CENTRAL COAST BANCORP |
PRESS RELEASE | Contact: Rob Stanberry | ||
Chief Financial Officer | |||
For Release 9:00 am EDT | (831) 422-6642 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||
---|---|---|---|---|---|---|---|---|---|
2003 | 2002 | 2003 | 2002 | ||||||
Statement of Income Data | |||||||||
Interest income | |||||||||
Loans (including fees) | $ 10,948 | $ 11,593 | $ 43,924 | $ 44,141 | |||||
Investment securities | 1,480 | 1,315 | 4,982 | 6,105 | |||||
Other | 43 | 43 | 303 | 255 | |||||
Total interest income | 12,471 | 12,951 | 49,209 | 50,501 | |||||
Interest expense | |||||||||
Interest on deposits | 2,638 | 3,165 | 11,148 | 13,517 | |||||
Other | 103 | 111 | 418 | 438 | |||||
Total interest expense | 2,741 | 3,276 | 11,566 | 13,955 | |||||
Net interest income | 9,730 | 9,675 | 37,643 | 36,546 | |||||
Provision for loan losses | 545 | 1,536 | 1,475 | 3,584 | |||||
Net interest income after | |||||||||
provision for loan losses | 9,185 | 8,139 | 36,168 | 32,962 | |||||
Noninterest income | |||||||||
Service charges on deposits | 790 | 621 | 3,120 | 2,342 | |||||
Other | 696 | 323 | 2,497 | 1,323 | |||||
Total noninterest income | 1,486 | 944 | 5,617 | 3,665 | |||||
Noninterest expenses | |||||||||
Salaries and benefits | 3,469 | 3,164 | 13,506 | 12,129 | |||||
Occupancy | 717 | 568 | 2,555 | 1,997 | |||||
Furniture and equipment | 517 | 472 | 1,921 | 1,802 | |||||
Other | 1,535 | 1,225 | 5,828 | 4,568 | |||||
Total noninterest expenses | 6,238 | 5,429 | 23,810 | 20,496 | |||||
Income before provision for income taxes | 4,433 | 3,654 | 17,975 | 16,131 | |||||
Provision for income taxes | 1,667 | 1,257 | 6,406 | 5,603 | |||||
Net income | $ 2,766 | $ 2,397 | $ 11,569 | $ 10,528 | |||||
Common Share Data (adjusted for 10% stock split distributed on February 28, 2003) | |||||||||
Earnings per share | |||||||||
Basic | $ 0.28 | $ 0.25 | $ 1.17 | $ 1.06 | |||||
Diluted | $ 0.27 | $ 0.24 | $ 1.12 | $ 1.02 | |||||
Weighted average shares outstanding | 9,925,000 | 9,912,000 | 9,920,000 | 9,898,000 | |||||
Weighted average shares outstanding - | |||||||||
diluted | 10,383,000 | 10,351,000 | 10,365,000 | 10,358,000 | |||||
Book value per share | $ 9.02 | $ 8.66 | |||||||
Tangible book value | $ 9.02 | $ 8.63 | |||||||
Shares outstanding | 9,928,000 | 9,016,000 |
CENTRAL COAST BANCORP |
December 31, | |||||
---|---|---|---|---|---|
2003 | 2002 | ||||
Balance Sheet Data | |||||
Assets | |||||
Cash and due from banks | $ 54,446 | $ 63,915 | |||
Federal funds sold | 47,017 | 2,700 | |||
Available-for-sale securities - at fair value | 153,727 | 107,323 | |||
Loans: | |||||
Commercial | 236,836 | 224,840 | |||
Real estate-construction | 46,266 | 74,214 | |||
Real estate-other | 489,213 | 433,921 | |||
Consumer | 11,540 | 13,414 | |||
Deferred loan fees, net | (1,114 | ) | (1,036 | ) | |
Total loans | 782,741 | 745,353 | |||
Allowance for loan losses | (16,590 | ) | (15,235 | ) | |
Net loans | 766,151 | 730,118 | |||
Premises and equipment, net | 2,787 | 2,959 | |||
Accrued interest receivable and other assets | 13,712 | 12,117 | |||
Total assets | $ 1,037,840 | $ 919,132 | |||
Liabilities and Shareholders' Equity | |||||
Deposits: | |||||
Demand, noninterest bearing | $ 321,980 | $ 261,242 | |||
Demand, interest bearing | 113,215 | 127,692 | |||
Savings | 232,610 | 181,089 | |||
Time | 270,305 | 256,479 | |||
Total Deposits | 938,110 | 826,502 | |||
Accrued interest payable and other liabilities | 10,135 | 14,554 | |||
Shareholders' equity | 89,595 | 78,076 | |||
Total liabilities and shareholders' equity | $ 1,037,840 | $ 919,132 | |||
Asset Quality | |||||
Loans past due 90 days or more and accruing interest | $ -- | $ 5 | |||
Nonaccrual loans | 9,606 | 870 | |||
Restructured loans | 835 | 945 | |||
Other real estate owned | -- | -- | |||
Total nonperforming assets | $ 10,441 | $ 1,820 | |||
Allowance for loan losses to total loans | 2.12 | % | 2.04 | % | |
Allowance for loan losses to NPL's | 159 | % | 837 | % | |
Allowance for loan losses to NPA's | 159 | % | 837 | % | |
Regulatory Capital and Ratios | |||||
Tier 1 capital | 88,321 | 76,374 | |||
Total capital | 99,038 | 86,314 | |||
Tier 1 capital ratio | 10.4 | % | 9.7 | % | |
Total risk based capital ratio | 11.6 | % | 10.9 | % | |
Tier 1 leverage ratio | 9.0 | % | 8.6 | % |
CENTRAL COAST BANCORP |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||
---|---|---|---|---|---|---|---|---|---|
2003 | 2002 | 2003 | 2002 | ||||||
Selected Financial Ratios | |||||||||
Return on average total assets | 1.12 | % | 1.07 | % | 1.23 | % | 1.23 | % | |
Return on average shareholders' equity | 12.48 | % | 12.27 | % | 13.79 | % | 14.52 | % | |
Net interest margin (tax equivalent basis) | 4.34 | % | 4.75 | % | 4.43 | % | 4.73 | % | |
Efficiency ratio (tax equivalent basis) | 54.30 | % | 49.82 | % | 53.68 | % | 49.59 | % | |
Selected Average Balances | |||||||||
Loans | $739,491 | $707,997 | $720,908 | $655,061 | |||||
Taxable investments | 107,694 | 61,778 | 78,311 | 76,894 | |||||
Tax-exempt investments | 48,172 | 49,031 | 48,622 | 49,240 | |||||
Federal funds sold | 17,947 | 11,759 | 27,510 | 15,329 | |||||
Total earning assets | $913,304 | $830,565 | $875,351 | $796,524 | |||||
Total assets | $984,165 | $891,133 | $943,207 | $858,009 | |||||
Demand deposits - interest bearing | $133,115 | $129,881 | $124,877 | $128,192 | |||||
Savings | 234,679 | 198,544 | 222,403 | 178,459 | |||||
Time deposits | 268,863 | 259,981 | 272,249 | 263,063 | |||||
Other borrowings | 6,165 | 7,544 | 6,441 | 7,345 | |||||
Total interest bearing liabilities | $642,822 | $595,950 | $625,970 | $577,059 | |||||
Demand deposits - noninterest bearing | $242,577 | $208,421 | $226,699 | $202,397 | |||||
Shareholders' equity | $ 87,898 | $ 77,486 | $ 83,874 | $ 72,519 | |||||