First Coastal Bancshares Announces Second-Quarter 1999 Financial Results.EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and , Calif.--(BUSINESS WIRE)--July 30, 1999-- First Coastal Bancshares ("the company") (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :FCLA FCLA Florida Center for Library Automation FCLA Forensic Court Liaison Nurse ) (OTC:FCLAU) reported a net loss of $45,000 in the second quarter of 1999. This reflects the quarterly distribution of $0.59375 per share, or $196,000, on June June: see month. 30, 1999, to holders of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. issued through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , First Coastal Capital Trust, recognized as interest expense on the consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statement of operations See Income statement. . In addition, the company declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a quarterly dividend of $0.16875 per share, totaling $54,000, which was paid on July July: see month. 15, 1999, to holders of Series A preferred stock. The company completed the acquisition of American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Independent Bank (AIB AIB n abbr (BRIT) (= Accident Investigation Bureau) → oficina de investigación de accidentes AIB n abbr (Brit) (= Accident Investigation Bureau) → ) on March 8, 1999, and reported a net loss of $93,000 in the first quarter of 1999. In addition, the company successfully increased the capital of the corporation through the issuance of $6.6 million of trust preferred securities and the addition of $2.1 million of common stock in the first quarter. The second quarter completed the consolidation phase of the AIB acquisition, symbolized by the conversion of the banks' separate data- processing systems onto one common platform. As can be seen in the selected financial data section below, the company's capital ratios are now stronger than before the acquisition. The company has also successfully merged the two banks' loan portfolios. As can be seen below, delinquencies and problem loans remain well controlled and the company now has only one remaining OREO property on its books at $58,000. As of June 30, 1999, the company is now a $131 million banking organization with one common name. Simultaneous with the acquisition of AIB, the company hired Anthony Xinis, formerly a senior vice president at 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, to take charge of: 1) developing a sophisticated set of depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. and cash-management products; and 2) additional credit products, both aimed at small businesses. The company's customers now have access to more than 4,000 bank ATMs and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. branches for deposits; view and manage their accounts online on a personal computer; and have the ability to automatically "sweep Sweep The act of using all available cash flow for the repayment of debt service. sweep To automatically move cash balances into an interest-earning money market fund. " their deposits into a diversified diversified (di·verˑ·s package of short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. mutual funds. These "Web-enabled" products are now being sold through a commissioned sales force developed by and reporting to Mr. Xinis. The rapid growth of the sales force and the assimilation Assimilation The absorption of stock by the public from a new issue. Notes: Underwriters hope to sell all of a new issue to the public. See also: Issuer, Underwriting Assimilation of AIB negatively impacted the company's earnings in the second quarter. The company's objective is to translate (1) To change one language into another; for example, assemblers, compilers and interpreters translate source language into machine language. (2) In computer graphics, to move an image on screen without rotating it. the new products and sales force into profitable growth for the company in the near future. Finally, as it approaches the new millennium millennium [Lat.,=1,000 years], the period of 1,000 years in which, according to some schools of Christian eschatology, Christ will reign again gloriously on earth. Belief in the millennium, based on Rev. 20, has recurred in Christianity since the earliest times. , First Coastal Bank has made great efforts toward Year 2000 compliance. The company has reviewed its internal systems and assessed all of its significant vendors, borrowers and depositors. In addition, the company has prepared contingency plans A plan involving suitable backups, immediate actions and longer term measures for responding to computer emergencies such as attacks or accidental disasters. Contingency plans are part of business resumption planning. and has trained its staff in emergency preparedness pre·par·ed·ness n. The state of being prepared, especially military readiness for combat. Noun 1. preparedness - the state of having been made ready or prepared for use or action (especially military action); "putting them . The company believes that the impact of Year 2000 will have minimal effect, if any, on its operations. In conclusion, First Coastal Bancshares is excited by the prospects for the company, and will continue to keep its shareholders informed in the days ahead. First Coastal Bancshares is traded on the Over the Counter market under the symbols FCLA (common stock) and FCLAU (units, consisting of one common stock and one trust preferred security). -0-
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
Consolidated Statements of Financial Condition
(Unaudited)
(Thousands omitted)
June 30, Sept. 30, Dec. 31, March 31, June 30,
1998 1998 1998 1999 1999
______ ______ ______ ______ ______
Assets:
Cash and due from
banks $3,364 $3,710 $2,745 $8,641 $9,071
Short-term
investments 10,625 11,550 700 8,049 11,500
Investment
securities, net 8,234 6,077 14,679 17,980 33,600
Loans, net 50,746 55,763 54,614 69,973 68,001
OREO, net 386 218 116 109 58
Goodwill, net 1,841 1,803 1,770 5,480 5,404
Other assets 1,959 1,999 2,111 3,548 3,660
______ ______ ______ _______ _______
Total assets 77,155 81,120 76,735 113,780 131,294
______ ______ ______ _______ _______
______ ______ ______ _______ _______
Liabilities:
Demand deposits 18,441 21,448 12,747 31,561 29,044
Money market 8,096 7,878 7,451 20,280 13,308
Super Now 6,773 5,991 6,718 10,056 9,536
Savings 3,935 4,083 3,721 6,512 6,225
Certificates of
deposit 32,196 33,521 26,226 28,975 30,629
______ ______ ______ ______ ______
Total deposits 69,441 72,921 56,863 97,384 88,742
Dividend payable 71 71 71 71 54
Short-term
borrowing 0 0 10,000 0 26,800
Long-term debt 1,000 1,000 1,000 1,000 1,000
Preferred securities
of subsidiary
trust 0 0 0 6,600 6,600
Other liabilities 582 1,083 2,541 589 510
______ ______ ______ _______ _______
Total liabilities 71,094 75,075 70,475 105,644 123,706
Shareholders' equity:
10 percent cumulative
convertible
preferred stock,
no par value 2,658 2,658 2,658 1,993 1,993
Common stock, no
par value 3,403 3,387 3,602 6,143 5,595
______ ______ ______ _______ _______
Total shareholders'
equity 6,061 6,045 6,260 8,136 7,588
Total liabilities ______ ______ ______ _______ _______
and shareholders'
equity $77,155 $81,120 $76,735 $113,780 $131,294
______ ______ ______ _______ _______
______ ______ ______ _______ _______
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
(Thousands omitted)
Three months ended
June 30, Sept. 30, Dec. 31, March 31, June 30,
1998 1998 1998 1999 1999
______ ______ ______ ______ ______
Interest income
and fees $1,336 $1,399 $1,411 $1,593 $2,019
Interest expense 560 609 611 696 886
______ ______ ______ ______ ______
Net interest income 776 790 800 897 1,133
Provision for loan
loss 0 0 0 0 50
______ ______ ______ ______ ______
Net interest income
after provision
for loan loss 776 790 800 897 1,083
Noninterest income 129 155 150 140 312
Noninterest expense 685 751 860 1,103 1,308
______ ______ ______ ______ ______
Income (loss) before
tax and goodwill 220 194 90 (66) 87
Income tax provision
(benefit) 93 82 39 (27) 36
Amortization of
goodwill 33 33 33 54 96
______ ______ ______ ______ ______
Net income (loss) 94 79 18 (93) (45)
Add back: goodwill
amortization 33 33 33 54 111
______ ______ ______ ______ ______
Tangible income
(loss) $127 $112 $51 ($39) $66
______ ______ ______ ______ ______
______ ______ ______ ______ ______
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
Selected Financial Data
(Unaudited)
Second Third Fourth First Second
quarter quarter quarter quarter quarter
1998 1998 1998 1999 1999
_____ _____ _____ _____ _____
Regulatory capital
ratios (bank):
__________________
Leverage 5.76% 5.33% 5.39% 8.29% 6.31%
Tier 1 risk-based
capital 8.69% 7.73% 8.27% 9.49% 9.75%
Total risk-based
capital 11.80% 10.68% 11.17% 12.02% 12.30%
Asset quality
(bank):
__________________
Nonaccrual loans/
total loans 0.87% 0.72% 1.32% 0.85% 0.95%
Nonperforming
loans/total loans 2.83% 2.59% 3.13% 1.55% 2.18%
Delinquent loans/
total loans 1.76% 0.94% 1.21% 1.18% 1.62%
Performance ratios
(bank):
__________________
Tangible return on
assets 0.71% 0.63% 0.28% 0.02% 0.65%
Tangible return on
equity 13.16% 11.42% 5.29% 0.31% 10.15%
Common stock data
(fully diluted)(a):
__________________
Ending book value
per share $5.42 $5.24 $5.36 $5.25 $4.84
Ending tangible
book value per
share $3.78 $3.67 $3.85 $1.71 $1.39
Earnings per share
at period-end $0.08 $0.07 $0.02 ($0.06) ($0.03)
Tangible earnings
per share at
period-end $0.11 $0.10 $0.04 ($0.03) $0.04
Period-end number
of shares
outstanding,
fully diluted 1,117,619 1,154,528 1,167,426 1,549,763 1,567,867
(a) Adjusted for 1-for-5 reverse stock split effective Nov. 24, 1998.
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion