Cupertino National Bancorp Announces First Quarter Earnings.CUPERTINO Cu·per·ti·no A city of western California west of San Jose. It has an electronics industry. Population: 50,000. , Calif.--(BUSINESS WIRE)--April 11, 1996--Cupertino National Bank & Trust, together with its parent company, Cupertino National Bancorp ("CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) "), announced improved operating results for the 1996 first quarter of $473,000 or $.24 per share, an increase from reported net income of $106,000 or $.06 per share in the first quarter of 1995. First quarter earnings, on 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. basis, provided a return on average assets and average shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of 0.73% and 10.22%, respectively, in 1996, compared to 0.19% and 2.31%, respectively, one year ago. First quarter 1996 earnings are a record for CNB and continue the positive results generated from the significant investment CNB made in 1995 to increase its market share. Don Allen Don Allen was an American college and professional football player. A fullback, he played college football at the University of Texas, and played professionally in the American Football League for the Denver Broncos in 1960. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the parent company said, "We are very pleased with the record first quarter profitability and look forward to continued improvement throughout the year." Total assets at March 31, 1996 were $254.9 million, reflecting a 9.3% increase over the $233.2 million at March 31, 1995. Loans increased 23.1% to $174.5 million, the highest level in the Bank's 11 year history, from $141.7 million at March 31, 1995. Deposits grew to $231.8 million, an increase of 22.9% from $188.5 million at March 31, 1995. Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. C. Smith, Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , commented, "We are extremely pleased with CNB's loan and deposit growth which will continue to contribute to increased earnings." Mr. Smith continued, "With the opening of our fourth office in downtown Downtown (called a "city centre" in British English) is a term used in North America when referring to a city's core, usually both in a geographical and commercial / community sense. Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. scheduled for May 1996, we anticipate continued loan and deposit growth in 1996." Non-performing assets of $3.4 million and classified assets of $11.4 million remained flat as of March 31, 1996 when compared to the $3.0 million and $12.0 million, respectively, as of March 31, 1995. The Bank's Trust division continues to reflect strong growth, increasing the level of fiduciary fiduciary (fĭd  `shēĕ'rē), in law, a person who is obliged to discharge faithfully a responsibility of trust toward another. assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. to a total of
$301 million at March 31, 1996, up from $270 million at December December: see month. 31,
1995 and $159 million one year ago. Don Allen commented, "Our
trust department continues to grow at a remarkable pace. The investment
CNB made to acquire some of the best trust officers available in the
Palo Alto area has proved to be an excellent strategy, as projected
asset growth is significantly ahead of forecast. We expect continued
growth in the trust department, particularly when our new downtown Palo
Alto office opens in May 1996."CNB, as of March 31, 1996, substantially exceeds the Bank 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. capital guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. required to be designated a "well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. " financial institution, with a Tier 1 leverage ratio of 7.50%, Tier 1 risk based capital ratio of 9.14% and total risk based capital ratio of 11.80%. Don Allen indicated, "Being well capitalized allows the Bank to take advantage of the growth opportunities currently available in our market area." CNB and it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have operating divisions, Commercial Lending, Real Estate Lending, Consumer Lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. , Venture Lending, SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government Lending, and the Trust Group, serve the Santa Clara Valley
The Santa Clara Valley is a valley just south of the San Francisco Bay in Northern California in the United States. through regional offices in Cupertino, San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. and Palo Alto. These locations are in the heart of "Silicon Valley" and the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay . -0-
Cupertino National Bancorp
March, 31, 1996 -- Financial Summary
($ in 000s except share data)
Selected Financial Mar. 31, Dec. 31, Sept. 30, Jun. 30, Mar. 31, Condition Data: 1996 1995 1995 1995 1995
Cash and Due
From Banks $13,933 $16,208 $12,634 $12,730 $18,416
Investments -
Interest earning 56,641 69,949 70,187 78,308 60,836
Loans
Commercial 92,087 88,550 81,027 79,100 82,194
Real Estate
Construction and Land 24,875 23,889 20,664 21,825 21,855
Real Estate Term 28,898 22,387 16,310 18,349 15,292
Consumer and Other 29,512 29,401 30,213 26,150 23,113
Deferred Loan Fees,
Net (867) (851) (708) (600) (743)
------- ------- ------- ------- -------
Total 174,505 163,376 149,506 144,824 141,711
Allowance for
Credit Losses (2,907) (2,683) (2,522) (2,454) (2,369)
------- ------- ------- ------- -------
Loans, Net 171,598 160,693 146,984 142,370 139,352
Loans Available
for Sale 0 0 0 0 5,805
------- ------- ------- ------- -------
Total Loans, Net 171,598 160,693 146,984 142,370 145,157
Other Assets 12,788 12,249 10,069 10,171 8,852
------- ------- ------- ------- -------
Total Assets $254,960 $259,099 $239,874 $243,579 $233,261
------- ------- ------- ------- -------
Deposits
Demand, Non-interest
Bearing $61,477 $58,986 $54,245 $61,086 $52,767
NOW 8,310 10,158 9,193 9,230 7,629
MMDA 104,092 114,021 95,687 84,360 76,143
Savings 11,127 7,995 5,976 4,630 5,897
Time Certificates
Less Than $100 18,426 17,830 16,926 36,581 25,105
Time Certificates
Greater Than $100 28,398 27,104 23,678 19,264 20,959
------- -------- -------- ------- -------
Total Deposits 231,830 236,094 207,705 215,151 188,500
Other S/T Borrowings 0 0 11,053 8,654 25,220
L/T Subordinated Debt 3,000 3,000 2,475 0 0
Other Liabilities 720 1,333 449 2,152 1,186
Stockholder's Equity 19,410 18,672 18,192 17,622 18,355
------- ------- ------- ------- --------
Total Liabilities and
S/H Equity $254,960 $259,099 $239,874 $243,579 $233,261
Average Quarterly
Assets
Holding Company $258,822 $240,007 $231,055 $230,265 $223,093
Bank $258,655 $239,784 $230,911 $230,109 $222,901
Regulatory Capital
Holding Company $19,408 $18,672 $18,192 $17,622 $18,355
Bank - Regulatory $18,066 $17,650 $17,131 $16,702 $16,897
Non-Performing Assets
Non-Accrual Loans $2,325 $ 2,513 $2,539 $2,426 $2,742
Loans 90 Days P/D
& Accruing 880 830 405 1,165 256
OREO 217 0 0 0 0
------- ------- ------- ------- -------
Total Non-Performing
Assets $3,422 $3,343 $2,944 $3,592 $2,999
------- ------- ------- ------- -------
Classified Assets
Substandard Loans $10,657 $7,277 $ 7,828 $ 7,870 $11,039
Doubtful Loans 549 601 846 825 947
OREO 217 0 0 0 0
------- ------- ------- ------- -------
Total Classified Loans $11,423 $7,878 $ 8,674 $ 8,695 $11,986
CUPERTINO NATIONAL BANCORP MARCH 31, 1996 - FINANCIAL SUMMARY ($ in 000s, except share data) SELECTED STATEMENT OF FINANCIAL CONDITION RATIOS:
Mar 31 Dec 31 Sept 30 Jun 30 Mar 31
1996 1995 1995 1995 1995
Loan to Deposit Ratio
(Excl. loans for
sale) 74.02% 68.06% 70.77% 66.17% 73.93%
Ratio of Allowance for
Credit Losses to:
Loans, Net 1.67% 1.64% 1.69% 1.70% 1.60%
Total Non-Performing
Assets 84.95% 80.26% 85.65% 68.33% 78.67%
Total Classified Assets 25.45% 34.06% 29.07% 28.22% 19.68%
Total Classified Assets to
S/H Equity + LLR 51.19% 36.89% 41.68% 43.31% 57.86%
Earning Assets to Total Assets 91.00% 90.06% 91.58% 91.61% 89.32% Earning Assets to Interest- Bearing Liabilities 135.69% 131.74% 133.54% 137.13% 129.45% Capital Ratios Holding Company: Tier 1 Leverage 7.50% 7.78% 7.87% 7.65% 8.23% Tier 1 Risk Based Capital 9.14% 9.18% 10.10% 9.63% 10.11% Total Risk Based Capital 11.80% 11.91% 13.01% 10.88% 11.36% Capital Ratios Bank (Regulatory): Tier 1 Leverage 6.98% 7.36% 7.42% 7.26% 7.58% Tier 1 Risk Based Capital 8.51% 8.69% 9.52% 9.13% 9.31% Total Risk Based Capital 11.18% 11.41% 12.43% 10.38% 10.66% Risk Weighted Assets Holding Company $212,415 $203,310 $180,158 $183,000 $181,474 Bank $212,176 $203,183 $180,014 $182,837 $181,417 Book Value Per Share (Adj for stock div) $ 10.45 $ 10.32 $ 10.14 $ 10.02 $ 10.52 Total Shares Outstanding 1,857,667 1,808,828 1,794,834 1,769,218 1,745,423 CUPERTINO NATIONAL BANCORP MARCH 31, 1996 -- FINANCIAL SUMMARY ($ in 000s, except share data) SELECTED STATEMENT OF OPERATIONS DATA AND RATIOS:
First Fourth Third Second First
Quarter Quarter Quarter Quarter Quarter
QUARTERLY DATA(1): 1996 1995 1996 1995 1995 Interest Income $5,508 $5,365 $5,098 $5,067 $4,763 Interest Expense 2,008 1,881 1,828 1,913 1,732 Net Interest Income Before Loss Provision 3,500 3,484 3,270 3,154 3,031 Provision for Credit Losses 200 90 75 85 431 Net Interest Income After Loss Provision 3,300 3,394 3,195 3,069 2,600 Other Income 629 551 451 407 493 Other Expenses(3) 3,152 3,181 2,982 4,600 2,927 Net Income Before Income Taxes 777 764 664 (1,124) 166 Income Tax Expense (Benefit) 304 307 260 (470) 60 Net Income (loss) $473 $457 $404 $(654) $106 Earnings (loss) Per Share(2) $0.24 $0.23 $0.21 $(0.35) $0.06 Weighted Avg. Common & Equiv. Shares O/S 2,004,368 1,971,326 1,887,930 1,855,810 1,827,540 Return on Quarterly Average Assets 0.73% 0.76% 0.70% -1.14% 0.19% Return on Quarterly Average Equity 10.22% 9.88% 9.00% -14.26% 2.31% Net Interest Margin - Avg Earning Assets 5.89% 6.32% 6.15% 5.94% 5.82% Operating Expense Ratio 4.87% 5.30% 5.16% 7.99% 5.25% Efficiency Ratio 76.34% 78.84% 80.14% 129.18% 83.06% (1) Operating ratios are annualized (2) EPS is adjusted for stock dividends (3) Includes litigation settlement and related legal expenses of $1.7 million in the second quarter of 1995. CUPERTINO NATIONAL BANCORP MARCH 31, 1996 - FINANCIAL SUMMARY ($ in 000's, except share data) FOR THE QUARTERS ENDED MARCH 31: 1996 1995 1994 Interest Income $ 5,508 $ 4,763 $ 3,339 Interest Expense 2,008 1,732 761 Net Interest Income Before Provision for Credit Losses 3,500 3,031 2,578 Provision for Credit Losses 200 431 235 Net Interest Income After Provision for Credit Losses 3,300 2,600 2,343 Other Income 629 493 957 Other Expenses(2) 3,152 2,927 2,596 Net Income Before Income Taxes 777 166 704 Income Tax (Benefit) Expense 304 60 254 Net Income (loss) $473 $ 106 450 Earnings (loss) Per Share(1) $0.24 $0.06 $0.25 Weighted Avg Common & Equiv Shares Outstanding 2,004,368 1,827,540 1,782,000 Return on Average Assets 0.73% 0.19% 0.69% Return on Average Equity 10.22% 2.31% 7.82% Net Interest Margin - Average Earning Assets 5.89% 5.82% 6.02% Operating Expense Ratio 4.87% 5.25% 5.27% Efficiency Ratio 76.34% 83.06% 73.44%
(1) EPS is Adjusted for Stock Dividends
(2) Includes litigation settlement and related legal expenses of
$1.7 million in the second quarter of 1995.
-0- CONTACT: Cupertino National Bancorp Heidi Heidi has instinct for goodness. [Children’s Lit.: Heidi] See : Innocence Wulfe, 408/725-2335 |
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