First Coastal Bancshares Reports Earnings Growth.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)--Aug. 17, 2001 First Coastal Bancshares (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FCLA FCLA Florida Center for Library Automation FCLA Forensic Court Liaison Nurse ), parent company of wholly owned First Coastal Bank, N.A. (the "Bank"), today reported 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 of $96,000 for the quarter ended June June: see month. 30, 2001, up 66 percent from $58,000 in the previous quarter. The increased profitability was a direct result of the Bank's strong financial performance in the second quarter as loans steadily grew to $93.7 million, up from $83.7 million in the prior quarter and $74.8 million in the second quarter of 2000. Deposit levels remained strong at $109.4 million, down slightly from $112.0 million in the previous quarter, and up $11.8 million from the year-earlier quarter. For the six months ended June 30, 2001, tangible net income was $154,000 compared to $153,000 for the six months ended June 30, 2000. For the same six-month periods, the Bank posted tangible net income of $421,000 for both 2001 and 2000. The results were influenced by non-recurring gains included in the first quarter of 2000, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Don M. Griffith Griffith, town (1990 pop. 17,916), Lake co., extreme NW Ind.; inc. 1904. It is primarily a residential town in the Chicago metropolitan area. Manufactures include metal products, chemicals, and electronic equipment. , chairman and chief executive officer of First Coastal. "Our loan growth and consistent deposit level in the second quarter clearly demonstrate an improving trend. "We also continued to restructure our balance sheet during the quarter, substantially reducing our securities portfolio and our borrowings," says Griffith. Asset quality also continued to improve during the quarter and, as a result, the ratio of non-accrual loans to total loans dropped to 0.35 percent from 0.46 percent the prior quarter, and 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 to total loans fell to 0.41 percent from 0.84 percent in the first quarter 2001. First Coastal's capital levels remained strong during the second quarter. At June 30, 2001, Tier 1 Risk-Based Capital ratio Risk-based capital ratio Bank requirement that there be a minimum ratio of estimated total capital to estimated risk-weighted asset. was 8.26 percent, Leverage ratio was 6.26 percent, and Total Risk-Based Capital ratio was 10.73 percent. According to Griffith, the sale of the Bank's Burbank Burbank, city (1990 pop. 93,643), Los Angeles co., S Calif.; inc. 1911. Tourism and the entertainment industry are central to its economy; several motion-picture studios and television headquarters are here. Burbank's aerospace industry collapsed with the end of the Cold War. banking office to San Fernando San Fernando, city, Argentina San Fernando (săn fərnăn`dō), city (1991 pop. 144,761), Buenos Aires prov., E Argentina. It is a district administrative center in the Greater Buenos Aires area. Valley-based Bank of Granada Granada, city, Nicaragua Granada (gränä`thä), city (1995 pop. 74,396), W Nicaragua, on Lake Nicaragua. It is Nicaragua's third largest city and the center of commerce on Lake Nicaragua. Hills, announced in May 2001, is proceeding on schedule and is expected to close during the fourth quarter. "The sale supports our strategy to focus on our primary market, which stretches from West Los Angeles
2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. and upgrade of its Marina Marina “a piece of virtue.” [Br. Lit.: Pericles] See : Virtuousness del Rey Del Rey may refer to:
conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the move, we are also adding some new talent to our business development team to help us cultivate cul·ti·vate tr.v. cul·ti·vat·ed, cul·ti·vat·ing, cul·ti·vates 1. a. To improve and prepare (land), as by plowing or fertilizing, for raising crops; till. b. our target market of entrepreneurs and small to mid-sized businesses in that area," Griffith says. The Bank is also considering a strategic move into Manhattan Beach Manhattan Beach, city (1990 pop. 32,063), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1912. It is a residential and beach community with an oil refinery and nearby factories that produce transportation and electrical equipment, computers, and pottery. to expand penetration The successful unauthorized breach of a security perimeter. See penetration test. of the South Bay market. At June 30, 2001, First Coastal Bancshares had assets of $135 million. First Coastal Bank operates branches in El Segundo, 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 , Marina del Rey and Burbank.
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Unaudited
(000's omitted)
JUNE 30, MARCH 31, JUNE 30,
2000 2001 2001
--------- --------- ---------
ASSETS
Cash and Due From Banks $ 8,078 $ 5,926 $ 7,634
Short Term Investments 3,300 -- --
Investment Securities, net 39,481 29,774 25,213
Loans 74,831 83,659 93,745
Allowance for Loan Loss (853) (1,048) (1,045)
Note Receivable 225 275 275
Goodwill, net 5,251 4,947 4,846
Other Assets 5,135 4,294 4,245
--------- --------- ---------
TOTAL ASSETS $ 135,448 $ 127,827 $ 134,913
========= ========= =========
LIABILITIES
Demand Deposits $ 32,151 $ 31,670 $ 32,155
Money Market 11,548 14,540 16,478
Super Now 9,090 9,688 9,271
Savings 4,693 4,116 3,983
Certificates of Deposit 40,075 52,007 47,521
--------- --------- ---------
Total Deposits 97,557 112,021 109,408
Short-Term Borrowing 23,000 -- 8,600
Long-Term Debt 935 848 2,148
Preferred Securities of
Subsidiary Trust 6,600 6,600 6,600
Other Liabilities 971 1,168 1,053
--------- --------- ---------
Total Liabilities 129,063 120,637 127,809
SHAREHOLDERS' EQUITY
10% Cumulative Convertible
Preferred Stock, No Par Value 1,993 1,993 1,993
Common Stock, No Par Value 5,631 5,336 5,277
Unrealized Loss on Available for
Sale Securities, Net of Tax (1,239) (139) (166)
--------- --------- ---------
Total Shareholders' Equity 6,385 7,190 7,104
--------- --------- ---------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 135,448 $ 127,827 $ 134,913
========= ========= =========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(000's omitted)
THREE MONTHS ENDED SIX MONTHS ENDED
--------------------------- -----------------
JUNE 30, MARCH 31, JUNE 30, JUNE 30, JUNE 30,
2000 2001 2001 2000 2001
-------- --------- -------- -------- --------
INTEREST INCOME AND FEES $2,539 $2,541 $2,372 $5,008 $4,913
INTEREST EXPENSE 1,221 1,222 1,098 2,405 2,320
------ ------ ------ ------ ------
NET INTEREST INCOME 1,318 1,319 1,274 2,603 2,593
PROVISION FOR LOAN LOSS 45 -- -- 90 --
------ ------ ------ ------ ------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSS 1,273 1,319 1,274 2,513 2,593
NON INTEREST INCOME 176 176 177 386 353
NON INTEREST EXPENSE 1,325 1,437 1,333 2,687 2,770
------ ------ ------ ------ ------
INCOME BEFORE TAX
AND GOODWILL 124 58 118 212 176
INCOME TAX PROVISION 51 13 31 87 44
AMORTIZATION OF GOODWILL 101 101 101 202 202
------ ------ ------ ------ ------
NET LOSS (28) (56) (14) (77) (70)
ADDBACK: AMORTIZATION
OF INTANGIBLES 114 114 110 230 224
------ ------ ------ ------ ------
TANGIBLE INCOME $ 86 $ 58 $ 96 $ 153 $ 154
====== ====== ====== ====== ======
FIRST COASTAL BANK
STATEMENTS OF OPERATIONS
Unaudited
(000's omitted)
THREE MONTHS ENDED SIX MONTHS ENDED
--------------------------- -----------------
JUNE 30, MARCH 31, JUNE 30, JUNE 30, JUNE 30,
2000 2001 2001 2000 2001
-------- --------- -------- -------- --------
INTEREST INCOME AND FEES $2,531 $ 2,534 $ 2,366 $ 4,993 $ 4,900
INTEREST EXPENSE 1,030 1,022 898 2,018 1,920
------ ------- ------- ------- --------
NET INTEREST INCOME 1,501 1,512 1,468 2,975 2,980
PROVISION FOR LOAN LOSS 45 -- -- 90 --
------ ------- ------- ------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSS 1,456 1,512 1,468 2,885 2,980
NON INTEREST INCOME 209 210 210 464 420
NON INTEREST EXPENSE 1,297 1,425 1,310 2,635 2,735
------ ------- ------- ------- --------
INCOME BEFORE TAX
AND GOODWILL 368 297 368 714 665
INCOME TAX PROVISION 151 111 133 293 244
AMORTIZATION OF GOODWILL 101 101 101 202 202
------ ------- ------- ------- --------
NET INCOME 116 85 134 219 219
ADDBACK: AMORTIZATION OF
INTANGIBLES 101 101 101 202 202
------ ------- ------- ------- --------
TANGIBLE INCOME $ 217 $ 186 $ 235 $ 421 $ 421
====== ====== ====== ====== ======
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
SELECTED FINANCIAL DATA
Unaudited
AT OR FOR THE THREE MONTHS ENDED
--------------------------------
JUNE 30, MARCH 31, JUNE 30,
2000 2001 2001
-------- --------- --------
REGULATORY CAPITAL RATIOS (BANK)
Leverage 5.83% 6.12% 6.26%
Tier 1 Risk-Based Capital 8.40% 8.59% 8.26%
Total Risk-Based Capital 10.06% 10.37% 10.73%
ASSET QUALITY (BANK)
Non-Accrual Loans/Total Loans 0.39% 0.46% 0.35%
Nonperforming Loans/Total Loans 0.66% 0.47% 0.64%
Delinquent Loans/Total Loans 0.46% 0.84% 0.41%
PERFORMANCE RATIOS (BANK)
Tangible Return on Average Assets 0.71% 0.60% 0.76%
Tangible Return on Average Equity 11.90% 9.44% 11.89%
COMMON STOCK DATA (FULLY DILUTED)
Ending Book Value Per Share $4.11 $4.60 $4.54
Ending Tangible Book Value Per Share $0.73 $1.44 $1.44
Loss Per Share at Period End $(0.02) $(0.04) $(0.01)
Tangible Earnings Per Share
at Period End $0.06 $0.04 $0.06
Period End Number of Shares
Outstanding, Fully Diluted 1,553,073 1,562,830 1,565,336
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