Exhibit 99.1
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Contact: | Stephen H. Gordon | Chairman & CEO | Telephone: (949) 585-7500 |
| Christopher G. Hagerty | EVP & CFO | Facsimile: (949) 585-0174 |
COMMERCIAL CAPITAL BANCORP, INC. ANNOUNCES SECOND QUARTER EARNINGS OF $0.34 PER SHARE ON NET INCOME OF $19.3 MILLION
– Company Increases Cash Dividend 7% to $0.075 Per Share –
– Net Interest Margin Increases One Basis Point to 3.28% from First Quarter 2005 –
– Net Interest Margin, Excluding Purchase Accounting Adjustments, Increases 13 Basis Points to 3.17% from First Quarter 2005 –
– Deposits at Bank Subsidiary Increase 13% to $2.7 Billion from March 31, 2005 –
– Exchange Balances Increase 85% to $685.6 Million from March 31, 2005 –
IRVINE, CA – July 25, 2005 – Commercial Capital Bancorp, Inc. (the “Company”), (NASDAQ: “CCBI”), the holding company for Commercial Capital Bank (the “Bank”), TIMCOR Exchange Corporation (“TIMCOR”) and North American Exchange Company (“NAEC”), announced today net income of $19.3 million, or $0.34 per diluted share, for the second quarter of 2005, increases of 77% and 21%, respectively, from $10.9 million and $0.28 per diluted share, for the second quarter of 2004. The Company’s net interest margin expanded one basis point to 3.28% for the second quarter of 2005, from 3.27% for the first quarter of 2005. Excluding the purchase accounting adjustments from the Hawthorne Financial Corporation (“Hawthorne”) acquisition, the Company’s net interest margin expanded 13 basis points to 3.17%, for the second quarter of 2005, from 3.04% for the first quarter of 2005. Additionally, the Company announced today that it has increased its cash dividend 7% to $0.075 per share to be paid on August 30, 2005 to shareholders of record on August 16, 2005. The Company’s net income for the six months ended June 30, 2005 totaled $42.4 million, or $0.74 per diluted share, increases of 135% and 48%, respectively, from $18.0 million and $0.50 per diluted share, for the six months ended June 30, 2004. The Company’s return on average equity (“ROAE”) and return on average assets (“ROAA”) for the second quarter of 2005 were 11.62% and 1.47%, respectively, compared to 17.66% and 1.57% for the second quarter of 2004, respectively. The Company’s return on average tangible equity and return on average tangible assets for the second quarter of 2005 were 28.11% and 1.59%, respectively, compared to 32.58% and 1.63% for the second quarter of 2004, respectively. The Company’s ROAE and ROAA for the six months ended June 30, 2005 were 12.99% and 1.62%, respectively, compared to 20.29% and 1.56% for the six months ended June 30, 2004, respectively. The Company’s return on average tangible equity and return on average tangible assets were 31.26% and 1.75%, respectively, for the six months ended June 30, 2005, compared to 31.48% and 1.61%, for the six months ended June 30, 2004, respectively. The Company’s financial results include the effects of the acquisition of Hawthorne, which closed on June 4, 2004. The financial data for periods prior to February 17, 2005 do not include the impact of the TIMCOR acquisition. The financial data for periods prior to May 24, 2005 do not include the impact of the NAEC acquisition.
Stephen H. Gordon, Chairman and Chief Executive Officer, stated, “The Company’s second quarter results reflect the impact of several key initiatives. During the quarter, the Company’s yield on interest earning assets was positively impacted by significant volumes of loans repricing to higher rates driven by market indices gapping upward, as well as by the sales of low rate single family loans. The Company also experienced strong deposit growth at the Bank driven by business related transaction account deposits, which included the impact of the Company’s 1031 exchange accommodator acquisitions and resulted in a lower cost, less interest rate sensitive core deposit base. The acquisitions of TIMCOR and NAEC also provided the Company with strong noninterest fee income, which totaled $1.3 million for the quarter.” Gordon added, “We enter the third quarter with a record loan origination pipeline and look forward to realizing further benefits of our captive exchange accommodator subsidiaries, as well as generating organic growth in
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corporate financial services-related core deposits, as our newly announced Commercial Banking Division gains traction.”
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($ in 000’s, except per share data) |
| Q2 |
| Q1 |
| Q2 |
| Year to Date |
| Year to Date |
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| 2005 |
| 2005 |
| 2004 |
| 6/30/2005 |
| 6/30/2004 |
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Net income |
| $ | 19,325 |
| $ | 23,087 |
| $ | 10,923 |
| $ | 42,411 |
| $ | 18,024 |
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Basic EPS |
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| 0.35 |
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| 0.42 |
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| 0.30 |
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| 0.77 |
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| 0.54 |
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Diluted EPS |
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| 0.34 |
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| 0.40 |
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| 0.28 |
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| 0.74 |
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| 0.50 |
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Net interest income |
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| 38,925 |
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| 38,334 |
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| 22,875 |
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| 77,259 |
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| 36,677 |
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Net interest margin |
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| 3.28 | % |
| 3.27 | % |
| 3.51 | % |
| 3.28 | % |
| 3.36 | % |
Total revenues |
| $ | 71,576 |
| $ | 65,989 |
| $ | 36,591 |
| $ | 137,566 |
| $ | 60,039 |
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ROAA |
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| 1.47 | % |
| 1.78 | % |
| 1.57 | % |
| 1.62 | % |
| 1.56 | % |
ROAA - Tangible |
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| 1.59 |
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| 1.92 |
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| 1.63 |
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| 1.75 |
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| 1.61 |
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ROAE |
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| 11.62 |
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| 14.41 |
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| 17.66 |
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| 12.99 |
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| 20.29 |
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ROAE - Tangible |
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| 28.11 |
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| 34.49 |
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| 32.58 |
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| 31.26 |
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| 31.48 |
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Efficiency ratio |
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| 33.32 |
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| 30.07 |
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| 25.34 |
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| 31.76 |
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| 25.53 |
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Core Loan Fundings1 |
| $ | 599,303 |
| $ | 595,129 |
| $ | 418,916 |
| $ | 1,194,432 |
| $ | 649,019 |
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Total Loan Fundings2 |
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| 624,715 |
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| 607,824 |
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| 466,690 |
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| 1,232,539 |
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| 726,062 |
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Some of the Company’s and Bank’s second quarter 2005 highlights and achievements include:
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| • | The Company’s net interest margin increased one basis point to 3.28% for the second quarter of 2005, compared to 3.27% for the first quarter of 2005 and decreased 23 basis points compared to 3.51% for the second quarter of 2004. The Company’s net interest margin, excluding the purchase accounting adjustments from the Hawthorne acquisition, increased 13 basis points to 3.17% for the second quarter of 2005, compared to 3.04% for the first quarter of 2005. The Company’s net interest spread increased two basis points to 3.12% for the second quarter of 2005, compared to 3.10% for the first quarter of 2005 and decreased 29 basis points compared to 3.41% for the second quarter of 2004. |
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| • | The Bank’s deposits increased 13% to $2.7 billion at June 30, 2005 from $2.4 billion at March 31, 2005. The Bank’s transaction account deposits increased 22% to $1.6 billion at June 30, 2005 from $1.4 billion at March 31, 2005. On May 24, 2005, the Company completed its acquisition of NAEC, a leading facilitator of tax-deferred real estate exchanges pursuant to Section 1031 of the Internal Revenue Code of 1986. At June 30, 2005, the Company, through TIMCOR and NAEC, held $685.6 million of exchange balances, of which $659.3 million were on deposit at the Bank. For the second quarter of 2005, exchange balances averaged $539.2 million, an increase of 194% from the first quarter of 2005. Exchange balances held by TIMCOR and NAEC appear on the Company’s consolidated balance sheet as a component of borrowings and are included as transaction account deposits on the subsidiary Bank’s balance sheet. |
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| • | The Bank’s total loans as a percentage of deposits declined to 150% at June 30, 2005, from 173% at March 31, 2005. |
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| • | The Company’s total loan fundings, which includes loans originated and purchased, were $624.7 million during the second quarter of 2005, an increase of 3% and 34% from $607.8 million and $466.7 million for the first quarter of 2005 and second quarter of 2004, respectively. The Company’s core loan fundings were $599.3 million during the second quarter of 2005, an increase of 1% and 43%, respectively, from $595.1 million and $418.9 million for the first quarter of 2005 and second quarter of 2004, respectively. |
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| • | The Company entered the third quarter of 2005 with a total loan pipeline of $542 million at June 30, 2005, an increase of 9% from $498 million at March 31, 2005. The Company entered the third quarter of 2005 with a core loan pipeline of $514 million at June 30, 2005, an increase of 8% from $476 million at March 31, 2005. |
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| • | In April 2005, the Company announced its plans to remix the composition of its loan portfolio and designated $612 million of lower rate single family residential loans as held for sale. During the second |
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| quarter of 2005, the Company completed the sale of $386.1 million of single family loans, which were either classified as held for sale at March 31, 2005 or funded during the quarter. At June 30, 2005, the Company’s loans held for sale had declined to $304.7 million, which reflects these loan sales, as well as the loan fundings and payoff activity that occurred during the second quarter of 2005. |
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| • | The Company’s multi-family loan portfolio grew during the second quarter of 2005 at an annualized rate of 27% to $2.8 billion at June 30, 2005, and now represents 74% of total loans held for investment. The Company’s commercial real estate loan portfolio increased 18% to $518.1 million at June 30, 2005, from $440.1 million at March 31, 2005, and now represents 14% of total loans held for investment. The Company’s loans held for investment grew during the second quarter of 2005 at an annualized rate of 22% to $3.8 billion at June 30, 2005. |
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| • | The Company’s allowance for loan losses was 0.76% of net loans held for investment at June 30, 2005, compared to 0.80% at March 31, 2005, and 1.00% at June 30, 2004. Nonperforming assets totaled $12.1 million, or 0.23% of total assets, at June 30, 2005, compared to $6.5 million, or 0.12% of total assets, at March 31, 2005. At June 30, 2005, the allowance for loan losses totaled 237% of nonaccrual loans, compared to 444% and 701% at March 31, 2005 and June 30, 2004, respectively. |
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| • | The Company’s total revenues, defined as interest income plus noninterest income, equaled $71.6 million for the second quarter of 2005, an increase of 8% and 96% from $66.0 million and $36.6 million for the first quarter of 2005, and second quarter of 2004, respectively. The increase from the first quarter of 2005 is attributable to increases in interest income on loans, gain on sale of loans, 1031 exchange fees and loan related fees. |
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| • | At June 30, 2005, the Company had purchased a total of 1,796,100 shares of its common stock at an average price of $19.30 per share, of which 260,000 shares were purchased during the second quarter of 2005 at an average price of $16.00 per share. |
RECENT DEVELOPMENTS
In July 2005, the Company announced the formation of the Commercial Banking Division within the Bank, which will focus on the business banking, treasury and cash management and other depository products and services needs of financial services companies such as title and escrow companies, 1031 exchange accommodators, homeowners associations, property management companies, non-real estate escrows, and other fiduciary and corporate financial services companies. The Company simultaneously announced the hiring of James R. Daley, formerly of Comerica Bank, as Executive Vice President and Head of the Commercial Banking Division, and President of the Corporate Financial Services Group. Also in July 2005, the Company announced the hiring of Richard Grout, as Executive Vice President, Head of Retail Banking. Mr. Grout’s recent experience includes a five year span at Downey Savings, where he was responsible for Downey’s retail banking network.
NET INTEREST INCOME
The Company’s net interest income increased 70% and 111% to $38.9 million and $77.3 million for the second quarter and six months ended June 30, 2005, respectively, from $22.9 million and $36.7 million for the second quarter and six months ended June 30, 2004, respectively.
The Company’s yield on interest-earning assets increased 15 basis points to 5.46% for the second quarter of 2005, compared to 5.31% for the first quarter of 2005 and increased 30 basis points compared to 5.16% for the second quarter of 2004. The Company’s yield on total loans increased 15 basis points to 5.61% for the second quarter of 2005 compared to 5.46% for the first quarter of 2005 and increased 17 basis points compared to 5.44% for the second quarter of 2004. The Company’s cost of interest-bearing liabilities increased 13 basis points to 2.34% for the second quarter of 2005, compared to 2.21% for the first quarter of 2005 and increased 59 basis points compared to 1.75% for the second quarter of 2004. The Company’s cost of interest-bearing deposits increased 31 basis points to 2.28% for the second quarter of 2005, compared to 1.97% for the first quarter of 2005 and increased 64 basis points compared to 1.64% for the second quarter of 2004. The Company’s cost of funds, including the effect of noninterest-bearing
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deposits, increased 11 basis points to 2.27% for the second quarter of 2005, compared to 2.16% for the first quarter of 2005 and increased 56 basis points compared to 1.71% for the second quarter of 2004.
NONINTEREST INCOME
Noninterest income increased 133% and 123% to $6.9 million and $10.6 million for the second quarter and six months ended June 30, 2005, respectively, from $3.0 million and $4.8 million for the second quarter and six months ended June 30, 2004, respectively. Loan fee income increased 55% and 86% to $1.5 million and $2.6 million for the second quarter and six months ended June 30, 2005, respectively, from $977,000 and $1.4 million for the second quarter and six months ended June 30, 2004, respectively. The increases in loan related fees compared to the year ago periods were driven by loan prepayment fees of $1.3 million and $2.1 million for the second quarter and six months ended June 30, 2005, respectively, compared to $906,000 and $1.3 million for the second quarter and six months ended June 30, 2004, respectively. Fee income from 1031 exchange transactions represented 20% of noninterest income for the second quarter of 2005 and totaled $1.3 million, an increase of 260% from $374,000 for the first quarter of 2005, when the Company acquired TIMCOR mid-quarter. During the second quarter of 2005, the Company began implementing the previously announced remix of the composition of its loan portfolio by selling $386.1 million of single family residential loans, which resulted in gains on sale of loans of $2.8 million and $3.4 million for the second quarter and six months ended June 30, 2005, respectively, compared to $4,000 and $142,000 for the second quarter and six months ended June 30, 2004, respectively. The loan sales during the second quarter of 2005 included sales of both single family residential loans funded during the quarter and those classified as held for sale at March 31, 2005.
NONINTEREST EXPENSES
The Company’s general and administrative expenses totaled $15.3 million and $27.9 million for the second quarter and six months ended June 30, 2005, respectively, compared to $6.5 million and $10.6 million for the second quarter and six months ended June 30, 2004, respectively. The increases during the periods ended June 30, 2005 compared to the periods ended June 30, 2004 are primarily due to higher personnel and operational costs, including occupancy, marketing and insurance costs related to the additional operations from the acquisitions of Hawthorne, TIMCOR and NAEC, as well as the growth of the Company. The Company recorded $162,000 and $325,000 of amortization of the core deposit intangible for the second quarter and six months ended June 30, 2005, respectively, as a result of the acquisition of Hawthorne, compared to $58,000 in both the three and six month periods ended June 30, 2004.
The Company’s efficiency ratio was 33.32% and 31.76% for the second quarter and six months ended June 30, 2005, respectively, compared to 25.34% and 25.53% for the second quarter and six months ended June 30, 2004, respectively. General and administrative expenses were 1.16% and 1.07% of total average assets for the second quarter and six months ended June 30, 2005, respectively, compared to 0.94% and 0.92% for the second quarter and six months ended June 30, 2004, respectively.
INCOME TAXES
The Company’s effective tax rate was 36.42% and 37.42% for the second quarter and six months ended June 30, 2005, respectively, compared to 39.42% and 39.13% for the second quarter and six months ended June 30, 2004, respectively. The reduction of the Company’s effective tax rate during the periods ended June 30, 2005 compared to the year ago periods reflects the realization of larger amounts of low income housing and other tax credits, and the origination of income property loans in enterprise zones that generate certain state tax benefits.
BALANCE SHEET AND CAPITAL
The Company had total consolidated assets of $5.2 billion at June 30, 2005, a decrease of 3% and an increase of 9% from $5.3 billion and $4.7 billion at March 31, 2005 and June 30, 2004, respectively. The decrease in the Company’s assets during the quarter predominately resulted from a reduction in lower yielding assets, such as cash and cash equivalents, mortgage-backed securities, and the execution of the previously announced sales of the Company’s low rate single family loans. Total loans, which include loans held for investment, net of allowances, and loans held for sale, totaled $4.0 billion, a decrease of 3% and an increase of 11% from $4.2 billion and $3.6 billion at March 31, 2005 and June 30, 2004, respectively. The decline in total loans during the second quarter of 2005 reflects the timing of the implementation of the Company’s plan to remix its loan portfolio by selling a significant portion of its single
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family residential loan portfolio and originations. It is the Company’s intention to replace these lower-yielding assets predominantly with income property loans.
At June 30, 2005, multi-family loans held for investment totaled $2.8 billion, representing 74% of total loans held for investment, an increase of 7% and 36% from $2.6 billion at March 31, 2005, and $2.1 billion at June 30, 2004, respectively. At June 30, 2004, multi-family loans represented 56% of total loans held for investment. The Company’s commercial real estate loan portfolio increased 18% to $518.1 million at June 30, 2005, from $440.1 million at March 31, 2005, and now represents 14% of total loans held for investment.
At June 30, 2005, 58% of the Company’s total loan portfolio matures or is tied to an index that adjusts within one month, compared to 59% at March 31, 2005. In addition, 69% of the Company’s total loan portfolio matures or has an interest rate scheduled to reset within six months from June 30, 2005 and 72% matures or resets within one year from June 30, 2005, compared to 70% and 73%, at March 31, 2005, respectively. The Company’s total loan portfolio had a weighted average duration to maturity or reset of 11.8 months at June 30, 2005, compared to 11.3 months at March 31, 2005.
The Company’s securities portfolio totaled $444.5 million at June 30, 2005, a decrease of 4% and 11% from $464.7 million and $499.8 million at March 31, 2005 and June 30, 2004, respectively. Mortgage-backed securities were 9% of total assets at June 30, 2005.
The Bank’s deposits totaled $2.7 billion at June 30, 2005, an increase of 13% and 10% from $2.4 billion and $2.5 billion at March 31, 2005 and June 30, 2004, respectively. The Bank’s transaction account deposits totaled $1.6 billion at June 30, 2005, an increase of 22% and 33% from $1.4 billion and $1.2 billion at March 31, 2005 and June 30, 2004, respectively. The exchange balances of TIMCOR and NAEC are classified as borrowings on the consolidated balance sheet, and included as transaction account deposits on the Bank’s balance sheet. The Company’s deposits totaled $2.0 billion at both June 30, 2005 and March 31, 2005, which is a decrease of 17% from $2.4 billion at June 30, 2004. The Company’s transaction account deposits totaled $977.3 million at June 30, 2005, compared to $983.6 million and $1.2 billion at March 31, 2005 and June 30, 2004, respectively. The Company’s time deposits totaled $1.06 billion at June 30, 2005, compared to $1.05 billion and $1.23 billion at March 31, 2005 and June 30, 2004, respectively.
Borrowings totaled $2.4 billion at June 30, 2005, a decrease of 7% and an increase of 44% from $2.6 billion and $1.7 billion at March 31, 2005 and June 30, 2004, respectively. FHLB advances totaled $1.5 billion at June 30, 2005, a decrease of 25% and 2% from $2.0 billion and $1.6 billion at March 31, 2005 and June 30, 2004, respectively. The decline in FHLB borrowings from March 31, 2005 reflects the growth in the Company’s lower-cost exchange balances during the second quarter of 2005, including the acquisition of NAEC. At June 30, 2005, the Company’s junior subordinated debt issued to its unconsolidated trust subsidiaries totaled $150.3 million, compared to $150.4 million at March 31, 2005, and $135.4 million at June 30, 2004.
Stockholders’ equity totaled $668.5 million at June 30, 2005, an increase of 2% and 15% from $652.8 million and $582.8 million at March 31, 2005, and June 30, 2004, respectively. Tangible stockholders’ equity totaled $268.8 million, a decrease from $269.3 million at March 31, 2005, and an increase of 23% from $219.1 million at June 30, 2004. The decline in the Company’s tangible stockholders’ equity includes the effect of the goodwill generated in the cash purchase of NAEC in May 2005. The Company’s equity to assets and tangible equity to assets ratios were 12.90% and 5.19% at June 30, 2005, respectively, compared to 12.24% and 5.05% at March 31, 2005, respectively, and compared to 12.29% and 4.62% at June 30, 2004, respectively. The Company’s tangible equity to tangible assets ratio was 5.62% at June 30, 2005, compared to 5.44% and 5.00% at March 31, 2005 and June 30, 2004, respectively.
Book value per share totaled $12.07 at June 30, 2005, an increase of 2% and 10% from $11.78 and $10.97 at March 31, 2005, and June 30, 2004, respectively. Tangible book value per share totaled $4.85 at June 30, 2005, compared to $4.86 and $4.13 at March 31, 2005, and June 30, 2004, respectively. The capital ratios of the Bank continued to exceed federal regulatory requirements for classification as a “well-capitalized” institution. The Bank’s core, tier one risk-based and total risk-based capital ratios are estimated to be 8.70%, 12.01% and 12.84% at June 30, 2005, respectively.
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LOAN FUNDINGS
The Company’s total loan fundings, which includes loans originated and purchased, were $624.7 million during the second quarter of 2005, an increase of 3% and 34% from $607.8 million and $466.7 million, for the first quarter of 2005 and second quarter of 2004, respectively. The Company’s core loan fundings were $599.3 million during the second quarter of 2005, an increase of 1% and 43%, respectively, from $595.1 million and $418.9 million, for the first quarter of 2005 and second quarter of 2004, respectively. The Company purchased $100.1 million of adjustable rate income property loans during the second quarter of 2005 as part of its strategy to remix the loan portfolio, replacing lower rate single family loans that were sold during the quarter with higher rate, adjustable, income property loans. The Company’s total loan fundings increased 70% to $1.2 billion during the six months ended June 30, 2005, from $726.1 million for the six months ended June 30, 2004. The Company’s core loan fundings increased 84% to a record $1.2 billion during the six months ended June 30, 2005, from $649.0 million for the six months ended June 30, 2004.
The Company’s core loan fundings for the three months ended June 30, 2005 consisted of $318.6 million of multi-family real estate loans, $112.3 million of commercial real estate loans, $122.7 million of single family residential real estate loans, $41.4 million of construction and land loans, and $4.3 million of business and other loans. Of the Company’s $599.3 million of core loan fundings during the second quarter of 2005, 97% were adjustable rate loans, of which 77% reprice within one year.
The value of loans in the Company’s total loan pipeline increased 9% and 15% to a record $542 million at June 30, 2005, compared to $498 million and $470 million at March 31, 2005 and June 30, 2004, respectively. The value of loans in the Company’s core loan pipeline increased 8% and 17% to a record $514 million at June 30, 2005, compared to $476 million and $439 million at March 31, 2005 and June 30, 2004, respectively.
PORTFOLIO ASSET QUALITY
Nonperforming assets totaled $12.1 million at June 30, 2005, an increase of $5.6 million from the $6.5 million balance at March 31, 2005. The increase in nonperforming assets is due to the addition of three construction/land loans during the second quarter of 2005. These three loans were originated by Hawthorne and acquired through the Company’s acquisition of Hawthorne. The three loans are not considered impaired from a collateral value perspective, however, they are considered impaired from a timeliness of repayment perspective.
The overall adequacy of the allowance for loan losses is reviewed by the Bank’s Internal Asset Review Committee on a quarterly basis and submitted to the Board of Directors for approval. The Internal Asset Review Committee’s responsibilities consist of risk management, as well as problem loan management, which include ensuring proper risk grading of all loans and analysis of specific allocations for all classified loans.
The Company’s review of its allowance for loan losses at June 30, 2005 indicated that a provision for loan losses for the second quarter of 2005 was not required and that the allowance for loan losses is adequate to cover potential losses inherent in the loan portfolio
At June 30, 2005, the Company had total assets of $5.2 billion and the Bank had total deposits of $2.7 billion. The Bank operates banking offices located in Westlake Village (Ventura County), Tarzana, Malibu, Beverly Hills, Baldwin Hills, Westchester, Hawthorne, Manhattan Beach, Gardena, Hermosa Beach, Torrance, Redondo Beach (Los Angeles County), Orange, Irvine, Rancho Santa Margarita (Orange County), Riverside (Riverside County), La Jolla, Del Mar, San Diego (San Diego County), and San Mateo (San Mateo County), and lending offices, located in Corte Madera, San Mateo, Oakland, Encino, Glendale, Los Angeles, El Segundo, Irvine, Riverside, and La Jolla, California, with plans to open a banking office in the Crystal Cove Promenade in Newport Coast, California in 2005. The Bank was the 2nd largest multi-family lender in California during the 12 months ended March 31, 2005 (source: Dataquick Information Systems. The Company is a leading Section 1031-exchange accommodator and facilitates exchange transactions nationwide through the TIMCOR and North American Exchange Company brand names through the companies’ headquarters in Los Angeles and Walnut Creek, California, respectfully, offices located in Long Beach and La Jolla, California; Scottsdale, Arizona; Houston, Texas; Chicago, Illinois and Miami, Florida and through a presence in Las Vegas, Nevada; Denver, Colorado and Washington, DC.
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CONFERENCE CALL AND WEBCAST INFORMATION
Analysts and investors may listen to a discussion of the second quarter of 2005 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. Windows Media player is required for viewing the video webcast. Interested parties can download the slide presentation from the Company’s website prior to the start of the call. It is recommended that participants dial into the call, or log in to the webcast, approximately 5 to 10 minutes prior to the event.
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Conference Call | Webcast |
Date: Monday, July 25, 2005 | Date: Monday, July 25, 2005 |
Time: 7:00 a.m. PDT (10:00 a.m. EDT) | Time: 7:00 a.m. PDT (10:00 a.m. EDT) |
Phone Number (800) 901-5213 | Webcast URL: www.commercialcapital.com |
International Dial-in Number (617) 786-2962 | Windows Media player is required |
Access Code: 76493980 |
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Replay Information: for those who are unable to participate in the call or webcast live, an archive of the webcast will be available on the Company’s website at www.commercialcapital.com beginning approximately 2 hours following the end of the call. To listen to the call replay dial (888) 286-8010, or for international callers dial (617) 801-6888, the access code for either replay number is 49238754. The webcast archive and call replay will be available until September 5, 2005
This press release and the aforementioned webcast may include forward-looking statements related to the 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. The Company undertakes no obligation to revise or publicly release any revision to these forward-looking statements.
2The Company defines total loan fundings to include loans that are originated or purchased by the Company during the period.
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COMMERCIAL CAPITAL BANCORP, INC. |
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
(Dollars in Thousands, except per share data) |
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| June 30, 2005 |
| June 30, 2004 |
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ASSETS |
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Cash and Cash Equivalents |
| $ | 33,812 |
| $ | 18,379 |
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Securities |
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|
|
MBS - Available For Sale |
|
| 444,456 |
|
| 499,746 |
|
Other Investments - Available For Sale |
|
| — |
|
| 100 |
|
|
| ||||||
Total Securities |
|
| 444,456 |
|
| 499,846 |
|
FHLB Stock |
|
| 98,943 |
|
| 85,543 |
|
Loans Held for Investment |
|
|
|
|
|
|
|
Single Family |
|
| 196,605 |
|
| 924,238 |
|
Multi-family |
|
| 2,807,503 |
|
| 2,065,938 |
|
Commercial Real Estate |
|
| 518,106 |
|
| 427,898 |
|
Construction |
|
| 190,302 |
|
| 216,926 |
|
Land |
|
| 43,946 |
|
| 51,637 |
|
|
| ||||||
Total Real Estate Loans |
|
| 3,756,462 |
|
| 3,686,637 |
|
Business and Other Loans |
|
| 18,723 |
|
| 12,926 |
|
|
| ||||||
Total Loans Held for Investment |
|
| 3,775,185 |
|
| 3,699,563 |
|
Net Deferred Fees, Premiums and Discounts |
|
| (1,815 | ) |
| (14,801 | ) |
Allowance for Loan Losses |
|
| (28,731 | ) |
| (36,831 | ) |
|
| ||||||
Total Loans Held for Investment, Net |
|
| 3,744,639 |
|
| 3,647,931 |
|
Loans Held for Sale |
|
| 304,723 |
|
| 983 |
|
|
| ||||||
Total Loans |
|
| 4,049,362 |
|
| 3,648,914 |
|
Fixed Assets - Net |
|
| 16,905 |
|
| 8,441 |
|
Foreclosed Assets |
|
| — |
|
| — |
|
Accrued Interest Receivable |
|
| 18,872 |
|
| 16,897 |
|
Goodwill |
|
| 394,080 |
|
| 357,367 |
|
Core Deposit Intangible |
|
| 5,576 |
|
| 6,308 |
|
Bank-Owned Life Insurance |
|
| 47,525 |
|
| 45,843 |
|
Affordable Housing Investments |
|
| 34,877 |
|
| 10,950 |
|
Other Assets |
|
| 35,593 |
|
| 45,362 |
|
TOTAL ASSETS |
| $ | 5,180,001 |
| $ | 4,743,850 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Deposits |
|
|
|
|
|
|
|
Demand Deposits - Noninterest-Bearing |
| $ | 127,300 |
| $ | 92,627 |
|
Demand Deposits - Interest-Bearing |
|
| 74,941 |
|
| 88,922 |
|
Money Market Checking |
|
| 243,337 |
|
| 450,317 |
|
Money Market Savings |
|
| 313,158 |
|
| 386,836 |
|
Savings |
|
| 218,573 |
|
| 198,063 |
|
|
| ||||||
Total Transaction Deposits |
|
| 977,309 |
|
| 1,216,765 |
|
Retail Time Deposits |
|
| 939,410 |
|
| 1,154,211 |
|
Broker Time Deposits |
|
| 115,895 |
|
| 72,961 |
|
|
| ||||||
Total Time Deposits |
|
| 1,055,305 |
|
| 1,227,172 |
|
|
| ||||||
Total Deposits |
|
| 2,032,614 |
|
| 2,443,937 |
|
Borrowings |
|
|
|
|
|
|
|
FHLB Advances |
|
| 1,521,028 |
|
| 1,550,770 |
|
Exchange Balances |
|
| 685,551 |
|
| — |
|
Junior Subordinated Debentures |
|
| 150,253 |
|
| 135,370 |
|
Other Borrowings |
|
| 65,000 |
|
| — |
|
|
| ||||||
Total Borrowings |
|
| 2,421,832 |
|
| 1,686,140 |
|
Other Liabilities |
|
| 57,098 |
|
| 30,952 |
|
TOTAL LIABILITIES |
|
| 4,511,544 |
|
| 4,161,029 |
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
| 668,457 |
|
| 582,821 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
| $ | 5,180,001 |
| $ | 4,743,850 |
|
. |
|
|
|
|
|
|
|
|
|
| June 30, 2005 |
| June 30, 2004 |
| ||
|
| ||||||
Operating Data |
|
|
|
|
|
|
|
Performance Ratios and Other Data: |
|
|
|
|
|
|
|
Equity to assets at end of period |
|
| 12.90 | % |
| 12.29 | % |
Tangible equity to assets at end of period |
|
| 5.19 |
|
| 4.62 |
|
Tangible equity to tangible assets at end of period |
|
| 5.62 |
|
| 5.00 |
|
Nonperforming assets |
| $ | 12,098 |
| $ | 5,255 |
|
Nonperforming assets to total assets |
|
| 0.23 | % |
| 0.11 | % |
Allowance for loan losses to loans held for investment at end of period |
|
| 0.76 |
|
| 1.00 |
|
Allowance for loan losses to nonaccrual loans |
|
| 237 |
|
| 701 |
|
|
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
|
Common shares outstanding at end of period |
|
| 55,388,061 |
|
| 53,126,308 |
|
Book value per share |
| $ | 12.07 |
| $ | 10.97 |
|
Tangible book value per share |
|
| 4.85 |
|
| 4.13 |
|
8/15
|
COMMERCIAL CAPITAL BANCORP, INC. |
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
(Dollars in Thousands, except per share data) |
|
|
|
|
|
|
|
|
|
| THREE MONTHS ENDED |
| ||||
|
| June 30, 2005 |
| June 30, 2004 |
| ||
Interest Income |
|
|
|
|
|
|
|
Loans |
| $ | 58,540 |
| $ | 26,647 |
|
Securities |
|
| 4,990 |
|
| 6,301 |
|
FHLB Stock |
|
| 1,086 |
|
| 662 |
|
Fed Funds and Other |
|
| 62 |
|
| 16 |
|
|
| ||||||
Total Interest Income |
|
| 64,678 |
|
| 33,626 |
|
Interest Expense |
|
|
|
|
|
|
|
Deposits |
|
| 10,861 |
|
| 4,815 |
|
FHLB Advances |
|
| 10,923 |
|
| 4,774 |
|
Exchange Balances |
|
| 1,147 |
|
| — |
|
Junior Subordinated Debentures |
|
| 2,307 |
|
| 986 |
|
Other Borrowings |
|
| 515 |
|
| 176 |
|
|
| ||||||
Total Interest Expense |
|
| 25,753 |
|
| 10,751 |
|
|
| ||||||
Net Interest Income |
|
| 38,925 |
|
| 22,875 |
|
Recapture of Allowance for Loan Losses |
|
| — |
|
| — |
|
|
| ||||||
Net Interest Income after Recapture of Allowance for Loan Losses |
|
| 38,925 |
|
| 22,875 |
|
|
|
|
|
|
|
|
|
Noninterest Income |
|
|
|
|
|
|
|
Loan Related Fees |
|
| 1,519 |
|
| 977 |
|
Retail Banking Fees |
|
| 509 |
|
| 186 |
|
Mortgage Banking Fees |
|
| 108 |
|
| 194 |
|
1031 Exchange Fees |
|
| 1,347 |
|
| — |
|
Gain on Sale of Loans |
|
| 2,757 |
|
| 4 |
|
Gain on Sale of Securities |
|
| — |
|
| 1,259 |
|
Other Income |
|
| 658 |
|
| 345 |
|
|
| ||||||
Total Noninterest Income |
|
| 6,898 |
|
| 2,965 |
|
|
|
|
|
|
|
|
|
Noninterest Expenses |
|
|
|
|
|
|
|
Compensation and Benefits |
|
| 7,258 |
|
| 3,452 |
|
Non-Cash Stock Compensation |
|
| 393 |
|
| 29 |
|
Occupancy and Equipment |
|
| 2,052 |
|
| 713 |
|
Marketing |
|
| 619 |
|
| 404 |
|
Technology |
|
| 646 |
|
| 214 |
|
Professional and Consulting |
|
| 671 |
|
| 205 |
|
Insurance Premiums and Assessment Costs |
|
| 574 |
|
| 316 |
|
Merger-Related |
|
| — |
|
| 420 |
|
Recapture of Reserve for Unfunded Commitments |
|
| — |
|
| — |
|
Other Expenses |
|
| 3,055 |
|
| 794 |
|
|
| ||||||
Total G&A Expenses |
|
| 15,268 |
|
| 6,547 |
|
Early Extinguishment of Debt |
|
| — |
|
| 1,204 |
|
Amortization of Core Deposit Intangible |
|
| 162 |
|
| 58 |
|
|
| ||||||
Total Noninterest Expenses |
|
| 15,430 |
|
| 7,809 |
|
|
| ||||||
Income Before Taxes |
|
| 30,393 |
|
| 18,031 |
|
Income Tax Expense |
|
| 11,068 |
|
| 7,108 |
|
|
| ||||||
Net Income |
| $ | 19,325 |
| $ | 10,923 |
|
|
|
|
|
|
|
|
|
|
|
|
| THREE MONTHS ENDED |
| ||||
|
| June 30, 2005 |
| June 30, 2004 |
| ||
|
| ||||||
Operating Data |
|
|
|
|
|
|
|
Performance Ratios and Other Data: |
|
|
|
|
|
|
|
Earnings per share - Basic |
| $ | 0.35 |
| $ | 0.30 |
|
Earnings per share - Diluted |
|
| 0.34 |
|
| 0.28 |
|
Weighted average shares outstanding -- Basic |
|
| 55,186,788 |
|
| 36,729,282 |
|
Weighted average shares outstanding -- Diluted |
|
| 57,522,870 |
|
| 39,194,351 |
|
Return on average assets |
|
| 1.47 | % |
| 1.57 | % |
Return on average tangible assets |
|
| 1.59 |
|
| 1.63 |
|
Return on average stockholders’ equity |
|
| 11.62 |
|
| 17.66 |
|
Return on average tangible stockholders’ equity |
|
| 28.11 |
|
| 32.58 |
|
Interest rate spread |
|
| 3.12 |
|
| 3.41 |
|
Net interest margin |
|
| 3.28 |
|
| 3.51 |
|
Efficiency ratio |
|
| 33.32 |
|
| 25.34 |
|
G&A to average assets |
|
| 1.16 |
|
| 0.94 |
|
Effective tax rate |
|
| 36.42 |
|
| 39.42 |
|
Core loan fundings |
| $ | 599,303 |
| $ | 418,916 |
|
Total loan fundings |
|
| 624,715 |
|
| 466,690 |
|
Loans sold |
|
| 386,144 |
|
| 341 |
|
Net Charge-offs <Recoveries> |
|
| 12 |
|
| <2> |
|
9/15
|
COMMERCIAL CAPITAL BANCORP, INC. |
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
(Dollars in Thousands, except per share data) |
|
|
|
|
|
|
|
|
|
| SIX MONTHS ENDED |
| ||||
|
| June 30, 2005 |
| June 30, 2004 |
| ||
Interest Income |
|
|
|
|
|
|
|
Loans |
| $ | 114,445 |
| $ | 41,688 |
|
Securities |
|
| 10,209 |
|
| 12,471 |
|
FHLB Stock |
|
| 2,120 |
|
| 1,061 |
|
Fed Funds and Other |
|
| 145 |
|
| 36 |
|
|
| ||||||
Total Interest Income |
|
| 126,919 |
|
| 55,256 |
|
Interest Expense |
|
|
|
|
|
|
|
Deposits |
|
| 20,735 |
|
| 7,903 |
|
FHLB Advances |
|
| 22,067 |
|
| 8,669 |
|
Exchange Balances |
|
| 1,487 |
|
| — |
|
Junior Subordinated Debentures |
|
| 4,350 |
|
| 1,624 |
|
Other Borrowings |
|
| 1,021 |
|
| 383 |
|
|
| ||||||
Total Interest Expense |
|
| 49,660 |
|
| 18,579 |
|
|
| ||||||
Net Interest Income |
|
| 77,259 |
|
| 36,677 |
|
Recapture of Allowance for Loan Losses |
|
| (8,109 | ) |
| — |
|
|
| ||||||
Net Interest Income after Recapture of Allowance for Loan Losses |
|
| 85,368 |
|
| 36,677 |
|
|
|
|
|
|
|
|
|
Noninterest Income |
|
|
|
|
|
|
|
Loan Related Fees |
|
| 2,577 |
|
| 1,387 |
|
Retail Banking Fees |
|
| 1,041 |
|
| 213 |
|
Mortgage Banking Fees |
|
| 149 |
|
| 306 |
|
1031 Exchange Fees |
|
| 1,720 |
|
| — |
|
Gain on Sale of Loans |
|
| 3,401 |
|
| 142 |
|
Gain on Sale of Securities |
|
| — |
|
| 2,152 |
|
Other Income |
|
| 1,759 |
|
| 583 |
|
|
| ||||||
Total Noninterest Income |
|
| 10,647 |
|
| 4,783 |
|
|
|
|
|
|
|
|
|
Noninterest Expenses |
|
|
|
|
|
|
|
Compensation and Benefits |
|
| 13,885 |
|
| 5,662 |
|
Non-Cash Stock Compensation |
|
| 634 |
|
| 58 |
|
Occupancy and Equipment |
|
| 4,212 |
|
| 1,074 |
|
Marketing |
|
| 1,273 |
|
| 683 |
|
Technology |
|
| 1,258 |
|
| 342 |
|
Professional and Consulting |
|
| 1,161 |
|
| 410 |
|
Insurance Premiums and Assessment Costs |
|
| 1,142 |
|
| 535 |
|
Merger-Related |
|
| — |
|
| 420 |
|
Recapture of Reserve for Unfunded Commitments |
|
| (1,490 | ) |
| — |
|
Other Expenses |
|
| 5,848 |
|
| 1,402 |
|
|
| ||||||
Total G&A Expenses |
|
| 27,923 |
|
| 10,586 |
|
Early Extinguishment of Debt |
|
| — |
|
| 1,204 |
|
Amortization of Core Deposit Intangible |
|
| 325 |
|
| 58 |
|
|
| ||||||
Total Noninterest Expenses |
|
| 28,248 |
|
| 11,848 |
|
|
| ||||||
Income Before Taxes |
|
| 67,767 |
|
| 29,612 |
|
Income Tax Expense |
|
| 25,356 |
|
| 11,588 |
|
|
| ||||||
Net Income |
| $ | 42,411 |
| $ | 18,024 |
|
|
|
|
|
|
|
|
|
|
|
|
| SIX MONTHS ENDED |
| ||||
|
| June 30, 2005 |
| June 30, 2004 |
| ||
|
| ||||||
Operating Data |
|
|
|
|
|
|
|
Performance Ratios and Other Data: |
|
|
|
|
|
|
|
Earnings per share - Basic |
| $ | 0.77 |
| $ | 0.54 |
|
Earnings per share - Diluted |
|
| 0.74 |
|
| 0.50 |
|
Weighted average shares outstanding -- Basic |
|
| 55,005,348 |
|
| 33,374,139 |
|
Weighted average shares outstanding -- Diluted |
|
| 57,401,347 |
|
| 35,704,940 |
|
Return on average assets |
|
| 1.62 | % |
| 1.56 | % |
Return on average tangible assets |
|
| 1.75 |
|
| 1.61 |
|
Return on average stockholders’ equity |
|
| 12.99 |
|
| 20.29 |
|
Return on average tangible stockholders’ equity |
|
| 31.26 |
|
| 31.48 |
|
Interest rate spread |
|
| 3.10 |
|
| 3.26 |
|
Net interest margin |
|
| 3.28 |
|
| 3.36 |
|
Efficiency ratio |
|
| 31.76 |
|
| 25.53 |
|
G&A to average assets |
|
| 1.07 |
|
| 0.92 |
|
Effective tax rate |
|
| 37.42 |
|
| 39.13 |
|
Core loan fundings |
| $ | 1,194,432 |
| $ | 649,019 |
|
Total loan fundings |
|
| 1,232,539 |
|
| 726,062 |
|
Loans sold |
|
| 541,987 |
|
| 13,298 |
|
Net Charge-offs <Recoveries> |
|
| <5> |
|
| <4> |
|
10/15
COMMERCIAL CAPITAL BANCORP, INC. |
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
(Dollars in Thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| June 30, 2005 |
| Mar. 31, 2005 |
| Dec. 31, 2004 |
| Sept. 30, 2004 |
| June 30, 2004 |
| |||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cash and Cash Equivalents |
| $ | 33,812 |
| $ | 78,775 |
| $ | 16,961 |
| $ | 20,445 |
| $ | 18,379 |
|
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MBS - Available For Sale |
|
| 444,456 |
|
| 464,689 |
|
| 491,265 |
|
| 486,120 |
|
| 499,746 |
|
Other Investments - Available For Sale |
|
| — |
|
| — |
|
| — |
|
| 100 |
|
| 100 |
|
|
| |||||||||||||||
Total Securities |
|
| 444,456 |
|
| 464,689 |
|
| 491,265 |
|
| 486,220 |
|
| 499,846 |
|
FHLB Stock |
|
| 98,943 |
|
| 97,007 |
|
| 96,046 |
|
| 86,147 |
|
| 85,543 |
|
Loans Held for Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single Family |
|
| 196,605 |
|
| 209,480 |
|
| 841,818 |
|
| 957,825 |
|
| 924,238 |
|
Multi-family |
|
| 2,807,503 |
|
| 2,633,004 |
|
| 2,396,788 |
|
| 2,235,427 |
|
| 2,065,938 |
|
Commercial Real Estate |
|
| 518,106 |
|
| 440,088 |
|
| 420,015 |
|
| 435,075 |
|
| 427,898 |
|
Construction |
|
| 190,302 |
|
| 225,650 |
|
| 225,058 |
|
| 213,656 |
|
| 216,926 |
|
Land |
|
| 43,946 |
|
| 50,182 |
|
| 56,308 |
|
| 55,786 |
|
| 51,637 |
|
|
| |||||||||||||||
Total Real Estate Loans |
|
| 3,756,462 |
|
| 3,558,404 |
|
| 3,939,987 |
|
| 3,897,769 |
|
| 3,686,637 |
|
Business and Other Loans |
|
| 18,723 |
|
| 19,364 |
|
| 16,360 |
|
| 13,399 |
|
| 12,926 |
|
|
| |||||||||||||||
Total Loans Held for Investment |
|
| 3,775,185 |
|
| 3,577,768 |
|
| 3,956,347 |
|
| 3,911,168 |
|
| 3,699,563 |
|
Net Deferred Fees, Premiums and Discounts |
|
| (1,815 | ) |
| (4,798 | ) |
| (5,708 | ) |
| (11,740 | ) |
| (14,801 | ) |
Allowance for Loan Losses |
|
| (28,731 | ) |
| (28,743 | ) |
| (36,835 | ) |
| (36,846 | ) |
| (36,831 | ) |
|
| |||||||||||||||
Total Loans Held for Investment, Net |
|
| 3,744,639 |
|
| 3,544,227 |
|
| 3,913,804 |
|
| 3,862,582 |
|
| 3,647,931 |
|
Loans Held for Sale |
|
| 304,723 |
|
| 612,549 |
|
| 976 |
|
| 17,620 |
|
| 983 |
|
|
| |||||||||||||||
Total Loans |
|
| 4,049,362 |
|
| 4,156,776 |
|
| 3,914,780 |
|
| 3,880,202 |
|
| 3,648,914 |
|
Fixed Assets - Net |
|
| 16,905 |
|
| 16,419 |
|
| 10,318 |
|
| 9,989 |
|
| 8,441 |
|
Foreclosed Assets |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Accrued Interest Receivable |
|
| 18,872 |
|
| 19,374 |
|
| 17,120 |
|
| 16,819 |
|
| 16,897 |
|
Goodwill |
|
| 394,080 |
|
| 377,726 |
|
| 357,367 |
|
| 357,367 |
|
| 357,367 |
|
Core Deposit Intangible |
|
| 5,576 |
|
| 5,739 |
|
| 5,902 |
|
| 6,105 |
|
| 6,308 |
|
Bank-Owned Life Insurance |
|
| 47,525 |
|
| 47,081 |
|
| 46,277 |
|
| 46,270 |
|
| 45,843 |
|
Affordable Housing Investments |
|
| 34,877 |
|
| 35,798 |
|
| 36,719 |
|
| 17,261 |
|
| 10,950 |
|
Other Assets |
|
| 35,593 |
|
| 33,961 |
|
| 31,169 |
|
| 39,951 |
|
| 45,362 |
|
TOTAL ASSETS |
| $ | 5,180,001 |
| $ | 5,333,345 |
| $ | 5,023,924 |
| $ | 4,966,776 |
| $ | 4,743,850 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand Deposits - Noninterest-Bearing |
| $ | 127,300 |
| $ | 110,741 |
| $ | 97,931 |
| $ | 92,950 |
| $ | 92,627 |
|
Demand Deposits - Interest-Bearing |
|
| 74,941 |
|
| 78,611 |
|
| 78,003 |
|
| 80,267 |
|
| 88,922 |
|
Money Market Checking |
|
| 243,337 |
|
| 316,639 |
|
| 473,344 |
|
| 419,760 |
|
| 450,317 |
|
Money Market Savings |
|
| 313,158 |
|
| 195,875 |
|
| 245,306 |
|
| 298,165 |
|
| 386,836 |
|
Savings |
|
| 218,573 |
|
| 281,766 |
|
| 336,474 |
|
| 293,905 |
|
| 198,063 |
|
|
| |||||||||||||||
Total Transaction Deposits |
|
| 977,309 |
|
| 983,632 |
|
| 1,231,058 |
|
| 1,185,047 |
|
| 1,216,765 |
|
Retail Time Deposits |
|
| 939,410 |
|
| 933,209 |
|
| 932,562 |
|
| 1,040,634 |
|
| 1,154,211 |
|
Broker Time Deposits |
|
| 115,895 |
|
| 115,199 |
|
| 93,161 |
|
| 72,961 |
|
| 72,961 |
|
|
| |||||||||||||||
Total Time Deposits |
|
| 1,055,305 |
|
| 1,048,408 |
|
| 1,025,723 |
|
| 1,113,595 |
|
| 1,227,172 |
|
|
| |||||||||||||||
Total Deposits |
|
| 2,032,614 |
|
| 2,032,040 |
|
| 2,256,781 |
|
| 2,298,642 |
|
| 2,443,937 |
|
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB Advances |
|
| 1,521,028 |
|
| 2,015,338 |
|
| 1,856,349 |
|
| 1,831,798 |
|
| 1,550,770 |
|
Exchange Balances |
|
| 685,551 |
|
| 370,202 |
|
| — |
|
| — |
|
| — |
|
Junior Subordinated Debentures |
|
| 150,253 |
|
| 150,398 |
|
| 135,079 |
|
| 135,225 |
|
| 135,370 |
|
Other Borrowings |
|
| 65,000 |
|
| 61,000 |
|
| 101,000 |
|
| 57,000 |
|
| — |
|
|
| |||||||||||||||
Total Borrowings |
|
| 2,421,832 |
|
| 2,596,938 |
|
| 2,092,428 |
|
| 2,024,023 |
|
| 1,686,140 |
|
Other Liabilities |
|
| 57,098 |
|
| 51,589 |
|
| 49,499 |
|
| 35,403 |
|
| 30,952 |
|
TOTAL LIABILITIES |
|
| 4,511,544 |
|
| 4,680,567 |
|
| 4,398,708 |
|
| 4,358,068 |
|
| 4,161,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
| 668,457 |
|
| 652,778 |
|
| 625,216 |
|
| 608,708 |
|
| 582,821 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
| $ | 5,180,001 |
| $ | 5,333,345 |
| $ | 5,023,924 |
| $ | 4,966,776 |
| $ | 4,743,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| June 30, 2005 |
| Mar. 31, 2005 |
| Dec. 31, 2004 |
| Sept. 30, 2004 |
| June 30, 2004 |
| |||||
| ||||||||||||||||
Operating Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios and Other Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets at end of period |
|
| 12.90 | % |
| 12.24 | % |
| 12.44 | % |
| 12.26 | % |
| 12.29 | % |
Tangible equity to assets at end of period |
|
| 5.19 |
|
| 5.05 |
|
| 5.21 |
|
| 4.94 |
|
| 4.62 |
|
Tangible equity to tangible assets at end of period |
|
| 5.62 |
|
| 5.44 |
|
| 5.62 |
|
| 5.33 |
|
| 5.00 |
|
Nonperforming assets |
| $ | 12,098 |
| $ | 6,475 |
| $ | 6,601 |
| $ | 5,095 |
| $ | 5,255 |
|
Nonperforming assets to total assets |
|
| 0.23 | % |
| 0.12 | % |
| 0.13 | % |
| 0.10 | % |
| 0.11 | % |
Allowance for loan losses to loans held for investment at end of period |
|
| 0.76 |
|
| 0.80 |
|
| 0.93 |
|
| 0.94 |
|
| 1.00 |
|
Allowance for loan losses to nonaccrual loans |
|
| 237 |
|
| 444 |
|
| 558 |
|
| 723 |
|
| 701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at end of period |
|
| 55,388,061 |
|
| 55,416,348 |
|
| 54,519,579 |
|
| 54,361,762 |
|
| 53,126,308 |
|
Book value per share |
| $ | 12.07 |
| $ | 11.78 |
| $ | 11.47 |
| $ | 11.20 |
| $ | 10.97 |
|
Tangible book value per share |
|
| 4.85 |
|
| 4.86 |
|
| 4.80 |
|
| 4.51 |
|
| 4.13 |
|
11/15
COMMERCIAL CAPITAL BANCORP, INC. |
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
(Dollars in Thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| THREE MONTHS ENDED |
| |||||||||||||
|
| June 30, 2005 |
| Mar. 31, 2005 |
| Dec. 31, 2004 |
| Sept. 30, 2004 |
| June 30, 2004 |
| |||||
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
| $ | 58,540 |
| $ | 55,905 |
| $ | 54,221 |
| $ | 50,777 |
| $ | 26,647 |
|
Securities |
|
| 4,990 |
|
| 5,219 |
|
| 5,285 |
|
| 5,301 |
|
| 6,301 |
|
FHLB Stock |
|
| 1,086 |
|
| 1,034 |
|
| 860 |
|
| 891 |
|
| 662 |
|
Fed Funds and Other |
|
| 62 |
|
| 83 |
|
| 27 |
|
| 18 |
|
| 16 |
|
|
| |||||||||||||||
Total Interest Income |
|
| 64,678 |
|
| 62,241 |
|
| 60,393 |
|
| 56,987 |
|
| 33,626 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 10,861 |
|
| 9,874 |
|
| 9,174 |
|
| 9,060 |
|
| 4,815 |
|
FHLB Advances |
|
| 10,923 |
|
| 11,145 |
|
| 10,717 |
|
| 8,345 |
|
| 4,774 |
|
Exchange Balances |
|
| 1,147 |
|
| 341 |
|
| — |
|
| — |
|
| — |
|
Junior Subordinated Debentures |
|
| 2,307 |
|
| 2,043 |
|
| 1,770 |
|
| 1,611 |
|
| 986 |
|
Other Borrowings |
|
| 515 |
|
| 504 |
|
| 264 |
|
| 94 |
|
| 176 |
|
|
| |||||||||||||||
Total Interest Expense |
|
| 25,753 |
|
| 23,907 |
|
| 21,925 |
|
| 19,110 |
|
| 10,751 |
|
|
| |||||||||||||||
Net Interest Income |
|
| 38,925 |
|
| 38,334 |
|
| 38,468 |
|
| 37,877 |
|
| 22,875 |
|
Recapture of Allowance for Loan Losses |
|
| — |
|
| (8,109 | ) |
| — |
|
| — |
|
| — |
|
|
| |||||||||||||||
Net Interest Income after Recapture of Allowance for Loan Losses |
|
| 38,925 |
|
| 46,443 |
|
| 38,468 |
|
| 37,877 |
|
| 22,875 |
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Related Fees |
|
| 1,519 |
|
| 1,058 |
|
| 1,591 |
|
| 2,217 |
|
| 977 |
|
Retail Banking Fees |
|
| 509 |
|
| 531 |
|
| 546 |
|
| 588 |
|
| 186 |
|
Mortgage Banking Fees |
|
| 108 |
|
| 40 |
|
| 122 |
|
| 137 |
|
| 194 |
|
1031 Exchange Fees |
|
| 1,347 |
|
| 374 |
|
| — |
|
| — |
|
| — |
|
Gain on Sale of Loans |
|
| 2,757 |
|
| 645 |
|
| 3,809 |
|
| 72 |
|
| 4 |
|
Gain on Sale of Securities |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 1,259 |
|
Other Income |
|
| 658 |
|
| 1,100 |
|
| 622 |
|
| 601 |
|
| 345 |
|
|
| |||||||||||||||
Total Noninterest Income |
|
| 6,898 |
|
| 3,748 |
|
| 6,690 |
|
| 3,615 |
|
| 2,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and Benefits |
|
| 7,258 |
|
| 6,627 |
|
| 6,120 |
|
| 6,148 |
|
| 3,452 |
|
Non-Cash Stock Compensation |
|
| 393 |
|
| 241 |
|
| 29 |
|
| 29 |
|
| 29 |
|
Occupancy and Equipment |
|
| 2,052 |
|
| 2,159 |
|
| 2,096 |
|
| 2,131 |
|
| 713 |
|
Marketing |
|
| 619 |
|
| 654 |
|
| 500 |
|
| 422 |
|
| 404 |
|
Technology |
|
| 646 |
|
| 612 |
|
| 538 |
|
| 496 |
|
| 214 |
|
Professional and Consulting |
|
| 671 |
|
| 490 |
|
| 438 |
|
| 369 |
|
| 205 |
|
Insurance Premiums and Assessment Costs |
|
| 574 |
|
| 568 |
|
| 579 |
|
| 582 |
|
| 316 |
|
Merger-Related |
|
| — |
|
| — |
|
| 282 |
|
| 494 |
|
| 420 |
|
Recapture of Reserve for Unfunded Commitments |
|
| — |
|
| (1,490 | ) |
| (416 | ) |
| — |
|
| — |
|
Other Expenses |
|
| 3,055 |
|
| 2,793 |
|
| 2,539 |
|
| 2,023 |
|
| 794 |
|
|
| |||||||||||||||
Total G&A Expenses |
|
| 15,268 |
|
| 12,654 |
|
| 12,705 |
|
| 12,694 |
|
| 6,547 |
|
Early Extinguishment of Debt |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 1,204 |
|
Amortization of Core Deposit Intangible |
|
| 162 |
|
| 163 |
|
| 203 |
|
| 203 |
|
| 58 |
|
|
| |||||||||||||||
Total Noninterest Expenses |
|
| 15,430 |
|
| 12,817 |
|
| 12,908 |
|
| 12,897 |
|
| 7,809 |
|
|
| |||||||||||||||
Income Before Taxes |
|
| 30,393 |
|
| 37,374 |
|
| 32,250 |
|
| 28,595 |
|
| 18,031 |
|
Income Tax Expense |
|
| 11,068 |
|
| 14,287 |
|
| 12,016 |
|
| 10,591 |
|
| 7,108 |
|
|
| |||||||||||||||
Net Income |
| $ | 19,325 |
| $ | 23,087 |
| $ | 20,234 |
| $ | 18,004 |
| $ | 10,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| THREE MONTHS ENDED |
| |||||||||||||
|
| June 30, 2005 |
| Mar. 31, 2005 |
| Dec. 31, 2004 |
| Sept. 30, 2004 |
| June 30, 2004 |
| |||||
|
| |||||||||||||||
Operating Data |
|
|
|
|
|
|
|
|
|
|
| |||||
Performance Ratios and Other Data: |
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings per share - Basic |
| $ | 0.35 |
| $ | 0.42 |
| $ | 0.37 |
| $ | 0.34 |
| $ | 0.30 |
|
Earnings per share - Diluted |
|
| 0.34 |
|
| 0.40 |
|
| 0.36 |
|
| 0.32 |
|
| 0.28 |
|
Weighted average shares outstanding -- Basic |
|
| 55,186,788 |
|
| 54,821,891 |
|
| 54,399,694 |
|
| 53,625,568 |
|
| 36,729,282 |
|
Weighted average shares outstanding -- Diluted |
|
| 57,522,870 |
|
| 57,277,806 |
|
| 56,947,525 |
|
| 56,824,595 |
|
| 39,194,351 |
|
Return on average assets |
|
| 1.47 | % |
| 1.78 | % |
| 1.61 | % |
| 1.50 | % |
| 1.57 | % |
Return on average tangible assets |
|
| 1.59 |
|
| 1.92 |
|
| 1.73 |
|
| 1.62 |
|
| 1.63 |
|
Return on average stockholders’ equity |
|
| 11.62 |
|
| 14.41 |
|
| 13.06 |
|
| 12.02 |
|
| 17.66 |
|
Return on average tangible stockholders’ equity |
|
| 28.11 |
|
| 34.49 |
|
| 31.55 |
|
| 30.55 |
|
| 32.58 |
|
Interest rate spread |
|
| 3.12 |
|
| 3.10 |
|
| 3.26 |
|
| 3.39 |
|
| 3.41 |
|
Net interest margin |
|
| 3.28 |
|
| 3.27 |
|
| 3.38 |
|
| 3.49 |
|
| 3.51 |
|
Efficiency ratio |
|
| 33.32 |
|
| 30.07 |
|
| 28.13 |
|
| 30.59 |
|
| 25.34 |
|
G&A to average assets |
|
| 1.16 |
|
| 0.98 |
|
| 1.01 |
|
| 1.05 |
|
| 0.94 |
|
Effective tax rate |
|
| 36.42 |
|
| 38.23 |
|
| 37.26 |
|
| 37.04 |
|
| 39.42 |
|
Core loan fundings |
| $ | 599,303 |
| $ | 595,129 |
| $ | 495,730 |
| $ | 544,953 |
| $ | 418,916 |
|
Total loan fundings |
|
| 624,715 |
|
| 607,824 |
|
| 540,783 |
|
| 583,184 |
|
| 466,690 |
|
Loans sold |
|
| 386,144 |
|
| 155,843 |
|
| 166,257 |
|
| 2,554 |
|
| 341 |
|
Net Charge-offs <Recoveries> |
|
| 12 |
|
| <17> |
|
| 11 |
|
| <15> |
|
| <2> |
|
12/15
COMMERCIAL CAPITAL BANCORP, INC.
Average Balances, Net Interest Income, Yields Earned and Rates Paid
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| THREE MONTHS ENDED JUNE 30, |
| ||||||||||||||||||||
|
|
| |||||||||||||||||||||
|
| 2005 |
| 2004 |
| ||||||||||||||||||
|
|
|
| ||||||||||||||||||||
|
| Average |
| Interest |
| Average |
| Average |
| Interest |
| Average |
| ||||||||||
|
|
| |||||||||||||||||||||
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans(1) |
| $ | 4,176,721 |
| $ | 58,540 |
|
|
| 5.61 | % |
| $ | 1,958,375 |
| $ | 26,647 |
|
|
| 5.44 | % |
|
Securities(2) |
|
| 456,677 |
|
| 4,990 |
|
|
| 4.37 |
|
|
| 581,891 |
|
| 6,301 |
|
|
| 4.33 |
|
|
FHLB Stock |
|
| 98,289 |
|
| 1,086 |
|
|
| 4.42 |
|
|
| 59,173 |
|
| 662 |
|
|
| 4.48 |
|
|
Cash and Cash Equivalents(3) |
|
| 9,233 |
|
| 62 |
|
|
| 2.69 |
|
|
| 4,985 |
|
| 16 |
|
|
| 1.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Interest-Earning Assets |
|
| 4,740,920 |
|
| 64,678 |
|
|
| 5.46 |
|
|
| 2,604,424 |
|
| 33,626 |
|
|
| 5.16 |
|
|
Noninterest-Earning Assets |
|
| 522,387 |
|
|
|
|
|
|
|
|
|
| 187,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 5,263,307 |
|
|
|
|
|
|
|
|
| $ | 2,791,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction Accounts(4) |
| $ | 852,235 |
|
| 3,940 |
|
|
| 1.85 |
|
| $ | 641,765 |
|
| 2,767 |
|
|
| 1.73 |
|
|
Certificates of Deposits |
|
| 1,061,326 |
|
| 6,921 |
|
|
| 2.62 |
|
|
| 537,589 |
|
| 2,048 |
|
|
| 1.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Deposits |
|
| 1,913,561 |
|
| 10,861 |
|
|
| 2.28 |
|
|
| 1,179,354 |
|
| 4,815 |
|
|
| 1.64 |
|
|
FHLB Advances |
|
| 1,745,778 |
|
| 10,923 |
|
|
| 2.51 |
|
|
| 1,149,387 |
|
| 4,774 |
|
|
| 1.67 |
|
|
Exchange Balances |
|
| 539,222 |
|
| 1,147 |
|
|
| 0.85 |
|
|
| — |
|
| — |
|
|
| — |
|
|
Junior Subordinated Debentures |
|
| 150,348 |
|
| 2,307 |
|
|
| 6.15 |
|
|
| 84,034 |
|
| 986 |
|
|
| 4.72 |
|
|
Other Borrowings (5) |
|
| 69,190 |
|
| 515 |
|
|
| 2.99 |
|
|
| 58,086 |
|
| 176 |
|
|
| 1.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Interest-Bearing Liabilities |
|
| 4,418,099 |
|
| 25,753 |
|
|
| 2.34 |
|
|
| 2,470,861 |
|
| 10,751 |
|
|
| 1.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing Deposits |
|
| 127,561 |
|
|
|
|
|
|
|
|
|
| 53,495 |
|
|
|
|
|
|
|
|
|
Other Noninterest-Bearing Liabilities |
|
| 52,575 |
|
|
|
|
|
|
|
|
|
| 19,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities |
|
| 4,598,235 |
|
|
|
|
|
|
|
|
|
| 2,544,174 |
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
| 665,072 |
|
|
|
|
|
|
|
|
|
| 247,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Stockholders’ Equity |
| $ | 5,263,307 |
|
|
|
|
|
|
|
|
| $ | 2,791,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest-Earning Assets |
| $ | 322,821 |
|
|
|
|
|
|
|
|
| $ | 133,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income/Interest Rate Spread |
|
|
|
| $ | 38,925 |
|
|
| 3.12 | % |
|
|
|
| $ | 22,875 |
|
|
| 3.41 | % |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net Interest Margin |
|
|
|
|
|
|
|
|
| 3.28 | % |
|
|
|
|
|
|
|
|
| 3.51 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The average balance of loans receivable includes loans held for sale and is presented without reduction for the allowance for loan losses. |
(2) Consists of mortgage-backed securities and U.S. government securities which are classified as available-for-sale, excluding the unrealized gains or losses on these securities. |
(3) Consists of cash in interest-earning accounts and federal funds sold. |
(4) Consists of savings, money market accounts and other interest-bearing deposits. |
(5) Consists of securities sold under agreements to repurchase, federal funds purchased, warehouse line of credit and other short-term borrowings. |
13/15
COMMERCIAL CAPITAL BANCORP, INC.
Average Balances, Net Interest Income, Yields Earned and Rates Paid
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SIX MONTHS ENDED JUNE 30, |
| |||||||||||||||||||||
|
|
| ||||||||||||||||||||||
|
| 2005 |
| 2004 |
| |||||||||||||||||||
|
|
|
| |||||||||||||||||||||
|
| Average |
| Interest |
| Average |
|
| Average |
| Interest |
| Average |
| ||||||||||
|
|
|
|
| ||||||||||||||||||||
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Loans(1) |
| $ | 4,136,434 |
| $ | 114,445 |
|
|
| 5.53 | % |
|
| $ | 1,540,505 |
| $ | 41,688 |
|
|
| 5.41 | % |
|
Securities(2) |
|
| 469,190 |
|
| 10,209 |
|
|
| 4.35 |
|
|
|
| 581,865 |
|
| 12,471 |
|
|
| 4.29 |
|
|
FHLB Stock |
|
| 97,487 |
|
| 2,120 |
|
|
| 4.35 |
|
|
|
| 52,063 |
|
| 1,061 |
|
|
| 4.08 |
|
|
Cash and Cash Equivalents(3) |
|
| 11,615 |
|
| 145 |
|
|
| 2.50 |
|
|
|
| 7,106 |
|
| 36 |
|
|
| 1.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Interest-Earning Assets |
|
| 4,714,726 |
|
| 126,919 |
|
|
| 5.38 |
|
|
|
| 2,181,539 |
|
| 55,256 |
|
|
| 5.07 |
|
|
Noninterest-Earning Assets |
|
| 508,412 |
|
|
|
|
|
|
|
|
|
|
| 123,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 5,223,138 |
|
|
|
|
|
|
|
|
|
| $ | 2,304,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction Accounts(4) |
| $ | 927,520 |
|
| 8,130 |
|
|
| 1.77 |
|
|
| $ | 530,577 |
|
| 4,771 |
|
|
| 1.81 |
|
|
Certificates of Deposits |
|
| 1,045,302 |
|
| 12,605 |
|
|
| 2.43 |
|
|
|
| 398,575 |
|
| 3,132 |
|
|
| 1.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Deposits |
|
| 1,972,822 |
|
| 20,735 |
|
|
| 2.12 |
|
|
|
| 929,152 |
|
| 7,903 |
|
|
| 1.71 |
|
|
FHLB Advances |
|
| 1,841,881 |
|
| 22,067 |
|
|
| 2.42 |
|
|
|
| 1,008,654 |
|
| 8,669 |
|
|
| 1.73 |
|
|
Exchange Balances |
|
| 362,148 |
|
| 1,487 |
|
|
| 0.83 |
|
|
|
| — |
|
| — |
|
|
| — |
|
|
Junior Subordinated Debentures |
|
| 147,686 |
|
| 4,350 |
|
|
| 5.94 |
|
|
|
| 69,136 |
|
| 1,624 |
|
|
| 4.72 |
|
|
Other Borrowings (5) |
|
| 75,331 |
|
| 1,021 |
|
|
| 2.73 |
|
|
|
| 61,226 |
|
| 383 |
|
|
| 1.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Interest-Bearing Liabilities |
|
| 4,399,868 |
|
| 49,660 |
|
|
| 2.28 |
|
|
|
| 2,068,168 |
|
| 18,579 |
|
|
| 1.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Noninterest-Bearing Deposits |
|
| 118,484 |
|
|
|
|
|
|
|
|
|
|
| 43,410 |
|
|
|
|
|
|
|
|
|
Other Noninterest-Bearing Liabilities |
|
| 51,845 |
|
|
|
|
|
|
|
|
|
|
| 15,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities |
|
| 4,570,197 |
|
|
|
|
|
|
|
|
|
|
| 2,127,045 |
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
| 652,941 |
|
|
|
|
|
|
|
|
|
|
| 177,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Stockholders’ Equity |
| $ | 5,223,138 |
|
|
|
|
|
|
|
|
|
| $ | 2,304,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest-Earning Assets |
| $ | 314,858 |
|
|
|
|
|
|
|
|
|
| $ | 113,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income/Interest Rate Spread |
|
|
|
| $ | 77,259 |
|
|
| 3.10 | % |
|
|
|
|
| $ | 36,677 |
|
|
| 3.26 | % |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net Interest Margin |
|
|
|
|
|
|
|
|
| 3.28 | % |
|
|
|
|
|
|
|
|
|
| 3.36 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The average balance of loans receivable includes loans held for sale and is presented without reduction for the allowance for loan losses. |
(2) Consists of mortgage-backed securities and U.S. government securities which are classified as available-for-sale, excluding the unrealized gains or losses on these securities. |
(3) Consists of cash in interest-earning accounts and federal funds sold. |
(4) Consists of savings, money market accounts and other interest-bearing deposits. |
(5) Consists of securities sold under agreements to repurchase, federal funds purchased, warehouse line of credit and other short-term borrowings. |
14/15
COMMERCIAL CAPITAL BANCORP, INC.
Reconciliation of Non-GAAP Financial Measures
(Dollars in Thousands, except per share data)
The following tables provide a reconciliation of the Company’s reported net interest margin and net interest spread compared to adjusted net interest margin and net interest spread excluding the net effect of the amortization or accretion of premiums or discounts resulting from the purchase accounting adjustments due to the Hawthorne acquisition:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Q2 2005 As Reported |
| Excluding |
| Q2 2005 Adjusted |
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||||
|
| Average |
| Interest |
| Avg. |
| Average |
| Interest |
| Average |
| Interest |
| Avg. |
| ||||||||
|
|
|
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Earning Assets |
| $ | 4,740,920 |
| $ | 64,678 |
| 5.46 | % |
| $ | 4,617 |
| $ | (915 | ) | $ | 4,745,537 |
| $ | 63,763 |
| 5.37 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
|
| 4,418,099 |
|
| 25,753 |
| 2.34 | % |
|
| (3,600 | ) |
| 417 |
| $ | 4,414,499 |
| $ | 26,170 |
| 2.38 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Interest Income/Interest Rate Spread |
|
|
|
| $ | 38,925 |
| 3.12 | % |
|
|
|
| $ | (1,332 | ) |
|
|
| $ | 37,593 |
| 2.99 | % |
|
Net Interest Margin |
|
|
|
|
|
|
| 3.28 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.17 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Q1 2005 As Reported |
| Excluding |
| Q1 2005 Adjusted |
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||||
|
| Average |
| Interest |
| Avg. |
| Average Balance |
| Interest |
| Average Balance |
| Interest |
| Avg. |
| ||||||||
|
|
|
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Earning Assets |
| $ | 4,688,240 |
| $ | 62,241 |
| 5.31 | % |
| $ | 7,390 |
| $ | (2,096 | ) | $ | 4,695,630 |
| $ | 60,145 |
| 5.12 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
|
| 4,381,436 |
|
| 23,907 |
| 2.21 | % |
|
| (4,090 | ) |
| 549 |
|
| 4,377,346 |
|
| 24,456 |
| 2.27 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Interest Income/Interest Rate Spread |
|
|
|
| $ | 38,334 |
| 3.10 | % |
|
|
|
| $ | (2,645 | ) |
|
|
| $ | 35,689 |
| 2.85 | % |
|
Net Interest Margin |
|
|
|
|
|
|
| 3.27 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.04 | % |
|
COMMERCIAL CAPITAL BANK, FSB
Selected Financial Data
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
| June 30, 2005 |
| Mar. 31, 2005 |
| ||
ASSETS |
|
|
|
|
|
|
|
Cash and Cash Equivalents |
| $ | 29,675 |
| $ | 72,805 |
|
Securities |
|
| 442,782 |
|
| 462,937 |
|
FHLB Stock |
|
| 98,943 |
|
| 97,007 |
|
Loans Held For Investment |
|
|
|
|
|
|
|
Single Family |
|
| 196,605 |
|
| 209,480 |
|
Multi-family |
|
| 2,804,188 |
|
| 2,629,668 |
|
Commercial Real Estate |
|
| 518,106 |
|
| 440,088 |
|
Construction |
|
| 190,302 |
|
| 225,650 |
|
Land |
|
| 43,946 |
|
| 48,182 |
|
|
| ||||||
Total Real Estate Loans |
|
| 3,753,147 |
|
| 3,553,068 |
|
Business & Other Loans |
|
| 18,610 |
|
| 19,251 |
|
|
| ||||||
Total Loans Held for Investment |
|
| 3,771,757 |
|
| 3,572,319 |
|
Net Deferred Fees, Premiums and Discounts |
|
| (25 | ) |
| (2,689 | ) |
Allowance for Loan Losses |
|
| (28,731 | ) |
| (28,743 | ) |
|
| ||||||
Total Loans Held for Investment, Net |
|
| 3,743,001 |
|
| 3,540,887 |
|
Loans Held For Sale |
|
| 303,754 |
|
| 611,576 |
|
|
| ||||||
Total Loans |
|
| 4,046,755 |
|
| 4,152,463 |
|
Other Assets |
|
| 502,369 |
|
| 500,496 |
|
|
| ||||||
TOTAL ASSETS |
| $ | 5,120,524 |
| $ | 5,285,708 |
|
LIABILITIES AND STOCKHOLDER’S EQUITY |
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
Demand Deposits - Noninterest-Bearing |
| $ | 222,143 |
| $ | 125,973 |
|
Demand Deposits - Interest-Bearing |
|
| 74,941 |
|
| 78,611 |
|
Money Market Checking |
|
| 600,640 |
|
| 669,359 |
|
Money Market Savings |
|
| 532,838 |
|
| 195,875 |
|
Savings |
|
| 218,665 |
|
| 281,766 |
|
|
| ||||||
Total Transaction Deposits |
|
| 1,649,227 |
|
| 1,351,584 |
|
Total Time Deposits |
|
| 1,055,305 |
|
| 1,048,408 |
|
|
| ||||||
Total Deposits |
|
| 2,704,532 |
|
| 2,399,992 |
|
Borrowings |
|
| 1,586,028 |
|
| 2,076,338 |
|
Other Liabilities |
|
| 58,963 |
|
| 58,507 |
|
TOTAL LIABILITIES |
|
| 4,349,523 |
|
| 4,534,837 |
|
STOCKHOLDER’S EQUITY |
|
| 771,001 |
|
| 750,871 |
|
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY |
| $ | 5,120,524 |
| $ | 5,285,708 |
|
15/15