Cuyamaca Bank Continues Record Earnings Through 2nd Quarter 2004.SANTEE Santee, river, United States Santee (săntē`), river, 143 mi (230 km) long, formed by the confluence of the Congaree and Wateree rivers, central S.C., and flowing SE to the Atlantic Ocean. The Santee-Wateree-Catawba system (c. , Calif. -- Cuyamaca Bank, N.A. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CUYA) announced earnings for the second quarter ended June June: see month. 30, 2004 of $223,000 and for the six month period ended June 30, 2004 of $442,000 representing diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.23 and $0.46, respectively. This translates to a 36% net income increase over the six month period ended June 30, 2003. Total assets at June 30, 2004 grew to $117 million, an increase of 15% over June 30, 2003. Deposits increased 11% to $102 million and loans grew by 20% to $89 million. Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Ives Ives , Charles Edward 1874-1954. American composer whose works anticipated those of later 20th-century musicians in their abandonment of conventional tonality. His Third Symphony (1904-1911) won a Pulitzer Prize. Noun 1. , 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 Cuyamaca Bank stated, "We are very pleased with the continued strong results through the first half of 2004. The Bank's continued emphasis on balance sheet management and credit quality has resulted in 17 straight quarters of improved profitability." Ives continued, "Cuyamaca Bank is well positioned to benefit from the increase in interest rates that has recently begun and should continue over the next few months." Cuyamaca Bank recently signed a definitive agreement to merge into Community National Bank, a wholly-owned subsidiary of Community Bancorp Inc. Ives stated, "We are excited about our partnership with Community National Bank and look forward to the combined institution enhancing Cuyamaca Bank's ability to better service our customers. Community National's commitment to their customers, employees and shareholders is very similar to ours and I am confident that together we will be the premier community bank in 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. County." The combination will service San Diego 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 through nine full service branches and provide expanded lending capacity and product offerings to Cuyamaca Bank's clients. Founded in 1983, Cuyamaca Bank is a FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured institution and offers local ownership, responsive management and personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. service. Cuyamaca Bank serves San Diego County through offices in Santee, La Mesa La Mesa (lə mā`sə), city (1990 pop. 52,931), San Diego co., S Calif., a suburb of San Diego; inc. 1912. It is a retail center and a popular residence for upper- and middle-income professionals in the San Diego area. , El Cajon El Cajon (ĕl kähōn`), city (1990 pop. 88,693), San Diego co., S Calif.; inc. 1912. Electronic equipment, aircraft parts, irrigation equipment, furniture, and men's suits are among its manufactures. , Encinitas and its 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 Department in La Mesa. Cuyamaca Bank is traded under the symbol "CUYA" on the Over-the-Counter Bulletin Board. This press release includes 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. that involve inherent risks and uncertainties. Cuyamaca Bank cautions readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. These factors include economic conditions generally, including those resulting from the terrorist attacks of September September: see month. 11, 2001 and their aftermath AFTERMATH. A right to have the last crop of grass or pasturage. 1 Chit. Pr. 181. , the anticipated merger with Community National Bank may not occur, competition in the geographic and business areas in which Cuyamaca Bank operates, inflation, fluctuations in interest rates, legislation and governmental regulation. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.
CUYAMACA BANK, N.A.
CONDENSED STATEMENTS OF FINANCIAL CONDITION
Unaudited
(In thousands)
June 30,
ASSETS 2004 2003
--------- ---------
Cash and due from banks $ 5,399 $ 5,760
Federal funds sold 7,197 7,555
Investment securities 10,784 11,024
Net loans 88,638 74,262
Premises and equipment 2,259 1,391
Other assets 2,474 2,354
--------- ---------
Total assets $116,751 $102,346
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Non-interest bearing $36,724 $29,833
Money market, NOW and savings 38,552 33,330
Time 27,034 29,156
--------- ---------
Total deposits 102,310 92,319
Other borrowings 4,540 1,500
Accrued interest and other
liabilities 758 705
--------- ---------
Total liabilities 107,608 94,524
--------- ---------
Common stock and surplus 8,448 7,093
Retained earnings 674 573
Unrealized gains on AFS securities,
net 21 156
--------- ---------
Total stockholders' equity 9,143 7,822
--------- ---------
Total liabilities and
stockholders' equity $116,751 $102,346
========= =========
CONDENSED STATEMENTS OF INCOME
Unaudited
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
---------------- ----------------
Total interest income $1,595 $1,471 $3,085 $2,881
Total interest expense 199 218 385 428
---------------- ----------------
Net interest income 1,396 1,253 2,700 2,453
Provision for loan losses 45 47 95 93
---------------- ----------------
Net interest income after provision
for loan losses 1,351 1,206 2,605 2,360
---------------- ----------------
Noninterest income 322 302 655 558
Noninterest expense 1,315 1,237 2,550 2,398
---------------- ----------------
Income before income taxes 358 271 710 520
Income taxes 135 102 268 194
---------------- ----------------
Net income $ 223 $ 169 $ 442 $ 326
================ ================
Basic earnings per share $ 0.24 $ 0.19 $ 0.48 $ 0.38
================ ================
Diluted earnings per share $ 0.23 $ 0.18 $ 0.46 $ 0.35
================ ================
Average diluted shares outstanding 982 921 965 919
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