Exhibit 99.1
PFF BANCORP REPORTS SECOND QUARTER LOSS
Rancho Cucamonga, Calif. - October 22, 2007 - PFF Bancorp, Inc. (NYSE:PFB), the holding company for PFF Bank & Trust (the "Bank"), Diversified Builder Services, Inc. ("DBS") and Glencrest Investment Advisors, Inc. ("Glencrest"), today reported a net loss of $7.5 million or $0.33 per diluted share for the quarter ended September 30, 2007 compared to net income of $14.0 million or $0.56 per diluted share for the comparable period of 2006.
Our net loss for the current quarter was due to a $34.0 million provision for loan and lease losses recorded during the current quarter. This provision resulted in a $33.9 million increase in our allowance for loan and lease losses ("ALLL") which now stands at $94.4 million or 2.29 percent of net loans and leases. The significant provision reflects increases in criticized and classified loans caused by downward pricing pressure and slowing sales rates for both new and existing residential real estate.
The disbursed balance of assets classified special mention and substandard increased $142.6 million and $75.7 million, respectively, between June 30 and September 30, 2007, to $188.6 million and $278.3 million, respectively, net of specific loss allowances of $7.4 million at June 30, 2007 and $37.6 million at September 30, 2007, respectively, due principally to increases in classified residential construction and land loans. The composition of our criticized and classified assets and non-accrual loans at September 30, 2007 is provided under the Selected Ratios and Other Data section of this release.
Non-accrual loans increased $126.5 million during the quarter to $227.7 million or 5.52 percent of net loans and leases at September 30, 2007 compared to $101.2 million or 2.45 percent of net loans and leases at June 30, 2007. Included in non-accrual loans at September 30, 2007 are $81.6 million in loans that are current or less than ninety days past due, but are exhibiting weaknesses in the underlying collateral or borrower strength. Non-accrual construction loans increased $79.4 million during the quarter. The $79.4 million is comprised entirely of sixteen first trust deed loans to eight borrowers with the largest loan balance being $34.0 million. A $38.1 million increase in non-accrual single family loans was attributable to eighty-five first trust deed non-owner occupied loans aggregating $36.3 million to a common borrower. This borrower also has commercial loans of $8.3 million secured by leases and other real estate collateral and $3.7 million in commercial and real estate loans with the Bank, all of which have been placed on non-accrual during the quarter ended September 30, 2007. $9.8 million of the $34.0 million provision for loan and lease losses during the quarter was attributable to this relationship. Our next largest concentration of single family non-owner-occupied loans to one borrower is comprised of 29 loans aggregating $15.6 million. We have one other single family loan borrower relationship in excess of $10.0 million and two in excess of $5.0 million. These loans are performing and paying as agreed.
Kevin McCarthy, President and CEO commented: "While the housing market in our region is continuing to undergo a significant correction, we remain confident in the underlying economic strength of the Inland Empire to provide the engine that will allow our community banking franchise to continue to prosper."
The balance of construction, commercial business, commercial real estate and consumer loans (the "Four-Cs") remained essentially unchanged on a sequential quarter basis. At September 30, 2007, the Four-Cs totaled $2.52 billion or 63 percent of loans and leases receivable, net, compared to $2.42 billion or 59 percent of loans and leases receivable, net, one year ago. Reflecting the slowdown in residential construction lending, Four-Cs originations were $265.3 million or 79 percent of total originations for the current quarter compared to $612.8 million or 86 percent of total originations for the comparable quarter of 2006 and $394.2 million or 86 percent of total originations for the quarter ended June 30, 2007. At September 30, 2007, DBS had outstanding loans receivable, net of $94.7 million compared to $118.4 million at March 31, 2007.
Total deposits increased $89.9 million or 3 percent between the quarters ended September 30, 2007 and 2006 with CDs increasing $38.7 million and core deposits increasing $51.2 million. On a sequential quarter basis, CDs increased $67.1 million and core deposits decreased $49.1 million. At September 30, 2007, core deposits were $1.66 billion (including $274.7 million of non-interest bearing demand accounts) compared to $1.61 billion (including $293.7 million of non-interest bearing demand accounts) one year ago. During the six months ended September 30, 2007, we opened five new full service branches. Those branches have garnered deposits of $43.6 million during the average of four months that they have been open.
Net interest income decreased $4.1 million on a sequential quarter basis to $39.0 million, as net interest margin contracted 34 basis points to 3.64 percent. The decrease in net interest income and the contraction in net interest margin was primarily attributable to a reversal of accrued interest totaling $4.8 million relating to the increase in non-accrual loans during the current quarter. Excluding the reversal of accrued interest, net interest margin would have been 4.09 percent for the current quarter. Average interest-earning assets decreased $49.7 million during the current quarter. Net interest income decreased $6.8 million or 15 percent from the comparable quarter of 2006 as net interest margin contracted 52 basis points, due primarily to the interest reversal noted above, and average interest-earning assets decreased $116.5 million.
Non-interest income decreased $345,000 to $5.3 million between the quarter ended September 30, 2007 and 2006. Excluding a one-time gain of $716,000 on the sale of a former administrative building in the prior year, non-interest income increased $371,000 between the quarters ended September 30, 2006 and 2007. Deposit and related fees rose $364,000 or 11 percent and trust, investment, and insurance fees increased $286,000 or 22 percent, compared to one year ago.
General & Administrative ("G&A") expense decreased $704,000 or 3 percent between the quarters ended September 30, 2006 and 2007 to $24.0 million. G&A expense for the current quarter includes a $2.5 million credit associated with a reversal of both annual and long term incentive plan accruals.
We repurchased 810,600 shares of our common stock at a weighted average price of $16.97 per share during the quarter bringing fiscal year-to-date repurchases to 1,611,975 shares at a weighted average price of $23.03 per share. At September 30, 2007, 865,835 shares remain under a 1.0 million share repurchase authorization adopted by our Board of Directors on July 25, 2007. While there are presently no restrictions on our ability to repurchase shares of our stock, given the uncertainty associated with the current credit conditions, our desire to preserve both capital and liquidity and ensure the sustainability of our cash dividend program, we have temporarily suspended our repurchase program. At September 30, 2007, the Bank's core, Tier 1 risk-based and total risk-based ratios of 8.72%, 9.96% and 11.18% remain well above the 5.00%, 6.00% and 10.00% levels required to be considered "Well Capitalized" under Federal regulations.
During the quarter ended September 30, 2007, we renegotiated the terms of our $75.0 million line of credit with a commercial bank and at September 30, 2007, we are in compliance with all covenants thereunder.
Having opened our full-service branch in San Jacinto, California during the current quarter and an additional branch in Moreno Valley on October 1, 2007, we are presently conducting business through 38 full-service banking branches, two registered investment advisory offices, two trust offices, a Southern California regional loan center, an office providing diversified financial services to home builders and one loan origination office in Northern California. Assets under management or advisory by Glencrest and the Bank's trust department increased to $760.8 million at September 30, 2007, compared to $708.5 million at September 30, 2006. These assets under management or advisory include $620.6 million managed or advised by Glencrest at September 30, 2007, as compared to $572.6 million at September 30, 2006.
We will host a conference call at 5:00 P.M. EST on Monday, October 22, 2007, to discuss our financial results. The conference call can be accessed by dialing 1-800-936-9754 and referencing "PFF Bancorp, Inc. Second Quarter Conference Call". An audio replay of this conference call will be available through Monday, November 5, 2007, by dialing 1-877-519-4471 and referencing replay PIN number 9240909.
Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market and statements regarding the Company's strategic objectives. These forward-looking statements are based upon current management expectations, and may therefore involve risks and uncertainties. The Company's actual results or performance, may differ materially from those suggested, expressed, or implied by forward-looking statements due to a wide range of factors including, but not limited to, the general business environment, the California real estate market, competitive conditions in the business and geographic areas in which the Company conducts its business, regulatory actions or changes and other risks detailed in the Company's reports filed with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended March 31, 2007. The Company disclaims any obligation to subsequently revise or update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contact Kevin McCarthy, President and CEO or
Gregory C. Talbott, Senior Executive Vice President, COO/CFO,
PFF Bancorp, Inc.
9337 Milliken Avenue, Rancho Cucamonga, CA 91730
(909) 941-5400
PFF BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
| September 30, |
| March 31, |
|
(Unaudited) |
|
|
| |
ASSETS |
|
|
|
|
Cash and cash equivalents | $ 52,709 |
| $ 59,587 |
|
Investment securities held-to-maturity (estimated fair value of $6,941 at September 30, 2007 and $6,646 at March 31, 2007) | 6,810 |
| 6,712 |
|
Investment securities available-for-sale, at fair value | 1,666 |
| 28,067 |
|
Mortgage-backed securities available-for-sale, at fair value | 175,598 |
| 186,607 |
|
Loans held-for-sale | - |
| - |
|
Loans and leases receivable, net (net of allowances for loan and lease losses of $94,391 at September 30, 2007 and $46,315 at March 31, 2007) | 4,027,603 |
| 4,116,232 |
|
Federal Home Loan Bank (FHLB) stock, at cost | 37,570 |
| 46,158 |
|
Accrued interest receivable | 23,750 |
| 25,704 |
|
Assets acquired through foreclosure, net | 902 |
| - |
|
Property and equipment, net | 61,003 |
| 56,564 |
|
Prepaid expenses and other assets | 63,429 |
| 27,896 |
|
Total assets | $ 4,451,040 |
| $ 4,553,527 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Liabilities: |
|
|
|
|
Deposits | $ 3,270,796 |
| $ 3,291,645 |
|
FHLB advances and other borrowings | 700,200 |
| 775,300 |
|
Junior subordinated debentures | 87,630 |
| 56,702 |
|
Accrued expenses and other liabilities | 48,305 |
| 32,767 |
|
Total liabilities | 4,106,931 |
| 4,156,414 |
|
Commitments and contingencies | - |
| - |
|
Stockholders' equity: |
|
|
|
|
Preferred stock, $.01 par value. Authorized 2,000,000 | - |
| - |
|
Common stock, $.01 par value. Authorized 59,000,000 shares; issued and outstanding 22,622,088 and 24,156,834 at September 30, 2007 and March 31, 2007, respectively | 225 |
| 240 |
|
Additional paid-in capital | 172,107 |
| 180,285 |
|
Retained earnings | 176,677 |
| 221,892 |
|
Accumulated other comprehensive losses | (4,900 | ) | (5,304 | ) |
Total stockholders' equity | 344,109 |
| 397,113 |
|
Total liabilities and stockholders' equity | $ 4,451,040 |
| $ 4,553,527 |
|
|
|
|
|
|
PFF BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands, except per share data)
(Unaudited)
For the Three Months Ended September 30, | For the Six Months Ended September 30, | |||||||
2007 | 2006 | 2007 | 2006 | |||||
Interest income: |
|
|
|
|
|
|
|
|
Loans and leases receivable | $ 77,912 |
| $ 80,334 |
| $ 158,737 |
| $ 156,788 |
|
Mortgage-backed securities | 1,951 |
| 2,764 |
| 4,052 |
| 5,377 |
|
Investment securities and deposits | 723 |
| 1,736 |
| 1,657 |
| 3,172 |
|
Total interest income | 80,586 |
| 84,834 |
| 164,446 |
| 165,337 |
|
Interest expense: |
|
|
|
|
|
|
|
|
Deposits | 30,413 |
| 26,010 |
| 60,005 |
| 48,416 |
|
Borrowings | 11,128 |
| 12,966 |
| 22,231 |
| 24,191 |
|
Total interest expense | 41,541 |
| 38,976 |
| 82,236 |
| 72,607 |
|
Net interest income | 39,045 |
| 45,858 |
| 82,210 |
| 92,730 |
|
Provision for loan and lease losses | 34,000 |
| 2,520 |
| 55,800 |
| 3,020 |
|
Net interest income after provision for loan and lease losses | 5,045 |
| 43,338 |
| 26,410 |
| 89,710 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
Deposit and related fees | 3,744 |
| 3,380 |
| 7,476 |
| 6,673 |
|
Loan and servicing fees | 352 |
| 578 |
| 773 |
| 1,171 |
|
Trust, investment and insurance fees | 1,588 |
| 1,302 |
| 3,216 |
| 2,824 |
|
Gain on sale of loans, net | 13 |
| 73 |
| 115 |
| 83 |
|
Gain on sale of securities, net | - |
| - |
| - |
| 271 |
|
Mark-to-market on interest rate swaps | (738 | ) | (797 | ) | (409 | ) | (322 | ) |
Other non-interest income | 326 |
| 1,094 |
| 675 |
| 1,405 |
|
Total non-interest income | 5,285 |
| 5,630 |
| 11,846 |
| 12,105 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
General and administrative: |
|
|
|
|
|
|
|
|
Compensation and benefits | 11,501 |
| 13,696 |
| 26,763 |
| 29,331 |
|
Occupancy and equipment | 4,982 |
| 4,268 |
| 9,721 |
| 8,025 |
|
Marketing and professional services | 3,429 |
| 3,183 |
| 6,504 |
| 6,317 |
|
Other general and administrative | 4,049 |
| 3,518 |
| 7,909 |
| 7,274 |
|
Total general and administrative | 23,961 |
| 24,665 |
| 50,897 |
| 50,947 |
|
Foreclosed asset operations, net | 9 |
| - |
| 9 |
| (115 | ) |
Total non-interest expense | 23,970 |
| 24,665 |
| 50,906 |
| 50,832 |
|
Earnings (loss) before income taxes | (13,640 | ) | 24,303 |
| (12,650 | ) | 50,983 |
|
Income taxes (benefit) | (6,093 | ) | 10,260 |
| (5,659 | ) | 21,515 |
|
Net earnings (loss) | $ (7,547 | ) | $ 14,043 |
| $ (6,991 | ) | $ 29,468 |
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share | $ (0.33 | ) | $ 0.57 |
| $ (0.30 | ) | $ 1.20 |
|
Weighted average shares outstanding for basic | 22,878,751 |
| 24,517,593 |
| 23,378,987 |
| 24,471,266 |
|
Diluted earnings (loss) per share | $ (0.33 | ) | $ 0.56 |
| $ (0.30 | ) | $ 1.19 |
|
Weighted average shares outstanding for diluted | 22,878,751 |
| 24,856,348 |
| 23,378,987 |
| 24,812,956 |
|
| ||||||||
PFF BANCORP, INC. AND SUBSIDIARIES
Selected Ratios and Other Data
(Dollars in thousands)
(Unaudited)
|
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||
| 2007 |
| 2006 |
| 2007 |
| 2006 |
|
| ||||||||||||||||||
Performance Ratios |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Return on average assets (1) |
| (0.68) | % | 1.23 | % | (0.31) | % | 1.31 | % |
| |||||||||||||||||
Return on average stockholders' equity (1) |
| (8.56) | % | 14.66 | % | (3.63) | % | 15.65 | % |
| |||||||||||||||||
General and administrative expense to average assets (1) |
| 2.16 | % | 2.16 | % | 2.28 | % | 2.27 | % |
| |||||||||||||||||
Efficiency ratio (3) |
| 54.05 | % | 47.90 | % | 54.11 | % | 48.60 | % |
| |||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities |
| 105.95 | % | 106.63 | % | 106.38 | % | 106.70 | % |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Yields and Costs (1) |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net interest spread |
| 3.41 | % | 3.93 | % | 3.57 | % | 4.05 | % |
| |||||||||||||||||
Net interest margin (2) |
| 3.64 | % | 4.16 | % | 3.81 | % | 4.28 | % |
| |||||||||||||||||
Average yield on interest-earning assets |
| 7.48 | % | 7.67 | % | 7.62 | % | 7.62 | % |
| |||||||||||||||||
Average cost of interest-bearing liabilities |
| 4.07 | % | 3.74 | % | 4.05 | % | 3.57 | % |
| |||||||||||||||||
Average yield on loans and leases receivable, net |
| 7.64 | % | 7.95 | % | 7.79 | % | 7.90 | % |
| |||||||||||||||||
Average yield on securities |
| 4.67 | % | 4.64 | % | 4.69 | % | 4.58 | % |
| |||||||||||||||||
Average cost of core deposits |
| 2.59 | % | 1.94 | % | 2.53 | % | 1.83 | % |
| |||||||||||||||||
Average cost of C.D.s |
| 4.94 | % | 4.71 | % | 4.95 | % | 4.53 | % |
| |||||||||||||||||
Average cost of total deposits |
| 3.72 | % | 3.28 | % | 3.69 | % | 3.11 | % |
| |||||||||||||||||
Average cost of FHLB advances and other borrowings |
| 5.37 | % | 5.14 | % | 5.40 | % | 4.95 | % |
| |||||||||||||||||
Average cost of junior subordinated debentures |
| 6.44 | % | 6.25 | % | 6.36 | % | 6.20 | % |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Asset Quality |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net charge-offs (recoveries) | $ | 119 |
| (111 | ) | 7,724 |
| (143 | ) |
| |||||||||||||||||
Net charge-offs (recoveries) to average loans and leases receivable, net (1) |
| 0.01 | % | (0.01) | % | 0.38 | % | (0.01) | % |
| |||||||||||||||||
Average Balances |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Average total assets | $ | 4,432,417 | $ | 4,575,871 | $ | 4,471,382 | $ | 4,496,126 |
|
| |||||||||||||||||
Average interest-earning assets | $ | 4,288,508 | $ | 4,405,039 | $ | 4,313,287 | $ | 4,333,554 |
|
| |||||||||||||||||
Average interest-bearing liabilities | $ | 4,047,739 | $ | 4,131,228 | $ | 4,054,765 | $ | 4,061,533 |
|
| |||||||||||||||||
Average loans and leases receivable, net | $ | 4,060,827 | $ | 4,025,690 | $ | 4,071,833 | $ | 3,966,337 |
|
| |||||||||||||||||
Average securities | $ | 176,533 | $ | 325,926 | $ | 188,429 | $ | 315,083 |
|
| |||||||||||||||||
Average core deposits | $ | 1,681,519 | $ | 1,615,836 | $ | 1,692,673 | $ | 1,622,709 |
|
| |||||||||||||||||
Average C.D.s | $ | 1,560,459 | $ | 1,526,514 | $ | 1,554,352 | $ | 1,478,377 |
|
| |||||||||||||||||
Average total deposits | $ | 3,241,978 | $ | 3,142,350 | $ | 3,247,025 | $ | 3,101,086 |
|
| |||||||||||||||||
Average FHLB advances and other borrowings | $ | 718,131 | $ | 932,176 | $ | 734,644 | $ | 903,745 |
|
| |||||||||||||||||
Average junior subordinated debentures | $ | 87,630 | $ | 56,702 | $ | 73,096 | $ | 56,702 |
|
| |||||||||||||||||
Average stockholders' equity | $ | 352,589 | $ | 383,137 | $ | 384,915 | $ | 376,496 |
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Loan and Lease Activity |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total originations | $ | 334,324 | $ | 712,939 | $ | 792,229 | $ | 1,405,367 |
|
| |||||||||||||||||
One-to-four-family | $ | 68,753 | $ | 64,297 | $ | 131,216 | $ | 138,131 |
|
| |||||||||||||||||
Multi-family | $ | 279 | $ | 35,882 | $ | 1,562 | $ | 59,400 |
|
| |||||||||||||||||
Commercial real estate | $ | 11,601 | $ | 60,840 | $ | 49,361 | $ | 160,394 |
|
| |||||||||||||||||
Construction - residential, including land | $ | 85,142 | $ | 315,319 | $ | 195,654 | $ | 567,810 |
|
| |||||||||||||||||
Construction - commercial | $ | 9,142 | $ | 45,695 | $ | 65,287 | $ | 63,243 |
|
| |||||||||||||||||
Commercial loans and leases | $ | 101,688 | $ | 129,675 | $ | 240,727 | $ | 285,657 |
|
| |||||||||||||||||
Consumer | $ | 57,719 | $ | 61,231 | $ | 108,422 | $ | 130,732 |
|
| |||||||||||||||||
Purchases | $ | - | $ | - | $ | 368 | $ | 2,997 |
|
| |||||||||||||||||
Principal repayments | $ | 448,165 | $ | 547,945 | $ | 958,921 | $ | 1,144,387 |
|
| |||||||||||||||||
Sales | $ | 1,845 | $ | 4,950 | $ | 9,812 | $ | 6,572 |
|
| |||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||
(1) Computed on an annualized basis. |
|
|
|
|
| ||||||||||||||||||||||
(2) Net interest income divided by average interest-earning assets. |
| ||||||||||||||||||||||||||
(3) Total general and administrative expense divided by net interest income plus non-interest income. |
| ||||||||||||||||||||||||||
PFF BANCORP, INC. AND SUBSIDIARIES
Selected Ratios and Other Data
(Dollars in thousands, except per share data)
(Unaudited)
| As of September 30, |
| As of March 31, |
| ||
Asset Quality |
|
|
|
| ||
Non-accrual loans | $ | 227,659 |
| $ | 11,421 |
|
Non-accrual loans to net loans and leases (4) |
| 5.52 | % |
| 0.27 | % |
Non-performing assets to total assets (1) |
| 5.14 | % |
| 0.25 | % |
Allowance for loan and lease losses | $ | 94,391 |
| $ | 46,315 |
|
Allowance for loan and lease losses to non-accrual loans |
| 41 | % |
| 406 | % |
Allowance for loan and lease losses to net loans and leases (4) |
| 2.29 | % |
| 1.11 | % |
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
|
Stockholders' equity to assets ratio |
| 7.73 | % |
| 8.72 | % |
Core capital ratio* |
| 8.72 | % |
| 8.72 | % |
Risk-based capital ratio* |
| 11.18 | % |
| 11.21 | % |
Shares outstanding at end of period |
| 22,622,088 |
|
| 24,108,834 |
|
Book value per share outstanding | $ | 15.21 |
| $ | 16.47 |
|
Tangible book value per share outstanding (2) | $ | 15.16 |
| $ | 16.42 |
|
|
|
|
|
|
|
|
Loan, Lease and Deposit Balances |
|
|
|
|
|
|
One-to-four family loans | $ | 1,396,813 |
| $ | 1,421,310 |
|
Multi-family loans | $ | 204,145 |
| $ | 235,424 |
|
Commercial real estate loans | $ | 670,836 |
| $ | 679,526 |
|
Construction - residential, including land (3) | $ | 1,101,751 |
| $ | 1,088,395 |
|
Construction - commercial (3) | $ | 176,514 |
| $ | 139,678 |
|
Commercial business loans and leases | $ | 242,158 |
| $ | 286,678 |
|
Consumer loans | $ | 328,781 |
| $ | 313,203 |
|
Core deposits | $ | 1,660,802 |
| $ | 1,707,988 |
|
C.D.s | $ | 1,609,994 |
| $ | 1,583,657 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
(1) Non-performing assets consist of non-accrual loans and assets acquired through foreclosure, net. | ||||||
(2) Stated book value minus goodwill. | ||||||
(3) Net of undisbursed balances of $405,250 and $547,516 at September 30, 2007 and March 31, 2007, respectively. | ||||||
(4) Net loans and leases consist of loans and leases receivable, net plus allowance for loan and lease losses. | ||||||
|
|
|
|
| ||
*PFF Bank & Trust
The following table sets forth the composition of our consolidated loan and lease portfolio, Special Mention and Substandard assets and non-accrual loans as of September 30, 2007.
|
|
| Special Mention | Substandard |
|
| ||
Loan Category |
Committed Balance (1) |
Disbursed Balance (2) |
Committed Balance (1) (3) |
Disbursed Balance (2)(3) |
Committed Balance (1) (3)(5) |
Disbursed Balance (2) (3) (5) |
Non-Accrual (2) |
Specific Valuation Allowances |
| (Dollars in thousands) | |||||||
Real estate loans: |
|
|
|
|
|
|
|
|
Residential |
|
|
|
|
|
|
|
|
One-to-four family (4) | $ 1,396,813 | 1,396,813 | 1,794 | 1,794 | 38,935 | 38,935 | 41,741 | 3,708 |
Multi-family | 204,145 | 204,145 | - | - | - | - | - | - |
Commercial real estate | 670,836 | 670,836 | 1,679 | 1,679 | 3,681 | 3,681 | 3,681 | - |
Construction and land: |
|
|
|
|
|
|
|
|
Unentitled land | 82,960 | 75,617 | 1,540 | 1,540 | 6,600 | 6,600 | - | - |
Entitled land/ developed lots | 366,379 | 299,209 | 28,482 | 22,023 | 53,134 | 49,674 | 56,074 | 10,510 |
Residential construction: |
|
|
|
|
|
|
|
|
Single Family | 793,224 | 583,016 | 115,730 | 92,798 | 136,807 | 119,162 | 110,156 | 11,131 |
Multi-family | 61,446 | 50,312 | 18,400 | 15,886 | - | - | - | - |
Condominium conversion | 93,751 | 90,803 | 41,850 | 41,302 | 39,000 | 39,000 | - | - |
Commercial construction | 285,755 | 179,308 | 4,500 | 4,500 | - | - | - |
- |
Commercial loans and leases | 242,158 | 242,158 | 6,884 | 6,884 | 19,762 | 19,762 | 14,310 | 11,991 |
Consumer | 328,781 | 328,781 | 171 | 171 | 1,467 | 1,467 | 1,697 | 230 |
| 4,526,248 | 4,120,998 | 221,030 | 188,577 | 299,386 | 278,281 | 227,659 | 37,570 |
Undisbursed construction loan funds | (405,250) | N/A |
|
| ||||
Deferred loan and lease origination fees, net | 996 | 996 |
|
| ||||
Allowance for loan and lease losses (6) | (94,391) | (94,391) |
|
| ||||
Total loans and leases, net | 4,027,603 | 4,027,603 |
|
| ||||
Less loans held-for- Sale | - | - |
|
| ||||
Loans and leases receivable, net | $ 4,027,603 | 4,027,603 |
|
| ||||
(1) Includes undisbursed construction loan funds.
(2) Excludes undisbursed construction loan funds.
(3) Balances have been reduced by amounts of specific valuation allowances.
(4) Includes loans held-for-sale.
(5) Includes $902,000 of assets acquired through foreclosure at September 30, 2007, in substandard committed and disbursed balances, one-four family loans.
(6) Allowance for loan and lease losses includes specific valuation allowances shown above.
