Printer Friendly

SC BANCORP REPORTS FIRST QUARTER 1992 UNAUDITED FINANCIAL RESULTS

 SC BANCORP REPORTS FIRST QUARTER 1992 UNAUDITED FINANCIAL RESULTS
 DOWNEY, Calif., April 13 /PRNewswire/ -- SC Bancorp (AMEX: SCK), parent company of Southern California Bank, and the board of directors reports the unaudited summary results for the first quarter of 1992. For the three months ended March 31, 1992, net income totaled $507,000 or $0.15 per share, compared to net income of $942,000 or $0.27 per share for the same period in 1991. Total revenue amounted to $11.5 million, an increase of 2.8 percent from the


comparable period in 1991.
 At March 31, 1992, total assets were $473 million, an increase of 13.7 percent, from the same period in 1991. Total deposits were to $434 million, an increase of 16.0 percent from the same period in 1991. Total equity or leverage ratio was 6.6 percent and total risk-based capital ratio was 10.2 percent, well in excess of all regulatory requirements.
 SC Bancorp, through its principal subsidiary, Southern California Bank, operates through 16 locations in Los Angeles and Orange counties. Shares of SC Bancorp common stock are listed on the American Stock Exchange under the ticker symbol of SCK.
 SC BANCORP
 Earnings Summary
 Unaudited Unaudited
 3/31/92 3/31/91
 Quarter ended March 31:
 Total revenue $11,453,000 $11,145,000
 Net income $507,000 $942,000
 Per share earnings (a) $0.15 $0.27
 (a) Based on quarter-end 1992 outstanding shares.
 SC BANCORP
 Summary of Results
 (Three Months Ending March 31)
 (Unaudited)
 3/31/92 3/31/91 Percent
 Change
 Total assets $472,932,000 $415,960,000 13.7 pct
 Total deposits $434,442,000 $374,640,000 16.0 pct
 Total gross loans $298,316,000 $302,792,000 -1.5 pct
 Shareholders equity $33,105,000 $31,832,000 4.0 pct
 Total revenue $11,453,000 $11,145,000 2.8 pct
 Net income after
 taxes $507,000 $942,000 -46.2 pct
 Earnings per share (a) $0.15 $0.27 -46.2 pct
 SC BANCORP AND ITS SUBSIDIARY, SOUTHERN CALIFORNIA BANK
 Consolidated Income Statements
 Three Months Ending March 31, 1992
 ($ in thousands except per share amounts)
 Three Months Unaudited
 3/31/92 3/31/91
 Total revenue on earning
 assets $9,959 $9,815
 Total cost of funds 3,965 4,478
 Net income on earning assets 5,994 5,337
 Provision for loan losses 1,780 187
 Net income after provision 4,214 5,150
 Non-interest income 1,494 1,330
 Net income from operations 5,708 6,480
 Other non-operating expenses 4,898 5,118
 Net income before income taxes 810 1,362
 Income taxes 303 420
 Net income (loss) $507 $942
 Earnings per share (a) $0.15 $0.27
 (a) Based on quarter-end 1992 outstanding shares.
 SC BANCORP AND ITS SUBSIDIARY SOUTHERN CALIFORNIA BANK
 Consolidated Balance Sheets
 ($ in thousands)
 (Unaudited)
 March 31, March 31,
 1992 1991
 Assets
 Cash and due from banks $25,290 $24,384
 Investment securities
 (Market value: 1992 - $129,526 127,870 66,545
 1991 - $67,261)
 Federal funds sold 8,255 8,223
 Loans 298,316 302,792
 Less:
 Unearned income (315) (740)
 Deferred fee income (525) (440)
 Allowance for possible
 loan losses (5,420) (3,150)
 Net loans 292,056 298,462
 Premises, equipment, land and
 leasehold improvements 8,972 7,429
 Real estate owned foreclosure 1,086 0
 Other assets 9,403 10,917
 Total assets $472,932 $415,960
 Liabilities
 Deposits
 Interest bearing $346,904 $290,166
 Non-interest bearing 87,538 84,474
 Total deposits 434,442 374,640
 Treasury tax and loans 2,548 6,019
 Other liabilities 2,837 3,469
 Total liabilities 439,827 384,128
 Stockholders' equity
 Common stock, no par or stated
 value; authorized 20,000,000
 shares: shares issued and
 outstanding 3,468,505 23,436 23,436
 Retained earnings 9,669 8,396
 Total stockholders' equity 33,105 31,832
 Total liabilities &
 stockholders' equity $472,932 $415,960
 -0- 4/13/92
 /CONTACT: Norman A. Morales, CFO of SC Bancorp, 310-923-9811/
 (SCK) CO: Southern California Bank ST: Calfifornia IN: FIN SU: ERN


AL-CH -- LA020 -- 7862 04/13/92 14:41 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 13, 1992
Words:694
Previous Article:SALEM ANNOUNCES DRAMATIC TURNAROUND IN SALES AND EARNINGS FOR FIRST QUARTER 1992
Next Article:BIOPLASTY ANNOUNCES APPOINTMENT OF VICE PRESIDENT OF SALES AND MARKETING


Related Articles
SC BANCORP ANNOUNCES 1991 FINANCIAL RESULTS
COMMERCIAL BANCORP REPORTS RECORD FIRST-QUARTER EARNINGS
SC BANCORP REPORTS SECOND QUARTER LOSS
COMMERCIAL BANCORP REPORTS RECORD SECOND-QUARTER EARNINGS
SC BANCORP POSTS THIRD QUARTER PROFIT
SC BANCORP POSTS THIRD QUARTER PROFIT
SC BANCORP REPORTS STRONG FOURTH QUARTER RESULTS
SC BANCORP REPORTS FIRST QUARTER RESULTS
/C O R R E C T I O N -- SC BANCORP/
SC BANCORP REPORTS SECOND QUARTER RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters