FP Bancorp Inc. reports continued growth in assets and earnings for first quarter of 1997.ESCONDIDO Escondido (ĕskəndē`dō), city (1990 pop. 108,635), San Diego co., S Calif.; inc. 1888. Located in a grain-, citrus-fruit-, and grape-growing valley, Escondido produces cereal products and has fruit-packing houses and one of the , Calif.--(BUSINESS WIRE)--April 21, 1997--FP Bancorp Inc. (Nasdaq/NM:FPBN), parent company of First Pacific National Bank, announced continued asset growth and a significant increase in both pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern and after-tax earnings for the first quarter of 1997. Net after-tax earnings for the three months ended March 31, 1997, were $914,000, representing an increase of 26 percent over the $724,000 earned in the first quarter of 1996. Fully 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 first quarter were 29 cents, up from 22 cents in the same quarter of 1996. ``We are pleased with the 26 percent growth in net earnings reported during the first quarter of 1997. However, this comparison alone doesn't fully convey our true earnings improvement,'' stated FP Bancorp's president and chief executive officer, Harvey Harvey, city (1990 pop. 29,771), Cook co., NE Ill., a suburb S of Chicago; inc. 1895. Its manufactures include steel castings, metal products, chemicals, machinery, and electronic equipment. Harvey has an oil research center. The city was founded by Turlington W. L. Williamson. ``Our 1997 earnings were taxed at an effective rate of nearly 42 percent, as opposed to our 1996 earnings, which included a net income-tax benefit of $279,000. Real growth is best illustrated by a comparison of first-quarter pretax earnings, which were $1,579,000 for the first quarter of 1997, an increase of 255 percent over $445,000 for the same period in 1996.'' Deposits, loans and total assets reached record levels as of March 31, 1997. On that date, deposits were $290.7 million, loans were $225.3 million and total assets were $324.9 million, representing increases of 54 percent, 51 percent and 54 percent, respectively, from the same date in 1996. This growth was a result of the acquisition of The Bank of Rancho ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. Bernardo in April 1996, the opening of two de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. branches in April and August 1996, and significant internal loan and deposit growth bankwide. The company also finalized See finalization. its acquisition of the Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank Valley Center branch in February 1997, which added approximately $16.9 million in deposit balances. ``We continued to experience tremendous loan growth in the first quarter, which increased our mix of earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin and contributing greatly to our bottom line,'' Williamson commented. ``We are also proud of the successful integration of the newly acquired Valley Center office into the existing bank. We are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. other opportunities to further strengthen our franchise and increase stockholder value in 1997.'' FP Bancorp's only operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , First Pacific National Bank, operates eight branches in the cities of Escondido, San Marcos San Marcos (săn mär`kəs). 1 City (1990 pop. 38,974), San Diego co., S Calif., a northern suburb of San Diego; settled 1880s, inc. 1963. , Temecula, Rancho Bernardo, Valley Center and Moreno Valley Moreno Valley (mərē`nō), city (1990 pop. 118,779), Riverside co., S Calif., inc. 1984. In 1990, Moreno Valley was California's fastest-growing city, with a population increase of more than 300% between 1980 and 1990, but major reductions , Calif. -0- Statements made in this news release that state the company's or management's intentions, beliefs, expectations or predictions of the future are 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. . The company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward- looking statements is contained from time to time in the company's Securities and Exchange Commission filings, including but not limited to reports on Forms 10-KSB and 10-QSB. Copies of these filings may be obtained by contacting the company or the SEC. -0-
FP BANCORP INC.
Financial Highlights
Three months ended
March 31,
1997 1996
Earnings before taxes $1,579,000 $ 445,000
Income taxes (benefit) 665,000 (279,000)
Net earnings $ 914,000 $ 724,000
Average common stock
and equivalents
outstanding 2,803,000 2,712,000
Primary earnings per share 33 cents 27 cents
Fully diluted earnings
per share 29 cents 22 cents
Provision for loan losses $ 108,000 $ 250,000
Net charge-offs $ 174,000 $ 118,000
Return on average assets --
annualized 1.15% 1.37%
Return on average equity --
annualized 17.34% 16.90%
At end of period
March 31, Increase Increase
1997 1996 (Decrease) (Decrease)
Total assets $324,948,000 $211,571,000 $113,377,000 53.59%
Goodwill and other
intangibles, net $ 4,370,000 1,512,000 2,858,000 189.02%
Total deposits $290,716,000 $188,378,000 $102,338,000 54.33%
Total loans $225,262,000 $149,025,000 $ 76,237,000 51.16%
Allowance for loan
losses $ 3,055,000 $ 2,145,000
Allowance/total loans 1.36% 1.44%
Stockholders' equity $ 21,381,000 $ 17,260,000
Leverage ratio 5.40% 7.55%
Tier 1 risk-based
capital ratio 7.30% 9.72%
Total risk-based
capital ratio 8.55% 10.97%
Quarter-end common
shares outstanding 2,653,638 2,651,811
Tangible stockholders'
equity per share $ 6.41 $ 5.94
Nonperforming loans $ 3,370,000 $ 1,242,000
Other real estate owned $ 1,995,000 $ 2,223,000
Nonperforming assets $ 5,365,000 $ 3,465,000
Nonperforming loans/
total loans 1.50% 0.83%
Nonperforming assets/
total assets 1.65% 1.64%
CONTACT: FP Bancorp, Escondido Harvey L. Williamson, 760/739-6500 |
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