Cuyamaca Bank Generates 83 Percent Increase in Earnings Through June 30, 2002.Business Editors 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 second quarter 2002 earnings of $123,000 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 $246,000 on pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta profits of $192,000 and $384,000, 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 $0.15 and $0.31 for the second quarter and year-to-date periods ended June June: see month. 30, 2002, respectively. The year-to-date period ended June 30, 2002 results represent net income growth of 82.2 percent over the same period in 2001. Total assets grew to $76.6 million at June 30, 2002, an increase of 6 percent over June 30, 2001. Deposits increased 6 percent to $68.9 million and loans grew by 21 percent to $54.7 million. Ives stated, "The Bank's ability to generate strong, quality loan growth has contributed to the successful results over the first half of the year." He continued, "Our objective is to continue growing the asset size of the Bank to improve our operating efficiency. The new Encinitas office has already started to contribute towards this objective." The Bank has successfully maintained a net interest margin well above 5.5 percent throughout a declining rate environment that continues to impact community bank earnings. Cuyamaca Bank opened for business in its new Encinitas location at 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:
An asset that generates income, e.g., income from rental property. to total asset ratio, ending the quarter at 94 percent. This is indicative of the changes that have propelled the Bank towards a more efficient way of doing business through maximizing its resources to improve bottom line results." Ives concluded, "The team at Cuyamaca Bank remains committed to servicing our clients, and we will continue to build shareholder value through balance sheet management, expanded delivery channels and a focus on bottom line results." 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. In 1998, Cuyamaca Bank became a national bank and 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 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. , 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. and Encinitas. 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)
June 30,
2002 2001
---------- ----------
ASSETS
Cash and due from banks $ 3,921 $ 4,070
Federal funds sold 3,020 2,015
Investment securities 13,454 18,402
Net loans 54,659 45,020
Premises and equipment 568 1,852
Other assets 955 871
---------- ----------
Totals $ 76,577 $ 72,230
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Demand $ 21,603 $ 24,258
Savings 31,273 26,989
Time 16,022 13,682
---------- ----------
Total deposits 68,898 64,929
Accrued interest and
other liabilities 541 670
---------- ----------
Total liabilities 69,439 65,599
---------- ----------
Capital stock 6,450 6,363
Retained earnings 542 168
---------- ----------
Unrealized net gains (losses)
on AFS securities, net 146 100
---------- ----------
Total stockholders' equity 7,138 6,631
---------- ----------
Totals $ 76,577 $ 72,230
========== ==========
CONDENSED STATEMENTS OF INCOME
Unaudited
(In thousands, except per share amounts)
Three Months Ended Periods Ended
June 30, June 30,
2002 2001 2002 2001
--------- --------- --------- ---------
Total interest income $ 1,325 $ 1,349 $ 2,557 $ 2,694
Total interest expense 197 377 395 800
--------- --------- --------- ---------
Net interest income 1,128 972 2,162 1,894
Provision for loan losses 45 37 85 60
--------- --------- --------- ---------
Net interest income after
provision for loan losses 1,083 935 2,077 1,834
--------- --------- --------- ---------
Noninterest income 258 263 506 471
Noninterest expense 1,149 1,102 2,199 2,108
--------- --------- --------- ---------
Income before income taxes 192 96 384 197
Income taxes 69 29 138 62
--------- --------- --------- ---------
Net income $ 123 $ 67 $ 246 $ 135
========= ========= ========= =========
Diluted earnings per share $ 0.15 $ 0.09 $ 0.31 $ 0.18
========= ========= ========= =========
Average diluted shares
outstanding 808 780 805 745
========= ========= ========= =========
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, 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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