First Coastal Bancshares Reports Year-End Earnings.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)--Feb. 9, 2004 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 $119,000 for the year ended December December: see month. 31, 2003, compared to $311,000 at the previous year end. First Coastal Bank posted net income of $1.08 million for 2003, up 18 percent from $913,000 at 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. 2002. In the fourth quarter 2003, the parent company had net income of $25,000 compared to $75,000 in the prior year quarter, while the Bank posted an increase of 31 percent in the same period, earning $299,000 in net income compared to $227,000 in the fourth quarter 2002. "The discrepancy DISCREPANCY. A difference between one thing and another, between one writing and another; a variance. (q.v.) 2. Discrepancies are material and immaterial. between the parent company and the Bank's earnings was the result of several significant steps we took to strengthen our balance sheet and reduce expenses," says 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. "Those steps were the refinancing Refinancing An extension and/or increase in amount of existing debt. of our trust preferred securities, the quasi [Latin, Almost as it were; as if; analogous to.] In the legal sense, the term denotes that one subject has certain characteristics in common with another subject but that intrinsic and material differences exist between them. reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. in August 2002, and the Bank's issuance of perpetual PERPETUAL. That which is to last without limitation as to time; as, a perpetual statute, which is one without limit as to time, although not expressed to be so. 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. . As a result of these actions, we are well positioned to support continued strong growth in 2004." As previously reported, in the second quarter 2003, the Bank issued $3 million of new Series B 10% Non-Cumulative Preferred stock, and the parent company 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. its existing Series A 10% Convertible Cumulative Preferred Noun 1. cumulative preferred - preferred stock whose dividends if omitted accumulate until paid out cumulative preferred stock preference shares, preferred shares, preferred stock - stock whose holders are guaranteed priority in the payment of dividends but in September September: see month. 2003. The new dividend at the Bank is treated as an interest expense in consolidation, which reduces income, whereas the prior dividend was a reduction to retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. . In August 2003, the parent company refinanced its existing $6.6 million trust preferred securities at a substantially reduced interest rate and completed the redemption of $6.0 million of the old trust preferred securities at the end of October October: see month. . During that transitional period, there were overlapping interest payments. Additionally, the parent company is now expensing the remainder of the net write-ups resulting from the quasi-reorganization in September 2002. As reported previously, certain high-yielding real estate loans were marked to market, and the amortization of this non-cash adjustment reduces interest income by approximately $36,000 per month through December 2005. Finally, the parent company's 1-for-25 reverse stock split, completed during the second quarter 2003, substantially reduced its shareholder base. The change will result in significant cost savings beginning in 2004. "During the fourth quarter, we continued to focus on building a strong core deposit base, leveraging the appeal of our "real community banking" and the strategic locations of our four well-established banking offices," 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. Griffith. At December 31, 2003, overall deposits posted a 23 percent increase over the prior year to $146.8 million, with demand deposits growing 42 percent to $46.9 million. Loans also continued their steady growth during 2003. At year-end, loans totaled $128.2 million, up eight percent from year-end 2002. As a result of the Bank's disciplined credit culture, the ratio of non-accrual loans to total loans dropped to 0.04 percent at year-end, down from 0.78 percent at December 31, 2002. The Bank remained "well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. " throughout the year with a Leverage ratio of 6.96 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. of 9.17 percent, and Total Risk-Based Capital ratio of 10.06 percent at December 31, 2003. The Bank, which serves the coastal communities of west Los Angeles
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FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Unaudited
(000's omitted)
Dec. 31, Dec. 31,
2003 2002
--------- ---------
ASSETS
Cash and Cash Equivalents $5,366 $4,439
Time Deposits in Other Financial Institutions 1,865 1,865
Investment Securities, net 68,493 12,480
Loans 128,180 118,311
Allowance for Loan Loss (1,274) (1,196)
Goodwill, net 4,625 4,625
Other Assets 3,501 3,780
--------- ---------
TOTAL ASSETS $210,756 $144,304
========= =========
LIABILITIES
Demand Deposits $46,867 $32,888
Money Market 45,693 44,984
Super Now 12,231 8,795
Savings 5,737 4,127
Certificates of Deposit 36,264 28,235
--------- ---------
Total Deposits 146,792 119,029
Short-Term Borrowing 43,335 5,775
Long-Term Debt 1,000 1,000
Preferred Securities of Subsidiary Trusts 7,200 6,600
Other Liabilities 967 1,197
--------- ---------
Total Liabilities 199,294 133,601
MINORITY INTEREST IN BANK SUBSIDIARY 2,717 -
SHAREHOLDERS' EQUITY
10% Cumulative Convertible Preferred Stock, No
Par Value - 1,993
Common Stock, No Par Value 9,215 8,771
Retained Earnings, since September 1, 2002 (147) 38
Unrealized Loss on Available for Sale Securities,
Net of Tax (323) (99)
--------- ---------
Total Shareholders' Equity 8,745 10,703
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $210,756 $144,304
========= =========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(000's omitted)
Three Months Ended Twelve Months Ended
----------------- -----------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2003 2002 2003 2002
-------- -------- -------- --------
Interest Income and Fees $2,221 $2,084 $8,199 $8,352
Interest Expense 511 529 1,979 2,774
-------- -------- -------- --------
Net Interest Income 1,710 1,555 6,220 5,578
Provision for Loan Loss 130 - 215 -
-------- -------- -------- --------
Net Interest Income after
Provision for Loan Loss 1,580 1,555 6,005 5,578
Non Interest Income 220 176 748 771
Non Interest Expense 1,645 1,618 6,340 5,900
-------- -------- -------- --------
Income Before Minority Income &
Tax 156 113 413 449
Minority Interest in Income of
Subsidiary (75) - (157) -
Income Tax Provision 56 38 137 138
-------- -------- -------- --------
Net Income $25 $75 $119 $311
======== ======== ======== ========
FIRST COASTAL BANK
STATEMENTS OF OPERATIONS
Unaudited
(000's omitted)
Three Months Ended Twelve Months Ended
---------------- ----------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2003 2002 2003 2002
---------------- ----------------
Interest Income and Fees $2,330 $2,192 $8,634 $8,483
Interest Expense 351 425 1,279 2,107
---------------- ----------------
Net Interest Income 1,979 1,767 7,355 6,376
Provision for Loan Loss 130 - 215 -
---------------- ----------------
Net Interest Income after
Provision for Loan Loss 1,849 1,767 7,140 6,376
Non Interest Income 253 208 880 904
Non Interest Expense 1,607 1,602 6,234 5,805
---------------- ----------------
Income Before Tax 494 373 1,786 1,475
Income Tax Provision 196 146 704 562
---------------- ----------------
Net Income $299 $227 $1,082 $913
================ ================
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
SELECTED FINANCIAL DATA
Unaudited
AT OR FOR THE AT OR FOR THE
THREE MONTHS ENDED TWELVE MONTHS ENDED
-------------- --------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2003 2002 2003 2002
-------- -------- ------- ---------
PER SHARE DATA(a)
-----------------
Net Income -- Basic(c) $0.25 $0.01 ($1.74) $0.04
Book Value Per Share(b) $88.52 $91.52 $88.52 $91.52
Tangible Book Value Per Share $41.70 $42.07 $41.70 $42.07
(a) 1 for 25 Reverse Split, June 30, 2003
(b) 2002 assumes preferred stock is redeemed
(c) 2003 includes $(1.57) related to redemption of preferred stock
during 3rd Qtr.
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