First Coastal Bancshares Reports Third 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. -- For the nine months ending September 30, 2006, 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 $744,000, a 19 percent increase over the prior year nine-month period. Third quarter 2006 earnings, however, decreased to $177,000 at September 30, 2006, from $220,000 in the prior year quarter. For the same period, the Bank posted net income of $311,000, compared to $402,000 at September 30, 2005. "The decrease in third quarter earnings was partially due to a shift in deposits to higher-cost certificates of deposit, which resulted in a 20-basis-point decline in the net interest margin," said Don M. Griffith, chairman and chief executive officer. In addition, the Bank incurred $180,000 in expense related to a non-performing loan A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. that has now been removed from the balance sheet. Book value per share increased 14 percent to $107.21 in the third quarter 2006 from $93.80 at September 30, 2005, and tangible book value per share was up 42 percent from the prior year quarter to $66.62. While deposits at September 30, 2006, declined slightly to $188.1 million from $194.9 in the prior year quarter, they increased three percent from the year-end 2005 level of $182.5 million. Gross loans increased two percent in the third quarter 2006 over the prior year quarter to $156.8 million. Asset quality remained strong during the quarter with the ratio of non-accrual loans to total loans falling to 0.05 percent at September 30, 2006, compared to 0.35 percent in the third quarter 2005. Throughout the third quarter 2006, the Bank's capital ratios were above levels considered well-capitalized by bank regulators. At September 30, 2006, the Bank's Leverage ratio was 6.08 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 8.37 percent, and Total Risk-Based Capital ratio was 12 percent. First Coastal Bank serves the coastal communities of west Los Angeles
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