CENTRAL COAST BANCORP |
PRESS RELEASE | Contact: Rob Stanberry | ||
Chief Financial Officer | |||
For Release 9:00 am EDT | (831) 422-6642 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||
---|---|---|---|---|---|---|---|---|---|
2003 | 2002 | 2003 | 2002 | ||||||
Statement of Income Data | |||||||||
Interest income | |||||||||
Loans (including fees) | $ 11,086 | $ 11,504 | $ 32,976 | $ 32,548 | |||||
Investment securities | 1,319 | 1,443 | 3,502 | 4,790 | |||||
Other | 98 | 65 | 260 | 212 | |||||
Total interest income | 12,503 | 13,012 | 36,738 | 37,550 | |||||
Interest expense | |||||||||
Interest on deposits | 2,743 | 3,423 | 8,510 | 10,352 | |||||
Other | 102 | 113 | 315 | 327 | |||||
Total interest expense | 2,845 | 3,536 | 8,825 | 10,679 | |||||
Net interest income | 9,658 | 9,476 | 27,913 | 26,871 | |||||
Provision for loan losses | 630 | 925 | 930 | 2,048 | |||||
Net interest income after | �� | ||||||||
provision for loan losses | 9,028 | 8,551 | 26,983 | 24,823 | |||||
Noninterest income | |||||||||
Service charges on deposits | 806 | 644 | 2,330 | 1,721 | |||||
Other | 732 | 348 | 1,801 | 1,000 | |||||
Total noninterest income | 1,538 | 992 | 4,131 | 2,721 | |||||
Noninterest expenses | |||||||||
Salaries and benefits | 3,407 | 3,170 | 10,037 | 8,965 | |||||
Occupancy | 630 | 549 | 1,838 | 1,429 | |||||
Furniture and equipment | 431 | 469 | 1,404 | 1,330 | |||||
Other | 1,559 | 1,069 | 4,293 | 3,343 | |||||
Total noninterest expenses | 6,027 | 5,257 | 17,572 | 15,067 | |||||
Income before provision for income taxes | 4,539 | 4,286 | 13,542 | 12,477 | |||||
Provision for income taxes | 1,589 | 1,438 | 4,739 | 4,346 | |||||
Net income | $ 2,950 | $ 2,848 | $ 8,803 | $ 8,131 | |||||
Common Share Data (adjusted for 10% stock split distributed on February 28, 2003) | |||||||||
Earnings per share | |||||||||
Basic | $ 0.30 | $ 0.29 | $ 0.89 | $ 0.82 | |||||
Diluted | $ 0.28 | $ 0.27 | $ 0.85 | $ 0.78 | |||||
Weighted average shares outstanding | 9,919,000 | 9,914,000 | 9,918,000 | 9,898,000 | |||||
Weighted average shares outstanding - | |||||||||
diluted | 10,369,000 | 10,375,000 | 10,360,000 | 10,363,000 | |||||
Book value per share | $8.68 | $7.75 | |||||||
Tangible book value | $8.67 | $7.72 | |||||||
Shares outstanding | 9,920,000 | 9,916,000 |
CENTRAL COAST BANCORP |
Sept. 30, 2003 | Dec. 31, 2002 | Sept. 30, 2002 | |||||||
---|---|---|---|---|---|---|---|---|---|
Balance Sheet Data | |||||||||
Assets | |||||||||
Cash and due from banks | $ 61,032 | $ 63,915 | $ 45,873 | ||||||
Federal funds sold | 5,151 | 2,700 | 1,208 | ||||||
Available-for-sale securities - at fair value | 152,959 | 107,323 | 114,716 | ||||||
Loans: | |||||||||
Commercial | 206,274 | 224,840 | 199,448 | ||||||
Real estate-construction | 55,584 | 74,214 | 85,138 | ||||||
Real estate-other | 473,650 | 433,921 | 408,477 | ||||||
Consumer | 13,999 | 13,414 | 18,480 | ||||||
Deferred loan fees, net | (1,139 | ) | (1,036 | ) | (1,132 | ) | |||
Total loans | 748,368 | 745,353 | 710,411 | ||||||
Allowance for loan losses | (16,272 | ) | (15,235 | ) | (13,947 | ) | |||
Net loans | 732,096 | 730,118 | 696,464 | ||||||
Premises and equipment, net | 2,787 | 2,959 | 2,946 | ||||||
Accrued interest receivable and other assets | 15,858 | 12,117 | 10,108 | ||||||
Total assets | $ 969,883 | $ 919,132 | $ 871,315 | ||||||
Liabilities and Shareholders' Equity | |||||||||
Deposits: | |||||||||
Demand, noninterest bearing | $ 239,802 | $ 261,242 | $ 204,676 | ||||||
Demand, interest bearing | 134,715 | 127,692 | 134,068 | ||||||
Savings | 230,137 | 181,089 | 188,088 | ||||||
Time | 267,348 | 256,479 | 243,767 | ||||||
Total Deposits | 872,002 | 826,502 | 770,599 | ||||||
Accrued interest payable and other liabilities | 11,813 | 14,554 | 23,862 | ||||||
Shareholders' equity | 86,068 | 78,076 | 76,854 | ||||||
Total liabilities and shareholders' equity | $ 969,883 | $ 919,132 | $ 871,315 | ||||||
Asset Quality | |||||||||
Loans past due 90 days or more and accruing interest | $ 4,975 | $ 5 | $ -- | ||||||
Nonaccrual loans | 5,324 | 870 | 1,106 | ||||||
Restructured loans | 862 | 933 | 940 | ||||||
Other real estate owned | 2,761 | -- | -- | ||||||
Total nonperforming assets | $ 13,922 | $ 1,808 | $ 2,046 | ||||||
Allowance for loan losses to total loans | 2.17 | % | 2.04 | % | 1.96 | % | |||
Allowance for loan losses to NPL's | 146 | % | 843 | % | 682 | % | |||
Allowance for loan losses to NPA's | 117 | % | 843 | % | 682 | % | |||
Regulatory Capital and Ratios | |||||||||
Tier 1 capital | 85,396 | 76,374 | 73,895 | ||||||
Total capital | 95,609 | 86,334 | 83,425 | ||||||
Tier 1 capital ratio | 10.5 | % | 9.7 | % | 9.8 | % | |||
Total risk based capital ratio | 11.8 | % | 10.9 | % | 11.0 | % | |||
Tier 1 leverage ratio | 8.8 | % | 8.6 | % | 8.5 | % |
CENTRAL COAST BANCORP |
Three Months Ended Septembe 30, | Nine Months Ended Septembe 30, | ||||||||
---|---|---|---|---|---|---|---|---|---|
Selected Financial Ratios | 2003 | 2002 | 2003 | 2002 | |||||
Return on average total assets | 1.21 | % | 1.29 | % | 1.27 | % | 1.28 | % | |
Return on average equity | 13.75 | % | 15.14 | % | 14.25 | % | 15.33 | % | |
Net interest margin (tax equivalent basis) | 4.39 | % | 4.76 | % | 4.45 | % | 4.72 | % | |
Efficiency ratio (tax equivalent basis) | 52.55 | % | 48.91 | % | 53.46 | % | 49.51 | % | |
Selected Average Balances | |||||||||
Loans | $722,187 | $677,338 | $714,648 | $637,234 | |||||
Taxable investments | 89,131 | 71,894 | 68,405 | 81,988 | |||||
Tax-exempt investments | 48,368 | 49,177 | 48,774 | 49,310 | |||||
Federal funds sold | 38,626 | 14,313 | 30,839 | 16,532 | |||||
Total earning assets | $898,312 | $812,722 | $862,666 | $785,064 | |||||
Total assets | $968,119 | $874,101 | $929,400 | $846,841 | |||||
Demand deposits - interest bearing | $130,645 | $135,066 | $122,102 | $127,624 | |||||
Savings | 233,696 | 202,332 | 218,265 | 171,690 | |||||
Time deposits | 271,275 | 245,556 | 273,390 | 264,102 | |||||
Other borrowings | 6,448 | 8,215 | 6,534 | 7,278 | |||||
Total interest bearing liabilities | $642,064 | $591,169 | $620,291 | $570,694 | |||||
Demand deposits - noninterest bearing | $234,578 | $202,159 | $219,760 | $199,185 | |||||
Equity | $ 85,148 | $ 74,589 | $ 82,585 | $ 70,902 | |||||