Cuyamaca Bank Continues Strong Earnings Trend Through Third Quarter 2003.Business Editors 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.--(BUSINESS WIRE)--Oct. 10, 2003 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 N.A. (the "Bank") (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CUYA), announced third quarter 2003 earnings of $160,000 and first nine months earnings of $486,000 on pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta profits of $255,000 and $775,000, respectively. This represents $0.18 and $0.55 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 for the third quarter and the first nine months ended 2003, respectively. Results from the first nine months ended Sept. 30, 2003 represent net income growth of 34% over first nine months ending Sept. 30, 2002. Total assets were $100 million, an increase of 20% over the first nine months of 2002. Deposits increased 18% to $90 million and loans grew by 40% to $80 million. Ives stated, "We are very proud of the progress that Cuyamaca Bank continues to demonstrate and look forward to continued growth in assets and earnings in the future." Ives continued, "The employees at Cuyamaca Bank are committed to providing superior service to our clients, which translates to continued asset growth and improved profitability." Ives said, "The 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. office will move into its permanent location in the first quarter of 2004, which will facilitate further growth and enhance the bank's earnings potential. Additionally, the 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 continues to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. expectations through the first nine months of 2003." Founded in 1983, Cuyamaca Bank is an 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 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 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, Encinitas and its SBA department. Cuyamaca Bank is "Big Enough to Matter, Small Enough to Care." Cuyamaca Bank is traded under the symbol "CUYA" on the Over-the-Counter Bulletin Board.
CUYAMACA BANK, N.A.
CONDENSED STATEMENTS OF FINANCIAL CONDITION
Unaudited
(In thousands)
September 30,
ASSETS 2003 2002
--------- --------
Cash and due from banks $5,717 $4,572
Federal funds sold - 7,595
Investment securities 10,702 13,330
Net loans 80,399 57,344
Premises and equipment 1,374 536
Other assets 2,285 987
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Total assets $100,477 $84,364
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LIABILITIES AND STOCKHOLDERS' EQUITY
Demand $30,082 $22,350
Savings 32,350 31,332
Time 27,585 22,762
--------- --------
Total deposits 90,017 76,444
Other short-term borrowings 1,790 -
Accrued interest and other
liabilities 717 551
--------- --------
Total liabilities 92,524 76,995
--------- --------
Capital stock 7,108 7,088
Retained earnings 733 109
Unrealized gains (losses) on AFS
securities, net 112 172
--------- --------
Total stockholders' equity 7,953 7,369
--------- --------
Total liabilities and
stockholders' equity $100,477 $84,364
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CONDENSED STATEMENTS OF INCOME
Unaudited
(In thousands, except per share amounts)
Three Months Nine Months
Ended Ended
September 30, September 30,
2003 2002 2003 2002
---------------- ---------------
Total interest income $1,505 $1,354 $4,386 $3,911
Total interest expense 198 237 626 632
---------------- ---------------
Net interest income 1,307 1,117 3,760 3,279
Provision for loan losses 80 40 173 125
---------------- ---------------
Net interest income after provision
for loan losses 1,227 1,077 3,587 3,154
---------------- ---------------
Noninterest income 278 232 836 555
Noninterest expense 1,250 1,121 3,648 3,137
---------------- ---------------
Income before income taxes 255 188 775 572
Income taxes 95 70 289 208
---------------- ---------------
Net income $160 $118 $486 $364
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Diluted earnings per share $0.18 $0.14 $0.55 $0.43
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Average diluted shares outstanding 880 852 879 845
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