Commercial Capital Bancorp (CCBI) Inactive
Filed: 28 Jul 03, 12:00am
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
July 28, 2003
(Date of earliest event reported)
COMMERCIAL CAPITAL BANCORP, INC.
(Exact name of registrant as specified in its charter)
| Nevada (State or other jurisdiction of incorporation) | 000-50126 (Commission File Number) | 33-0865080 (IRS Employer Identification No.) |
One Venture, 3rd Floor, Irvine, California |
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| 92618 |
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(949) 585-7500
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
Item 7.
Financial Statements, Pro Forma Financial Information and Exhibits
(a)
Not applicable.
(b)
Not applicable.
(c)
The following exhibit is included with this Report:
Exhibit 99.1 Press Release dated July 28, 2003.
Item 12.
Regulation FD Disclosure
On July 28, 2003, Commercial Capital Bancorp, Inc. announced by press release its earnings for the quarter ended June 30, 2003. A copy of the press release is attached hereto as Exhibit 99.1. The information contained in this Report on Form 8-K is furnished pursuant to Item 12.
page 1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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| COMMERCIAL CAPITAL BANCORP, INC. | |
| By: |
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| Stephen H. Gordon |
Date: July 28, 2003
page 2
Contact: Stephen H. Gordon |
| Chairman & CEO |
| Telephone: (949) 585-7500 |
Christopher G. Hagerty |
| EVP & CFO |
| Facsimile: (949) 585-0174 |
COMMERCIAL CAPITAL BANCORP, INC. ANNOUNCES RECORD SECOND
QUARTER EARNINGS OF $0.30 PER SHARE ON NET INCOME OF $4.7 MILLION
TOTAL ASSETS REACH $1.4 BILLION AND EFFICIENCY RATIO DECLINES TO 29%
Irvine, CA – July 28, 2003 – Commercial Capital Bancorp, Inc. (“CCBI” or the “Company”), (NASDAQ: “CCBI”), the holding company for Commercial Capital Bank (the “Bank”), Commercial Capital Mortgage, Inc. (“CCM”), ComCap Financial Services, Inc. (“ComCap”), and Commercial Capital Asset Management, Inc. (“CCAM”) announced today record net income of $4.7 million, or $0.30 per diluted share, for the second quarter ended June 30, 2003, an increase of 100% and 25%, respectively, from $2.3 million and $0.24 per diluted share, for the second quarter of 2002. The Company’s net income for the six-month period ended June 30, 2003 was $8.9 million, or $0.59 per diluted share, an increase of 130% and 44%, respectively, from $3.9 million and $0.41 per diluted share, for the six-month period ended June 30, 2002. CCBI’s return on average equity and return on average assets for the second quarter of 2003 was 21.08% and 1.48%, respectively, compared to 20.60% and 1.70%, for the first quarter of 2003. CCBI’s return on average equity and return on average assets for the six-month period ended June 30, 2003 now stands at 20.85% and 1.58%, respectively.
Stephen H. Gordon, Chairman and Chief Executive Officer, stated, “The second quarter’s improved financial performance was highlighted again by strong growth in core components of the Company’s balance sheet, with no compromise to asset quality. Higher earnings per share resulted from the growth in net income more than compensating for the increase in weighted average shares outstanding. The previously announced realignment of our lending operations, which enables the Bank to retain up to 100% of its loan originations, is resulting in the Company experiencing significant growth in net interest income driven by record growth in loans held for investment. We believe the benefits of the realignment will include sustainable financial improvements in future quarters as we strategically transition proceeds from sales of and cash flows received from front-loaded growth in lower yielding mortgage backed securities into the Company’s higher yielding loan originations.” Gordon added, “During the quarter, we continued to proactively manage the Company’s balance sheet with particular focus on extending the duration of our deposits and borrowings, while lowering our cost of funds. The Company’s efficiency ratio declined further to 29%, as strong revenue growth continued to outpace lower growth in expenses.
($ in 000’s, except per share data) |
| Q2 |
| Q1 |
| Q2 |
| Year to Date |
| Year to Date |
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Net income |
| $ | 4,675 |
| $ | 4,239 |
| $ | 2,332 |
| $ | 8,914 |
| $ | 3,877 |
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Basic EPS |
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| 0.32 |
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| 0.30 |
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| 0.26 |
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| 0.62 |
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| 0.43 |
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Diluted EPS |
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| 0.30 |
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| 0.28 |
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| 0.24 |
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| 0.59 |
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| 0.41 |
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Net interest income |
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| 9,999 |
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| 8,064 |
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| 5,021 |
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| 18,063 |
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| 9,015 |
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Net interest margin |
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| 3.29 | % |
| 3.39 | % |
| 3.46 | % |
| 3.34 | % |
| 3.54 | % |
Noninterest income |
| $ | 3,034 |
| $ | 3,215 |
| $ | 1,420 |
| $ | 6,249 |
| $ | 2,493 |
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Noninterest expense |
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| 4,574 |
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| 3,545 |
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| 2,170 |
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| 8,119 |
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| 4,032 |
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Total revenues |
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| 19,332 |
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| 16,606 |
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| 10,706 |
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| 35,938 |
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| 18,935 |
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Return on average equity |
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| 21.08 | % |
| 20.60 | % |
| 29.94 | % |
| 20.85 | % |
| 25.82 | % |
Return on average assets |
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| 1.48 |
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| 1.70 |
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| 1.54 |
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| 1.58 |
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| 1.46 |
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Efficiency ratio |
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| 29.18 |
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| 30.08 |
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| 33.69 |
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| 29.60 |
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| 35.04 |
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1/11
Some of the Company’s second quarter 2003 highlights and achievements include:
•
The Company’s consolidated assets increased 20% to $1.4 billion at June 30, 2003, from $1.2 billion at March 31, 2003, and 117% from $649.1 million, at June 30, 2002. Average assets increased 26% to $1.3 billion for the second quarter of 2003, from $1.0 billion for the first quarter of 2003, and 108% from $604.6 million for the second quarter 2002. Total assets grew at an annualized growth rate of 81% during the second quarter of 2003.
•
The Company’s loans held for investment increased 22% to $697.0 million at June 30, 2003, from $572.8 million at March 31, 2003, and 109% from $333.9 million, at June 30, 2002. The Company retained 76% of its loan originations during the second quarter of 2003, compared to 49% during the first quarter of 2003 and 36% of its loan originations during the second quarter of 2002. Total loans held for investment grew at an annualized growth rate of 87% during the second quarter of 2003. As a result of the previously announced realignment of the Company’s lending operations, the Company anticipates retaining a greater percentage of its loan fundings than it was able to prior to the realignment.
•
The Company’s total deposits increased 30% to $529.6 million at June 30, 2003, from $408.0 million at March 31, 2003, and 107% from $256.2 million at June 30, 2002. Transaction accounts increased 24% to $292.0 million at June 30, 2003, from $234.8 million at March 31, 2003, and 299% from $73.3 million at June 30, 2002. Money market deposits increased 25% to $278.5 million at June 30, 2003, from $222.2 million at March 31, 2003, and 329% from $64.9 million at June 30, 2002. Total deposits grew at an annualized growth rate of 119% during the second quarter of 2003.
•
The Company’s total revenues, defined as interest income plus noninterest income, increased 16% to $19.3 million for the second quarter of 2003, from $16.6 million for the first quarter of 2003, and 81% from $10.7 million for the second quarter of 2002. Total revenues grew at an annualized growth rate of 66% during the second quarter of 2003.
•
The Company’s efficiency ratio declined to 29.18% for the second quarter of 2003, from 30.08% for the first quarter of 2003, and 33.69% for the second quarter of 2002. The Company defines its efficiency ratio as general and administrative expenses as a percentage of net interest income and noninterest income. General and administrative expenses as a percentage of average assets declined to 1.21% for the second quarter of 2003 from 1.36% for the first quarter of 2003, and 1.44% for the second quarter of 2002.
•
The Company’s net income increased 10% to $4.7 million for the second quarter of 2003, from $4.2 million for the first quarter of 2003, and 100% from $2.3 million for the second quarter of 2002. Net income grew at an annualized growth rate of 41% during the second quarter of 2003. The Company’s return on average equity increased to 21.08% for the second quarter of 2003, from 20.60% for the first quarter of 2003.
•
The Company’s banking subsidiary, Commercial Capital Bank, was the fastest growing bank in California for the 36-month period ended March 31, 2003, according to data available from the FDIC website www.fdic.gov. Additionally, the Company was the third largest originator of multi-family loans in California for the 12-month period ended March 31, 2003, according to information available from Dataquick Information Systems.
NET INTEREST INCOME
The Company’s net interest income increased 99% and 100% to $10.0 million and $18.1 million for the three and six-month periods ended June 30, 2003, respectively, from $5.0 million and $9.0 million for the three and six-month periods ended June 30, 2002, respectively. The Company’s net interest margin was 3.29% and 3.34% for the three and six-month periods ended June 30, 2003, respectively, compared to 3.46% and 3.54% for the three and six-month periods ended June 30, 2002, respectively.
2/11
The Company’s interest rate spread and net interest margin for the first quarter ended March 31, 2003 were 3.23% and 3.39%, respectively. The decline in interest rate spread and net interest margin from the first quarter to the second quarter of 2003 was due to the purchase of lower-yielding mortgage-backed securities to further leverage the capital raised in the Company’s recent IPO, thereby increasing the Company’s net income, earnings per share and return on average equity. The Company anticipates net interest income expansion as it strategically transitions proceeds from sales of and cash flows received from the front-loaded growth in lower yielding mortgage-backed securities into the Company’s higher yielding loan originations.
The Company’s yield on interest earning assets decreased to 5.36% and 5.48% for the three and six-month periods ended June 30, 2003, respectively, compared to 6.40% and 6.45% for the three and six-month periods ended June 30, 2002, respectively. The Company’s cost of interest bearing liabilities decreased to 2.19% and 2.28% for the three and six-month periods ended June 30, 2003, respectively, compared to 3.04% and 3.05% for the three and six-month periods ended June 30, 2002, respectively. The Company’s cost of funds, which includes the effect of noninterest bearing deposits, decreased to 2.17% and 2.27% for the three and six-month periods ended June 30, 2003, respectively, compared to 3.01% for both the three and six-month periods ended June 30, 2002. The decline in asset yields during the second quarter of 2003 reflects the effects of growing the Company’s balance sheet through the origination of new adjustable rate loans and the acquisition of additional mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises. Almost all of the Company’s loans have interest rate floors. The decline in the cost of interest-bearing liabilities during the second quarter of 2003 reflects the Company’s ability to proactively lower its rate of interest paid on money market and other deposits, as well as to utilize lower cost, longer duration borrowings, primarily obtained through FHLB advances, while prepaying shorter duration, higher costing FHLB advances.
During the second quarter of 2003, the Company continued to take proactive steps in managing its net interest margin through the lowering of the cost and extending the duration of its interest bearing liabilities. The Company accomplished this by utilizing gains on sales of securities to offset penalties incurred through the early extinguishment of higher costing fixed rate advances from the FHLB and replacing them with lower costing, longer duration, fixed rate advances. In early April, the Company prepaid $20 million of fixed rate FHLB advances, and replaced those advances at a 129 basis points savings, and in early May, the Company prepaid an additional $20 million of fixed rate FHLB advances, and replaced those advances at a 201 basis points savings. The Company also changed the composition of its borrowings by reducing repurchase agreements by $65.6 million, and replacing them with longer duration, lower costing, fixed rate FHLB advances. The Company cut the rate of interest paid on its money market accounts in mid-April, mid-May, and early June for a cumulative reduction of 30 basis points on balances of $50,000 or more. The Company had an average balance of money market deposits of $256.9 million during the second quarter of 2003. The full impact of these transactions will be seen in the third quarter of 2003. The Company also continued to benefit from the growth and changing mix of its time deposits through the extension of duration and lowering of interest costs during this unprecedented interest rate environment.
NONINTEREST INCOME
Noninterest income increased 114% and 151% to $3.0 million and $6.2 million for the three and six-month periods ended June 30, 2003, respectively, compared to $1.4 million and $2.5 million for the three and six-month periods ended June 30, 2002, respectively. The Company’s noninterest income included gains on sales of securities of $1.5 million and $3.2 million for the three and six-month periods ended June 30, 2003, respectively, compared to $56,000 for both the three and six-month periods ended June 30, 2002.
The Company’s noninterest income for the three-month period ended June 30, 2003 also included $571,000 of cash gains on sales of loans, $285,000 in net mortgage banking fees, and $661,000 in other fees including miscellaneous banking, trust and securities brokerage fee income. The gain on sales of loans represents cash gains received on sales to third parties. The reduction in gain on sales of loans, despite the increase in originations for the three-month period ended June 30, 2003 compared to the same 2002 period, reflects the Company’s ability to now retain a greater percentage of its originations.
3/11
NONINTEREST EXPENSES
The Company’s efficiency ratio declined to 29.18% and 29.60% for the three and six-month periods ended June 30, 2003, respectively, compared to 33.69% and 35.04% for the three and six-month periods ended June 30, 2002, respectively. General and administrative expenses declined to 1.21% and 1.28% of total average assets for the three and six-month periods ended June 30, 2003, respectively, compared to 1.44% and 1.52% for the three and six-month periods ended June 30, 2002, respectively.
The Company’s general and administrative expenses totaled $3.8 million and $7.2 million for the three and six-month periods ended June 30, 2003, respectively, compared to $2.2 million and $4.0 million for the three and six-month periods ended June 30, 2002, respectively. The increase during the three-month period ended June 30, 2003 compared to the three-month period ended June 30, 2002 is primarily due to higher personnel and occupancy costs related to the growth of the Company, severance costs and higher legal and other professional costs due to the Company being a public entity starting in December 2002. During the three and six-month periods ended June 30, 2003, the Company recorded $771,000 and $923,000, respectively, in costs associated with the early extinguishment of fixed rate FHLB advances.
INCOME TAXES
The Company’s effective tax rate was 39.93% and 40.20% for the three and six-month periods ended June 30, 2003, respectively, compared to 41.38% and 41.80% for the three and six-month periods ended June 30, 2002, respectively. The decline in the Company’s effective tax rate includes the realization of tax benefits from certain multi-family and commercial real estate loans located in California Enterprise Zones, as well as the recognition of affordable housing tax credits.
BALANCE SHEET
The Company had total consolidated assets of $1.4 billion at June 30, 2003, an increase of 20% and 117% from $1.2 billion and $649.1 million at March 31, 2003 and June 30, 2002, respectively. The increase in assets during the second quarter of 2003 was primarily due to a $124.1 million increase in its loans held for investment portfolio and a $134.3 million increase in its securities portfolio. The Company experienced its largest increase in loans held for investment during the second quarter of 2003 due to the realignment of its lending operations in April of 2003, as the Company retained 76% of its loan originations. Total loans, which include loans held for investment and loans held for sale, net of allowances, totaled $751.8 million, an increase of 16% and 98% from $649.8 million and $378.9 million at March 31, 2003 and June 30, 2002, respectively. Additionally, the Company increased its securities portfolio to $581.2 million, an increase of 30% and 155% from $446.9 million and $228.2 million at March 31, 2003 and June 30, 2002, respectively.
The Company’s deposits totaled $529.6 million at June 30, 2003, an increase of 30% and 107% from $408.0 million and $256.2 million at March 31, 2003 and June 30, 2002, respectively. The increase in deposits from June 30, 2002 is primarily attributable to the growth of the Bank’s money market accounts and time deposits. The Company continued to successfully mature the composition of its deposit base as the focus on attracting money market deposits resulted in transaction accounts now accounting for more than 55% of total deposits at June 30, 2003 versus 29% at June 30, 2002. Of the Company’s money market deposits at June 30, 2003, the majority was from Orange, Los Angeles and Riverside counties, with business deposits accounting for $53.8 million or 19% of the total. The Company continues to focus on attracting money market deposits and other transaction accounts, which increased $57.2 million to $292.0 million, or 24% during the quarter. The Company’s time deposits totaled $237.6 million at June 30, 2003, an increase of 37% and 30% from $173.3 million and $182.9 million at March 31, 2003 and June 30, 2002, respectively.
Borrowings totaled $765.5 million, an increase of 18% and 116% from $648.7 million and $355.1 million at March 31, 2003 and June 30, 2002, respectively. FHLB advances totaled $606.7 million, an increase of 49% and 251% from $408.1 million and $173.0 million at March 31, 2003 and June 30, 2002, respectively. During the quarter, the Company utilized the opportunity presented by the unprecedented low interest rate environment to lower the cost and extend the duration of its liabilities at extraordinarily low rates, in anticipation that rates may rise in the future. Repurchase agreements totaled $68.8 million, a decrease of 49% and 35% from $134.5 million and $106.7 million at March 31, 2003 and June 30, 2002, respectively. The Company’s loans held for sale were funded by a warehouse line of credit.
4/11
Stockholders’ equity totaled $91.3 million, an increase of 8% and 173% from $84.8 million and $33.4 million at March 31, 2003, and June 30, 2002, respectively. In addition, the capital ratios of Commercial Capital Bank continued to exceed federal regulatory requirements for classification as a “well-capitalized” institution, the highest regulatory standard.
LOAN ORIGINATIONS AND PORTFOLIO ASSET QUALITY
The Company’s consolidated loan originations during the second quarter of 2003 totaled $207.1 million, primarily consisting of multi-family and commercial real estate loans, compared to $179.1 million for the second quarter of 2002. The Company’s loan originations increased 29% to a record $474.1 million during the six-month period ended June 30, 2003, from $368.3 million for the six-month period ended June 30, 2002. During the second quarter of 2003, loans funded by the Company to facilitate refinancing transactions declined to 59% of total multi-family and commercial real estate fundings, compared to 65% during the first quarter of 2003, which primarily consist of loans at other financial institutions. It is the Company’s belief that its loan origination volumes are driven by the continued maturation of its franchise and less a result of the interest rate environment. The Company has originated, from its inception through June 30, 2003, approximately $2.5 billion in loans.
The realignment of the Company’s lending operations, which occurred on April 1, 2003, resulted in the Bank becoming the originator of most of the Company’s loans, and enabled the Bank to hold a significantly increased percentage of the Company’s loan originations. The Company retained for investment a record $157.8 million or 76% of its consolidated originations for the second quarter ended June 30, 2003, compared to $131.1 million or 49% for the first quarter ended March 31, 2003, and $63.8 million or 36% for the second quarter of 2002. CCM continues to actively maintain and utilize its independent, third-party provided, warehouse line of credit to fund and sell those loans which the Bank elects to assign to CCM for reasons which may include the Bank’s loans to one borrower limits, capital constraints, geographic concentrations or for other reasons as determined by management.
The Company’s average loan size for both the multi-family and commercial real estate loans held for investment portfolios at June 30, 2003 was $1.2 million. At June 30, 2003, the Company’s multi-family real estate loans held for investment, at origination, had a weighted average loan to value of 69.2%, and a weighted average debt coverage ratio of 1.29, and commercial real estate loans, at origination, had a weighted average loan to value of 65.6%, and a weighted average debt coverage ratio of 1.35. The Company had one nonaccrual loan with a $205,000 outstanding balance as of June 30, 2003, which is the only nonperforming asset at that date, and is currently performing in accordance with its restructuring agreement. The Company’s overall asset quality remained sound with no nonperforming or more than 30 days past due multi-family or commercial real estate loans as of June 30, 2003. The Company added $677,000 to the allowance for loan losses during the second quarter of 2003, increasing the allowance for loan losses to $4.0 million.
CCBI, headquartered in Irvine, CA, is a multifaceted financial services company which provides financial services to meet the needs of its client base, which includes income-property real estate investors, middle market commercial businesses, and high net-worth individuals, families and professionals. At June 30, 2003, CCBI had total assets of $1.4 billion, was the 3rd largest multi-family lender in California during the 12 months ended March 31, 2003 (source: Dataquick Information Systems) and has originated approximately $2.5 billion in multi-family and commercial real estate loans through June 30, 2003. Commercial Capital Bank, the Company’s bank subsidiary, was the fastest growing banking organization in California, based on percentage growth in total assets over the 36 months ended March 31, 2003 (source: www.fdic.gov). The Bank has full service banking offices located at the Company’s headquarters in Irvine, Rancho Santa Margarita, Riverside, and loan origination offices in Sacramento, Corte Madera (Marin County), Oakland, Burlingame, Woodland Hills, Encino, Los Angeles, Irvine, and San Diego, CA, and plans to open a banking office in La Jolla, CA in September of 2003. Commercial Capital Mortgage, Inc., the Company’s mortgage banking subsidiary, funds and sells those loans which the Bank elects to assign to CCM. ComCap Financial Services, Inc., the Company’s NASD registered broker dealer, provides fixed income and mortgage-backed securities advisory and brokerage services to corporations, high net-worth individuals and other financial institutions. Commercial Capital Asset Management, Inc., the Company’s asset management subsidiary, provides asset management services to alternative investment funds, made available to accredited investors.
5/11
CONFERENCE CALL AND WEBCAST INFORMATION
Analysts and investors may listen to a discussion of the second quarter of 2003 performance and participate in the question/answer session either by dialing the phone number listed below, or through viewing a live video webcast of the discussion accessed through a link on the home page of the Company’s website at www.commercialcapital.com. The multimedia webcast enables participants to listen to the discussion and simultaneously view the video broadcast, tables, charts, an outline of the performance highlights, and submit questions for live response from the hosts. Either Real Media or Windows Media player is required for viewing the video webcast.
Conference Call
Date: Monday, July 28, 2003
Time: 7:30 a.m. PDT (10:30 a.m. EDT)
Phone Number (800) 884-5695 Access Code: 38858132
Webcast
Date: Monday, July 28, 2003
Time: 7:30 a.m. PDT (10:30 a.m. EDT)
Webcast URL: www.commercialcapital.com
Real Media or Windows Media player required
Replay information: for those who are unable to participate in the call or webcast, an archive of the webcast will be available on the Company’s site at www.commercialcapital.com beginning approximately 2 hours following the end of the call. The archive will be available until September 7, 2003.
It is recommended that participants dial into the call, or log in to the webcast, approximately 5 to 10 minutes prior to the event.
This Press Release and aforementioned webcast may include forward-looking statements (related to each company’s plans, beliefs and goals), which involve certain risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: competitive pressure in the banking industry; changes in the interest rate environment; the health of the economy, either nationally or regionally; the deterioration of credit quality, which would cause an increase in the provision for possible loan and lease losses; changes in the regulatory environment; changes in business conditions, particularly in California real estate; volatility of rate sensitive deposits; asset/liability matching risks and liquidity risks; and changes in the securities markets. CCBI undertakes no obligation to revise or publicly release any revision to these forward-looking statements.
6/11
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)
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| JUNE 30, 2003 |
| JUNE 30, 2002 |
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ASSETS |
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Cash and Bank Accounts |
| $ | 2,218 |
| $ | 5,058 |
|
Fed Funds |
|
| — |
|
| 700 |
|
Securities |
|
|
|
|
|
|
|
MBS - Held To Maturity |
|
| — |
|
| 2,053 |
|
MBS - Available For Sale |
|
| 581,106 |
|
| 226,007 |
|
Other Investments - Available For Sale |
|
| 101 |
|
| 102 |
|
|
|
|
| ||||
Total Securities |
|
| 581,207 |
|
| 228,162 |
|
FHLB Stock |
|
| 30,282 |
|
| 9,515 |
|
Loans Held for Investment |
|
|
|
|
|
|
|
Single Family |
|
| 3,239 |
|
| 5,242 |
|
Multifamily |
|
| 610,202 |
|
| 283,634 |
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Commercial Real Estate |
|
| 78,620 |
|
| 36,910 |
|
|
|
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Total Real Estate Loans |
|
| 692,061 |
|
| 325,786 |
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Business Loans |
|
| 3,094 |
|
| 4,415 |
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Business & Consumer Lines of Credit |
|
| 6,185 |
|
| 5,430 |
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Consumer Loans |
|
| 79 |
|
| 68 |
|
|
|
|
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Total Loans |
|
| 701,419 |
|
| 335,699 |
|
Premiums on Loans Purchased |
|
| 115 |
|
| 214 |
|
Unearned Net Loan Fees and Discounts |
|
| (577 | ) |
| (96 | ) |
Allowance for Loan Losses |
|
| (4,002 | ) |
| (1,921 | ) |
|
|
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Total Loans Held for Investment, Net |
|
| 696,955 |
|
| 333,896 |
|
Loans Held for Sale |
|
| 54,890 |
|
| 45,028 |
|
Fixed Assets - net |
|
| 1,023 |
|
| 466 |
|
Foreclosed Assets |
|
| — |
|
| — |
|
Accrued Interest Receivable |
|
| 5,622 |
|
| 2,942 |
|
Goodwill |
|
| 13,035 |
|
| 13,014 |
|
Other Assets |
|
| 26,589 |
|
| 10,335 |
|
|
|
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| ||||
TOTAL ASSETS |
| $ | 1,411,821 |
| $ | 649,116 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Deposits |
|
|
|
|
|
|
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Demand Deposit |
| $ | 9,916 |
| $ | 6,302 |
|
Money Market |
|
| 278,542 |
|
| 64,934 |
|
Savings |
|
| 3,553 |
|
| 2,040 |
|
|
|
|
| ||||
Total Transaction Deposits |
|
| 292,011 |
|
| 73,276 |
|
Retail Time Deposits |
|
| 189,433 |
|
| 159,847 |
|
Broker Time Deposits |
|
| 48,123 |
|
| 23,042 |
|
|
|
|
| ||||
Total Time Deposits |
|
| 237,556 |
|
| 182,889 |
|
|
|
|
| ||||
Total Deposits |
|
| 529,567 |
|
| 256,165 |
|
Borrowings |
|
|
|
|
|
|
|
FHLB Advances |
|
| 606,733 |
|
| 172,974 |
|
Securities Sold Under Agreements to Repurchase |
|
| 68,840 |
|
| 106,689 |
|
Trust Preferred Securities |
|
| 35,000 |
|
| 35,000 |
|
Warehouse Lines of Credit |
|
| 54,967 |
|
| 40,409 |
|
|
|
|
| ||||
Total Borrowings |
|
| 765,540 |
|
| 355,072 |
|
Other Liabilities |
|
| 25,368 |
|
| 4,468 |
|
|
|
|
| ||||
TOTAL LIABILITIES |
|
| 1,320,475 |
|
| 615,705 |
|
STOCKHOLDERS’ EQUITY |
|
| 91,346 |
|
| 33,411 |
|
|
|
|
| ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
| $ | 1,411,821 |
| $ | 649,116 |
|
|
|
|
| ||||
|
| JUNE 30, 2003 |
| JUNE 30, 2002 |
| ||
|
|
|
| ||||
Operating Data |
|
|
|
|
|
|
|
Performance Ratios and Other Data: |
|
|
|
|
|
|
|
Equity to assets at end of period |
|
| 6.47 | % |
| 5.15 | % |
Tangible equity to assets at end of period |
|
| 5.55 |
|
| 3.14 |
|
Nonperforming assets |
| $ | 205 |
| $ | — |
|
Net charge-offs |
|
| — |
|
| — |
|
Allowance for loan losses to total loans held for investment at end of period |
|
| 0.57 | % |
| 0.57 | % |
Per Share Data |
|
|
|
|
|
|
|
Common shares outstanding at end of period |
|
| 14,637,864 |
|
| 8,964,868 |
|
Book value per share |
| $ | 6.24 |
| $ | 3.73 |
|
Tangible book value per share |
|
| 5.35 |
|
| 2.28 |
|
7/11
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
|
| THREE MONTHS ENDED |
| ||||
|
|
| |||||
|
| JUNE 30, 2003 |
| JUNE 30, 2002 |
| ||
|
|
|
| ||||
Interest Income |
|
|
|
|
|
|
|
Real Estate Loans |
| $ | 10,154 |
| $ | 5,866 |
|
Other Loans |
|
| 155 |
|
| 195 |
|
Investments |
|
| 5,989 |
|
| 3,225 |
|
|
|
|
| ||||
Total Interest Income |
|
| 16,298 |
|
| 9,286 |
|
Interest Expense |
|
|
|
|
|
|
|
Deposits |
|
| 2,540 |
|
| 1,394 |
|
FHLB Advances |
|
| 2,557 |
|
| 1,512 |
|
Repurchase Agreements |
|
| 384 |
|
| 500 |
|
Trust Preferred Securities |
|
| 448 |
|
| 520 |
|
Warehouse Line Advances |
|
| 370 |
|
| 339 |
|
|
|
|
| ||||
Total Interest Expense |
|
| 6,299 |
|
| 4,265 |
|
|
|
|
| ||||
Net Interest Income |
|
| 9,999 |
|
| 5,021 |
|
Provision for Loan Losses |
|
| 677 |
|
| 293 |
|
|
|
|
| ||||
Net Interest Income after Provision for Loan Losses |
|
| 9,322 |
|
| 4,728 |
|
Noninterest Income |
|
|
|
|
|
|
|
Gain on Sale of Loans |
|
| 571 |
|
| 1,118 |
|
Mortgage Banking Fees |
|
| 285 |
|
| 67 |
|
Banking and Servicing Fees |
|
| 383 |
|
| 58 |
|
Trust Fees |
|
| 96 |
|
| 48 |
|
Bank-owned life insurance income |
|
| 145 |
|
| 73 |
|
Securities Brokerage Fees |
|
| 37 |
|
| — |
|
Gain on Sale of Securities |
|
| 1,517 |
|
| 56 |
|
|
|
|
| ||||
Total Noninterest Income |
|
| 3,034 |
|
| 1,420 |
|
Noninterest Expenses |
|
|
|
|
|
|
|
Compensation and Benefits |
|
| 2,127 |
|
| 1,085 |
|
Severance |
|
| 241 |
|
| — |
|
Non-Cash Stock Compensation |
|
| 145 |
|
| 35 |
|
Occupancy |
|
| 205 |
|
| 148 |
|
General Operating |
|
| 1,085 |
|
| 902 |
|
|
|
|
| ||||
Total G&A Expenses |
|
| 3,803 |
|
| 2,170 |
|
Early Extinguishment of Debt |
|
| 771 |
|
| — |
|
|
|
|
| ||||
Total Noninterest Expenses |
|
| 4,574 |
|
| 2,170 |
|
|
|
|
| ||||
Income Before Taxes |
|
| 7,782 |
|
| 3,978 |
|
Income Tax Expense |
|
| 3,107 |
|
| 1,646 |
|
|
|
|
| ||||
Net Income |
| $ | 4,675 |
| $ | 2,332 |
|
|
| THREE MONTHS ENDED |
| ||||
|
|
| |||||
|
| JUNE 30, 2003 |
| JUNE 30, 2002 |
| ||
|
|
|
| ||||
Operating Data |
|
|
|
|
|
|
|
Performance Ratios and Other Data: |
|
|
|
|
|
|
|
Earnings per share - Basic |
| $ | 0.32 |
| $ | 0.26 |
|
Earnings per share - Diluted |
|
| 0.30 |
|
| 0.24 |
|
Weighted average shares outstanding — Basic |
|
| 14,565,512 |
|
| 8,950,628 |
|
Weighted average shares outstanding — Diluted |
|
| 15,435,813 |
|
| 9,617,546 |
|
Return on average assets |
|
| 1.48 | % |
| 1.54 | % |
Return on average stockholders’ equity |
|
| 21.08 |
|
| 29.94 |
|
Interest rate spread |
|
| 3.17 |
|
| 3.36 |
|
Net interest margin |
|
| 3.29 |
|
| 3.46 |
|
Efficiency ratio |
|
| 29.18 |
|
| 33.69 |
|
G&A to average assets |
|
| 1.21 |
|
| 1.44 |
|
Effective tax rate |
|
| 39.93 |
|
| 41.38 |
|
Total loan originations |
| $ | 207,128 |
| $ | 179,126 |
|
Loans originations retained in portfolio |
|
| 157,803 |
|
| 63,816 |
|
Average assets |
|
| 1,259,882 |
|
| 604,586 |
|
Average interest-earning assets |
|
| 1,215,768 |
|
| 579,968 |
|
Average interest-bearing liabilities |
|
| 1,154,442 |
|
| 562,775 |
|
Average stockholders’ equity |
|
| 88,729 |
|
| 31,151 |
|
8/11
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
|
| SIX MONTHS ENDED |
| ||||
|
|
| |||||
|
| JUNE 30, 2003 |
| JUNE 30, 2002 |
| ||
|
|
|
| ||||
Interest Income |
|
|
|
|
|
|
|
Real Estate Loans |
| $ | 18,562 |
| $ | 10,564 |
|
Other Loans |
|
| 298 |
|
| 356 |
|
Investments |
|
| 10,829 |
|
| 5,522 |
|
|
|
|
| ||||
Total Interest Income |
|
| 29,689 |
|
| 16,442 |
|
Interest Expense |
|
|
|
|
|
|
|
Deposits |
|
| 4,543 |
|
| 2,396 |
|
FHLB Advances |
|
| 4,672 |
|
| 2,671 |
|
Repurchase Agreements |
|
| 853 |
|
| 929 |
|
Trust Preferred Securities |
|
| 904 |
|
| 779 |
|
Warehouse Line Advances |
|
| 654 |
|
| 652 |
|
|
|
|
| ||||
Total Interest Expense |
|
| 11,626 |
|
| 7,427 |
|
|
|
|
| ||||
Net Interest Income |
|
| 18,063 |
|
| 9,015 |
|
Provision for Loan Losses |
|
| 1,286 |
|
| 814 |
|
|
|
|
| ||||
Net Interest Income after Provision for Loan Losses |
|
| 16,777 |
|
| 8,201 |
|
Noninterest Income |
|
|
|
|
|
|
|
Gain on Sale of Loans |
|
| 1,546 |
|
| 1,886 |
|
Mortgage Banking Fees |
|
| 360 |
|
| 259 |
|
Banking and Servicing Fees |
|
| 578 |
|
| 136 |
|
Trust Fees |
|
| 191 |
|
| 83 |
|
Bank-owned life insurance income |
|
| 252 |
|
| 73 |
|
Securities Brokerage Fees |
|
| 158 |
|
| — |
|
Gain on Sale of Securities |
|
| 3,164 |
|
| 56 |
|
|
|
|
| ||||
Total Noninterest Income |
|
| 6,249 |
|
| 2,493 |
|
|
|
|
|
|
|
|
|
Noninterest Expenses |
|
|
|
|
|
|
|
Compensation and Benefits |
|
| 3,631 |
|
| 2,187 |
|
Severance |
|
| 671 |
|
| — |
|
Non-Cash Stock Compensation |
|
| 353 |
|
| 69 |
|
Occupancy |
|
| 406 |
|
| 293 |
|
General Operating |
|
| 2,135 |
|
| 1,483 |
|
|
|
|
| ||||
Total G&A Expenses |
|
| 7,196 |
|
| 4,032 |
|
Early Extinguishment of Debt |
|
| 923 |
|
| — |
|
|
|
|
| ||||
Total Noninterest Expenses |
|
| 8,119 |
|
| 4,032 |
|
|
|
|
| ||||
Income Before Taxes |
|
| 14,907 |
|
| 6,662 |
|
Income Tax Expense |
|
| 5,993 |
|
| 2,785 |
|
|
|
|
| ||||
Net Income |
| $ | 8,914 |
| $ | 3,877 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
| SIX MONTHS ENDED |
| |||
|
|
|
| ||||
|
|
| JUNE 30, 2003 |
|
| JUNE 30, 2002 |
|
|
|
|
|
|
| ||
Operating Data |
|
|
|
|
|
|
|
Performance Ratios and Other Data: |
|
|
|
|
|
|
|
Earnings per share - Basic |
| $ | 0.62 |
| $ | 0.43 |
|
Earnings per share - Diluted |
|
| 0.59 |
|
| 0.41 |
|
Weighted average shares outstanding — Basic |
|
| 14,444,004 |
|
| 8,934,107 |
|
Weighted average shares outstanding — Diluted |
|
| 15,234,570 |
|
| 9,449,039 |
|
Return on average assets |
|
| 1.58 | % |
| 1.46 | % |
Return on average stockholders’ equity |
|
| 20.85 |
|
| 25.82 |
|
Interest rate spread |
|
| 3.20 |
|
| 3.40 |
|
Net interest margin |
|
| 3.34 |
|
| 3.54 |
|
Efficiency ratio |
|
| 29.60 |
|
| 35.04 |
|
G&A to average assets |
|
| 1.28 |
|
| 1.52 |
|
Effective tax rate |
|
| 40.20 |
|
| 41.80 |
|
Total loan originations |
| $ | 474,079 |
| $ | 368,275 |
|
Loans originations retained in portfolio |
|
| 288,921 |
|
| 168,963 |
|
Average assets |
|
| 1,128,219 |
|
| 530,788 |
|
Average interest-earning assets |
|
| 1,082,965 |
|
| 509,575 |
|
Average interest-bearing liabilities |
|
| 1,026,168 |
|
| 491,178 |
|
Average stockholders’ equity |
| 85,517 |
| 30,034 |
| ||
9/11
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)
|
| JUNE 30, 2003 |
| MAR. 31, 2003 |
| DEC. 31, 2002 |
| SEPT. 30, 2002 |
| JUNE 30, 2002 |
| |||||
|
|
|
|
|
|
| ||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Bank Accounts |
| $ | 2,218 |
| $ | 3,680 |
| $ | 3,408 |
| $ | 2,763 |
| $ | 5,058 |
|
Fed Funds |
|
| — |
|
| 18,400 |
|
| — |
|
| 26,000 |
|
| 700 |
|
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MBS - Held To Maturity |
|
| — |
|
| 2,036 |
|
| 2,042 |
|
| 2,048 |
|
| 2,053 |
|
MBS - Available For Sale |
|
| 581,106 |
|
| 444,754 |
|
| 307,932 |
|
| 236,115 |
|
| 226,007 |
|
Other Investments - Available For Sale |
|
| 101 |
|
| 101 |
|
| 100 |
|
| 101 |
|
| 102 |
|
|
|
|
|
|
|
| ||||||||||
Total Securities |
|
| 581,207 |
|
| 446,891 |
|
| 310,074 |
|
| 238,264 |
|
| 228,162 |
|
FHLB Stock |
|
| 30,282 |
|
| 22,272 |
|
| 15,701 |
|
| 10,832 |
|
| 9,515 |
|
Loans Held for Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single Family |
|
| 3,239 |
|
| 3,855 |
|
| 4,134 |
|
| 4,425 |
|
| 5,242 |
|
Multifamily |
|
| 610,202 |
|
| 496,627 |
|
| 399,928 |
|
| 341,555 |
|
| 283,634 |
|
Commercial Real Estate |
|
| 78,620 |
|
| 65,630 |
|
| 57,858 |
|
| 49,152 |
|
| 36,910 |
|
|
|
|
|
|
|
| ||||||||||
Total Real Estate Loans |
|
| 692,061 |
|
| 566,112 |
|
| 461,920 |
|
| 395,132 |
|
| 325,786 |
|
Business Loans |
|
| 3,094 |
|
| 4,221 |
|
| 4,531 |
|
| 4,714 |
|
| 4,415 |
|
Business & Consumer Lines of Credit |
|
| 6,185 |
|
| 5,986 |
|
| 5,386 |
|
| 8,864 |
|
| 5,430 |
|
Consumer Loans |
|
| 79 |
|
| 61 |
|
| 129 |
|
| 58 |
|
| 68 |
|
|
|
|
|
|
|
| ||||||||||
Total Loans |
|
| 701,419 |
|
| 576,380 |
|
| 471,966 |
|
| 408,768 |
|
| 335,699 |
|
Premiums on Loans Purchased |
|
| 115 |
|
| 142 |
|
| 167 |
|
| 186 |
|
| 214 |
|
Unearned Net Loan Fees and Discounts |
|
| (577 | ) |
| (353 | ) |
| (231 | ) |
| (119 | ) |
| (96 | ) |
Allowance for Loan Losses |
|
| (4,002 | ) |
| (3,325 | ) |
| (2,716 | ) |
| (2,358 | ) |
| (1,921 | ) |
|
|
|
|
|
|
| ||||||||||
Total Loans Held for Investment, Net |
|
| 696,955 |
|
| 572,844 |
|
| 469,186 |
|
| 406,477 |
|
| 333,896 |
|
Loans Held for Sale |
|
| 54,890 |
|
| 76,994 |
|
| 18,338 |
|
| 40,914 |
|
| 45,028 |
|
Fixed Assets - net |
|
| 1,023 |
|
| 933 |
|
| 976 |
|
| 915 |
|
| 466 |
|
Foreclosed Assets |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Accrued Interest Receivable |
|
| 5,622 |
|
| 4,612 |
|
| 3,543 |
|
| 3,189 |
|
| 2,942 |
|
Goodwill |
|
| 13,035 |
|
| 13,035 |
|
| 13,035 |
|
| 13,035 |
|
| 13,014 |
|
Other Assets |
|
| 26,589 |
|
| 13,218 |
|
| 15,208 |
|
| 10,570 |
|
| 10,335 |
|
|
|
|
|
|
|
| ||||||||||
TOTAL ASSETS |
| $ | 1,411,821 |
| $ | 1,172,879 |
| $ | 849,469 |
| $ | 752,959 |
| $ | 649,116 |
|
|
|
|
|
|
|
| ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand Deposit |
| $ | 9,916 |
| $ | 8,661 |
| $ | 6,905 |
| $ | 8,048 |
| $ | 6,302 |
|
Money Market |
|
| 278,542 |
|
| 222,192 |
|
| 176,194 |
|
| 152,317 |
|
| 64,934 |
|
Savings |
|
| 3,553 |
|
| 3,942 |
|
| 2,109 |
|
| 1,760 |
|
| 2,040 |
|
|
|
|
|
|
|
| ||||||||||
Total Transaction Deposits |
|
| 292,011 |
|
| 234,795 |
|
| 185,208 |
|
| 162,125 |
|
| 73,276 |
|
Retail Time Deposits |
|
| 189,433 |
|
| 135,198 |
|
| 109,029 |
|
| 147,906 |
|
| 159,847 |
|
Broker Time Deposits |
|
| 48,123 |
|
| 38,052 |
|
| 18,042 |
|
| 18,042 |
|
| 23,042 |
|
|
|
|
|
|
|
| ||||||||||
Total Time Deposits |
|
| 237,556 |
|
| 173,250 |
|
| 127,071 |
|
| 165,948 |
|
| 182,889 |
|
|
|
|
|
|
|
| ||||||||||
Total Deposits |
|
| 529,567 |
|
| 408,045 |
|
| 312,279 |
|
| 328,073 |
|
| 256,165 |
|
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB Advances |
|
| 606,733 |
|
| 408,097 |
|
| 289,139 |
|
| 213,432 |
|
| 172,974 |
|
Securities Sold Under Agreements to Repurchase |
|
| 68,840 |
|
| 134,488 |
|
| 110,993 |
|
| 99,445 |
|
| 106,689 |
|
Trust Preferred Securities |
|
| 35,000 |
|
| 35,000 |
|
| 35,000 |
|
| 35,000 |
|
| 35,000 |
|
Warehouse Lines of Credit |
|
| 54,967 |
|
| 71,098 |
|
| 16,866 |
|
| 33,057 |
|
| 40,409 |
|
|
|
|
|
|
|
| ||||||||||
Total Borrowings |
|
| 765,540 |
|
| 648,683 |
|
| 451,998 |
|
| 380,934 |
|
| 355,072 |
|
Other Liabilities |
|
| 25,368 |
|
| 31,366 |
|
| 7,589 |
|
| 5,963 |
|
| 4,468 |
|
|
|
|
|
|
|
| ||||||||||
TOTAL LIABILITIES |
|
| 1,320,475 |
|
| 1,088,094 |
|
| 771,866 |
|
| 714,970 |
|
| 615,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
| 91,346 |
|
| 84,785 |
|
| 77,603 |
|
| 37,989 |
|
| 33,411 |
|
|
|
|
|
|
|
| ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
| $ | 1,411,821 |
| $ | 1,172,879 |
| $ | 849,469 |
| $ | 752,959 |
| $ | 649,116 |
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JUNE 30, 2003 |
| MAR. 31, 2003 |
| DEC. 31, 2002 |
| SEPT. 30, 2002 |
| JUNE 30, 2002 |
| |||||
|
|
|
|
|
|
| ||||||||||
Operating Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios and Other Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets at end of period |
|
| 6.47 | % |
| 7.23 | % |
| 9.14 | % |
| 5.05 | % |
| 5.15 | % |
Tangible equity to assets at end of period |
|
| 5.55 |
|
| 6.12 |
|
| 7.60 |
|
| 3.31 |
|
| 3.14 |
|
Nonperforming assets |
| $ | 205 |
| $ | 225 |
| $ | — |
| $ | — |
| $ | — |
|
Net charge-offs |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Allowance for loan losses to total loans held for investment at end of period |
|
| 0.57 | % |
| 0.58 | % |
| 0.58 | % |
| 0.58 | % |
| 0.57 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at end of period |
|
| 14,637,864 |
|
| 14,354,858 |
|
| 13,978,858 |
|
| 8,964,868 |
|
| 8,964,868 |
|
Book value per share |
| $ | 6.24 |
| $ | 5.91 |
| $ | 5.55 |
| $ | 4.24 |
| $ | 3.73 |
|
Tangible book value per share |
|
| 5.35 |
|
| 5.00 |
|
| 4.62 |
|
| 2.78 |
|
| 2.28 |
|
10/11
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
|
| THREE MONTHS ENDED |
| |||||||||||||
|
|
| ||||||||||||||
|
| JUNE 30, 2003 |
| MAR. 31, 2003 |
| DEC. 31, 2002 |
| SEPT. 30, 2002 |
| JUNE 30, 2002 |
| |||||
|
|
|
|
|
|
| ||||||||||
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Loans |
| $ | 10,154 |
| $ | 8,408 |
| $ | 7,389 |
| $ | 6,551 |
| $ | 5,866 |
|
Other Loans |
|
| 155 |
|
| 143 |
|
| 211 |
|
| 180 |
|
| 195 |
|
Investments |
|
| 5,989 |
|
| 4,840 |
|
| 3,806 |
|
| 3,988 |
|
| 3,225 |
|
|
|
|
|
|
|
| ||||||||||
Total Interest Income |
|
| 16,298 |
|
| 13,391 |
|
| 11,406 |
|
| 10,719 |
|
| 9,286 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 2,540 |
|
| 2,003 |
|
| 2,135 |
|
| 2,119 |
|
| 1,394 |
|
FHLB Advances |
|
| 2,557 |
|
| 2,115 |
|
| 1,817 |
|
| 1,674 |
|
| 1,512 |
|
Repurchase Agreements |
|
| 384 |
|
| 469 |
|
| 459 |
|
| 528 |
|
| 500 |
|
Trust Preferred Securities |
|
| 448 |
|
| 456 |
|
| 503 |
|
| 513 |
|
| 520 |
|
Warehouse Line Advances |
|
| 370 |
|
| 284 |
|
| 222 |
|
| 252 |
|
| 339 |
|
|
|
|
|
|
|
| ||||||||||
Total Interest Expense |
|
| 6,299 |
|
| 5,327 |
|
| 5,136 |
|
| 5,086 |
|
| 4,265 |
|
|
|
|
|
|
|
| ||||||||||
Net Interest Income |
|
| 9,999 |
|
| 8,064 |
|
| 6,270 |
|
| 5,633 |
|
| 5,021 |
|
Provision for Loan Losses |
|
| 677 |
|
| 609 |
|
| 358 |
|
| 437 |
|
| 293 |
|
|
|
|
|
|
|
| ||||||||||
Net Interest Income after Provision for Loan Losses |
|
| 9,322 |
|
| 7,455 |
|
| 5,912 |
|
| 5,196 |
|
| 4,728 |
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on Sale of Loans |
|
| 571 |
|
| 975 |
|
| 1,595 |
|
| 1,096 |
|
| 1,118 |
|
Mortgage Banking Fees |
|
| 285 |
|
| 75 |
|
| 53 |
|
| 127 |
|
| 67 |
|
Banking and Servicing Fees |
|
| 383 |
|
| 195 |
|
| 159 |
|
| 109 |
|
| 58 |
|
Trust Fees |
|
| 96 |
|
| 95 |
|
| 62 |
|
| 52 |
|
| 48 |
|
Bank-owned life insurance income |
|
| 145 |
|
| 107 |
|
| 157 |
|
| 85 |
|
| 73 |
|
Securities Brokerage Fees |
|
| 37 |
|
| 121 |
|
| 193 |
|
| 464 |
|
| — |
|
Gain on Sale of Securities |
|
| 1,517 |
|
| 1,647 |
|
| 396 |
|
| 574 |
|
| 56 |
|
|
|
|
|
|
|
| ||||||||||
Total Noninterest Income |
|
| 3,034 |
|
| 3,215 |
|
| 2,615 |
|
| 2,507 |
|
| 1,420 |
|
Noninterest Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and Benefits |
|
| 2,127 |
|
| 1,504 |
|
| 1,583 |
|
| 1,589 |
|
| 1,085 |
|
Severance |
|
| 241 |
|
| 430 |
|
| — |
|
| — |
|
| — |
|
Non-Cash Stock Compensation |
|
| 145 |
|
| 208 |
|
| 35 |
|
| 35 |
|
| 35 |
|
Occupancy |
|
| 205 |
|
| 201 |
|
| 199 |
|
| 190 |
|
| 148 |
|
General Operating |
|
| 1,085 |
|
| 1,050 |
|
| 904 |
|
| 1,061 |
|
| 902 |
|
|
|
|
|
|
|
| ||||||||||
Total G&A Expenses |
|
| 3,803 |
|
| 3,393 |
|
| 2,721 |
|
| 2,875 |
|
| 2,170 |
|
Early Extinguishment of Debt |
|
| 771 |
|
| 152 |
|
| 395 |
|
| 508 |
|
| — |
|
|
|
|
|
|
|
| ||||||||||
Total Noninterest Expenses |
|
| 4,574 |
|
| 3,545 |
|
| 3,116 |
|
| 3,383 |
|
| 2,170 |
|
|
|
|
|
|
|
| ||||||||||
Income Before Taxes |
|
| 7,782 |
|
| 7,125 |
|
| 5,411 |
|
| 4,320 |
|
| 3,978 |
|
Income Tax Expense |
|
| 3,107 |
|
| 2,886 |
|
| 2,202 |
|
| 1,696 |
|
| 1,646 |
|
|
|
|
|
|
|
| ||||||||||
Net Income |
| $ | 4,675 |
| $ | 4,239 |
| $ | 3,209 |
| $ | 2,624 |
| $ | 2,332 |
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| THREE MONTHS ENDED |
| |||||||||||||
|
|
| ||||||||||||||
|
| JUNE 30, 2003 |
| MAR. 31, 2003 |
| DEC. 31, 2002 |
| SEPT. 30, 2002 |
| JUNE 30, 2002 |
| |||||
|
|
|
|
|
|
| ||||||||||
Operating Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios and Other Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - Basic |
| $ | 0.32 |
| $ | 0.30 |
| $ | 0.33 |
| $ | 0.29 |
| $ | 0.26 |
|
Earnings per share - Diluted |
|
| 0.30 |
|
| 0.28 |
|
| 0.31 |
|
| 0.27 |
|
| 0.24 |
|
Weighted average shares outstanding — Basic |
|
| 14,565,512 |
|
| 14,321,146 |
|
| 9,623,732 |
|
| 8,964,868 |
|
| 8,950,628 |
|
Weighted average shares outstanding — Diluted |
|
| 15,435,813 |
|
| 14,989,534 |
|
| 10,309,944 |
|
| 9,659,467 |
|
| 9,617,546 |
|
Return on average assets |
|
| 1.48 | % |
| 1.70 | % |
| 1.59 | % |
| 1.45 | % |
| 1.54 | % |
Return on average stockholders’ equity |
|
| 21.08 |
|
| 20.60 |
|
| 29.03 |
|
| 29.19 |
|
| 29.94 |
|
Interest rate spread |
|
| 3.17 |
|
| 3.23 |
|
| 3.22 |
|
| 3.22 |
|
| 3.36 |
|
Net interest margin |
|
| 3.29 |
|
| 3.39 |
|
| 3.27 |
|
| 3.26 |
|
| 3.46 |
|
Efficiency ratio |
|
| 29.18 |
|
| 30.08 |
|
| 30.62 |
|
| 35.32 |
|
| 33.69 |
|
G&A to average assets |
|
| 1.21 |
|
| 1.36 |
|
| 1.35 |
|
| 1.59 |
|
| 1.44 |
|
Effective tax rate |
|
| 39.93 |
|
| 40.51 |
|
| 40.69 |
|
| 39.26 |
|
| 41.38 |
|
Total loan originations |
| $ | 207,128 |
| $ | 266,951 |
| $ | 200,258 |
| $ | 189,290 |
| $ | 179,126 |
|
Loans originations retained in portfolio |
|
| 157,803 |
|
| 131,118 |
|
| 82,530 |
|
| 87,123 |
|
| 63,816 |
|
Average assets |
|
| 1,259,882 |
|
| 996,555 |
|
| 805,901 |
|
| 721,753 |
|
| 604,586 |
|
Average interest-earning assets |
|
| 1,215,768 |
|
| 950,162 |
|
| 767,719 |
|
| 690,965 |
|
| 579,968 |
|
Average interest-bearing liabilities |
|
| 1,154,442 |
|
| 897,892 |
|
| 748,053 |
|
| 675,680 |
|
| 562,775 |
|
Average stockholders’ equity |
|
| 88,729 |
|
| 82,305 |
|
| 44,217 |
|
| 35,959 |
|
| 31,151 |
|
11/11