposit accounts, compared with $5.2 million at Dec. 31, 2001. The growth in Personal and Business money market accounts has significantly increased transaction accounts as a percentage of total deposits to 49%. -- The company announced that J. Chris Walsh, former president of Orange County-based Sunwest Bank, joined the company's executive management team as executive vice president, and the bank as executive vice president and head of relationship banking. 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 pleased with the company's quarterly and year to date performance, with strong growth over year ago numbers in earnings, revenues, 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. and deposits. Our focus during 2002 has been, and continues to be, the development of our retail franchise. The successful marketing of our Prime Money Market and Maximum Money Market programs, the opening of our 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:
"Chris Walsh, as head of relationship banking, will lead the company's efforts to market our financial services to our target 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." Gordon added: "The acquisition of ComCap Financial Services during the third quarter gave us the ability to provide our clients with fixed income securities brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. services, while immediately adding to shareholder value. We will remain committed to pursuing strategic opportunities that are synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. with our current lines of business." Net Interest Income The company's net interest income was $5.6 million and $14.6 million, for the three and nine-month periods ended Sept. 30, 2002, respectively, compared with $1.7 million and $4.1 million, for the three and nine-month periods ended Sept. 30, 2001, respectively. The company's net interest margin was 3.26% and 3.43%, for the three and nine-month periods ended Sept. 30, 2002, respectively, compared with 2.98% and 2.85%, for the three and nine-month periods ended Sept. 30, 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 122 basis points to 6.35%, during the nine-month period ended Sept. 30, 2002, from 7.57%, during the nine-month period ended Sept. 30, 2001. The company's cost of interest bearing liabilities declined 232 basis points to 3.03%, during the nine-month period ended Sept. 30, 2002, from 5.35%, during the nine-month period ended Sept. 30, 2001. The decline in asset yields during the nine-months ended Sept. 30, 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. During the three-months ended Sept. 30, 2002, the company continued to take proactive steps in managing its net interest margin by extending the duration of its interest bearing liabilities, as well as by taking advantage of gains on sales of securities to prepay pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. higher costing fixed
rate borrowings from the Federal Home Loan Bank ("FHLB FHLB Federal Home Loan Bank ") and
replace them with lower costing fixed rate borrowings with a longer
duration.
During the three-months ended Sept. 30, 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. $31 million of fixed rate FHLB borrowings with a weighted remaining
average term of 9.5 months and a weighted average rate of 3.46%, and
replaced the same amount of fixed rate FHLB borrowings with a weighted
remaining average term of 16 months and a weighted average rate of
2.03%.
The company recorded in non-interest expense $508,000 in costs associated with 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 debt. These costs were more than offset by $574,000 of gain on sales of securities during the three-months ended Sept. 30, 2002. Non-Interest Income Non-interest income was $2.5 million and $5 million for the three and nine-month periods ended Sept. 30, 2002, respectively, compared with $1.5 and $3.2 million for the three and nine-month periods ended Sept. 30, 2001, respectively. The company's non-interest income included gains on sales of securities of $574,000 and $630,000 for the three and nine-month periods ended Sept. 30, 2002, compared with $236,000 and $492,000 for the three and nine-month periods ended Sept. 30, 2001, respectively. Excluding the gains on sales of securities, which are not considered to be part of the company's core operations, non-interest income increased 55% and 62% to $1.9 million and $4.4 million for the three and nine-months ended Sept. 30, 2002, respectively, compared with $1.2 million and $2.7 million for the three and nine-months ended Sept. 30, 2001, respectively. The company's non-interest income for the nine-month period ended Sept. 30, 2002 consisted of $3 million of recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. cash gains on sales of loans, $386,000 in net mortgage banking fees, $464,000 in securities brokerage fees, and $538,000 in other fees including miscellaneous banking and trust fee income. Net mortgage banking fees represent fees received on the company's loan originations, less commissions paid to its loan agents, compensation costs incurred to originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. the loans, and other third party loan expenses. The gain on sale of loans represents recurring cash gains received on sales to third parties. The increase in non-interest income for the 2002 periods compared with 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. Non-Interest Expenses The company's efficiency ratio was 38% and 36% for the three and nine-month periods ended Sept. 30, 2002, compared with 49% and 65% for the three and nine-month periods ended Sept. 30, 2001. The company defines its efficiency ratio as non-interest expenses, excluding goodwill amortization and costs associated with the early extinguishment of debt, as a percentage of net interest income and non-interest income, excluding gains on sales of securities. The company's non-interest expenses, excluding goodwill amortization in the 2001 periods and costs associated with the early extinguishment of debt in the 2002 periods, totaled $2.9 million and $6.9 million for three and nine-month periods ended Sept. 30, 2002, respectively, compared with $1.4 million and $4.4 million three and nine-month periods ended Sept. 30, 2001, respectively. The increase in the 2002 periods compared with the 2001 periods is primarily due to higher personnel costs, including securities brokerage commissions paid by ComCap, and additional marketing costs in connection with the promotion of the bank's money market accounts. 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 $753 million at Sept. 30, 2002, an increase of 16% and 78% from $649.1 million and $423.7 million at June June: see month. 30, 2002 and Dec. 31, 2001, respectively, and an increase of 186% from $263.7 million at Sept. 30, 2001. The increase in assets during the three-months ended Sept. 30, 2002 was primarily due a $73 million increase in its loans held for investment portfolio. Additionally, the company further increased its mortgage backed securities portfolio by $10 million. The company's asset growth was funded by a $72 million increase in deposits and a $25 million increase in borrowings. The company's loans held for sale were funded by warehouse lines of credit provided by a significant, non-Wall Street-related, financial institution. Loan Originations The company originated $189 million and $560 million of loans during the three and nine-month periods ended Sept. 30, 2002, respectively, compared with $148 million and $356 million during the third quarter of 2001. Retail Banking Developments The company's deposits totaled $328.1 million at Sept. 30, 2002, an increase of 28% and 177% from $256.2 million and $118.3 million at June 30, 2002 and Dec. 31, 2001, respectively, and an increase of 220% from $102.5 million at Sept. 30, 2001. The increase in deposits 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 late September September: see month. 2002. The increase in money market deposits has significantly changed the company's deposit mix with transaction accounts now accounting for more than 49% of total deposits at Sept. 30, 2002 versus 29% and 9% at June 30, 2002 and March 31, 2002, respectively. In September 2002, the bank opened its third retail-banking branch, located in Rancho Santa Margarita at the Plaza For the hotel in New York City, see . Plaza (IPA /'plaθa/ or /'plasa/ El Paseo El Paseo is downtown Palm Desert's main shopping street. The area around the street has evolved into an upscale shopping district featuring 150 exclusive boutiques, art galleries, and restaurants. in South Orange County, one of the fastest growing regions A growing region is an area suited by climate and soil conditions to the cultivation of a certain type of crop. Most crops are cultivated not in one place only, but in several distinct regions in diverse parts of the world. 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). . This expansion is part of the bank's strategy of providing high-quality, private and business banking services to its clientele. Walsh Walsh has several meanings: Mathematics
Walsh, who started his career with Security Pacific Bank, held senior management positions with Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. , U.S. Trust, California Bank and Trust, and most recently served as the president of Sunwest Bank, in each case based in Orange County, Calif. CCB, with headquarters in Irvine, 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 with an initial core focus to provide financial services which meet the needs of its client base of middle market commercial businesses, income-property real estate investors, high net-worth individuals, families and professionals. CCB became the holding company for the bank and FIPMC at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2000, beginning its consolidated operations in 2001. At Sept. 30, 2002, CCB had total assets of $753 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 30, 2002 (source: www.fdic.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. ). The bank has full service branches at the company's headquarters in Irvine, 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. , and in Rancho Santa Margarita. FIPMC, the 4th largest multifamily 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 Sept. 30, 2002, has originated approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.8 billion in loans since 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. 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 Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , 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 registered broker dealer, is located in the company's Irvine headquarters and provides income securities brokerage services to corporations, high net worth individuals and other financial institutions. This news 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. CCB 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 STATEMENT OF FINANCIAL CONDITION
CONSOLIDATED BALANCE SHEET
(Dollars in Thousands)
SEPT. 30, JUNE 30, DEC. 31,
2002 2002 2001
ASSETS
Cash and Bank Accounts $2,763 $5,058 $1,664
Fed Funds 26,000 700 35,850
Investments
FHLB Stock 10,832 9,515 6,367
MBS -- HTM 2,048 2,053 --
MBS -- AFS 230,790 223,985 120,628
Other Investments -- AFS 100 100 100
Unrealized Gain (Loss) on Securities 5,326 2,024 (1,043)
Total Investments 249,096 237,677 126,052
Loans Held to Maturity
SFR 4,425 5,242 7,802
Multifamily 341,555 283,634 150,338
Commercial Real Estate 49,152 36,910 23,674
Deferred Loan Fees (70) (57) (49)
Premiums on Loans Purchased 186 214 262
Total Real Estate Loans 395,248 325,943 182,027
Business Loans 4,707 4,415 2,599
Business & Consumer Lines of Credit 8,871 5,430 5,223
Deferred Loan Fees (49) (39) (22)
Consumer Loans 58 68 77
Total Loans 408,835 335,817 189,904
Allowance for Loan Losses (2,358) (1,921) (1,107)
Total Loans Held to Maturity, Net
of the Allowance 406,477 333,896 188,797
Loans Held for Sale 40,914 45,028 52,379
Fixed Assets -- net 915 466 394
R.E.O./Repossessed Assets -- -- --
Accrued Interest Receivable 3,189 2,942 1,622
Goodwill 13,035 13,014 13,014
Other Assets 10,570 10,335 3,919
TOTAL ASSETS $752,959 $649,116 $423,691
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand Deposit $8,048 $6,302 $6,460
Money Market 152,317 64,934 5,179
Savings 1,760 2,040 3,918
Total Transaction Deposits 162,125 73,276 15,557
Retail Time Deposits 147,906 159,847 97,782
Broker Time Deposits 18,042 23,042 5,000
Total Time Deposits 165,948 182,889 102,782
Total Deposits 328,073 256,165 118,339
Borrowings
FHLB Advances 213,432 172,974 128,690
Securities Sold Under Agreements to
Repurchase 99,445 106,689 78,752
Trust Preferred Securities 35,000 35,000 15,000
Warehouse Lines of Credit 33,057 40,409 52,389
Total Borrowings 380,934 355,072 274,831
Other Liabilities 5,963 4,468 3,719
TOTAL LIABILITIES 714,970 615,705 396,889
STOCKHOLDERS' EQUITY 37,989 33,411 26,802
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $752,959 $649,116 $423,691
COMMERCIAL CAPITAL BANCORP INC.
UNAUDITED QUARTERLY STATEMENT OF OPERATIONS
CONSOLIDATED OPERATIONS
(Dollars in Thousands)
THREE MONTHS ENDED
SEPT. JUNE MARCH
30, 30, 31,
2002 2002 2002
Interest Income
Interest on Real Estate Loans $6,551 $5,866 $4,698
Interest on Other Loans 180 195 161
Interest on Investments 3,988 3,225 2,297
Total Interest Income 10,719 9,286 7,156
Interest Expense
Interest on Deposits 2,119 1,394 1,002
Interest on FHLB Advances 1,674 1,512 1,159
Interest on Repurchase Agreements 528 500 429
Interest on Trust Preferred Securities 513 520 259
Interest on Warehouse Line Advances 252 339 313
Total Interest Expense 5,086 4,265 3,162
Net Interest Income 5,633 5,021 3,994
Provision for Loan Losses 437 293 521
Net Interest Income after Loan Losses 5,196 4,728 3,473
Noninterest Income
Mortgage Banking Fees 127 67 192
Gain on Sale of Loans 1,096 1,118 768
Banking and Servicing Fees 109 58 78
Trust Fees 52 48 35
Other Income 85 73 --
Gain on Sale of Securities 574 56 --
Securities Brokerage Fees 464 -- --
Total Noninterest Income 2,507 1,420 1,073
Noninterest Expenses
Personnel 1,315 1,085 1,029
Securities Brokerage Commissions 273 -- --
Non-cash Stock Compensation 36 35 34
Occupancy 190 148 144
General Operating 1,061 902 655
Total G&A Expenses 2,875 2,170 1,862
Early Extinguishment of Debt 508 -- --
Total Noninterest Expenses 3,383 2,170 1,862
Income Before Taxes 4,320 3,978 2,684
Income Tax Expense (1,696)(1,646)(1,139)
Income Before Minority Interest 2,624 2,332 1,545
Income to Minority Interest -- -- --
Net Income $2,624 $2,332 $1,545
COMMERCIAL CAPITAL BANCORP INC.
UNAUDITED QUARTERLY STATEMENT OF OPERATIONS
CONSOLIDATED OPERATIONS
(Dollars in Thousands)
THREE MONTHS
ENDED
SEPT. SEPT.
30, 30,
2002 2001
Interest Income
Interest on Real Estate Loans $6,551 $3,110
Interest on Other Loans 180 136
Interest on Investments 3,988 937
Total Interest Income 10,719 4,183
Interest Expense --
Interest on Deposits 2,119 1,061
Interest on FHLB Advances 1,674 709
Interest on Repurchase Agreements 528 162
Interest on Trust Preferred Securities 513 --
Interest on Warehouse Line Advances 252 550
Total Interest Expense 5,086 2,482
Net Interest Income 5,633 1,701
Provision for Loan Losses 437 175
Net Interest Income after Loan Losses 5,196 1,526
Noninterest Income
Mortgage Banking Fees 127 181
Gain on Sale of Loans 1,096 1,023
Banking and Servicing Fees 109 18
Trust Fees 52 24
Other Income 85 --
Gain on Sale of Securities 574 236
Securities Brokerage Fees 464 --
Total Noninterest Income 2,507 1,482
Noninterest Expenses
Personnel 1,315 704
Securities Brokerage Commissions 273 --
Non-cash Stock Compensation 36 36
Occupancy 190 146
General Operating 1,061 560
Total G&A Expenses 2,875 1,446
Goodwill Amortization -- 186
Early Extinguishment of Debt 508 --
Total Noninterest Expenses 3,383 1,632
Income Before Taxes 4,320 1,376
Income Tax Expense (1,696) (645)
Income Before Minority Interest 2,624 731
Income to Minority Interest -- 30
Net Income $2,624 701
Net Income excluding goodwill amort. $2,624 $887
COMMERCIAL CAPITAL BANCORP INC.
UNAUDITED STATEMENT OF OPERATIONS
CONSOLIDATED OPERATIONS
(Dollars in Thousands)
NINE MONTHS
ENDED
SEPT. SEPT.
30, 30,
2002 2001
Interest Income
Interest on Real Estate Loans $17,115 $7,884
Interest on Other Loans 536 372
Interest on Investments 9,510 2,669
Total Interest Income 27,161 10,925
Interest Expense
Interest on Deposits 4,516 2,953
Interest on FHLB Advances 4,345 2,058
Interest on Repurchase Agreements 1,457 384
Interest on Trust Preferred Securities 1,291 --
Interest on Warehouse Line Advances 904 1,412
Total Interest Expense 12,513 6,807
Net Interest Income 14,648 4,118
Provision for Loan Losses 1,251 403
Net Interest Income after Loan Losses 13,397 3,715
Noninterest Income
Mortgage Banking Fees 386 635
Gain on Sale of Loans 2,982 1,936
Banking and Servicing Fees 244 60
Trust Fees 136 60
Other Income 158 --
Gain on Sale of Securities 630 492
Securities Brokerage Fees 464 --
Total Noninterest Income 5,000 3,183
Noninterest Expenses
Personnel 3,430 2,392
Securities Brokerage Commissions 273 --
Non-cash Stock Compensation 105 105
Occupancy 483 432
General Operating 2,616 1,502
Total G&A Expenses 6,907 4,431
Goodwill Amortization -- 558
Early Extinguishment of Debt 508 --
Total Noninterest Expenses 7,415 4,989
Income Before Taxes 10,982 1,909
Income Tax Expense (4,481)(1,022)
Income Before Minority Interest 6,501 887
Income to Minority Interest -- 59
Net Income $6,501 $828
Net Income excluding goodwill amort. $6,501 $1,386
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