First Coastal Bancshares Reports Second Quarter Earnings.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. , Calif. -- First Coastal Bancshares (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FCST FCST Forecast FCST Federal Council for Science and Technology ), parent company of wholly owned First Coastal Bank, N.A. ("the Bank"), reported net income of $280,000 for the quarter ended June June: see month. 30, 2006, an increase of 39 percent over second quarter 2005 earnings of $202,000. For the same period, the Bank posted net income of $413,000 compared to $380,000 in the second quarter 2005. "We have now achieved a substantially improved and sustainable net income level at the parent company in two consecutive quarters by simplifying and strengthening our capital structure," 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. Helping to drive the improved earnings performance was the elimination of the quarterly dividends paid on the Bank's Series B Non-Cumulative 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. that were redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. at the beginning of the first quarter 2006, the last step of a comprehensive financial restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). initiated in 2002. Net income per share rose to $2.46 at June 30, 2006, up from $2.04 in the prior year quarter. Book value per share increased 15 percent to $104.41 from $91.06 at June 30, 2005, and 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. book value per share was up 44 percent from the prior year quarter to $63.83. Continued growth in the Bank also contributed to the strong quarterly results. Total assets were $248.6 million at June 30, 2006, up from $233.4 million at the end of the prior year quarter. "While growth in core deposits continued to moderate during the second quarter, we were able to retain deposits that shifted from money market accounts into certificates of deposit," said Griffith. At June 30, 2006, gross loans increased 12 percent over the prior year quarter to $153.7 million. Asset quality remained strong during the quarter. Both the ratio of non-accrual loans to total loans 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 0.10 percent at June 30, 2006. Throughout the second quarter 2006, the Bank's capital ratios were above levels considered well-capitalized by bank regulators. At June 30, 2006, the Bank's Leverage ratio was 5.65 percent, 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 8.32 percent, and Total Risk-Based Capital ratio was 11.96 percent. The Company also announced that the Bancshares Stock Option Plan was amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. to increase the number of shares covered by the Plan from 18,000 to 28,000 shares through a Shareholders Action by Written Consent effective May 19, 2006. First Coastal Bank serves the coastal communities of west Los Angeles
“a piece of virtue.” [Br. Lit.: Pericles] See : Virtuousness del Rey Del Rey may refer to:
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(000's omitted)
June 30, June 30,
2006 2005
--------- ---------
ASSETS
Cash and Cash Equivalents $6,691 $7,071
Federal Funds Sold 1,350 -
Time Deposits in Other Financial
Institutions 1,866 1,865
Investment Securities, net 78,134 80,602
Loans 153,744 137,428
Allowance for Loan Loss (1,461) (1,323)
Goodwill, net 4,625 4,625
Other Assets 4,240 4,040
--------- ---------
TOTAL ASSETS $249,189 $234,308
========= =========
LIABILITIES
Demand Deposits $59,783 $60,702
Money Market 36,724 58,924
Super Now 12,035 12,520
Savings 5,084 5,722
Certificates of Deposit 82,260 56,563
--------- ---------
Total Deposits 195,886 194,431
Short-Term Borrowing 27,100 17,785
Long-Term Debt 5,900 1,975
Preferred Securities of Subsidiary Trust 7,609 7,609
Other Liabilities 796 795
--------- ---------
Total Liabilities 237,291 222,595
MINORITY INTEREST IN BANK SUBSIDIARY - 2,717
SHAREHOLDERS' EQUITY
Common Stock, No Par Value 11,820 9,215
Additional Paid-in Capital 23 -
Retained Earnings, since September 1, 2002 788 334
Unrealized Loss on Available for Sale
Securities, Net of Tax (733) (553)
--------- ---------
Total Shareholders' Equity 11,898 8,996
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $249,189 $234,308
========= =========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(000's omitted)
Three Months Six Months
Ended Ended
--------------- ---------------
June 30, June 30,
2006 2005 2006 2005
------- ------- ------- -------
Interest Income and Fees $4,205 $3,132 $8,057 $6,091
Interest Expense 1,949 951 3,546 1,757
------- ------- ------- -------
Net Interest Income 2,256 2,181 4,511 4,334
Provision for Loan Loss - - 10 50
------- ------- ------- -------
Net Interest Income after
Provision for Loan Loss 2,256 2,181 4,501 4,284
Non Interest Income 142 177 364 604
Non Interest Expense 1,937 1,902 3,926 3,971
------- ------- ------- -------
Income Before Minority Income & Tax 461 456 939 917
Minority Interest in Income
of Subsidiary - (75) - (150)
Income Tax Provision 180 179 372 360
------- ------- ------- -------
Net Income $280 $202 $567 $407
======= ======= ======= =======
FIRST COASTAL BANK
STATEMENTS OF OPERATIONS
(000's omitted)
Three Months Six Months
Ended Ended
--------------- ---------------
June 30, June 30,
2006 2005 2006 2005
------- ------- ------- -------
Interest Income and Fees $4,205 $3,127 $8,057 $6,083
Interest Expense 1,778 815 3,215 1,496
------- ------- ------- -------
Net Interest Income 2,427 2,312 4,843 4,587
Provision for Loan Loss - - 10 50
------- ------- ------- -------
Net Interest Income after
Provision for Loan Loss 2,427 2,312 4,833 4,537
Non Interest Income 175 210 430 670
Non Interest Expense 1,914 1,889 3,890 3,949
------- ------- ------- -------
Income Before Tax 688 633 1,373 1,258
Income Tax Provision 275 253 552 501
------- ------- ------- -------
Net Income $413 $380 $821 $757
======= ======= ======= =======
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
SELECTED FINANCIAL DATA
AT OR FOR THE
THREE MONTHS ENDED
-----------------
June 30, June 30,
2006 2005
-------- --------
PER SHARE DATA
--------------
Net Income - Basic $2.46 $2.04
Book Value Per Share $104.41 $91.06
Tangible Book Value Per Share $63.83 $44.24
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion