|
|
| Record total assets of $5.46 billion, a 9% increase from fourth quarter 2004 |
| Record total loan fundings of $716.0 million, a 32% increase from fourth quarter 2004 |
| Earnings of $0.26 per share on net income of $15.1 million |
| Non-GAAP Earnings of $0.29 per share on net income of $16.4 million |
IRVINE, CA – January 23, 2006 – Commercial Capital Bancorp, Inc. (NASDAQ: “CCBI”), the parent company of Commercial Capital Bank, TIMCOR Exchange Corporation and North American Exchange Company, today announced net income of $15.1 million or $0.26 per diluted share for the fourth quarter of 2005, declines of 25% and 28%, respectively, from the fourth quarter of 2004. Excluding the direct costs of the Commercial Banking Division, the Company generated Non-GAAP net income of $16.4 million or $0.29 per diluted share during the fourth quarter of 2005. Net income totaled $74.3 million or $1.29 per diluted share for 2005, compared to $56.3 million or $1.21 per diluted share for 2004.
The financial results for the fourth quarter of 2005 reflect the successful implementation of the Company’s core growth strategy.
|
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• | Total assets grew to a record $5.46 billion at December 31, 2005, an increase of $439.6 million from December 31, 2004. The growth in assets during the quarter was generated by the Bank’s strong fundings of multifamily, commercial real estate and construction loans. |
|
|
• | Record loan fundings of $716.0 million were achieved during the fourth quarter of 2005, an increase of 32% over the fourth quarter of 2004. |
|
|
• | Total revenues in the fourth quarter of 2005 reached $75.2 million, the highest level for any quarter in the Company’s history. |
|
|
• | 1031 exchange balances averaged $701.8 million for the fourth quarter of 2005, reflecting the acquisitions of TIMCOR and NAEC in February and May of 2005, respectively. Exchange balances had an average cost of 0.86% for the fourth quarter of 2005. |
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• | The Company announced signing of an agreement to acquire Calnet Business Bank, National Association, a Sacramento, California-based community bank with total assets of $176.6 million, total deposits of $152.9 million and total shareholders’ equity of $22.7 million at December 31, 2005. The acquisition is expected to close in the first quarter of 2006. |
The comparability of the Company’s quarterly results is affected by the acquisitions that occurred in mid-2004 and early 2005. The Company’s operating results from the fourth quarter of 2005 include the operations of TIMCOR and NAEC which were acquired earlier in 2005. While the operations of these companies are included in the 2005 results, they are not reflected in comparable 2004 results. Additionally, Hawthorne Financial Corporation was acquired in June 2004.
Stephen H. Gordon, Chairman and Chief Executive Officer of Commercial Capital Bancorp, Inc., commented, “Our fourth-quarter results reflect our continued strategy of growing our core businesses, removing non-core assets from our balance sheet and maturing and improving our depository franchise. We have completed the process of selling non-core residential loans that were identified in early 2005 and are now focused on growing our balance sheet through our multifamily and commercial origination platform. We are keenly focused on growth through funding high quality assets and on the expansion and improvement of our depository franchise.” Gordon continued, “The fourth-quarter results were negatively
1/19
impacted by the costs associated with the further development of the Bank’s Commercial Banking Division. This division is an important part of our multi-pronged funding strategy and, notwithstanding the near term costs, we have begun to realize the potential contributions to the Company, with approximately $50 million of deposits contributed by the division during the quarter.”
Fourth Quarter Financial Summary
($ in 000’s, except per share data)
|
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| ||
|
| 2005 |
| 2004 |
| Change |
| % Change |
| ||||||
|
|
|
|
|
| ||||||||||
Total revenuesi |
| $ | 75,154 |
| $ | 67,083 |
| $ | 8,071 |
|
|
| 12.0 | % |
|
Net interest income |
|
| 37,403 |
|
| 38,468 |
|
| -1,065 |
|
|
| -2.8 |
|
|
Non-interest income |
|
| 6,066 |
|
| 6,690 |
|
| -624 |
|
|
| -9.3 |
|
|
G&A Expenses |
|
| 20,532 |
|
| 12,705 |
|
| 7,827 |
|
|
| 61.6 |
|
|
Net income |
|
| 15,101 |
|
| 20,234 |
|
| -5,133 |
|
|
| -25.4 |
|
|
Basic EPS |
|
| 0.27 |
|
| 0.37 |
|
| -0.10 |
|
|
| -27.0 |
|
|
Diluted EPS |
|
| 0.26 |
|
| 0.36 |
|
| -0.10 |
|
|
| -27.8 |
|
|
Yield on earning assets |
|
| 5.93 | % |
| 5.30 | % |
| 0.63 |
|
|
| 11.9 |
|
|
Cost of funds |
|
| 2.78 |
|
| 2.00 |
|
| 0.78 |
|
|
| 39.0 |
|
|
Net interest margin |
|
| 3.21 |
|
| 3.38 |
|
| -0.17 |
|
|
| -5.0 |
|
|
Net interest margin, Non-GAAPii |
|
| 3.13 |
|
| 3.08 |
|
| 0.05 |
|
|
| 1.6 |
|
|
ROAA |
|
| 1.15 |
|
| 1.61 |
|
| -0.46 |
|
|
| -28.6 |
|
|
ROAA - Tangible |
|
| 1.24 |
|
| 1.73 |
|
| -0.49 |
|
|
| -28.3 |
|
|
ROAE |
|
| 8.69 |
|
| 13.06 |
|
| -4.37 |
|
|
| -33.5 |
|
|
ROAE - Tangible |
|
| 20.59 |
|
| 31.55 |
|
| -10.96 |
|
|
| -34.7 |
|
|
Efficiency ratio |
|
| 47.23 |
|
| 28.13 |
|
| 19.10 |
|
|
| 67.9 |
|
|
G&A to total assets |
|
| 1.56 |
|
| 1.01 |
|
| 0.55 |
|
|
| 54.5 |
|
|
Effective income tax rate |
|
| 33.69 |
|
| 37.26 |
|
| -3.57 |
|
|
| -9.6 |
|
|
Core loan fundingsiii |
| $ | 684,656 |
| $ | 495,730 |
| $ | 188,926 |
|
|
| 38.1 |
|
|
Total loan fundingsiv |
|
| 716,039 |
|
| 540,783 |
|
| 175,256 |
|
|
| 32.4 |
|
|
Operating Results
The Company’s net interest income during the fourth quarter totaled $37.4 million, a decrease of 3% from $38.5 million for the fourth quarter of 2004. The Company’s yield on interest-earning assets increased 63 basis points to 5.93% for the fourth quarter of 2005, compared to 5.30% for the fourth quarter of 2004. Average interest-earning assets totaled $4.66 billion during the fourth quarter of 2005 as compared to $4.55 billion during the fourth quarter of 2004. The growth of average interest-earning assets was muted by the sale of non-core assets and the fourth quarter fundings being heavily weighted toward the end of the quarter. Average interest-bearing liabilities equaled $4.37 billion for the fourth quarter of 2005, an increase of $106.6 million over 2004. During the fourth quarter of 2005, $655.0 million of FHLB advances that originally were borrowed on extended maturity schedules at an average cost of 2.64% matured. These advances were replaced with sources at current market rates of interest. The maturity of these advances combined with rising short-term interest rates contributed to an increase in the Company’s cost of funds during the fourth quarter of 2005. The Company’s cost of funds was 2.78% during the fourth quarter of 2005, an increase of 78 basis points from the fourth quarter of 2004. Excluding purchase accounting adjustments related to the acquisition of Hawthorne, the Company’s net interest margin expanded by five basis points year over year to 3.13% for the fourth quarter of 2005, from 3.08% for the fourth quarter of 2004.
Noninterest income decreased by 9% to $6.1 million for the fourth quarter of 2005, from $6.7 million for the fourth quarter of 2004. The decrease in noninterest income is due primarily to a decrease in the gain
2/19
on sale of loans, which totaled $534,000 for the fourth quarter of 2005, compared to $3.8 million for the fourth quarter of 2004. The gain on sale of loans for the fourth quarter of 2005 declined compared to the prior year period due to a lower volume of loan sales as the Company completed its programs to restructure its balance sheet and reduce non-core assets.
The Company’s general and administrative expenses totaled $20.5 million for the fourth quarter of 2005, compared to $12.7 million for the fourth quarter of 2004. The most significant increase in expenses was compensation costs, which was driven by a higher level of staffing during 2005. The acquisitions of TIMCOR and NAEC and the investment made in the expansion of the commercial banking efforts resulted in a significant increase in staff. The fourth quarter of 2005 includes approximately $2.3 million of direct expenses related to the Commercial Banking Division. This included approximately $1.1 million of salaries, benefits and other costs and $1.2 million of professional and legal costs associated with the start up of this division and the Company’s defense in the previously disclosed related litigation.
The Company’s effective tax rate was 33.69% for the fourth quarter of 2005, compared to 37.26% for the fourth quarter of 2004. The reduction of the Company’s effective tax rate for the fourth quarter of 2005 compared to the fourth quarter of 2004 results primarily from the Company’s strategy of investing in qualified low income community investments under the New Markets Tax Credit provisions of the Internal Revenue Code of 1986, as amended. The Company continues to benefit from prior year investments in similar tax credits, as well as tax benefits from funding loans in tax enterprise zones.
Asset Strategy
Total assets increased to a record $5.46 billion at December 31, 2005, compared to $5.02 billion at December 31, 2004. During 2005, the Company employed a strategy to increase its focus on multifamily and commercial real estate loans and reduce the level of single family residential loans in its portfolio. In the first quarter of 2005, the Bank identified and designated $611.6 million of low rate, super jumbo, single family adjustable rate loans as held for sale. The Bank continues to originate single family residential loans, but intends to identify as held for sale those single family residential loans that do not meet its profitability criteria. During 2005, these asset strategies resulted in the sale of $731.1 million of single family residential loans from the Bank’s portfolio and 2005 originations. The composition of the balance sheet at December 31, 2005 reflects the results of these strategies. Total loans increased to $4.34 billion at December 31, 2005, an increase of $420.8 million over the levels at December 31, 2004, with multifamily loans held for investment totaling $3.05 billion and representing 70% of total loans held for investment at December 31, 2005. Multifamily loans totaled $2.40 billion, and represented 61% of total loans at December 31, 2004. The current and ongoing strategy of the Company will continue to focus on the funding of adjustable rate multifamily and commercial real estate loans that are indexed to the 12 MAT and other market indices. At December 31, 2005, 97% of the loan portfolio was adjustable rate loans and 56% of adjustable rate loans were based upon the 12MAT. Although the Company is focused on the funding of adjustable rate loans, the Company does not hold a significant amount of loans subject to negative amortization at December 31, 2005. As a result, the Company had less than $1.0 million of negative amortization balances as of December 31, 2005.
Loan Fundings
The Company’s lending efforts are focused on adjustable rate multifamily and commercial real estate loans. The strategy emphasizes loans originated through an in-house lending team of professionals in order to ensure that the customer relationship is maintained and that strict standards of credit quality are maintained. Purchasing loans and using third party mortgage brokers are part of the overall funding and portfolio growth strategy. During the fourth quarter of 2005, $570.4 million of core loans were originated, $114.3 million were purchased and $31.4 million were originated through broker or conduit
3/19
relationships. These figures compare favorably to the fourth quarter of 2004 during which the Bank originated core loans of $495.7 million and originated $45.1 million of loans through broker or conduit relationships.
David S. De Pillo, President and Chief Operating Officer, observed, “California continues to experience population expansion and the demand for affordable housing has led to continued strong demand for our loan products. Our loan origination franchise has built strong relationships and we are one of the strongest competitors in the multifamily niche. We have grown to being one of the leading multifamily lenders in the state of California and we have the capacity to continue to grow. If concerns regarding the affordability of single family residences should prove to be realized, we feel that we are well positioned to provide loan products to fill the need for affordable housing that should be attractive to real estate developers and investors who are seeking loan products and services.”
PORTFOLIO ASSET QUALITY
The level of nonperforming assets has been relatively low over recent quarters and the fourth quarter of 2005 proved to be consistent with that trend. Nonperforming assets totaled $8.6 million or 0.16% of total assets at December 31, 2005. This compares with nonperforming assets of $6.6 million or 0.13% of total assets at December 31, 2004. Nonperforming assets are typically comprised of loans on nonaccrual status, loans that have been restructured and real estate acquired through foreclosure.
The Company’s internal asset review process evaluates the adequacy of its allowance for loan losses on a quarterly basis. At December 31, 2005, the allowance for loan losses was $28.7 million, which is 335% of nonperforming loans and 0.66% of total loans. The Company’s review of its allowance for loan losses at December 31, 2005 indicated that a provision for loan losses for the fourth quarter of 2005 was not required and that the allowance for loan losses is adequate to cover potential losses inherent in the loan portfolio.
LIABILITY MANAGEMENT
A key focus of the balance sheet funding strategy implemented throughout 2005 was to increase the utilization of lower costing funding sources. The acquisitions of TIMCOR and NAEC during 2005 were an outgrowth of this strategy and provided average exchange balances of $701.8 million for the fourth quarter of 2005 at an average cost of 0.86%. At December 31, 2005, exchange balances totaled $623.3 million, which reflects the inter-period cyclical nature of exchanges. Although reflected as borrowings on the Company’s balance sheet, these funding sources are viewed as transaction account balances in the implementation of the Company’s asset liability management strategy. Transaction account balances, which consist of deposits that may be withdrawn by depositors without notice and exchange balances, totaled $1.70 billion at December 31, 2005, an increase of $473.0 million or 38% from $1.23 billion December 31, 2004, respectively. The growth of the transaction account balances was the most significant factor in the increase in total liabilities to $4.77 billion at December 31, 2005, as compared to $4.40 billion at December 31, 2004.
On October 20, 2005, the Company announced it had entered into a definitive agreement to acquire Calnet Business Bank, National Association. The all-stock transaction is valued at approximately $40 million and is expected to close in the first quarter of 2006. At December 31, 2005, Calnet had total assets of $176.6 million, total loans of $107.4 million, total deposits of $152.9 million and total shareholders’ equity of $22.7 million. For the fourth quarter of 2005, Calnet’s net interest margin expanded to 5.70%. Calnet conducts its Greater Sacramento Valley, relationship-driven deposit gathering and lending business from a single location in Sacramento. Calnet’s lending programs focus on commercial real estate, construction and business loans within the Greater Sacramento Valley region. The closing of the
4/19
Calnet acquisition by the Company is subject to approval by Calnet shareholders and the Office of Thrift Supervision, the Company’s primary regulator.
Gordon commented, “The expansion of our funding strategies reflects the Company’s commitment to cost effective funds management and remains a primary focus of our core business strategy. We will be employing several strategies to achieve our objective. We will further mature and expand our commercial, relationship and retail banking efforts. We expect to expand our retail branch network and exchange accommodator business through organic and de novo growth and opportunistic acquisitions. The TIMCOR, North American and Calnet acquisitions are good examples of the type of acquisitions that the Company will focus on in the future. The recently announced signing of a definitive agreement to acquire Oakland, California based Lawyers Asset Management, with over $100 million of exchange balances, demonstrates our commitment to and success with this strategy.”
SHAREHOLDERS’ EQUITY
Stockholders’ equity totaled $698.1 million at December 31, 2005, an increase of 11.7% from $625.2 million at December 31, 2004. Growth in the level of shareholders’ equity has been driven by retained earnings and by shares used in the acquisition of TIMCOR. As part of the strategy to manage its shares outstanding, on October 12, 2005 the Company’s Board of Directors approved a stock repurchase program which allows for up to $20 million of shares to be repurchased. This plan will begin upon the conclusion of the repurchase program authorized in January 2005, which has remaining authorization to repurchase 532,463 shares. During 2005, the Company repurchased 1,036,400 shares. The Company’s Board of Directors declared a cash dividend of $0.075 per share for shareholders of record on February 15, 2006 to be paid on March 1, 2006.
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 8.75%, 11.72% and 12.48% at December 31, 2005, respectively
FORWARD GUIDANCE
Stephen H. Gordon stated, “We view 2005 as a transition year for the Company; a year in which the Company restructured its portfolio, acquired new business lines and expanded its commercial banking efforts. We believe the successful maturation of these initiatives, when combined with our relationship and retail banking focus will improve the Company’s franchise value. Looking forward to 2006, we will continue to look for strategic opportunities that provide synergistic, low cost transaction account balances and expand our depository franchise. We will look to build a nationwide platform for our 1031 exchange accommodator businesses and hope to build efficiencies from further growth. During 2006, we expect to grow our loan portfolio without compromising asset quality. We recognize the challenges of operating in a relatively flat or inverted yield curve environment. These and other factors lower the precision of accurately forecasting our businesses. We will continue to focus our core origination expertise on adjustable rate multifamily and commercial real estate lending and we have established an internal goal of growing total assets in the range of 20% to 25% during 2006. Despite the challenges, we remain confident in our business strategy and in our ability to continue to grow our lines of business profitably.”
CONFERENCE CALL AND WEBCAST INFORMATION
Analysts, investors, and the general public may listen to the Company’s discussion of its fourth quarter’s earnings and performance and participate in the question/answer session by using the phone number listed below, or through a live video webcast of the conference available through a link on the home page of the Company’s website at www.commercialcapital.com. The multimedia webcast enables conference
5/19
participants to experience the conference with greater impact by simultaneously viewing the video broadcast as well as tables, charts, and speaker’s notes. The webcast also allows participants to interact with the speakers through a live web-based question and answer session. Windows Media player is required for viewing the video webcast. It is recommended that participants dial into the conference call, or log into the webcast, approximately 5 to 10 minutes prior to the call.
|
|
|
| Conference Call | Webcast |
| Date: Monday, January 23, 2006 | Date: Monday, January 23, 2006 |
| Time: 7:00 a.m. PST (10:00 a.m. EST) | Time: 7:00 a.m. PST (10:00 a.m. EST) |
| Phone Number (800) 638-4930 | Webcast URL: www.commercialcapital.com |
| International Dial In (617) 614-3944 | Windows Media player is required |
| Access Code: 65748596 |
|
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. A replay of the call will be available approximately 2 hours after the call’s conclusion. 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 56896605. The webcast archive and call replay will be available until March 7, 2006.
Commercial Capital Bancorp, Inc. is a diversified financial services company with $5.46 billion of total assets, at December 31, 2005. The Company provides depository and lending products and services under the Commercial Capital Bank brand name, and provides 1031 exchange services to income property investors nationwide under the TIMCOR Exchange Corporation and North American Exchange Company brand names.
This release and the aforementioned conference call and webcast may include forward-looking statements related to the Company’s plans, beliefs and goals, and its proposed acquisition of Calnet 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. With respect to its proposed Calnet acquisition, these risks and uncertainties include, but are not limited to governmental approval of the merger may not be obtained or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger and that the stockholders of Calnet may fail to provide the required approval to consummate the merger. The Company undertakes no obligation to revise or publicly release any revision to these forward-looking statements.
This press release may be deemed to be solicitation material with respect to the proposed acquisition of Calnet and the issuance of shares of common stock by the Company pursuant to the merger. In connection with the proposed transaction, a registration statement on Form S-4 has been filed with the SEC. The registration statement contains a proxy statement/prospectus that has been distributed to the shareholders of Calnet in connection with their vote on the merger. SHAREHOLDERS OF CALNET ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS THAT IS PART OF THE REGISTRATION STATEMENT, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and security holders may obtain the documents free of charge at the SEC’s website, www.sec.gov. In addition, investors may
6/19
obtain free copies of the documents filed with the SEC by the Company by contacting: Investor Relations, Commercial Capital Bancorp, Inc., 8105 Irvine Center Drive, 15th Floor Irvine, CA 92618, telephone: 949-585-7500 or by visiting the Company’s website at www.commercialcapital.com, or from Calnet by contacting Kevin R. Watson, Chief Financial Officer, Calnet Business Bank, 1565 Exposition Blvd., Sacramento, CA 95815, telephone: 916-927-7000 or by visiting Calnet’s website at www.Calnetbank.com.
Contact:
Commercial Capital Bancorp, Inc.
Stephen H. Gordon, Chairman and CEO
James H. Leonetti, Chief Financial Officer and EVP
|
|
Telephone: | (949) 585-7500 |
Facsimile: | (949) 585-0174 |
ii Net interest margin, Non-GAAP excludes purchase accounting adjustments related to the acquisition of Hawthorne Financial Corporation.
iii The Company defines core loan fundings to exclude those loans funded through its strategic alliance with Greystone Servicing Corporation, a Fannie Mae DUS lender, and the Company’s other broker and conduit channels.
iv The Company defines total loan fundings to include loans that are originated or purchased by the Company during the period.
7/19
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dec. 31, 2005 |
| Sept. 30, 2005 |
| June 30, 2005 |
| Mar. 31, 2005 |
| Dec. 31, 2004 |
| |||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
| $ | 33,735 |
| $ | 69,112 |
| $ | 33,812 |
| $ | 78,775 |
| $ | 16,961 |
|
Securities Available For Sale |
|
| 384,144 |
|
| 408,338 |
|
| 444,456 |
|
| 464,689 |
|
| 491,265 |
|
FHLB Stock |
|
| 84,788 |
|
| 84,314 |
|
| 98,943 |
|
| 97,007 |
|
| 96,046 |
|
Loans Held for Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single Family |
|
| 394,678 |
|
| 246,400 |
|
| 196,605 |
|
| 209,480 |
|
| 841,818 |
|
Multifamily |
|
| 3,050,931 |
|
| 2,897,778 |
|
| 2,807,503 |
|
| 2,633,004 |
|
| 2,396,788 |
|
Commercial Real Estate |
|
| 601,665 |
|
| 534,599 |
|
| 518,106 |
|
| 440,088 |
|
| 420,015 |
|
Construction |
|
| 202,237 |
|
| 186,583 |
|
| 190,302 |
|
| 225,650 |
|
| 225,058 |
|
Land |
|
| 74,948 |
|
| 48,414 |
|
| 43,946 |
|
| 50,182 |
|
| 56,308 |
|
|
| |||||||||||||||
Total Real Estate Loans |
|
| 4,324,459 |
|
| 3,913,774 |
|
| 3,756,462 |
|
| 3,558,404 |
|
| 3,939,987 |
|
Business and Other Loans |
|
| 12,396 |
|
| 18,085 |
|
| 18,723 |
|
| 19,364 |
|
| 16,360 |
|
|
| |||||||||||||||
Total Loans Held for Investment |
|
| 4,336,855 |
|
| 3,931,859 |
|
| 3,775,185 |
|
| 3,577,768 |
|
| 3,956,347 |
|
Net Deferred Fees, Premiums and Discounts |
|
| 3,427 |
|
| 319 |
|
| (1,815 | ) |
| (4,798 | ) |
| (5,708 | ) |
Allowance for Loan Losses |
|
| (28,705 | ) |
| (28,723 | ) |
| (28,731 | ) |
| (28,743 | ) |
| (36,835 | ) |
|
| |||||||||||||||
Total Loans Held for Investment, Net |
|
| 4,311,577 |
|
| 3,903,455 |
|
| 3,744,639 |
|
| 3,544,227 |
|
| 3,913,804 |
|
Loans Held for Sale |
|
| 23,961 |
|
| 165,760 |
|
| 304,723 |
|
| 612,549 |
|
| 976 |
|
|
| |||||||||||||||
Total Loans |
|
| 4,335,538 |
|
| 4,069,215 |
|
| 4,049,362 |
|
| 4,156,776 |
|
| 3,914,780 |
|
Fixed Assets - Net |
|
| 15,838 |
|
| 16,624 |
|
| 16,905 |
|
| 16,419 |
|
| 10,318 |
|
Foreclosed Assets |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Accrued Interest Receivable |
|
| 21,909 |
|
| 19,652 |
|
| 18,872 |
|
| 19,374 |
|
| 17,120 |
|
Goodwill |
|
| 397,164 |
|
| 394,080 |
|
| 394,080 |
|
| 377,726 |
|
| 357,367 |
|
Core Deposit Intangible |
|
| 5,251 |
|
| 5,414 |
|
| 5,576 |
|
| 5,739 |
|
| 5,902 |
|
Bank-Owned Life Insurance |
|
| 114,409 |
|
| 93,290 |
|
| 47,525 |
|
| 47,081 |
|
| 46,277 |
|
Affordable Housing Investments |
|
| 33,035 |
|
| 33,956 |
|
| 34,877 |
|
| 35,798 |
|
| 36,719 |
|
Other Assets |
|
| 37,738 |
|
| 41,664 |
|
| 35,593 |
|
| 33,961 |
|
| 31,169 |
|
TOTAL ASSETS |
| $ | 5,463,549 |
| $ | 5,235,659 |
| $ | 5,180,001 |
| $ | 5,333,345 |
| $ | 5,023,924 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand Deposits - Noninterest-Bearing |
| $ | 141,597 |
| $ | 140,185 |
| $ | 127,300 |
| $ | 110,741 |
| $ | 97,931 |
|
Demand Deposits - Interest-Bearing |
|
| 71,386 |
|
| 74,063 |
|
| 74,941 |
|
| 78,611 |
|
| 78,003 |
|
Money Market Checking |
|
| 348,137 |
|
| 212,637 |
|
| 243,337 |
|
| 316,639 |
|
| 473,344 |
|
Money Market Savings |
|
| 372,230 |
|
| 438,313 |
|
| 313,158 |
|
| 195,875 |
|
| 245,306 |
|
Savings |
|
| 147,386 |
|
| 173,481 |
|
| 218,573 |
|
| 281,766 |
|
| 336,474 |
|
|
| |||||||||||||||
Total Transaction Deposits |
|
| 1,080,736 |
|
| 1,038,679 |
|
| 977,309 |
|
| 983,632 |
|
| 1,231,058 |
|
Retail Time Deposits |
|
| 1,028,546 |
|
| 1,001,281 |
|
| 939,410 |
|
| 933,209 |
|
| 932,562 |
|
Broker Time Deposits |
|
| 150,800 |
|
| 55,845 |
|
| 115,895 |
|
| 115,199 |
|
| 93,161 |
|
|
| |||||||||||||||
Total Time Deposits |
|
| 1,179,346 |
|
| 1,057,126 |
|
| 1,055,305 |
|
| 1,048,408 |
|
| 1,025,723 |
|
|
| |||||||||||||||
Total Deposits |
|
| 2,260,082 |
|
| 2,095,805 |
|
| 2,032,614 |
|
| 2,032,040 |
|
| 2,256,781 |
|
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB Advances |
|
| 1,597,806 |
|
| 1,510,917 |
|
| 1,521,028 |
|
| 2,015,338 |
|
| 1,856,349 |
|
Exchange Balances |
|
| 623,284 |
|
| 679,526 |
|
| 685,551 |
|
| 370,202 |
|
| — |
|
Junior Subordinated Debentures |
|
| 149,962 |
|
| 150,107 |
|
| 150,253 |
|
| 150,398 |
|
| 135,079 |
|
Other Borrowings |
|
| 72,000 |
|
| 69,000 |
|
| 65,000 |
|
| 61,000 |
|
| 101,000 |
|
|
| |||||||||||||||
Total Borrowings |
|
| 2,443,052 |
|
| 2,409,550 |
|
| 2,421,832 |
|
| 2,596,938 |
|
| 2,092,428 |
|
Other Liabilities |
|
| 62,298 |
|
| 49,578 |
|
| 57,098 |
|
| 51,589 |
|
| 49,499 |
|
TOTAL LIABILITIES |
|
| 4,765,432 |
|
| 4,554,933 |
|
| 4,511,544 |
|
| 4,680,567 |
|
| 4,398,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
| 698,117 |
|
| 680,726 |
|
| 668,457 |
|
| 652,778 |
|
| 625,216 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
| $ | 5,463,549 |
| $ | 5,235,659 |
| $ | 5,180,001 |
| $ | 5,333,345 |
| $ | 5,023,924 |
|
8/19
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| |||||||||||||
|
|
| ||||||||||||||
|
| Dec. 31, 2005 |
| Sept. 30, 2005 |
| June 30, 2005 |
| Mar. 31, 2005 |
| Dec. 31, 2004 |
| |||||
| ||||||||||||||||
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
| $ | 63,579 |
| $ | 60,148 |
| $ | 58,540 |
| $ | 55,905 |
| $ | 54,221 |
|
Securities |
|
| 4,431 |
|
| 4,698 |
|
| 4,990 |
|
| 5,219 |
|
| 5,285 |
|
FHLB Stock |
|
| 1,003 |
|
| 935 |
|
| 1,086 |
|
| 1,034 |
|
| 860 |
|
Fed Funds and Other |
|
| 75 |
|
| 83 |
|
| 62 |
|
| 83 |
|
| 27 |
|
|
|
| ||||||||||||||
Total Interest Income |
|
| 69,088 |
|
| 65,864 |
|
| 64,678 |
|
| 62,241 |
|
| 60,393 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 15,175 |
|
| 12,852 |
|
| 10,861 |
|
| 9,874 |
|
| 9,174 |
|
FHLB Advances |
|
| 11,656 |
|
| 10,139 |
|
| 10,923 |
|
| 11,145 |
|
| 10,717 |
|
Exchange Balances |
|
| 1,527 |
|
| 1,552 |
|
| 1,147 |
|
| 341 |
|
| — |
|
Junior Subordinated Debentures |
|
| 2,644 |
|
| 2,481 |
|
| 2,307 |
|
| 2,043 |
|
| 1,770 |
|
Other Borrowings |
|
| 683 |
|
| 575 |
|
| 515 |
|
| 504 |
|
| 264 |
|
|
|
| ||||||||||||||
Total Interest Expense |
|
| 31,685 |
|
| 27,599 |
|
| 25,753 |
|
| 23,907 |
|
| 21,925 |
|
|
|
| ||||||||||||||
Net Interest Income |
|
| 37,403 |
|
| 38,265 |
|
| 38,925 |
|
| 38,334 |
|
| 38,468 |
|
Recapture of Allowance for Loan Losses |
|
| — |
|
| — |
|
| — |
|
| (8,109 | ) |
| — |
|
|
|
| ||||||||||||||
Net Interest Income after Recapture of Allowance for Loan Losses |
|
| 37,403 |
|
| 38,265 |
|
| 38,925 |
|
| 46,443 |
|
| 38,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Related Fees |
|
| 1,311 |
|
| 1,380 |
|
| 1,519 |
|
| 1,058 |
|
| 1,591 |
|
Retail Banking Fees |
|
| 513 |
|
| 558 |
|
| 509 |
|
| 531 |
|
| 546 |
|
Mortgage Banking Fees |
|
| 131 |
|
| 136 |
|
| 108 |
|
| 40 |
|
| 122 |
|
1031 Exchange Fees |
|
| 1,301 |
|
| 1,620 |
|
| 1,347 |
|
| 374 |
|
| — |
|
Gain on Sale of Loans |
|
| 534 |
|
| 1,494 |
|
| 2,757 |
|
| 645 |
|
| 3,809 |
|
Gain on Sale of Securities |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Other Income |
|
| 2,276 |
|
| 2,246 |
|
| 658 |
|
| 1,100 |
|
| 622 |
|
|
|
| ||||||||||||||
Total Noninterest Income |
|
| 6,066 |
|
| 7,434 |
|
| 6,898 |
|
| 3,748 |
|
| 6,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and Benefits |
|
| 10,544 |
|
| 9,251 |
|
| 7,235 |
|
| 6,619 |
|
| 6,120 |
|
Non-Cash Stock Compensation |
|
| 548 |
|
| 865 |
|
| 393 |
|
| 241 |
|
| 29 |
|
Occupancy and Equipment |
|
| 2,206 |
|
| 2,219 |
|
| 2,052 |
|
| 2,159 |
|
| 2,096 |
|
Marketing |
|
| 311 |
|
| 393 |
|
| 619 |
|
| 654 |
|
| 498 |
|
Technology |
|
| 770 |
|
| 746 |
|
| 646 |
|
| 612 |
|
| 538 |
|
Professional and Consulting |
|
| 1,847 |
|
| 2,482 |
|
| 694 |
|
| 498 |
|
| 440 |
|
Insurance Premiums and Assessment Costs |
|
| 620 |
|
| 602 |
|
| 574 |
|
| 568 |
|
| 579 |
|
Merger-Related |
|
| 13 |
|
| — |
|
| — |
|
| — |
|
| 282 |
|
(Recapture of) Provision for Reserve for Unfunded Commitments |
|
| (2 | ) |
| 56 |
|
| — |
|
| (1,490 | ) |
| (416 | ) |
Other Expenses |
|
| 3,675 |
|
| 3,251 |
|
| 3,055 |
|
| 2,793 |
|
| 2,539 |
|
|
|
| ||||||||||||||
Total G&A Expenses |
|
| 20,532 |
|
| 19,865 |
|
| 15,268 |
|
| 12,654 |
|
| 12,705 |
|
Early Extinguishment of Debt |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Amortization of Core Deposit Intangible |
|
| 163 |
|
| 163 |
|
| 162 |
|
| 163 |
|
| 203 |
|
|
|
| ||||||||||||||
Total Noninterest Expenses |
|
| 20,695 |
|
| 20,028 |
|
| 15,430 |
|
| 12,817 |
|
| 12,908 |
|
|
|
| ||||||||||||||
Income Before Taxes |
|
| 22,774 |
|
| 25,671 |
|
| 30,393 |
|
| 37,374 |
|
| 32,250 |
|
Income Tax Expense |
|
| 7,673 |
|
| 8,835 |
|
| 11,068 |
|
| 14,287 |
|
| 12,016 |
|
|
|
| ||||||||||||||
Net Income |
| $ | 15,101 |
| $ | 16,836 |
| $ | 19,325 |
| $ | 23,087 |
| $ | 20,234 |
|
|
|
|
9/19
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
| Twelve Months Ended |
| ||||
|
| Dec. 31, 2005 |
| Dec. 31, 2004 |
| ||
| |||||||
Interest Income |
|
|
|
|
|
|
|
Loans |
| $ | 238,173 |
| $ | 146,685 |
|
Securities |
|
| 19,338 |
|
| 23,058 |
|
FHLB Stock |
|
| 4,058 |
|
| 2,811 |
|
Fed Funds and Other |
|
| 302 |
|
| 82 |
|
|
|
| |||||
Total Interest Income |
|
| 261,871 |
|
| 172,636 |
|
Interest Expense |
|
|
|
|
|
|
|
Deposits |
|
| 48,762 |
|
| 26,137 |
|
FHLB Advances |
|
| 43,863 |
|
| 27,731 |
|
Exchange Balances |
|
| 4,566 |
|
| — |
|
Junior Subordinated Debentures |
|
| 9,475 |
|
| 5,005 |
|
Other Borrowings |
|
| 2,278 |
|
| 741 |
|
|
|
| |||||
Total Interest Expense |
|
| 108,944 |
|
| 59,614 |
|
|
|
| |||||
Net Interest Income |
|
| 152,927 |
|
| 113,022 |
|
| |||||||
Recapture of Allowance for Loan Losses |
|
| (8,109 | ) |
| — |
|
|
|
| |||||
Net Interest Income after Recapture of Allowance for Loan Losses |
|
| 161,036 |
|
| 113,022 |
|
| |||||||
Noninterest Income |
|
|
|
|
|
|
|
Loan Related Fees |
|
| 5,268 |
|
| 5,194 |
|
Retail Banking Fees |
|
| 2,112 |
|
| 1,347 |
|
Mortgage Banking Fees |
|
| 416 |
|
| 566 |
|
1031 Exchange Fees |
|
| 4,641 |
|
| — |
|
Gain on Sale of Loans |
|
| 5,429 |
|
| 4,022 |
|
Gain on Sale of Securities |
|
| — |
|
| 2,152 |
|
Other Income |
|
| 6,281 |
|
| 1,806 |
|
|
|
| |||||
Total Noninterest Income |
|
| 24,147 |
|
| 15,087 |
|
|
|
|
|
|
|
|
|
Noninterest Expenses |
|
|
|
|
|
|
|
Compensation and Benefits |
|
| 33,649 |
|
| 17,930 |
|
Non-Cash Stock Compensation |
|
| 2,047 |
|
| 117 |
|
Occupancy and Equipment |
|
| 8,637 |
|
| 5,301 |
|
Marketing |
|
| 1,977 |
|
| 1,602 |
|
Technology |
|
| 2,774 |
|
| 1,375 |
|
Professional and Consulting |
|
| 5,521 |
|
| 1,220 |
|
Insurance Premiums and Assessment Costs |
|
| 2,365 |
|
| 1,697 |
|
Merger-Related |
|
| 13 |
|
| 1,196 |
|
Recapture of Reserve for Unfunded Commitments |
|
| (1,436 | ) |
| — |
|
Other Expenses |
|
| 12,773 |
|
| 5,546 |
|
|
|
| |||||
Total G&A Expenses |
|
| 68,320 |
|
| 35,984 |
|
Early Extinguishment of Debt |
|
| — |
|
| 1,204 |
|
Amortization of Core Deposit Intangible |
|
| 651 |
|
| 464 |
|
|
|
| |||||
Total Noninterest Expenses |
|
| 68,971 |
|
| 37,652 |
|
|
|
| |||||
Income Before Taxes |
|
| 116,212 |
|
| 90,457 |
|
Income Tax Expense |
|
| 41,863 |
|
| 34,195 |
|
|
|
| |||||
Net Income |
| $ | 74,349 |
| $ | 56,262 |
|
|
|
|
10/19
COMMERCIAL CAPITAL BANCORP, INC.
Five Quarter Summary of Yields Earned and Rates Paid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Three Months Ended |
| |||||||||||||||||||||
|
|
| ||||||||||||||||||||||
|
| Dec. 31, 2005 |
| Sept. 30, 2005 |
| June 30, 2005 |
| Mar. 31, 2005 |
| Dec. 31, 2004 |
| |||||||||||||
|
|
| ||||||||||||||||||||||
Interest-Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Loans |
|
| 6.10 | % |
|
| 5.88 | % |
|
| 5.61 | % |
|
| 5.46 | % |
|
| 5.47 | % |
| |||
Securities |
|
| 4.40 |
|
|
| 4.39 |
|
|
| 4.37 |
|
|
| 4.33 |
|
|
| 4.29 |
|
| |||
FHLB Stock |
|
| 4.75 |
|
|
| 4.23 |
|
|
| 4.42 |
|
|
| 4.28 |
|
|
| 3.72 |
|
| |||
Cash and Cash Equivalents |
|
| 3.37 |
|
|
| 3.46 |
|
|
| 2.69 |
|
|
| 2.37 |
|
|
| 2.21 |
|
| |||
|
|
| ||||||||||||||||||||||
Total Yield on Interest-Earning Assets |
|
| 5.93 |
|
|
| 5.70 |
|
|
| 5.46 |
|
|
| 5.31 |
|
|
| 5.30 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Interest-Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Transaction Accounts |
|
| 2.48 |
|
|
| 2.17 |
|
|
| 1.85 |
|
|
| 1.69 |
|
|
| 1.66 |
|
| |||
Certificates of Deposits |
|
| 3.45 |
|
|
| 3.03 |
|
|
| 2.62 |
|
|
| 2.24 |
|
|
| 1.76 |
|
| |||
FHLB Advances |
|
| 3.19 |
|
|
| 2.74 |
|
|
| 2.51 |
|
|
| 2.33 |
|
|
| 2.19 |
|
| |||
Exchange Balances |
|
| 0.86 |
|
|
| 0.88 |
|
|
| 0.85 |
|
|
| 0.76 |
|
|
| — |
|
| |||
Junior Subordinated Debentures |
|
| 6.99 |
|
|
| 6.55 |
|
|
| 6.15 |
|
|
| 5.71 |
|
|
| 5.21 |
|
| |||
Other Borrowings |
|
| 4.06 |
|
|
| 3.52 |
|
|
| 2.99 |
|
|
| 2.51 |
|
|
| 2.01 |
|
| |||
|
|
| ||||||||||||||||||||||
Cost on Interest-Bearing Liabilities |
|
| 2.87 |
|
|
| 2.54 |
|
|
| 2.34 |
|
|
| 2.21 |
|
|
| 2.04 |
|
| |||
Cost of Funds |
|
| 2.78 |
|
|
| 2.46 |
|
|
| 2.27 |
|
|
| 2.16 |
|
|
| 2.00 |
|
| |||
Interest Rate Spread |
|
| 3.06 |
|
|
| 3.16 |
|
|
| 3.12 |
|
|
| 3.10 |
|
|
| 3.26 |
|
| |||
Net Interest Margin |
|
| 3.21 |
|
|
| 3.31 |
|
|
| 3.28 |
|
|
| 3.27 |
|
|
| 3.38 |
|
|
11/19
COMMERCIAL CAPITAL BANCORP, INC.
Average Balances, Net Interest Income, Yields Earned and Rates Paid
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Three Months Ended |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Dec. 31, 2005 |
| Dec. 31, 2004 |
| ||||||||||||||||
|
|
| |||||||||||||||||||
|
| Average |
|
|
| Average |
| Average |
|
|
| Average | |||||||||
|
| Balance |
| Interest |
| Yield/Cost |
| Balance |
| Interest |
| Yield/Cost | |||||||||
|
|
| |||||||||||||||||||
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans(1) |
| $ | 4,167,744 |
| $ | 63,579 |
|
|
| 6.10 | % |
| $ | 3,965,200 |
| $ | 54,221 |
|
| 5.47 | % |
Securities(2) |
|
| 402,661 |
|
| 4,431 |
|
|
| 4.40 |
|
|
| 492,297 |
|
| 5,285 |
|
| 4.29 |
|
FHLB Stock |
|
| 84,456 |
|
| 1,003 |
|
|
| 4.75 |
|
|
| 92,491 |
|
| 860 |
|
| 3.72 |
|
Cash and Cash Equivalents(3) |
|
| 8,904 |
|
| 75 |
|
|
| 3.37 |
|
|
| 4,880 |
|
| 27 |
|
| 2.21 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Interest-Earning Assets |
|
| 4,663,765 |
|
| 69,088 |
|
|
| 5.93 |
|
|
| 4,554,868 |
|
| 60,393 |
|
| 5.30 |
|
Noninterest-Earning Assets |
|
| 602,356 |
|
|
|
|
|
|
|
|
|
| 475,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 5,266,121 |
|
|
|
|
|
|
|
|
| $ | 5,030,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction Accounts(4) |
| $ | 918,067 |
|
| 5,730 |
|
|
| 2.48 |
|
| $ | 1,084,645 |
|
| 4,534 |
|
| 1.66 |
|
Certificates of Deposits |
|
| 1,087,314 |
|
| 9,445 |
|
|
| 3.45 |
|
|
| 1,049,900 |
|
| 4,640 |
|
| 1.76 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Deposits |
|
| 2,005,381 |
|
| 15,175 |
|
|
| 3.00 |
|
|
| 2,134,545 |
|
| 9,174 |
|
| 1.71 |
|
FHLB Advances |
|
| 1,450,059 |
|
| 11,656 |
|
|
| 3.19 |
|
|
| 1,945,610 |
|
| 10,717 |
|
| 2.19 |
|
Exchange Balances |
|
| 701,815 |
|
| 1,527 |
|
|
| 0.86 |
|
|
| — |
|
| — |
|
| — |
|
Junior Subordinated Debentures |
|
| 150,057 |
|
| 2,644 |
|
|
| 6.99 |
|
|
| 135,175 |
|
| 1,770 |
|
| 5.21 |
|
Other Borrowings (5) |
|
| 66,818 |
|
| 683 |
|
|
| 4.06 |
|
|
| 52,248 |
|
| 264 |
|
| 2.01 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Interest-Bearing Liabilities |
|
| 4,374,130 |
|
| 31,685 |
|
|
| 2.87 |
|
|
| 4,267,578 |
|
| 21,925 |
|
| 2.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Noninterest-Bearing Deposits |
|
| 147,346 |
|
|
|
|
|
|
|
|
|
| 98,828 |
|
|
|
|
|
|
|
Other Noninterest-Bearing Liabilities |
|
| 49,887 |
|
|
|
|
|
|
|
|
|
| 44,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities |
|
| 4,571,363 |
|
|
|
|
|
|
|
|
|
| 4,410,708 |
|
|
|
|
|
|
|
Stockholders’ Equity |
|
| 694,758 |
|
|
|
|
|
|
|
|
|
| 619,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Stockholders’ Equity |
| $ | 5,266,121 |
|
|
|
|
|
|
|
|
| $ | 5,030,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest-Earning Assets |
| $ | 289,635 |
|
|
|
|
|
|
|
|
| $ | 287,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income/Interest Rate Spread |
|
|
|
| $ | 37,403 |
|
|
| 3.06 | % |
|
|
|
| $ | 38,468 |
|
| 3.26 | % |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Interest Margin |
|
|
|
|
|
|
|
|
| 3.21 | % |
|
|
|
|
|
|
|
| 3.38 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 federal funds purchased. |
12/19
COMMERCIAL CAPITAL BANCORP, INC.
Average Balances, Net Interest Income, Yields Earned and Rates Paid
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Twelve Months Ended |
| ||||||||||||||||||||
|
|
| |||||||||||||||||||||
|
| Dec. 31, 2005 |
| Dec. 31, 2004 |
| ||||||||||||||||||
|
|
|
| ||||||||||||||||||||
|
| Average |
| Interest |
| Average |
| Average |
| Interest |
| Average |
| ||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Loans (1) |
| $ | 4,133,437 |
| $ | 238,173 |
|
|
| 5.76 | % |
| $ | 2,706,840 |
| $ | 146,685 |
|
|
| 5.42 | % |
|
Securities (2) |
|
| 442,145 |
|
| 19,338 |
|
|
| 4.37 |
|
|
| 537,505 |
|
| 23,058 |
|
|
| 4.29 |
|
|
FHLB Stock |
|
| 91,914 |
|
| 4,058 |
|
|
| 4.41 |
|
|
| 70,565 |
|
| 2,811 |
|
|
| 3.98 |
|
|
Cash and Cash Equivalents (3) |
|
| 10,423 |
|
| 302 |
|
|
| 2.90 |
|
|
| 5,703 |
|
| 82 |
|
|
| 1.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total Interest-Earning Assets |
|
| 4,677,919 |
|
| 261,871 |
|
|
| 5.60 |
|
|
| 3,320,613 |
|
| 172,636 |
|
|
| 5.20 |
|
|
Noninterest-Earning Assets |
|
| 547,836 |
|
|
|
|
|
|
|
|
|
| 300,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 5,225,755 |
|
|
|
|
|
|
|
|
| $ | 3,620,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction Accounts (4) |
| $ | 912,564 |
|
| 18,654 |
|
|
| 2.04 |
|
| $ | 818,594 |
|
| 13,864 |
|
|
| 1.69 |
|
|
Certificates of Deposits |
|
| 1,058,664 |
|
| 30,108 |
|
|
| 2.84 |
|
|
| 757,734 |
|
| 12,273 |
|
|
| 1.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total Deposits |
|
| 1,971,228 |
|
| 48,762 |
|
|
| 2.47 |
|
|
| 1,576,328 |
|
| 26,137 |
|
|
| 1.66 |
|
|
FHLB Advances |
|
| 1,649,162 |
|
| 43,863 |
|
|
| 2.66 |
|
|
| 1,398,274 |
|
| 27,731 |
|
|
| 1.98 |
|
|
Exchange Balances |
|
| 533,120 |
|
| 4,566 |
|
|
| 0.86 |
|
|
| — |
|
| — |
|
|
| — |
|
|
Junior Subordinated Debentures |
|
| 148,918 |
|
| 9,475 |
|
|
| 6.36 |
|
|
| 102,372 |
|
| 5,005 |
|
|
| 4.89 |
|
|
Other Borrowings (5) |
|
| 70,555 |
|
| 2,278 |
|
|
| 3.23 |
|
|
| 49,467 |
|
| 741 |
|
|
| 1.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total Interest-Bearing Liabilities |
|
| 4,372,983 |
|
| 108,944 |
|
|
| 2.49 |
|
|
| 3,126,441 |
|
| 59,614 |
|
|
| 1.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Noninterest-Bearing Deposits |
|
| 130,913 |
|
|
|
|
|
|
|
|
|
| 71,884 |
|
|
|
|
|
|
|
|
|
Other Noninterest-Bearing Liabilities |
|
| 51,299 |
|
|
|
|
|
|
|
|
|
| 27,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities |
|
| 4,555,195 |
|
|
|
|
|
|
|
|
|
| 3,226,003 |
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
| 670,560 |
|
|
|
|
|
|
|
|
|
| 394,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Stockholders’ Equity |
| $ | 5,225,755 |
|
|
|
|
|
|
|
|
| $ | 3,620,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest-Earning Assets |
| $ | 304,936 |
|
|
|
|
|
|
|
|
| $ | 194,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income/Interest Rate Spread |
|
|
|
| $ | 152,927 |
|
|
| 3.11 | % |
|
|
|
| $ | 113,022 |
|
|
| 3.29 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net Interest Margin |
|
|
|
|
|
|
|
|
| 3.27 | % |
|
|
|
|
|
|
|
|
| 3.40 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
13/19
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED PERFORMANCE RATIOS AND OTHER DATA
(Dollars in Thousands, except share data)
|
|
|
|
|
|
|
|
|
| Twelve Months Ended |
| ||||
|
|
| |||||
|
| Dec. 31, 2005 |
| Dec. 31, 2004 |
| ||
| |||||||
Operational Ratios |
|
|
|
|
|
|
|
Earnings per Share - Basic |
| $ | 1.35 |
| $ | 1.29 |
|
Earnings per Share - Diluted |
|
| 1.29 |
|
| 1.21 |
|
Return on Average Assets |
|
| 1.42 | % |
| 1.55 | % |
Return on Average Tangible Assets |
|
| 1.54 |
|
| 1.65 |
|
Return on Average Stockholders’ Equity |
|
| 11.09 |
|
| 14.25 |
|
Return on Average Tangible Stockholders’ Equity |
|
| 26.61 |
|
| 31.14 |
|
|
|
|
|
|
|
|
|
Common Shares Outstanding at End of Period |
|
| 56,487,280 |
|
| 54,519,579 |
|
Weighted Average Shares Outstanding — Basic |
|
| 55,209,991 |
|
| 43,749,774 |
|
Weighted Average Shares Outstanding — Diluted |
|
| 57,491,258 |
|
| 46,351,889 |
|
Shares Repurchased During the Period |
|
| 1,036,400 |
|
| 831,700 |
|
|
|
|
|
|
|
|
|
Efficiency Ratio |
|
| 38.58 |
|
| 28.09 |
|
G&A to Average Assets |
|
| 1.31 |
|
| 0.99 |
|
Effective Tax Rate |
|
| 36.02 |
|
| 37.80 |
|
|
|
|
|
|
|
|
|
Core Loan Fundings |
| $ | 2,449,284 |
| $ | 1,689,702 |
|
Total Loan Fundings |
|
| 2,558,472 |
|
| 1,850,029 |
|
Multifamily Fundings as a % of Total Fundings |
|
| 50 | % |
| 62 | % |
Adjustable Rate Core Loan Fundings |
| $ | 2,375,940 |
| $ | 1,670,805 |
|
12MAT Core Loan Fundings |
|
| 1,339,048 |
|
| 1,084,701 |
|
Fixed Rate Core Loan Fundings |
|
| 73,344 |
|
| 18,897 |
|
Loans Sold |
|
| 748,288 |
|
| 182,109 |
|
Net Charge-Offs <Recoveries> |
|
| 21 |
| $ | <8> |
|
14/19
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED PERFORMANCE RATIOS AND OTHER DATA
(Dollars in Thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| |||||||||||||
|
|
| ||||||||||||||
|
| Dec. 31, 2005 |
| Sept. 30, 2005 |
| June 30, 2005 |
| Mar. 31, 2005 |
| Dec. 31, 2004 |
| |||||
| ||||||||||||||||
Operational Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Share - Basic |
| $ | 0.27 |
| $ | 0.30 |
| $ | 0.35 |
| $ | 0.42 |
| $ | 0.37 |
|
Earnings per Share - Diluted |
|
| 0.26 |
|
| 0.29 |
|
| 0.34 |
|
| 0.40 |
|
| 0.36 |
|
Return on Average Assets |
|
| 1.15 | % |
| 1.30 | % |
| 1.47 | % |
| 1.78 | % |
| 1.61 | % |
Return on Average Tangible Assets |
|
| 1.24 |
|
| 1.41 |
|
| 1.59 |
|
| 1.92 |
|
| 1.73 |
|
Return on Average Stockholders’ Equity |
|
| 8.69 |
|
| 9.89 |
|
| 11.62 |
|
| 14.41 |
|
| 13.06 |
|
Return on Average Tangible Stockholders’ Equity |
|
| 20.59 |
|
| 23.93 |
|
| 28.11 |
|
| 34.49 |
|
| 31.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding at End of Period |
|
| 56,487,280 |
|
| 55,640,363 |
|
| 55,388,061 |
|
| 55,416,348 |
|
| 54,519,579 |
|
Weighted Average Shares Outstanding -- Basic |
|
| 55,578,219 |
|
| 55,244,376 |
|
| 55,186,788 |
|
| 54,821,891 |
|
| 54,399,694 |
|
Weighted Average Shares Outstanding -- Diluted |
|
| 57,590,506 |
|
| 57,565,159 |
|
| 57,522,870 |
|
| 57,277,806 |
|
| 56,947,525 |
|
Shares Repurchased During the Period |
|
| — |
|
| 72,000 |
|
| 260,000 |
|
| 704,400 |
|
| 174,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio |
|
| 47.23 | % |
| 43.47 | % |
| 33.32 | % |
| 30.07 | % |
| 28.13 | % |
G&A to Average Assets |
|
| 1.56 |
|
| 1.53 |
|
| 1.16 |
|
| 0.98 |
|
| 1.01 |
|
Effective Tax Rate |
|
| 33.69 |
|
| 34.42 |
|
| 36.42 |
|
| 38.23 |
|
| 37.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Loan Fundings |
| $ | 684,656 |
| $ | 570,196 |
| $ | 599,303 |
| $ | 595,129 |
| $ | 495,730 |
|
Total Loan Fundings |
|
| 716,039 |
|
| 609,894 |
|
| 624,715 |
|
| 607,824 |
|
| 540,783 |
|
Multifamily Fundings as a % of Total Fundings |
|
| 47 | % |
| 49 | % |
| 51 | % |
| 56 | % |
| 59 | % |
Adjustable Rate Core Loan Fundings |
| $ | 647,593 |
| $ | 557,175 |
| $ | 578,354 |
| $ | 592,818 |
| $ | 487,234 |
|
12MAT Core Loan Fundings |
|
| 372,322 |
|
| 349,711 |
|
| 304,268 |
|
| 312,747 |
|
| 281,089 |
|
Fixed Rate Core Loan Fundings |
|
| 37,063 |
|
| 13,021 |
|
| 20,949 |
|
| 2,311 |
|
| 8,496 |
|
Loans Sold |
|
| 45,794 |
|
| 160,507 |
|
| 386,144 |
|
| 155,843 |
|
| 166,257 |
|
Balance Sheet Ratios & Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Assets |
|
| 5,061,134 |
|
| 4,836,165 |
|
| 4,780,345 |
|
| 4,949,880 |
|
| 4,660,655 |
|
Tangible Equity |
|
| 295,702 |
|
| 281,232 |
|
| 268,801 |
|
| 269,313 |
|
| 261,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to Assets at End of Period |
|
| 12.78 | % |
| 13.00 | % |
| 12.90 | % |
| 12.24 | % |
| 12.44 | % |
Tangible Equity to Assets at End of Period |
|
| 5.41 |
|
| 5.37 |
|
| 5.19 |
|
| 5.05 |
|
| 5.21 |
|
Tangible Equity to Tangible Assets at End of Period |
|
| 5.84 |
|
| 5.82 |
|
| 5.62 |
|
| 5.44 |
|
| 5.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets |
| $ | 8,581 |
| $ | 8,935 |
| $ | 12,098 |
| $ | 6,475 |
| $ | 6,601 |
|
Nonperforming Assets to Total Assets |
|
| 0.16 | % |
| 0.17 | % |
| 0.23 | % |
| 0.12 | % |
| 0.13 | % |
Allowance for Loan Losses to Loans Held for Investment at End of Period |
|
| 0.66 |
|
| 0.73 |
|
| 0.76 |
|
| 0.80 |
|
| 0.93 |
|
Allowance for Loan Losses to Nonaccrual Loans |
|
| 335 |
|
| 321 |
|
| 237 |
|
| 444 |
|
| 558 |
|
Net Charge-Offs <Recoveries> |
| $ | 18 |
| $ | 8 |
| $ | 12 |
| $ | <17 | > | $ | 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value Per Share |
|
| 12.36 |
|
| 12.23 |
|
| 12.07 |
|
| 11.78 |
|
| 11.47 |
|
Tangible Book Value per Share |
|
| 5.23 |
|
| 5.05 |
|
| 4.85 |
|
| 4.86 |
|
| 4.80 |
|
15/19
COMMERCIAL CAPITAL BANCORP, INC.
Loans Funded by Product Type
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| |||||||||||||
|
|
| ||||||||||||||
|
| Dec. 31, 2005 |
| Sept. 30, 2005 |
| June 30, 2005 |
| Mar. 31, 2005 |
| Dec. 31, 2004 |
| |||||
|
|
| ||||||||||||||
Real Estate Originations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily |
| $ | 253,989 |
| $ | 297,477 |
| $ | 290,604 |
| $ | 338,313 |
| $ | 320,383 |
|
Commercial Real Estate |
|
| 80,664 |
|
| 54,277 |
|
| 38,371 |
|
| 45,435 |
|
| 18,706 |
|
|
|
| ||||||||||||||
Total Income Property |
|
| 334,653 |
|
| 351,754 |
|
| 328,975 |
|
| 383,748 |
|
| 339,089 |
|
Single Family Residential |
|
| 81,884 |
|
| 96,644 |
|
| 122,669 |
|
| 146,539 |
|
| 110,065 |
|
Construction & Land |
|
| 150,669 |
|
| 103,347 |
|
| 43,270 |
|
| 47,908 |
|
| 44,226 |
|
|
|
| ||||||||||||||
Total Real Estate Loan Originations |
|
| 567,206 |
|
| 551,745 |
|
| 494,914 |
|
| 578,195 |
|
| 493,380 |
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Loans Purchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily |
|
| 80,201 |
|
| 1,136 |
|
| 28,965 |
|
| — |
|
| — |
|
Commercial Real Estate |
|
| 23,592 |
|
| — |
|
| 71,124 |
|
| — |
|
| — |
|
|
|
| ||||||||||||||
Total Income Property |
|
| 103,793 |
|
| 1,136 |
|
| 100,089 |
|
| — |
|
| — |
|
Construction & Land |
|
| 10,482 |
|
| 8,815 |
|
| — |
|
| 10,685 |
|
| — |
|
|
|
| ||||||||||||||
Total Real Estate Loans Purchased |
|
| 114,275 |
|
| 9,951 |
|
| 100,089 |
|
| 10,685 |
|
| — |
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Real Estate Fundings |
|
| 681,481 |
|
| 561,696 |
|
| 595,003 |
|
| 588,880 |
|
| 493,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Bank Business and Other Originations |
|
| 3,175 |
|
| 8,500 |
|
| 4,300 |
|
| 6,249 |
|
| 2,350 |
|
|
|
| ||||||||||||||
Total Core Loan Fundings |
|
| 684,656 |
|
| 570,196 |
|
| 599,303 |
|
| 595,129 |
|
| 495,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broker/Conduit Originations |
|
| 31,383 |
|
| 39,698 |
|
| 25,412 |
|
| 12,695 |
|
| 45,053 |
|
|
|
| ||||||||||||||
Total Loan Fundings |
| $ | 716,039 |
| $ | 609,894 |
| $ | 624,715 |
| $ | 607,824 |
| $ | 540,783 |
|
|
|
|
16/19
COMMERCIAL CAPITAL BANCORP, INC.
LOAN FUNDINGS by INTEREST TYPE
Three Months Ended December 2005
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed |
| 12mat |
| CMT |
| LIBOR |
| COFI |
| Prime |
| Other |
| Total |
| ||||||||
| |||||||||||||||||||||||||
Real Estate Originations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily |
| $ | 10,285 |
| $ | 198,548 |
| $ | — |
| $ | 13,758 |
| $ | 30,398 |
| $ | 1,000 |
| $ | — |
| $ | 253,989 |
|
Commercial Real Estate |
|
| 11,741 |
|
| 21,898 |
|
| 43,210 |
|
| 3,815 |
|
| — |
|
| — |
|
| — |
|
| 80,664 |
|
|
|
| |||||||||||||||||||||||
Total Income Property |
|
| 22,026 |
|
| 220,446 |
|
| 43,210 |
|
| 17,573 |
|
| 30,398 |
|
| 1,000 |
|
| — |
|
| 334,653 |
|
Single Family Residential |
|
| 430 |
|
| 75,927 |
|
| 4,479 |
|
| — |
|
| — |
|
| 1,048 |
|
| — |
|
| 81,884 |
|
Construction & Land |
|
| 7,000 |
|
| 1,740 |
|
| — |
|
| 3,500 |
|
| — |
|
| 138,429 |
|
| — |
|
| 150,669 |
|
|
|
| |||||||||||||||||||||||
Total Real Estate Loan Originations |
|
| 29,456 |
|
| 298,113 |
|
| 47,689 |
|
| 21,073 |
|
| 30,398 |
|
| 140,477 |
|
| — |
|
| 567,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Loans Purchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
Multifamily |
|
| — |
|
| 74,209 |
|
| — |
|
| 3,823 |
|
| — |
|
| 2,169 |
|
| — |
|
| 80,201 |
|
Commercial Real Estate |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 23,592 |
|
| — |
|
| 23,592 |
|
|
|
| |||||||||||||||||||||||
Total Income Property |
|
| — |
|
| 74,209 |
|
| — |
|
| 3,823 |
|
| — |
|
| 25,761 |
|
| — |
|
| 103,793 |
|
Construction & Land |
|
| 7,607 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 2,875 |
|
| — |
|
| 10,482 |
|
|
|
| |||||||||||||||||||||||
Total Real Estate Loans Purchased |
|
| 7,607 |
|
| 74,209 |
|
| — |
|
| 3,823 |
|
| — |
|
| 28,636 |
|
| — |
|
| 114,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total Real Estate Fundings |
|
| 37,063 |
|
| 372,322 |
|
| 47,689 |
|
| 24,896 |
|
| 30,398 |
|
| 169,113 |
|
| — |
|
| 681,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Business and Other Originations |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 3,175 |
|
| 3,175 |
|
|
|
| |||||||||||||||||||||||
Total Core Loan Fundings |
| $ | 37,063 |
| $ | 372,322 |
| $ | 47,689 |
| $ | 24,896 |
| $ | 30,398 |
| $ | 169,113 |
| $ | 3,175 |
| $ | 684,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broker/Conduit Originations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 31,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Loan Fundings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 716,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17/19
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Q4 2005 As Reported |
| Excluding |
| Q4 2005 Adjusted |
| |||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||||
|
| Average |
| Interest |
| Avg. |
| Average |
| Interest |
| Average |
| Interest |
| Avg. |
| |||||||||
|
|
|
|
| ||||||||||||||||||||||
Total Interest-Earning Assets |
| $ | 4,663,765 |
| $ | 69,088 |
| 5.93 | % |
| $ | 3,001 |
| $ | (572 | ) | $ | 4,666,766 |
| $ | 68,516 |
| 5.87 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Interest-Bearing Liabilities |
|
| 4,374,130 |
|
| 31,685 |
| 2.87 | % |
|
| (2,875 | ) |
| 309 |
| $ | 4,371,255 |
|
| 31,994 |
| 2.90 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Interest Income/Interest Rate Spread |
|
|
|
| $ | 37,403 |
| 3.06 | % |
|
|
|
| $ | (881 | ) |
|
|
| $ | 36,522 |
| 2.97 | % |
| |
Net Interest Margin |
|
|
|
|
|
|
| 3.21 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.13 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Q4 2004 As Reported |
| Excluding |
| Q4 2004 Adjusted |
| |||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||||
|
| Average |
| Interest |
| Avg. |
| Average |
| Interest |
| Average |
| Interest |
| Avg. |
| |||||||||
|
|
|
|
| ||||||||||||||||||||||
Total Interest-Earning Assets |
| $ | 4,554,868 |
| $ | 60,393 |
| 5.30 | % |
| $ | 11,643 |
| $ | (2,400 | ) |
| 4,566,511 |
| $ | 57,993 |
| 5.08 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Interest-Bearing Liabilities |
|
| 4,267,578 |
|
| 21,925 |
| 2.04 | % |
|
| (4,893 | ) |
| 962 |
|
| 4,262,685 |
|
| 22,887 |
| 2.14 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Interest Income/Interest Rate Spread |
|
|
|
| $ | 38,468 |
| 3.26 | % |
|
|
|
| $ | (3,362 | ) |
|
|
| $ | 35,106 |
| 2.94 | % |
| |
Net Interest Margin |
|
|
|
|
|
|
| 3.38 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.08 | % |
|
The following tables provide a reconciliation of the Company’s net income and total general and administrative expenses excluding the effect of the expenses related to the Commercial Banking Division. Management believes that the performance of the Commercial Banking Division and its impact on the Company’s overall financial condition and results of operations will be more evident when the Division is able to operate without limitations imposed by the litigation process. Accordingly, management believes that the exclusion of direct organization, start-up and litigation costs related to the Division will provide a more meaningful presentation of the Company’s fourth quarter results of operations.
|
|
|
|
|
|
|
|
| Three Months Ended |
| |||
|
|
| ||||
Net Income |
|
|
| |||
Net Income - as Reported |
| $ |
|
| 15,101 |
|
Adjustments Related to the Commercial Banking Division: |
|
|
|
|
|
|
Add: Reversal of Compensation Expenses |
|
|
|
| 1,015 |
|
Add: Reversal of Professional Expenses |
|
|
|
| 1,188 |
|
Add: Reversal of Other Operating Expenses |
|
|
|
| 71 |
|
Less: Tax Effect (42%) |
|
|
|
| (955 | ) |
|
|
| ||||
Net Income - Non-GAAP |
| $ |
|
| 16,420 |
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| |||
|
|
| ||||
Total General and Administrative Expense |
|
|
| |||
Total General and Administrative Expense - as Reported |
| $ |
|
| 20,532 |
|
Adjustments Related to the Commercial Banking Division: |
|
|
|
|
|
|
Less: Compensation Expenses |
|
|
|
| (1,015 | ) |
Less: Professional Expenses |
|
|
|
| (1,188 | ) |
Less: Other operating Expenses |
|
|
|
| (71 | ) |
|
|
| ||||
Total General and Administrative Expense - Non-GAAP |
| $ |
|
| 18,258 |
|
|
|
|
Selected Financial Highlights:
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Three Months Ended |
| ||||||
|
|
|
| ||||||||
|
| Non-GAAP |
| GAAP |
| ||||||
|
|
|
| ||||||||
Basic EPS |
|
| $ | 0.30 |
|
|
| $ | 0.27 |
|
|
Diluted EPS |
|
|
| 0.29 |
|
|
|
| 0.26 |
|
|
Return on Average Assets1 |
|
|
| 1.25 | % |
|
|
| 1.15 | % |
|
Return on Tangible Assets1 |
|
|
| 1.35 |
|
|
|
| 1.24 |
|
|
Return on Average Equity1 |
|
|
| 9.45 |
|
|
|
| 8.69 |
|
|
Return on Average Tangible Equity1 |
|
|
| 22.39 |
|
|
|
| 20.59 |
|
|
Efficiency Ratio |
|
|
| 42.00 |
|
|
|
| 47.23 |
|
|
G&A to Average Assets1 |
|
|
| 1.39 |
|
|
|
| 1.56 |
|
|
1Average asset and equity balances were not adjusted for purposes of calculating these Non-GAAP financial ratios
18/19
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COMMERCIAL CAPITAL BANK, FSB |
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| Dec. 31, 2005 |
| Dec. 31, 2004 |
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ASSETS |
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Cash and Cash Equivalents |
| $ | 32,843 |
| $ | 16,609 |
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Securities Available for Sale |
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| 382,642 |
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| 489,371 |
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FHLB Stock |
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| 84,788 |
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| 96,046 |
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Loans Held For Investment |
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|
|
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Single Family |
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| 394,678 |
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| 841,818 |
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Multifamily |
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| 3,050,139 |
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| 2,396,788 |
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Commercial Real Estate |
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| 601,665 |
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| 420,015 |
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Construction |
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| 202,237 |
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| 225,058 |
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Land |
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| 74,948 |
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| 56,308 |
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Total Real Estate Loans |
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| 4,323,667 |
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| 3,939,987 |
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Business & Other Loans |
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| 12,283 |
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| 16,360 |
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Total Loans Held for Investment |
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| 4,335,950 |
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| 3,956,347 |
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Net Deferred Fees, Premiums and Discounts |
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| 4,779 |
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| (3,326 | ) |
Allowance for Loan Losses |
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| (28,705 | ) |
| (36,835 | ) |
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Total Loans Held for Investment, Net |
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| 4,312,024 |
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| 3,916,186 |
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Loans Held For Sale |
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| 22,999 |
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| — |
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Total Loans |
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| 4,335,023 |
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| 3,916,186 |
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Other Assets |
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| 562,060 |
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| 489,183 |
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TOTAL ASSETS |
| $ | 5,397,356 |
| $ | 5,007,395 |
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LIABILITIES AND STOCKHOLDER’S EQUITY |
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Deposits |
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Demand Deposits - Noninterest-Bearing |
| $ | 178,139 |
| $ | 101,119 |
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Demand Deposits - Interest-Bearing |
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| 71,386 |
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| 78,003 |
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Money Market Checking |
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| 749,689 |
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| 478,505 |
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Money Market Savings |
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| 553,561 |
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| 245,306 |
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Savings |
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| 147,401 |
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| 336,474 |
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Total Transaction Deposits |
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| 1,700,176 |
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| 1,239,407 |
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Total Time Deposits |
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| 1,179,346 |
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| 1,025,723 |
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Total Deposits |
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| 2,879,522 |
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| 2,265,130 |
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Borrowings |
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| 1,669,806 |
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| 1,957,349 |
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Other Liabilities |
|
| 54,239 |
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| 55,530 |
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TOTAL LIABILITIES |
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| 4,603,567 |
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| 4,278,009 |
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STOCKHOLDER’S EQUITY |
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| 793,789 |
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| 729,386 |
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TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY |
| $ | 5,397,356 |
| $ | 5,007,395 |
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19/19