First Coastal Bancshares Announces Third Quarter 2000 Financial Results in the Following Quarterly Newsletter by Don M. Griffith, Chairman & CEO.Business Editors 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)--Nov. 3, 2000 Dear Shareholders: The third quarter of 2000 continued a trend of improving financial performance for First Coastal Bancshares, as tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. net income grew 136% to $104,000 for the quarter ended September September: see month. 30, 2000, up from $44,000 in the third quarter of 1999. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. net income rose 262% to $257,000 at September 30, 2000, compared to $71,000 at September 30, 1999. The increased profitability was fueled by First Coastal Bank's strong third quarter results, with income before taxes and goodwill of $401,000, compared to $258,000 in the third quarter of 1999 and $368,000 in the second quarter of 2000. For the nine months ended September 30, 2000, the Bank's income before taxes and goodwill rose to $1.1 million from $567,000 for the prior year period. Both deposits and loans posted healthy increases during the first nine months of 2000. Deposits grew 17% to $104 million at September 30, 2000, up from $89 million at December December: see month. 31, 1999. While total loans were $76.1 million at the end of the third quarter of 2000, compared to $73.3 million at December 31, 1999, net core loan growth increased 17% during the period, when adjustments are made for the run-off run-off n (in contest, election) → desempate m (= extra race); carrera de desempate run-off n (in contest, election) → in the purchased loan portfolio and the sale of $1.8 million in classified loans during the third quarter. The Bank's capital ratios remained strong during the third quarter of 2000 and loan quality continued to improve. Nonperforming loans as a percent of total loans dropped to 0.56% at September 30, 2000 from 0.74% in the prior quarter and 1.82% in the third quarter of 1999. Delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. loans as a percent of total loans decreased to 0.45% at September 30, 2000 from 0.98% in the third quarter of 1999. As previously reported, during the third quarter the Bank recovered $275,000 from its insurance carrier in settlement of a claim stemming stemming - stemmer from an operations loss from activities at the Gardena Gardena (gärdē`nə), city (1990 pop. 49,847), Los Angeles co., SW Calif., an industrial suburb of Los Angeles; inc. 1930. Often called "Freeway City" because of its proximity to several major roads, Gardena manufactures aircraft office, originally reported in the third quarter of 1999. We are pleased with the steady improvement in our financial performance as we continue to build our core banking business. We are carefully evaluating new product options that will attract young, entrepreneurial en·tre·pre·neur n. A person who organizes, operates, and assumes the risk for a business venture. [French, from Old French, from entreprendre, to undertake; see enterprise. companies and differentiate differentiate /dif·fer·en·ti·ate/ (dif?er-en´she-at) 1. to distinguish, on the basis of differences. 2. to develop specialized form, character, or function differing from that surrounding it or from the original. our new ebusinessbank division as the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. provider of choice for this market. As part of that strategy, we are introducing the new Accounts Receivable Financing Accounts Receivable Financing A type of asset-financing arrangement in which a company uses its receivables - which is money owed by customers - as collateral in a financing agreement. The company receives an amount that is equal to a reduced value of the receivables pledged. product this quarter, which we believe will have significant appeal to the small and mid-sized businesses we are targeting. The new product will be marketed by our team of business development officers and through our ebusinessbank website, due to debut by yearend. As we explore other opportunities to bring added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Certain information set forth in this news release may constitute "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and are subject to certain risks and uncertainties. The company's actual results may differ significantly from the results discussed in such forward-looking statements. Factors that may cause such a difference include, but are not limited to, economic conditions, competition in the geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. and business areas in which the company conducts operations, fluctuations in interest rates, credit quality and government regulations.
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITIONS
Unaudited
(000's omitted)
SEPT. 30, JUNE 30, SEPT. 30,
1999 2000 2000
---------- ---------- ----------
ASSETS
Cash and Due From Banks $ 8,363 $ 8,078 $ 9,024
Short-Term Investments 7,700 3,300 300
Investment Securities, net 38,364 39,481 40,029
Loans 68,610 74,831 76,017
Allowance for Loan Loss (846) (853) (957)
OREO, net -- -- --
Note Receivable -- 225 275
Goodwill, net 5,554 5,251 5,150
Other Assets 3,918 5,135 5,068
---------- ---------- ----------
TOTAL ASSETS $131,663 $135,448 $134,906
========== ========== ==========
LIABILITIES
Demand Deposits $ 32,713 $ 32,151 $ 33,700
Money Market 16,112 11,548 13,079
Super Now 9,971 9,090 9,424
Savings 6,259 4,693 4,500
Certificates of Deposit 35,072 40,075 44,070
---------- ---------- ----------
Total Deposits 100,127 97,557 104,773
Short-Term Borrowing 16,000 23,000 15,000
Long-Term Debt 1,000 935 935
Preferred Securities
of Subsidiary Trust 6,600 6,600 6,600
Other Liabilities 827 971 1,037
---------- ---------- ----------
Total Liabilities 124,554 129,063 128,345
SHAREHOLDERS' EQUITY
10% Cumulative Convertible
Preferred Stock, No Par Value 1,993 1,993 1,993
Common Stock, No Par Value 6,148 5,631 5,575
Unrealized Loss on Available
for Sale Securities,
Net of Tax (1,032) (1,239) (1,007)
---------- ---------- ----------
Total Shareholders' Equity 7,109 6,385 6,561
---------- ---------- ----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $131,663 $135,448 $134,906
========== ========== ==========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
STATEMENTS OF OPERATIONS
Unaudited
(000's omitted)
CONSOLIDATED
--------------------------------------------
THREE MONTHS ENDED NINE MONTHS ENDED
-------------------------- -----------------
SEP. 30, JUNE 30, SEP. 30, SEP. 30, SEP. 30,
1999 2000 2000 1999 2000
-------- -------- -------- -------- --------
INTEREST INCOME AND FEES $ 2,242 $ 2,539 $ 2,543 $ 5,854 $ 7,551
INTEREST EXPENSE 1,014 1,221 1,319 2,596 3,724
-------- -------- -------- -------- --------
NET INTEREST INCOME 1,228 1,318 1,224 3,258 3,827
PROVISION FOR LOAN LOSS -- 45 145 50 235
-------- -------- -------- -------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSS 1,228 1,273 1,079 3,208 3,592
NON INTEREST INCOME 315 176 428 767 814
NON INTEREST EXPENSE 1,494 1,325 1,353 3,905 4,040
-------- -------- -------- -------- --------
INCOME BEFORE TAX
AND GOODWILL 49 124 154 70 366
INCOME TAX PROVISION 20 51 63 29 150
AMORTIZATION OF GOODWILL 98 101 101 248 303
-------- -------- -------- -------- --------
NET LOSS (69) (28) (10) (207) (87)
ADDBACK: AMORTIZATION
OF INTANGIBLES 113 114 114 278 344
-------- -------- -------- -------- --------
TANGIBLE INCOME $ 44 $ 86 $ 104 $ 71 $ 257
======== ======== ======== ======== ========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
STATEMENTS OF OPERATIONS
Unaudited
(000's omitted)
BANK ONLY
--------------------------------------------
THREE MONTHS ENDED NINE MONTHS ENDED
-------------------------- -----------------
SEP. 30, JUNE 30, SEP. 30, SEP. 30, SEP. 30,
1999 2000 2000 1999 2000
-------- -------- -------- -------- --------
INTEREST INCOME AND FEES $ 2,237 $ 2,531 $ 2,535 $ 5,845 $ 7,528
INTEREST EXPENSE 818 1,030 1,118 2,140 3,136
-------- -------- -------- -------- --------
NET INTEREST INCOME 1,419 1,501 1,417 3,705 4,392
PROVISION FOR LOAN LOSS -- 45 145 50 235
-------- -------- -------- -------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSS 1,419 1,456 1,272 3,655 4,157
NON INTEREST INCOME 318 209 461 771 925
NON INTEREST EXPENSE 1,479 1,297 1,332 3,859 3,967
-------- -------- -------- -------- --------
INCOME BEFORE TAX
AND GOODWILL 258 368 401 567 1,115
INCOME TAX PROVISION 106 151 164 233 457
AMORTIZATION OF GOODWILL 98 101 101 248 303
-------- -------- -------- -------- --------
NET INCOME 54 116 136 86 355
ADDBACK: AMORTIZATION
OF INTANGIBLES 98 101 101 248 303
-------- -------- -------- -------- --------
TANGIBLE INCOME $ 152 $ 217 $ 237 $ 334 $ 658
======== ======== ======== ======== ========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
SELECTED FINANCIAL DATA
Unaudited
AT OR FOR THE THREE MONTHS ENDED
--------------------------------------
SEPT. 30, JUNE 30, SEPT. 30,
1999 2000 2000
---------- ---------- ----------
REGULATORY CAPITAL RATIOS (BANK)
--------------------------------
Leverage 5.97% 5.83% 5.89%
Tier 1 Risk-Based Capital 9.57% 8.40% 8.95%
Total Risk-Based Capital 11.82% 10.06% 10.78%
ASSET QUALITY (BANK)
--------------------
Non-Accrual Loans/Total Loans 0.86% 0.39% 0.48%
Nonperforming Loans/Total Loans 1.82% 0.74% 0.56%
Delinquent Loans/Total Loans 0.98% 0.46% 0.45%
PERFORMANCE RATIOS (BANK)
-------------------------
Tangible Return on
Average Assets 0.52% 0.71% 0.74%
Tangible Return on
Average Equity 8.46% 11.90% 12.62%
COMMON STOCK DATA (FULLY DILUTED)
----------------------------------
Ending Book Value Per Share $4.54 $4.11 $4.22
Ending Tangible Book Value
Per Share $0.99 $0.73 $0.91
Loss Per Share at Period End ($0.04) ($0.02) ($0.01)
Tangible Earnings Per Share
at Period End $0.03 $0.06 $0.07
Period End Number of
Shares Outstanding,
Fully Diluted 1,566,117 1,553,073 1,555,701
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