CENTRAL COAST BANCORP |
PRESS RELEASE | Contact: Rob Stanberry | ||
Chief Financial Officer | |||
For Release 9:00 am EDT | (831) 422-6642 |
CENTRAL COAST BANCORP |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||
---|---|---|---|---|---|---|---|---|---|
Statement of Income Data | 2003 | 2002 | 2003 | 2002 | |||||
Interest Income | |||||||||
Loans (including fees) | $10,908 | $10,952 | $21,890 | $21,044 | |||||
Investment securities | 1,030 | 1,601 | 2,183 | 3,347 | |||||
Other | 90 | 78 | 162 | 147 | |||||
Total interest income | 12,028 | 12,631 | 24,235 | 24,538 | |||||
Interest expense | |||||||||
Interest on deposits | 2,810 | 3,396 | 5,767 | 6,929 | |||||
Other | 102 | 122 | 213 | 214 | |||||
Total interest expense | 2,912 | 3,518 | 5,980 | 7,143 | |||||
Net interest income | 9,116 | 9,113 | 18,255 | 17,395 | |||||
Provision for loan losses | 300 | 900 | 300 | 1,123 | |||||
Net interest income after | |||||||||
provision for loan losses | 8,816 | 8,213 | 17,955 | 16,272 | |||||
Noninterest income | |||||||||
Service charges on deposits | 837 | 575 | 1,524 | 1,077 | |||||
Other | 742 | 387 | 1,069 | 652 | |||||
Total noninterest income | 1,579 | 962 | 2,593 | 1,729 | |||||
Noninterest expenses | |||||||||
Salaries and benefits | 3,283 | 3,044 | 6,630 | 5,795 | |||||
Occupancy | 611 | 459 | 1,208 | 880 | |||||
Furniture and equipment | 509 | 437 | 973 | 861 | |||||
Other | 1,557 | 1,285 | 2,734 | 2,274 | |||||
Total noninterest expenses | 5,960 | 5,225 | 11,545 | 9,810 | |||||
Income before provision for income taxes | 4,435 | 3,950 | 9,003 | 8,191 | |||||
Provision for income taxes | 1,551 | 1,403 | 3,150 | 2,908 | |||||
Net income | $ 2,884 | $ 2,547 | $ 5,853 | $ 5,283 | |||||
Common Share Data (adjusted for 10% stock split distributed on February 28, 2003) | |||||||||
---|---|---|---|---|---|---|---|---|---|
Earnings per share | |||||||||
Basic | $0.29 | $0.25 | $0.59 | $0.52 | |||||
Diluted | $0.28 | $0.25 | $0.57 | $0.51 |
Weighted average shares outstanding | 9,919,000 | 9,903,000 | 9,918,000 | 9,888,000 | |||||
Weighted average shares outstanding - | |||||||||
diluted | 10,351,000 | 10,383,000 | 10,356,000 | 10,357,000 |
Book value per share | $8.51 | $7.30 | |||||||
Tangible book value | $8.50 | $7.26 | |||||||
Shares outstanding | 9,919,000 | 9,906,000 |
CONSOLIDATED CONDENSED FINANCIAL DATA |
Balance Sheet Data | June 30, 2003 | Dec. 31, 2002 | June 30, 2002 | ||||
Assets | |||||||
Cash and due from banks | $ 72,597 | $ 63,915 | $ 61,816 | ||||
Federal funds sold | 37,370 | 2,700 | 15,442 | ||||
Available-for-sale securities - at fair value | 107,008 | 107,323 | 117,163 | ||||
Loans: | |||||||
Commercial | 213,015 | 224,840 | 185,560 | ||||
Real estate-construction | 48,643 | 74,214 | 86,118 | ||||
Real estate-other | 457,126 | 433,921 | 388,524 | ||||
Consumer | 14,108 | 13,414 | 16,030 | ||||
Deferred loan fees, net | (967 | ) | (1,036 | ) | (1,196 | ) | |
Total loans | 731,925 | 745,353 | 675,036 | ||||
Allowance for loan losses | (15,466 | ) | (15,235 | ) | (13,012 | ) | |
Net loans | 716,459 | 730,118 | 662,024 | ||||
Premises and equipment, net | 2,908 | 2,959 | 3,071 | ||||
Accrued interest receivable and other assets | 14,479 | 12,117 | 11,433 | ||||
Total assets | $ 950,821 | $ 919,132 | $ 870,949 | ||||
Liabilities and Shareholders' Equity | |||||||
Deposits: | |||||||
Demand, noninterest bearing | $ 230,584 | $ 261,242 | $ 213,726 | ||||
Demand, interest bearing | 121,569 | 127,692 | 138,073 | ||||
Savings | 228,654 | 181,089 | 188,734 | ||||
Time | 273,479 | 256,479 | 245,582 | ||||
Total Deposits | 854,286 | 826,502 | 786,115 | ||||
Accrued interest payable and other liabilities | 12,081 | 14,554 | 12,482 | ||||
Shareholders' equity | 84,454 | 78,076 | 72,352 | ||||
Total liabilities and shareholders' equity | $ 950,821 | $ 919,132 | $ 870,949 | ||||
Asset Quality | |||||||
Loans past due 90 days or more and accruing interest | $ 5,092 | $ 5 | $ 255 | ||||
Nonaccrual loans | 5,002 | 870 | 641 | ||||
Restructured loans | 888 | 933 | 945 | ||||
Other real estate owned | 2,761 | -- | 592 | ||||
Total nonperforming assets | $ 13,743 | $ 1,808 | $ 2,433 | ||||
Allowance for loan losses to total loans | 2.11 | % | 2.04 | % | 1.93 | % | |
Allowance for loan losses to NPL's | 141 | % | 843 | % | 707 | % | |
Allowance for loan losses to NPA's | 113 | % | 843 | % | 535 | % | |
Regulatory Capital and Ratios | |||||||
Tier 1 capital | 82,375 | 76,374 | 70,862 | ||||
Total capital | 92,276 | 86,334 | 80,063 | ||||
Tier 1 capital ratio | 10.5 | % | 9.7 | % | 9.7 | % | |
Total risk based capital ratio | 11.7 | % | 10.9 | % | 10.9 | % | |
Tier 1 leverage ratio | 9.0 | % | 8.6 | % | 8.3 | % |
CENTRAL COAST BANCORP |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||
---|---|---|---|---|---|---|---|---|---|
Selected Financial Ratios | 2003 | 2002 | 2003 | 2002 | |||||
Return on average total assets | 1.26 | % | 1.20 | % | 1.30 | % | 1.28 | % | |
Return on average equity | 13.95 | % | 14.47 | % | 14.51 | % | 15.43 | % | |
Net interest margin (tax equivalent basis) | 4.45 | % | 4.77 | % | 4.49 | % | 4.70 | % | |
Efficiency ratio (tax equivalent basis) | 54.33 | % | 50.46 | % | 53.94 | % | 49.83 | % | |
Selected Average Balances | |||||||||
Loans | $710,511 | $639,398 | $710,817 | $616,852 | |||||
Taxable investments | 59,128 | 84,228 | 57,871 | 87,118 | |||||
Tax-exempt investments | 48,476 | 49,143 | 48,981 | 49,378 | |||||
Federal funds sold | 29,087 | 17,553 | 26,880 | 17,764 | |||||
Total earning assets | $847,202 | $790,322 | $844,549 | $771,112 | |||||
Total assets | $914,632 | $853,975 | $909,721 | $832,987 | |||||
Demand deposits - interest bearing | $119,832 | $135,929 | $117,759 | $123,840 | |||||
Savings | 213,785 | 173,100 | 210,422 | 156,115 | |||||
Time deposits | 269,677 | 258,326 | 274,465 | 273,529 | |||||
Other borrowings | 6,533 | 6,863 | 6,577 | 6,802 | |||||
Total interest bearing liabilities | $609,827 | $574,218 | $609,223 | $560,286 | |||||
Demand deposits - noninterest bearing | $215,866 | $203,259 | $212,228 | $197,674 | |||||
Equity | $ 82,933 | $ 70,589 | $ 81,323 | $ 69,059 | |||||