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. 3, 2003 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. ("the Bank"), today reported net income of $311,000 for the year ended December December: see month. 31, 2002, up from a loss of $148,000 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. 2001. At December 31, 2002, net income for the Bank totaled $913,000 compared to $872,000 at year-end 2001. Total assets for the holding company were $144.3 million at December 31, 2002, compared to $124.6 million at the end of the previous year. In the fourth quarter of 2002, the holding company posted consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net income of $75,000, compared to a loss of $23,000 in the prior year quarter. For the same period, net income for the Bank was $227,000, compared to $252,000 in the prior year quarter. Fourth quarter 2001 results included the sale of the Bank's 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 (now First State Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. ). Net income for the Company and the Bank excludes the amortization of goodwill, based on the Financial Accounting Standards Board's SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 142, which took effect in December 2001. As reported in the third quarter 2002, on September September: see month. 20, 2002, the shareholders of First Coastal Bancshares approved a quasi-reorganization which adjusted certain of its shareholder equity accounts. The Company believes this action more accurately reflects the financial position of the Company after the significant infusion INFUSION, med. jur. A pharmaceutical operation, which consists in pouring a hot or cold fluid upon a substance, whose medical properties it is desired to extract. Infusion is also used for the product of this operation. Although infusion differs from decoction, (q.v. of additional capital reported in the second quarter of 2002. The Company raised $3.65 million in new capital in 2002 through the private placement of common stock. "After selling our Burbank office in the fourth quarter of 2001, we relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. our Marina Marina “a piece of virtue.” [Br. Lit.: Pericles] See : Virtuousness del Rey Del Rey may refer to:
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. earnings, we believe they have substantially strengthened the value of our unique franchise as the only locally owned community bank serving these markets. "As a community bank, our focus remains on developing strong core deposits that are relationship-driven in our geographic niche niche: see ecology. niche Smallest unit of a habitat that is occupied by an organism. A habitat niche is the physical space occupied by the organism; an ecological niche is the role the organism plays in the community of organisms found in the ," Griffith says. "Our objective is to grow deposits at each of our offices, with special attention on our new Manhattan Beach branch The Manhattan Beach Branch or Manhattan Beach Division was a line of the Long Island Rail Road, running from Fresh Pond, Queens south to Manhattan Beach, Brooklyn, New York City, United States. , a community that includes many of the entrepreneurs, professionals and small- and mid-sized businesses that we specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. in serving." At the end of 2002, deposits totaled $121.0 million, up from $107.6 million at the prior year-end. Loans also increased year-over-year, totaling $117.0 million at the end of 2002 compared to $92.0 million at December 31, 2001. "We continue to apply rigorous underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. standards and, as a result, we have kept non-accrual 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 a minimum," says Griffith. Our ratio of delinquent loans to total loans was 0.85 percent at the end of the fourth quarter 2002, and the ratio of non-accrual loans to total loans was 0.78 percent at December 31, 2002 compared to 0.83 percent at September 30, 2002. Throughout 2002, the Bank's capital ratios remained strong and well above levels considered well-capitalized by bank regulators, ending the year with a Leverage ratio of 7.72 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 9.81 percent and Total Risk-Based Capital ratio of 10.90 percent. First Coastal Bank, which serves the coastal communities of Manhattan Beach, El Segundo, Marina del Rey and Gardena Gardena (gärdē`nə), city (1990 pop. 49,847), Los Angeles co., SW Calif., an industrial suburb of Los Angeles; inc. 1930. Often called "Freeway City" because of its proximity to several major roads, Gardena manufactures aircraft , had assets of $143 million at December 31, 2002.
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(000's omitted)
December December
31, 31,
2002 2001
--------- ---------
ASSETS
Cash and Cash Equivalents $4,439 $2,717
Time Deposits in Other Financial Institutions 1,865 1,525
Investment Securities, net 12,480 21,083
Loans 118,311 92,265
Allowance for Loan Loss (1,196) (1,219)
Goodwill, net 4,625 4,625
Other Assets 3,780 3,573
--------- ---------
TOTAL ASSETS $144,304 $124,569
========= =========
LIABILITIES
Demand Deposits $32,888 $24,607
Money Market 44,984 27,028
Super Now 8,795 7,953
Savings 4,127 3,953
Certificates of Deposit 28,235 43,640
--------- ---------
Total Deposits 119,029 107,181
Short-Term Borrowing 5,775 725
Long-Term Debt 1,000 2,039
Preferred Securities of Subsidiary Trust 6,600 6,600
Other Liabilities 1,197 1,057
--------- ---------
Total Liabilities 133,601 117,602
SHAREHOLDERS' EQUITY
10% Cumulative Convertible Preferred Stock, No
Par Value 1,993 1,993
Common Stock, No Par Value 8,771 5,108
Retained Earnings, since September 1, 2002 38 0
Unrealized Loss on Available for Sale Securities,
Net of Tax (99) (134)
--------- ---------
Total Shareholders' Equity 10,703 6,967
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $144,304 $124,569
========= =========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(000's omitted)
Three Months Twelve Months
Ended Ended
----------------- -----------------
December December December December
31, 31, 31, 31,
2002 2001 2002 2001
-------- -------- -------- --------
Interest Income and Fees $2,084 $2,009 $8,352 $9,300
Interest Expense 529 892 2,774 4,250
-------- -------- -------- --------
Net Interest Income 1,555 1,117 5,578 5,050
Provision for Loan Loss 0 250 0 250
-------- -------- -------- --------
Net Interest Income after
Provision for Loan Loss 1,555 867 5,578 4,800
Non Interest Income 176 1,376 771 1,934
Non Interest Expense 1,618 2,258 5,900 6,776
-------- -------- -------- --------
Income Before Tax 113 (15) 449 (42)
Income Tax Provision 38 8 138 106
-------- -------- -------- --------
Net Income (Loss) $75 $(23) $311 $(148)
======== ======== ======== ========
FIRST COASTAL BANK
STATEMENTS OF OPERATIONS
(000's omitted)
Three Months Twelve Months
Ended Ended
----------------- ------------------
December December December December
31, 31, 31, 31,
2002 2001 2002 2001
-------- -------- -------- ---------
Interest Income and Fees $2,192 $2,035 $8,483 $9,277
Interest Expense 425 676 2,107 3,418
-------- -------- -------- ---------
Net Interest Income 1,767 1,359 6,376 5,859
Provision for Loan Loss - 250 - 250
-------- -------- -------- ---------
Net Interest Income after
Provision for Loan Loss 1,767 1,109 6,376 5,609
Non Interest Income 208 1,407 904 2,065
Non Interest Expense 1,602 2,118 5,805 6,281
-------- -------- -------- ---------
Income Before Tax 373 398 1,475 1,393
Income Tax Provision 146 146 562 521
-------- -------- -------- ---------
Net Income $227 $252 $913 $872
======== ======== ======== =========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
SELECTED FINANCIAL DATA
AT OR FOR THE AT OR FOR
THREE MONTHS THE TWELVE
ENDED MONTHS
ENDED
December December December December
31, 31, 31, 31,
2002 2001 2002 2001
-------- -------- -------- --------
PER SHARE DATA
----------------------------------
Net Income (Loss) - Basic $0.01 ($0.06) $0.05 ($0.29)
Net Tangible Income - Basic $0.01 $0.04 $0.05 $0.05
Book Value Per Share (assuming
Preferred
Stock is Liquidated) $3.66 $3.85 $3.66 $3.85
Book Value Per Share (assuming
Preferred
Stock is Converted) $4.03 $4.44 $4.03 $4.44
Tangible Book Value Per Share
(assuming
Preferred Stock is
Liquidated) $1.68 $0.16 $1.68 $0.16
Tangible Book Value Per Share
(assuming
Preferred Stock is
Converted) $2.29 $1.49 $2.29 $1.49
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