Desert Community Bank -DCBK- Announces First Quarter 2003 Earnings.Business Editors VICTORVILLE, Calif.--(BUSINESS WIRE)--April 22, 2003 Ronald L. Wilson Wilson, city (1990 pop. 36,930), seat of Wilson co., E N.C., in a rich agricultural region; inc. 1849. It is a commercial and industrial center with a large tobacco market. Manufactures include textile goods (especially clothing), metal products, and processed foods. , Chairman/President/CEO of Desert Community Bank (Nasdaq:DCBK) in Victorville, announced first quarter 2003 financial results. "The end of the first quarter found us being bombarded daily with news regarding the war in Iraq Iraq or Irak (both: ēräk`, ĭrăk`), officially Republic of Iraq, republic (2005 est. pop. 26,075,000), 167,924 sq mi (434,924 sq km), SW Asia. . As we enter the second quarter, it is evident that the outcome will be a military success, but a political challenge for years to come. While we deal with economic issues on the home front, it will be virtually impossible to ignore global economics. "The economic news in the areas that we serve remains quite positive. Our local city fathers continue to negotiate deals that are bringing new businesses to the region. Jobs are being provided at a steady pace. "The housing market remains strong as our homes remain quite affordable. One builder that we deal with has 25 homes under construction and 35 qualified buyers. "The bank continues to benefit from a strong net interest margin. management is pricing loan products in anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, of interest rates increasing sometime in the next 12 to 18 months. Our net interest margin has been bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. by an increase in demand accounts and a strong loan demand. "Shareholders will receive a letter explaining the 2-for-1 stock split that will benefit shareholders of record April 30, 2003. The additional shares will be distributed May 31, 2003. Additionally, shareholders should have received a $0.12 per share dividend as of this writing. "I am sure that we will pray pray v. to formally request judicial judgment, relief and/or damages at the end of a complaint or petition. (See: prayer) for peace with the realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. that it comes at a price. I encourage you to pray for the families who have loved ones loved ones npl → seres mpl queridos loved ones npl → proches mpl et amis chers loved ones love npl in numerous hot spots hot spots acute moist dermatitis. overseas. "Thank you for your continued support," said Wilson.
Desert Community Bank & Subsidiaries
Consolidated Income Statement with Subsidiaries
(Unaudited) (Amounts in 000's)
Three Months Ended
March 31,
2003 2002
Interest income and fees
Interest/fees on loans/leases $ 5,586 $ 4,968
Interest on securities 335 356
Interest on Federal Funds Sold 47 157
Total interest income 5,968 5,481
Interest expense 955 1,310
Net interest income 5,013 4,171
Provision for loan losses 225 250
Noninterest income
Service fee income 561 597
Gain on sale of loans 61 --
Gain/Loss on sale of
securities 42 70
Other noninterest income 514 457
Total noninterest income 1,178 1,124
Noninterest expense
Salaries and employee
benefits 2,009 1,795
Occupancy expense 231 481
Other noninterest expense 2,021 1,472
Total noninterest expense 4,261 3,748
Earnings before income taxes 1,705 1,297
Income Taxes 663 476
Net income $ 1,042 $ 821
Per Share Data:
Net income per share Basic $ 0.71 $ 0.60
Average number of shares of
common stock outstanding
year to date 1,470,636 1,376,571
Net income per share Fully
Diluted $ 0.71 $ 0.59
Average number of shares of
common stock and common
stock equivalents (options)
outstanding during quarter 1,470,636 1,392,513
March 31,
ASSETS 2003 2002
Securities-Available for sale $32,898 $30,266
Federal Funds Sold 22,523 42,868
Loans 267,524 231,754
Allowance for loans losses (3,948) (2,888)
Net Loans 263,576 228,866
Total Earning Assets 318,997 302,000
Cash & Noninterest earning
Deposits 24,526 17,143
Premises and equipment, net of
accumulated depreciation and
amortization 12,749 12,528
Other real estate owned 195 518
Other assets 11,852 8,647
Total Assets $368,319 $340,836
LIABILITIES
Noninterest-bearing demand $97,571 $88,220
Interest-bearing demand 156,073 136,599
Savings 26,473 24,177
Time deposits under $100,000 23,995 33,379
Time deposits $100,000 and over 25,282 25,500
Total Deposits 329,394 307,875
Other Liabilities 2,345 2,124
Total Liabilities 331,738 309,999
Stockholders' Equity:
Common stock, authorized 4,687,500
shares in 2003 and 2002: issued
and Outstanding: 1,470,636 in 2003
and 1,280,960 in 2002. 14,810 9,796
Undivided profits 20,984 20,987
Accumulated other
comprehensive income 787 54
Total shareholders' equity 36,581 30,837
Total liabilities and
shareholders' equity $368,319 $340,836
DIRECTORS
Charles R. Brammer Hallmark Southwest Corp.
Donald P. Brithinee Brithinee Electric Co.
Terry Caldwell Attorney
Allen L. McKellips Hallmark Southwest Corp.
Robin Pellissier Valley Auto Enterprises
Alfred D. Smith A & L Builders Supply
George Vulich Retired/Angeles Painting
Ronald L. Wilson Chairman of the Board
OFFICERS
Executive Officers
Ronald L. Wilson President/CEO
Robert C. Hughling EVP/Chief Credit Officer
Robert C. Bride Jr. EVP/Chief Financial Officer
Kim Jensen VP/Controller
OFFICES
Victorville North Office Barstow Office
14800 La Paz Drive 945 E. Armory Road
Victorville, CA 92392 Barstow, CA 92311
760/243-2140 760/252-2130
Apple Valley Office Adelanto Office
16003 Quantico Road 10474 Rancho Road
Apple Valley, CA 92307 Adelanto, CA 92301
760/243-2140 760/243-2140
Hesperia Office Victorville
15479 Main Street Main Office
Hesperia, CA 92345 12530 Hesperia Road
760/243-2140 Victorville, CA 92392
760/243-2140
Wrightwood Office Drive-up Banking
1261 Highway 2 12470 Hesperia Road
Wrightwood, CA 92397 Victorville, CA 92392
760/249-3663
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