Cuyamaca Bank Generates 70 Percent Increase in Earnings Through Sept. 30, 2002.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. 7, 2002 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") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CUYA) announced third quarter 2002 earnings of $118,000 and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings of $364,000 on pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta profits of $188,000 and $572,000, respectively. 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 were $0.14 and $0.43 for the third quarter and year-to-date periods ended Sept. 30, 2002, respectively. The year-to-date period ended Sept. 30, 2002 results represent net income growth of 70 percent over the same period in 2001. Total assets grew to $84.4 million at Sept. 30, 2002, an increase of 11 percent over Sept. 30, 2001. Deposits increased 12 percent to $76.4 million and loans grew by 23 percent to $57.3 million. Ives said, "We are very pleased with these results and look forward to continuing this positive trend despite the increasingly challenging economic and interest rate environment." Ives added, "These results are reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of the efforts put forth by all members of the Cuyamaca Bank team and constitute the Bank's 10th consecutive quarter of earnings growth. Additionally, the Bank was able to accomplish this while absorbing the expense of opening a new office in Encinitas." The Bank was successful in opening its fourth office on 372 N. El Camino Real El Camino Real (Spanish for The Royal Road or The King's Highway) was the name of a series of pre-automobile highways linking the various New World colonies of Spain:
Ives continued, "The early successes of 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 and the new Encinitas Office have contributed to the Bank's strong growth in assets and earnings, its relationship banking and a strong foundation on which to grow. We are committed to the community of 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. , and strive to ensure that our clients receive the best service possible." The Bank continues to focus on improving shareholder value as evidenced by the issuance of its second 5 percent stock dividend in two years for those shareholders of record as of Oct. 1, 2002. 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 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 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.
CUYAMACA BANK, N.A.
CONDENSED STATEMENTS OF FINANCIAL CONDITION
Unaudited
(In thousands)
September 30,
2002 2001
----------------------------
ASSETS
Cash and due from banks $ 4,572 $ 4,343
Federal funds sold 7,595 8,870
Investment securities 13,330 13,627
Net loans 57,344 46,467
Premises and equipment 536 1,790
Other assets 987 586
----------------------------
Totals $ 84,364 $ 75,683
============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Demand $ 22,350 $ 20,008
Savings 31,332 34,195
Time 22,762 14,204
----------------------------
Total deposits 76,444 68,407
Accrued interest and other liabilities 551 457
----------------------------
Total liabilities 76,995 68,864
----------------------------
Capital stock 7,088 6,416
Retained earnings 109 248
Unrealized net gains (losses) on
AFS securities, net 172 155
----------------------------
Total stockholders' equity 7,369 6,819
----------------------------
Totals $ 84,364 $ 75,683
============================
CONDENSED STATEMENTS OF INCOME
Unaudited
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
--------- --------- --------- ---------
Total interest income $ 1,354 $ 1,350 $ 3,911 $ 4,044
Total interest expense 237 364 632 1,164
--------- --------- --------- ---------
Net interest income 1,117 986 3,279 2,880
Provision for loan losses 40 20 125 80
--------- --------- --------- ---------
Net interest income after
provision for loan losses 1,077 966 3,154 2,800
--------- --------- --------- ---------
Noninterest income 342 319 848 790
Noninterest expense 1,231 1,164 3,430 3,272
--------- --------- --------- ---------
Income before income taxes 188 121 572 318
Income taxes 70 42 208 104
--------- --------- --------- ---------
Net income $ 118 $ 79 $ 364 $ 214
========= ========= ========= =========
Diluted earnings per share $ 0.14 $ 0.09 $ 0.43 $ 0.27
========= ========= ========= =========
Average diluted shares
outstanding 852 834 845 799
========= ========= ========= =========
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 11, 2001 and their aftermath, and 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. |
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