CENTRAL COAST BANCORP |
PRESS RELEASE | Contact: Rob Stanberry | ||
Chief Financial Officer | |||
For Release 9:00 am EDT | (831) 422-6642 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
---|---|---|---|---|---|---|---|---|---|
Statement of Income Data | 2004 | 2003 | 2004 | 2003 | |||||
Interest income | |||||||||
Loans (including fees) | $ 11,547 | $ 10,908 | $ 22,684 | $ 21,890 | |||||
Investment securities | 1,688 | 1,030 | 3,279 | 2,183 | |||||
Other | 15 | 90 | 80 | 162 | |||||
Total interest income | 13,250 | 12,028 | 26,043 | 24,235 | |||||
Interest expense | |||||||||
Interest on deposits | 2,605 | 2,810 | 5,252 | 5,767 | |||||
Other | 93 | 102 | 162 | 213 | |||||
Total interest expense | 2,698 | 2,912 | 5,414 | 5,980 | |||||
Net interest income | 10,552 | 9,116 | 20,629 | 18,255 | |||||
Provision for loan losses | 590 | 300 | 655 | 300 | |||||
Net interest income after | |||||||||
provision for loan losses | 9,962 | 8,816 | 19,974 | 17,955 | |||||
Noninterest income | |||||||||
Service charges on deposits | 807 | 837 | 1,547 | 1,524 | |||||
Other | 313 | 742 | 478 | 1,069 | |||||
Total noninterest income | 1,120 | 1,579 | 2,025 | 2,593 | |||||
Noninterest expenses | |||||||||
Salaries and benefits | 3,618 | 3,283 | 7,182 | 6,630 | |||||
Occupancy | 685 | 611 | 1,323 | 1,208 | |||||
Furniture and equipment | 402 | 509 | 885 | 973 | |||||
Other | 1,392 | 1,557 | 2,743 | 2,734 | |||||
Total noninterest expenses | 6,097 | 5,960 | 12,133 | 11,545 | |||||
Income before provision for income taxes | 4,985 | 4,435 | 9,866 | 9,003 | |||||
Provision for income taxes | 1,725 | 1,551 | 3,414 | 3,150 | |||||
Net income | $ 3,260 | $ 2,884 | $ 6,452 | $ 5,853 | |||||
Common Share Data (adjusted for 10% stock dividend distributed on February 12, 2004) | |||||||||
Earnings per share | |||||||||
Basic | $ 0.30 | $ 0.26 | $ 0.59 | $ 0.54 | |||||
Diluted | $ 0.29 | $ 0.25 | $ 0.57 | $ 0.51 | |||||
Weighted average shares outstanding | 10,840,000 | 10,911,000 | 10,872,000 | 10,910,000 | |||||
Weighted average shares outstanding - | |||||||||
diluted | 11,380,000 | 11,386,000 | 11,413,000 | 11,392,000 | |||||
Book value per share | $ 8.46 | $ 8.51 | |||||||
Tangible book value | $ 8.46 | $ 8.50 | |||||||
Shares outstanding | 10,810,000 | 9,919,000 |
CENTRAL COAST BANCORP |
Balance Sheet Data | June 30, 2004 | Dec. 31, 2003 | June 30, 2003 | ||||
---|---|---|---|---|---|---|---|
Assets | |||||||
Cash and due from banks | $ 68,579 | $ 54,446 | $ 72,597 | ||||
Federal funds sold | 2,810 | 47,017 | 37,370 | ||||
Available-for-sale securities - at fair value | 177,532 | 153,727 | 107,008 | ||||
Loans: | |||||||
Commercial | 229,691 | 236,836 | 213,015 | ||||
Real estate-construction | 39,206 | 46,266 | 48,643 | ||||
Real estate-other | 519,853 | 489,213 | 457,126 | ||||
Consumer | 12,262 | 11,540 | 14,108 | ||||
Deferred loan fees, net | (1,160 | ) | (1,114 | ) | (967 | ) | |
Total loans | 799,852 | 782,741 | 731,925 | ||||
Allowance for loan losses | (17,232 | ) | (16,590 | ) | (15,466 | ) | |
Net loans | 782,620 | 766,151 | 716,459 | ||||
Premises and equipment, net | 2,826 | 2,787 | 2,908 | ||||
Accrued interest receivable and other assets | 15,118 | 13,712 | 14,479 | ||||
Total assets | $ 1,049,485 | $ 1,037,840 | $ 950,821 | ||||
Liabilities and Shareholders' Equity | |||||||
Deposits: | |||||||
Demand, noninterest bearing | $ 262,330 | $ 321,980 | $ 230,584 | ||||
Demand, interest bearing | 146,986 | 113,215 | 121,569 | ||||
Savings | 259,038 | 232,610 | 228,654 | ||||
Time | 279,364 | 270,305 | 273,479 | ||||
Total Deposits | 947,718 | 938,110 | 854,286 | ||||
Accrued interest payable and other liabilities | 10,364 | 10,135 | 12,081 | ||||
Shareholders' equity | 91,403 | 89,595 | 84,454 | ||||
Total liabilities and shareholders' equity | $ 1,049,485 | $ 1,037,840 | $ 950,821 | ||||
Asset Quality | |||||||
Loans past due 90 days or more and accruing interest | $ 207 | $ -- | $ 5,092 | ||||
Nonaccrual loans | 9,583 | 9,606 | 5,002 | ||||
Restructured loans | 780 | 835 | 888 | ||||
Other real estate owned | -- | -- | $ 2,761 | ||||
Total nonperforming assets | $ 10,570 | $ 10,441 | $ 13,743 | ||||
Allowance for loan losses to total loans | 2.15 | % | 2.12 | % | 2.11 | % | |
Allowance for loan losses to NPL's | 163 | % | 159 | % | 141 | % | |
Allowance for loan losses to NPA's | 163 | % | 159 | % | 113 | % | |
Regulatory Capital and Ratios | |||||||
Tier 1 capital | 92,493 | 88,321 | 82,375 | ||||
Total capital | 103,416 | 99,038 | 92,276 | ||||
Tier 1 capital ratio | 10.7 | % | 10.4 | % | 10.5 | % | |
Total risk based capital ratio | 11.9 | % | 11.6 | % | 11.7 | % | |
Tier 1 leverage ratio | 8.9 | % | 9.0 | % | 9.0 | % |
CENTRAL COAST BANCORP |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
---|---|---|---|---|---|---|---|---|---|
Selected Financial Ratios | 2004 | 2003 | 2004 | 2003 | |||||
Return on average total assets | 1.27 | % | 1.26 | % | 1.27 | % | 1.30 | % | |
Return on average shareholders' equity | 14.27 | % | 13.95 | % | 14.16 | % | 14.51 | % | |
Net interest margin (tax equivalent basis) | 4.52 | % | 4.45 | % | 4.47 | % | 4.49 | % | |
Efficiency ratio (tax equivalent basis) | 51.01 | % | 54.33 | % | 52.28 | % | 53.94 | % | |
Selected Average Balances | |||||||||
Loans | $ 775,284 | $710,511 | $ 762,999 | $710,817 | |||||
Taxable investments | 131,363 | 59,128 | 122,948 | 57,871 | |||||
Tax-exempt investments | 51,931 | 48,476 | 50,675 | 48,981 | |||||
Federal funds sold | 6,121 | 29,087 | 16,269 | 26,880 | |||||
Total earning assets | $ 964,699 | $847,202 | $ 952,891 | $844,549 | |||||
Total assets | $1,034,576 | $914,632 | $1,021,357 | $909,721 | |||||
Demand deposits - interest bearing | $ 144,725 | $119,832 | $ 138,061 | $117,759 | |||||
Savings | 250,653 | 213,785 | 251,590 | 210,422 | |||||
Time deposits | 273,533 | 269,677 | 274,636 | 274,465 | |||||
Other borrowings | 13,499 | 6,533 | 8,982 | 6,577 | |||||
Total interest bearing liabilities | $ 682,410 | $609,827 | $ 673,269 | $609,223 | |||||
Demand deposits - noninterest bearing | $ 254,122 | $215,866 | $ 246,302 | $212,228 | |||||
Shareholders' equity | $ 91,879 | $ 82,933 | $ 91,641 | $ 81,323 | |||||