First Coastal Bancshares Reports Increased Earnings, Announces Branch Sale.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)--May 30, 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., 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 $58,000 for the quarter ended March 31, 2001, up from $25,000 in the previous quarter. Net interest income steadily grew to $1.32 million at the end of the first quarter of 2001, up from $1.29 million at Dec. 31, 2000. The solid financial results were fueled by the continued strong performance of First Coastal Bank, which posted tangible net income of $186,000 in the period ended March 31, 2001, compared with $159,000 in the prior quarter. "During the first quarter, we continued to strategically reposition our balance sheet," said 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. The Bank eliminated 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. borrowings, which were $10 million in the prior quarter and $21 million at March 31, 2000, and reduced investments, while gradually grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. increasing loan volumes. "We remain focused on adding higher quality credits to our balance sheet, concentrating on 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. markets and businesses most familiar to us. To support that growth," he added, "we are also concentrating on building our deposit base." Deposits grew to $112 million at March 31, 2001, up from $110 million at the end of the prior quarter and $98.7 million at March 31, 2000. First Coastal's capital levels remained strong during the first quarter of 2001. At March 31, 2001, the 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 8.59 percent, Leverage Capital Ratio was 6.12 percent and Total Risk-Based Capital Ratio was 10.37 percent. For the second consecutive quarter, no provision for loan loss was necessary, compared with $45,000 in the prior year's quarter. "We are continuing to concentrate on cultivating relationships with entrepreneurs and small to mid-sized businesses in our core market area," Griffith said. As part of that strategy, the Bank also announced that it has signed a Branch Sale Agreement to sell its 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. office to 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. "The Burbank office is an excellent fit with their expanding San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. presence, and the sale will allow First Coastal to fully focus on our primary market, which stretches from West Los Angeles
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"We are very pleased about the pending sale," Griffith said, "and are confident our Burbank customers will continue to enjoy the same quality service they've they've Contraction of they have. they've have always received from the outstanding banking staff that has served them in that location for so many years." The purchase price for the branch, which has approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $18.5 million in deposits, is expected to be about $1.2 million. Completion of the transaction is anticipated by year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2001, and is subject to the approval of the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Department of Financial Institutions, FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). and Bank of Granada Hills' shareholders. At March 31, 2001, First Coastal Bank had $127 million in total assets, and Bank of Granada Hills had $92 million in assets. "To further expand our relationships with existing and prospective customers in the businesses and industries we know best, we are building a sophisticated product choice through new product development and strategic alliances with other 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. providers," Griffith explained. First Coastal now offers financing alternatives, such as accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying finance and equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
"We believe these initiatives will create an important competitive advantage for First Coastal and, in combination with our steadily improving financial strength, will bring increasing value to our shareholders and customers," Griffith said.
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Unaudited
(000's omitted)
March 31, Dec. 31, March 31,
2000 2000 2001
--------- -------- ---------
ASSETS
Cash and Due From Banks $ 7,674 $ 7,322 $ 5,926
Short-Term Investments 6,000 -- --
Investment Securities, net 39,704 35,877 29,774
Loans 71,549 83,411 84,659
Allowance for Loan Loss (994) (964) (1,048)
Note Receivable 125 275 275
Goodwill, net 5,352 5,048 4,947
Other Assets 4,307 4,695 4,294
-------- -------- --------
TOTAL ASSETS $ 133,717 $ 135,664 $ 128,827
========== ========== ==========
LIABILITIES
Demand Deposits $ 33,903 $ 32,822 $ 31,670
Money Market 12,419 11,882 14,540
Super Now 9,915 10,530 9,688
Savings 5,112 3,995 4,116
Certificates of Deposit 37,393 50,932 52,007
--------- --------- ---------
Total Deposits 98,742 110,161 112,021
Short-Term Borrowing 21,000 10,000 --
Long-Term Debt 935 848 848
Preferred Securities of
Subsidiary Trust 6,600 6,600 6,600
Other Liabilities 50 1,071 1,168
--------- --------- ---------
Total Liabilities 127,327 128,680 120,637
SHAREHOLDERS' EQUITY
10% Cumulative Convertible
Preferred Stock, No Par Value 1,993 1,993 1,993
Common Stock, No Par Value 5,703 5,439 5,336
Unrealized Loss on Available
for Sale Securities, Net of Tax (1,306) (448) (139)
--------- --------- ---------
Total Shareholders' Equity 6,390 6,984 7,190
--------- --------- ---------
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY $ 133,717 $ 135,664 $ 127,827
========== ========== ==========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(000's omitted)
Three Months Ended
March 31, Dec. 31, March 31,
2000 2000 2001
--------- -------- ---------
INTEREST INCOME AND FEES $ 2,469 $ 2,619 $ 2,541
INTEREST EXPENSE 1,184 1,326 1,222
-------- -------- --------
NET INTEREST INCOME 1,285 1,293 1,319
PROVISION FOR LOAN LOSS 45 -- --
-------- -------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSS 1,240 1,293 1,319
NON-INTEREST INCOME 210 136 176
NON-INTEREST EXPENSE 1,362 1,409 1,437
-------- -------- --------
INCOME BEFORE TAX AND GOODWILL 88 20 58
INCOME TAX PROVISION 36 8 13
AMORTIZATION OF GOODWILL 101 101 101
-------- -------- --------
NET LOSS (49) (89) (56)
ADDBACK: AMORTIZATION OF
INTANGIBLES 116 114 114
-------- -------- --------
TANGIBLE INCOME $ 67 $ 25 $ 58
======== ======== ========
FIRST COASTAL BANK
STATEMENTS OF OPERATIONS
Unaudited
(000's omitted)
Three Months Ended
March 31, Dec. 31, March 31,
2000 2000 2001
--------- -------- ---------
INTEREST INCOME AND FEES $ 2,462 $ 2,611 $ 2,534
INTEREST EXPENSE 988 1,126 1,022
-------- -------- --------
NET INTEREST INCOME 1,474 1,485 1,512
PROVISION FOR LOAN LOSS 45 -- --
-------- -------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSS 1,429 1,485 1,512
NON-INTEREST INCOME 255 169 210
NON-INTEREST EXPENSE 1,338 1,385 1,425
-------- -------- --------
INCOME BEFORE TAX AND GOODWILL 346 269 297
INCOME TAX PROVISION 142 110 111
AMORTIZATION OF GOODWILL 101 101 101
-------- -------- --------
NET INCOME 103 58 85
ADDBACK: AMORTIZATION OF
INTANGIBLES 101 101 101
-------- -------- --------
TANGIBLE INCOME $ 204 $ 159 $ 186
======== ======== ========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
SELECTED FINANCIAL DATA
Unaudited
At or For the Three Months Ended
March 31, Dec. 31, March 31,
2000 2000 2001
--------- -------- ---------
REGULATORY CAPITAL RATIOS (BANK)
Leverage 5.82% 5.97% 6.12%
Tier 1 Risk-Based Capital 8.82% 8.70% 8.59%
Total Risk-Based Capital 10.94% 10.41% 10.37%
ASSET QUALITY (BANK)
Non-Accrual Loans/Total Loans 1.16% 0.38% 0.46%
Nonperforming Loans/Total Loans 1.67% 0.39% 0.47%
Delinquent Loans/Total Loans 0.97% 0.49% 0.84%
PERFORMANCE RATIOS (BANK)
Tangible Return on Average Assets 0.66% 0.50% 0.60%
Tangible Return on Average Equity 11.50% 8.28% 9.44%
COMMON STOCK DATA (FULLY DILUTED)
Ending Book Value Per Share $ 4.12 $ 4.48 $ 4.60
Ending Tangible Book Value Per
Share $ 0.67 $ 1.24 $ 1.44
Loss Per Share at Period End $(0.03) $(0.06) $(0.04)
Tangible Earnings Per Share at
Period End $ 0.04 $ 0.02 $ 0.04
Period End Number of Shares
Outstanding, Fully Diluted 1,550,053 1,559,038 1,562,830
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