CENTRAL COAST BANCORP |
PRESS RELEASE | Contact: Rob Stanberry | ||
Chief Financial Officer | |||
For Release 9:00 am EDT | (831) 422-6642 |
CENTRAL COAST BANCORP ANNOUNCES RECORD QUARTERLY EARNINGS |
CENTRAL COAST BANCORPCONSOLIDATED CONDENSED FINANCIAL DATA(Unaudited)(Dollars in thousands, except share and per share data)Three Months Ended March 31, |
Statement of Income Data | 2003 | 2002 | |||
Interest income | |||||
Loans (including fees) | $ 10,982 | $ 10,092 | |||
Investment securities | 1,153 | 1,746 | |||
Other | 72 | 69 | |||
Total interest income | 12,207 | 11,907 | |||
Interest expense | |||||
Interest on deposits | 2,957 | 3,533 | |||
Other | 111 | 92 | |||
Total interest expense | 3,068 | 3,625 | |||
Net interest income | 9,139 | 8,282 | |||
Provision for loan losses | -- | 223 | |||
Net interest income after | |||||
provision for loan losses | 9,139 | 8,059 | |||
Noninterest income | |||||
Service charges on deposits | 687 | 502 | |||
Other | 327 | 265 | |||
Total noninterest income | 1,014 | 767 | |||
Noninterest expenses | |||||
Salaries and benefits | 3,347 | 2,751 | |||
Occupancy | 597 | 421 | |||
Furniture and equipment | 464 | 424 | |||
Other | 1,177 | 989 | |||
Total noninterest expenses | 5,585 | 4,585 | |||
Income before provision for income taxes | 4,568 | 4,241 | |||
Provision for income taxes | 1,599 | 1,505 | |||
Net income | $ 2,969 | $ 2,736 | |||
Common Share Data (adjusted for 10% stock dividend distributed on February 28, 2003) | |||||
Earnings per share | |||||
Basic | $ 0.30 | $ 0.27 | |||
Diluted | $ 0.29 | $ 0.26 | |||
Weighted average shares outstanding | 9,917,000 | 9,873,000 | |||
Weighted average shares outstanding - diluted | 10,363,000 | 10,329,000 | |||
Book value per share | $ 8.19 | $ 6.91 | |||
Tangible book value | $ 8.17 | $ 6.86 | |||
Shares outstanding | 9,917,000 | 9,891,000 |
CENTRAL COAST BANCORPCONSOLIDATED CONDENSED FINANCIAL DATA(Unaudited)(Dollars in thousands) |
Mar. 31, | Dec. 31, | Mar. 31, | |||||
Balance Sheet Data | 2003 | 2002 | 2002 | ||||
Assets | |||||||
Cash and due from banks | $ 48,108 | $ 63,915 | $ 45,710 | ||||
Federal funds sold | 72,000 | 2,700 | 34,821 | ||||
Available-for-sale securities - at fair value | 96,241 | 107,323 | 132,652 | ||||
Loans: | |||||||
Commercial | 213,488 | 224,840 | 175,031 | ||||
Real estate-construction | 57,704 | 74,214 | 90,612 | ||||
Real estate-other | 435,645 | 433,921 | 340,148 | ||||
Consumer | 12,822 | 13,414 | 14,875 | ||||
Deferred loan fees, net | (996 | ) | (1,036 | ) | (1,086 | ) | |
Total loans | 718,663 | 745,353 | 619,580 | ||||
Allowance for loan losses | (15,304 | ) | (15,235 | ) | (12,144 | ) | |
Net loans | 703,359 | 730,118 | 607,436 | ||||
Premises and equipment, net | 3,075 | 2,959 | 2,860 | ||||
Accrued interest receivable and other assets | 11,883 | 12,117 | 12,589 | ||||
Total assets | $ 934,666 | $ 919,132 | $ 836,068 | ||||
Liabilities and Shareholders' Equity | |||||||
Deposits: | |||||||
Demand, noninterest bearing | $ 214,249 | $ 261,242 | $ 198,983 | ||||
Demand, interest bearing | 125,679 | 127,692 | 124,633 | ||||
Savings | 208,113 | 181,089 | 150,096 | ||||
Time | 292,720 | 256,479 | 280,646 | ||||
Total Deposits | 840,761 | 826,502 | 754,358 | ||||
Accrued interest payable and other liabilities | 12,650 | 14,554 | 13,405 | ||||
Shareholders' equity | 81,255 | 78,076 | 68,305 | ||||
Total liabilities and shareholders' equity | $ 934,666 | $ 919,132 | $ 836,068 | ||||
Asset Quality | |||||||
Loans past due 90 days or more and accruing interest | $ 38 | $ 5 | $ 94 | ||||
Nonaccrual loans | 3,102 | 870 | 1,223 | ||||
Restructured loans | 912 | 933 | 951 | ||||
Other real estate owned | -- | -- | -- | ||||
Total nonperforming assets | $ 4,052 | $ 1,808 | $ 2,268 | ||||
Allowance for loan losses to total loans | 2.13 | % | 2.04 | % | 1.96 | % | |
Allowance for loan losses to NPL's | 378 | % | 843 | % | 535 | % | |
Allowance for loan losses to NPA's | 378 | % | 843 | % | 535 | % | |
Regulatory Capital and Ratios | |||||||
Tier 1 capital | $79,408 | $76,374 | $68,135 | ||||
Total capital | 89,209 | 86,334 | 76,794 | ||||
Tier 1 capital ratio | 10.2 | % | 9.7 | % | 9.9 | % | |
Total risk based capital ratio | 11.5 | % | 10.9 | % | 11.1 | % | |
Tier 1 leverage ratio | 8.8 | % | 8.6 | % | 8.4 | % |
CENTRAL COAST BANCORPCONSOLIDATED CONDENSED FINANCIAL DATA(Unaudited)(Dollars in thousands)Three Months Ended March 31, |
Selected Financial Ratios | 2003 | 2002 | |||
Return on average total assets | 1.33 | % | 1.37 | % | |
Return on average equity | 15.11 | % | 16.41 | % | |
Net interest margin (tax equivalent basis) | 4.54 | % | 4.62 | % | |
Efficiency ratio (tax equivalent basis) | 53.53 | % | 49.14 | % | |
Selected Average Balances | |||||
Loans | $711,125 | $594,056 | |||
Taxable investments | 56,599 | 90,040 | |||
Tax-exempt investments | 49,491 | 49,616 | |||
Federal funds sold | 24,544 | 17,874 | |||
Total earning assets | $841,759 | �� | $751,586 | ||
Total assets | $904,755 | $811,765 | |||
Demand deposits - interest bearing | $115,663 | $111,617 | |||
Savings | 207,022 | 138,942 | |||
Time deposits | 279,306 | 288,902 | |||
Other borrowings | 8,869 | 6,739 | |||
Total interest bearing liabilities | $610,860 | $546,200 | |||
Demand deposits - noninterest bearing | $208,550 | $192,027 | |||
Equity | $ 79,695 | $ 67,600 | |||