First Coastal Reports Second Quarter 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)--July 30, 2002 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 $83,000 for the period ended June June: see month. 30, 2002, up from $54,000 in the prior quarter and a loss of $14,000 in the second quarter 2001. For the six-month period ended June 30, 2002, net income was $137,000 compared to a loss of $70,000 for the same period in 2001. At the end of the second quarter 2002, net income for the Bank was $238,000, up from $208,000 in the prior quarter and $134,000 in the second quarter 2001. For the six months ended June 30, 2002, the Bank reported net income of $446,000, up from $219,000 for the same six-month period in the prior year. Net income for the holding company and the Bank excludes the amortization of goodwill, based on the Financial Accounting Standards Board's (FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). ) 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 December: see month. 2001. "We continued to experience very strong deposit growth during the second quarter," 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. Led by growth in money market accounts and demand deposits, the Bank's total deposits increased eight percent over the prior year quarter. If adjusted for 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 in October October: see month. 2001, year-over-year deposit growth would have increased 24 percent. "The strength of our community banking franchise is our solid foundation of deposit relationships," Griffith says. "By concentrating on the region we know best, selectively locating our offices, and staffing with knowledgeable relationship managers, we intend to establish First Coastal as the leading community bank serving the coastal communities of west Los Angeles
Deposits at the Bank's recently 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. Marina Marina “a piece of virtue.” [Br. Lit.: Pericles] See : Virtuousness del Rey Del Rey may refer to:
The Sepúlveda family was prominent in the early days of Los Angeles, California and Orange County, and many features of the area are named for those families. Boulevard boulevard Broad landscaped avenue that typically permits several lanes of vehicular traffic as well as pedestrian walkways. The earliest boulevards originally followed the city walls (the word originally meant “bulwark”) and were built in the ancient Middle in 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. , is scheduled to open in early fall. "We believe this is an ideal extension of our franchise," says Griffith. "As the only locally owned bank in the community of Manhattan Beach, and with our prominent location, we see an excellent opportunity to cultivate cul·ti·vate tr.v. cul·ti·vat·ed, cul·ti·vat·ing, cul·ti·vates 1. a. To improve and prepare (land), as by plowing or fertilizing, for raising crops; till. b. new deposit-based relationships." As previously reported, during the second quarter, the holding company raised $3 million in capital as a result of a private placement announced in April 2002. Delinquencies and non-performing assets continued to improve during the second quarter. The ratio of non-accrual loans to total loans dropped to 0.14 percent at June 30, 2002, down from 0.35 percent in the prior year quarter. Total 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 also dropped to 0.21 percent down from 0.41 percent in the prior year quarter. "In this era of uncertainty, our attention to credit and compliance issues has resulted in a very clean balance sheet Clean Balance Sheet Refers to a company whose balance sheet has very little or no debt. Notes: A company is told to "clean up" its balance sheet if they are exposed to large amounts of debt. and strong capital levels," Griffith notes. During the second quarter, the Bank's capital ratios remained well above levels considered 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. by bank regulators. At the end of the second quarter 2002, the Leverage ratio was 7.08 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 9.13 percent, and Total Risk-Based Capital ratio was 10.38 percent. At June 30, 2002, First Coastal Bank, which serves the coastal communities of 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 $133 million.
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Unaudited
(000's omitted)
June 30, June 30,
2002 2001
----------- -----------
ASSETS
Cash and Cash Equivalents $ 13,703 $ 7,634
Time Deposits in Other Financial
Institutions 1,864 --
Investment Securities, net 14,708 25,213
Loans 96,399 94,020
Allowance for Loan Loss (1,259) (1,045)
Goodwill, net 4,625 4,846
Other Assets 4,156 4,245
----------- -----------
TOTAL ASSETS $134,196 $134,913
=========== ===========
LIABILITIES
Demand Deposits $ 33,013 $ 32,155
Money Market 36,343 16,478
Super Now 7,179 9,271
Savings 4,050 3,983
Certificates of Deposit 36,253 47,521
----------- -----------
Total Deposits 116,838 109,408
Short-Term Borrowing -- 8,600
Long-Term Debt 1 2,148
Preferred Securities of Subsidiary Trust 6,600 6,600
Other Liabilities 785 1,053
----------- -----------
Total Liabilities 124,224 127,809
SHAREHOLDERS' EQUITY
10% Cumulative Convertible Preferred
Stock, No Par Value 1,993 1,993
Common Stock, No Par Value 9,584 6,566
Accumulated Deficit (1,447) (1,289)
Unrealized Loss on Available for Sale
Securities, Net of Tax (158) (166)
----------- -----------
Total Shareholders' Equity 9,972 7,104
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $134,196 $134,913
=========== ===========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(000's omitted)
Three Months Ended Six Months Ended
------------------ -----------------
June 30, June 30, June 30, June 30,
2002 2001 2002 2001
-------- --------- -------- ---------
Interest Income and Fees $2,077 $2,372 $4,153 $4,913
Interest Expense 752 1,098 1,534 2,320
-------- --------- -------- ---------
Net Interest Income 1,325 1,274 2,619 2,593
Provision for Loan Loss -- -- -- --
-------- --------- -------- ---------
Net Interest Income after
Provision for Loan Loss 1,325 1,274 2,619 2,593
Non Interest Income 211 177 398 353
Non Interest Expense 1,419 1,434 2,833 2,972
-------- --------- -------- ---------
Income Before Tax 117 17 184 (26)
Income Tax Provision 34 31 47 44
-------- --------- -------- ---------
Net Income (Loss) $ 83 $ (14) $ 137 $ (70)
======== ========= ======== =========
FIRST COASTAL BANK
STATEMENTS OF OPERATIONS
Unaudited
(000's omitted)
Three Months Ended Six Months Ended
------------------ -----------------
June 30, June 30, June 30, June 30,
2002 2001 2002 2001
-------- --------- -------- ---------
Interest Income and Fees $2,072 $2,366 $4,144 $4,900
Interest Expense 555 898 1,129 1,920
-------- --------- -------- ---------
Net Interest Income 1,518 1,468 3,016 2,980
Provision for Loan Loss -- -- -- --
-------- --------- -------- ---------
Net Interest Income after
Provision for Loan Loss 1,518 1,468 3,016 2,980
Non Interest Income 244 210 464 420
Non Interest Expense 1,383 1,411 2,773 2,937
-------- --------- -------- ---------
Income Before Tax 379 267 707 463
Income Tax Provision 141 133 261 244
-------- --------- -------- ---------
Net Income $ 238 $ 134 $ 446 $ 219
======== ========= ======== =========
FIRST COASTAL BANCSHARES AND SUBSIDIARIES
SELECTED FINANCIAL DATA
Unaudited
Three Months Ended
---------------------
June 30, June 30,
2002 2001
---------- --------
PER SHARE DATA
Net Loss -- Basic $0.02 ($0.05)
Net Tangible Income -- Basic $0.02 $0.03
Book Value Per Share (assuming Preferred
Stock is Liquidated) $3.62 $3.98
Book Value Per Share (assuming Preferred
Stock is Converted) $4.02 $4.54
Tangible Book Value Per Share (assuming
Preferred Stock is Liquidated) $1.48 $0.27
Tangible Book Value Per Share (assuming
Preferred Stock is Converted) $2.16 $1.58
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