CENTRAL COAST BANCORP |
PRESS RELEASE | Contact: Rob Stanberry | ||
Chief Financial Officer | |||
For Release 9:00 am EDT | (831) 422-6642 |
(Dollars in thousands, except share and per share data) | Three Months Ended March 31 | ||||||
---|---|---|---|---|---|---|---|
Statement of Income Data | 2004 | 2003 | |||||
Interest income | |||||||
Loans (including fees) | $11,137 | $10,982 | |||||
Investment securities | 1,591 | 1,153 | |||||
Other | 65 | 72 | |||||
Total interest income | 12,793 | 12,207 | |||||
Interest expense | |||||||
Interest on deposits | 2,647 | 2,957 | |||||
Other | 69 | 111 | |||||
Total interest expense | 2,716 | 3,068 | |||||
Net interest income | 10,077 | 9,139 | |||||
Provision for loan losses | 65 | -- | |||||
Net interest income after | |||||||
provision for loan losses | 10,012 | 9,139 | |||||
Noninterest income | |||||||
Service charges on deposits | 740 | 687 | |||||
Other | 165 | 327 | |||||
Total noninterest income | 905 | 1,014 | |||||
Noninterest expenses | |||||||
Salaries and benefits | 3,564 | 3,347 | |||||
Occupancy | 638 | 597 | |||||
Furniture and equipment | 483 | 464 | |||||
Other | 1,351 | 1,177 | |||||
Total noninterest expenses | 6,036 | 5,585 | |||||
Income before provision for income taxes | 4,881 | 4,568 | |||||
Provision for income taxes | 1,689 | 1,599 | |||||
Net income | $ 3,192 | $ 2,969 | |||||
Common Share Data (adjusted for 10% stock dividend distributed on February 27, 2004) | |||||||||
---|---|---|---|---|---|---|---|---|---|
Earnings per share | |||||||||
Basic | $ .29 | $ .27 | |||||||
Diluted | $ .28 | $ .26 | |||||||
Weighted average shares outstanding | 10,904,000 | 10,909,000 | |||||||
Weighted average shares outstanding - | |||||||||
diluted | 11,445,000 | 11,399,000 | |||||||
Book value per share | $ 8.52 | $ 8.19 | |||||||
Tangible book value | $ 8.52 | $ 8.17 | |||||||
Shares outstanding | 10,862,000 | 9,917,000 | |||||||
CENTRAL COAST BANCORP
CONSOLIDATED CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands) | Mar. 31, | Dec. 31, | Mar. 31, | ||||
---|---|---|---|---|---|---|---|
Balance Sheet Data | 2004 | 2003 | 2003 | ||||
Assets | |||||||
Cash and due from banks | $ 45,612 | $ 54,446 | $ 48,108 | ||||
Federal funds sold | 20,901 | 47,017 | 72,000 | ||||
Available-for-sale securities - at fair value | 181,543 | 153,727 | 96,241 | ||||
Loans: | |||||||
Commercial | 205,349 | 236,836 | 213,488 | ||||
Real estate-construction | 38,628 | 46,266 | 57,598 | ||||
Real estate-other | 519,010 | 489,213 | 435,645 | ||||
Consumer | 12,630 | 11,540 | 12,928 | ||||
Deferred loan fees, net | (1,092 | ) | (1,114 | ) | (996 | ) | |
Total loans | 774,525 | 782,741 | 718,663 | ||||
Allowance for loan losses | (16,654 | ) | (16,590 | ) | (15,304 | ) | |
Net loans | 757,871 | 766,151 | 703,359 | ||||
Premises and equipment, net | 2,730 | 2,787 | 3,063 | ||||
Accrued interest receivable and other assets | 12,565 | 13,712 | 11,895 | ||||
Total assets | $ 1,021,222 | $ 1,037,840 | $ 934,666 | ||||
Liabilities and Shareholders' Equity | |||||||
Deposits: | |||||||
Demand, noninterest bearing | $ 239,958 | $ 321,980 | $ 214,249 | ||||
Demand, interest bearing | 145,267 | 113,215 | 125,679 | ||||
Savings | 254,579 | 232,610 | 208,113 | ||||
Time | 277,782 | 270,305 | 292,720 | ||||
Total Deposits | 917,586 | 938,110 | 840,761 | ||||
Accrued interest payable and other liabilities | 11,092 | 10,135 | 12,650 | ||||
Shareholders' equity | 92,544 | 89,595 | 81,255 | ||||
Total liabilities and shareholders' equity | $ 1,021,222 | $ 1,037,840 | $ 934,666 | ||||
Asset Quality | |||||||
Loans past due 90 days or more and accruing interest | $ 236 | $ -- | $ 38 | ||||
Nonaccrual loans | 9,468 | 9,606 | 3,102 | ||||
Restructured loans | 816 | 835 | 912 | ||||
Other real estate owned | -- | -- | -- | ||||
Total nonperforming assets | $ 10,520 | $ 10,441 | $ 4,052 | ||||
Allowance for loan losses to total loans | 2.15 | % | 2.12 | % | 2.13 | % | |
Allowance for loan losses to NPL's | 158 | % | 159 | % | 378 | % | |
Allowance for loan losses to NPA's | 158 | % | 159 | % | 378 | % | |
Regulatory Capital and Ratios | |||||||
Tier 1 capital | 90,233 | 88,321 | 79,408 | ||||
Total capital | 100,782 | 99,038 | 89,209 | ||||
Tier 1 capital ratio | 10.8 | % | 10.4 | % | 10.2 | % | |
Total risk based capital ratio | 12.0 | % | 11.6 | % | 11.5 | % | |
Tier 1 leverage ratio | 9.0 | % | 9.0 | % | 8.8 | % |
CENTRAL COAST BANCORP
CONSOLIDATED CONDENSED FINANCIAL DATA
(Unaudited)
Three Months Ended | |||||||
---|---|---|---|---|---|---|---|
(Dollars in thousands) | March 31 | ||||||
Selected Financial Ratios | 2004 | 2003 | |||||
Return on average total assets | 1.27 | % | 1.33 | % | |||
Return on average shareholders' equity | 14.02 | % | 15.11 | % | |||
Net interest margin (tax equivalent basis) | 4.42 | % | 4.54 | % | |||
Efficiency ratio (tax equivalent basis) | 53.63 | % | 53.53 | % | |||
Selected Average Balances | |||||||
Loans | $ 750,714 | $711,125 | |||||
Taxable investments | 114,532 | 56,599 | |||||
Tax-exempt investments | 49,419 | 49,491 | |||||
Federal funds sold | 26,417 | 24,544 | |||||
Total earning assets | $ 941,082 | $841,759 | |||||
Total assets | $1,008,129 | $904,755 | |||||
Demand deposits - interest bearing | $ 131,397 | $115,663 | |||||
Savings | 252,526 | 207,022 | |||||
Time deposits | 275,738 | 279,306 | |||||
Other borrowings | 4,464 | 8,869 | |||||
Total interest bearing liabilities | $ 664,125 | $610,860 | |||||
Demand deposits - noninterest bearing | $ 246,703 | $208,550 | |||||
Shareholders' equity | $ 91,498 | $ 79,695 | |||||