First Coastal Bancshares Reports Year-End Earnings.EL SEGUNDO, Calif. -- First Coastal Bancshares (OTCBB:FCST FCST - Federal Council for Science and Technology), parent company of wholly owned First Coastal Bank, N.A. ("the Bank"), reported net income of $252,000 for the year ended December 31, 2004, up 111 percent from $119,000 at the previous year end. The Bank earned net income of $1.42 million for 2004 compared to $1.08 million at year-end 2003. In the fourth quarter 2004, the parent company posted an increase of 160 percent over the prior year quarter, earning $65,000 in net income compared to $25,000 in the fourth quarter 2003. For the same period, the Bank had net income of $360,000 compared to $299,000 in the prior year quarter. As previously reported, during 2004 parent company earnings were impacted by two actions taken during the last two years to support the continued growth of the Bank. The parent company expensed the remainder of the net write-ups resulting from the quasi-reorganization in September 2002, which reduced interest income by approximately $72,000 per month through December 31, 2004. Also, dividends paid on the new Series B 10% Non-Cumulative Preferred stock, issued by the Bank in the second quarter 2003, have been treated as a minority interest in the income of the subsidiary. By comparison, the prior dividend for the Series A 10% Convertible Cumulative Preferred, which was redeemed by the parent company in September 2003, was a reduction to retained earnings. "Strong core deposit growth throughout the year continued to drive our earnings," said Griffith. "Our focus on delivering real value to our customers and embedding ourselves in the communities we serve continues to attract new business and expand existing relationships." At December 31, 2004, overall deposits posted an 18 percent increase to $173.4 million, up from $146.8 million at year-end 2003. Loans also continued their steady growth during 2004. At year-end, loans totaled $136.5 million, up six percent from year-end 2003. As a result of the Bank's disciplined credit culture, the ratio of non-accrual loans to total loans dropped to 0.00 percent at year-end, down from 0.04 percent at December 31, 2003, and the ratio of delinquent loans to total loans fell to 0.03 percent at year-end 2004 compared to 0.84 percent at December 31, 2003. The Bank remained "well capitalized" throughout the year and further strengthened its capital position during the fourth quarter 2004 by raising $1.0 million of subordinated debt. At December 31, 2004, the Bank's Leverage ratio was 6.50 percent, Tier 1 Risk-Based Capital ratio was 9.16 percent, and Total Risk-Based Capital ratio was 10.7 percent. At December 31, 2004, the Bank had assets of $225 million, up from $209.5 million at year-end 2003. The Bank serves the coastal communities of west Los Angeles County with branches in El Segundo, Manhattan Beach, Marina del Rey and Gardena.
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Unaudited
(000's omitted)
December December
31, 31,
2004 2003
--------- ---------
ASSETS
Cash and Cash Equivalents $4,104 $5,366
Time Deposits in Other Financial Institutions 1,885 1,865
Investment Securities, net 75,942 68,493
Loans 136,475 128,180
Allowance for Loan Loss (1,364) (1,274)
Goodwill, net 4,625 4,625
Other Assets 3,913 3,910
--------- ---------
TOTAL ASSETS $225,580 $211,165
========= =========
LIABILITIES
Demand Deposits $54,268 $46,867
Money Market 52,898 45,693
Super Now 13,328 12,231
Savings 6,534 5,737
Certificates of Deposit 46,401 36,264
--------- ---------
Total Deposits 173,429 146,792
Short-Term Borrowing 30,440 43,335
Long-Term Debt 1,975 1,000
Preferred Securities of Subsidiary Trusts 7,609 7,609
Other Liabilities 651 967
--------- ---------
Total Liabilities 214,104 199,703
MINORITY INTEREST IN BANK SUBSIDIARY 2,717 2,717
SHAREHOLDERS' EQUITY
10% Cumulative Convertible Preferred Stock, No
Par Value - -
Common Stock, No Par Value 9,215 9,215
Retained Earnings, since September 1, 2002 105 (147)
Unrealized Loss on Available for Sale Securities,
Net of Tax (561) (323)
--------- ---------
Total Shareholders' Equity 8,759 8,745
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $225,580 $211,165
========= =========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(000's omitted)
Three Months Twelve Months
Ended Ended
----------------- -----------------
December December December December
31, 31, 31, 31,
2004 2003 2004 2003
-------- -------- -------- --------
Interest Income and Fees $2,503 $2,221 $9,175 $8,199
Interest Expense 618 511 2,081 1,979
-------- -------- -------- --------
Net Interest Income 1,886 1,710 7,094 6,220
Provision for Loan Loss 55 130 105 215
-------- -------- -------- --------
Net Interest Income after
Provision for Loan Loss 1,831 1,580 6,989 6,005
Non Interest Income 173 220 788 748
Non Interest Expense 1,781 1,645 6,897 6,340
-------- -------- -------- --------
Income Before Minority Income & Tax 223 156 879 413
Minority Interest in Income of
Subsidiary (75) (75) (300) (157)
Income Tax Provision 83 56 328 137
-------- -------- -------- --------
Net Income $65 $25 $252 $119
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FIRST COASTAL BANK
STATEMENTS OF OPERATIONS
Unaudited
(000's omitted)
Three Months Twelve Months
Ended Ended
----------------- -----------------
December December December December
31, 31, 31, 31,
2004 2003 2004 2003
-------- -------- -------- --------
Interest Income and Fees $2,722 $2,330 $10,048 $8,634
Interest Expense 503 351 1,659 1,279
-------- -------- -------- --------
Net Interest Income 2,219 1,979 8,389 7,355
Provision for Loan Loss 55 130 105 215
-------- -------- -------- --------
Net Interest Income after
Provision for Loan Loss 2,164 1,849 8,284 7,140
Non Interest Income 206 253 920 880
Non Interest Expense 1,772 1,607 6,850 6,234
-------- -------- -------- --------
Income Before Tax 598 494 2,354 1,786
Income Tax Provision 238 196 938 704
-------- -------- -------- --------
Net Income $360 $299 $1,417 $1,082
======== ======== ======== ========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
SELECTED FINANCIAL DATA
Unaudited
AT OR FOR THE AT OR FOR THE
THREE MONTHS TWELVE MONTHS
ENDED ENDED
-------- -------- -------- --------
December December December December
31, 31, 31, 31,
2004 2003 2004 2003
------- -------- -------- --------
PER SHARE DATA(a)
-----------------
Net Income - Basic $0.66 $0.25 $2.55 ($1.74)
Book Value Per Share(a) $88.66 $88.52 $88.66 $88.52
Tangible Book Value Per Share $41.85 $41.70 $41.85 $41.70
(a) 2003 assumes preferred stock is redeemed
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