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, | Nine Months Ended September 30, | ||||||||
---|---|---|---|---|---|---|---|---|---|
2004 | 2003 | 2004 | 2003 | ||||||
Statement of Income Data | |||||||||
Interest income | |||||||||
Loans (including fees) | $ 12,180 | $ 11,086 | $ 34,864 | $ 32,976 | |||||
Investment securities | 1,742 | 1,319 | 5,021 | 3,502 | |||||
Other | 58 | 98 | 138 | 260 | |||||
Total interest income | 13,980 | 12,503 | 40,023 | 36,738 | |||||
Interest expense | |||||||||
Interest on deposits | 2,780 | 2,743 | 8,032 | 8,510 | |||||
Other | 73 | 102 | 235 | 315 | |||||
Total interest expense | 2,853 | 2,845 | 8,267 | 8,825 | |||||
Net interest income | 11,127 | 9,658 | 31,756 | 27,913 | |||||
Provision for loan losses | 885 | 630 | 1,540 | 930 | |||||
Net interest income after | |||||||||
provision for loan losses | 10,242 | 9,028 | 30,216 | 26,983 | |||||
Noninterest income | |||||||||
Service charges on deposits | 799 | 806 | 2,346 | 2,330 | |||||
Other | 286 | 732 | 764 | 1,801 | |||||
Total noninterest income | 1,085 | 1,538 | 3,110 | 4,131 | |||||
Noninterest expenses | |||||||||
Salaries and benefits | 3,709 | 3,407 | 10,891 | 10,037 | |||||
Occupancy | 704 | 630 | 2,027 | 1,838 | |||||
Furniture and equipment | 465 | 431 | 1,350 | 1,404 | |||||
Other | 1,457 | 1,559 | 4,200 | 4,293 | |||||
Total noninterest expenses | 6,335 | 6,027 | 18,468 | 17,572 | |||||
Income before provision for income taxes | 4,992 | 4,539 | 14,858 | 13,542 | |||||
Provision for income taxes | 1,729 | 1,589 | 5,143 | 4,739 | |||||
Net income | $ 3,263 | $ 2,950 | $ 9,715 | $ 8,803 | |||||
Common Share Data (adjusted for 10% stock dividend distributed on February 12, 2004) | |||||||||
Earnings per share | |||||||||
Basic | $ 0.30 | $ 0.27 | $ 0.89 | $ 0.80 | |||||
Diluted | $ 0.28 | $ 0.25 | $ 0.85 | $ 0.76 | |||||
Weighted average shares outstanding | 10,863,000 | 10,911,000 | 10,869,000 | 10,910,000 | |||||
Weighted average shares outstanding - diluted | 11,397,000 | 11,406,000 | 11,408,000 | 11,396,000 | |||||
Book value per share | $ 8.98 | $ 8.68 | |||||||
Tangible book value | $ 8.98 | $ 8.67 | |||||||
Shares outstanding | 10,886,000 | 9,920,000 |
CENTRAL COAST BANCORP |
Sept. 30, 2004 | Dec. 31, 2004 | Sept. 30, 2003 | |||||
---|---|---|---|---|---|---|---|
Balance Sheet Data | |||||||
Assets | |||||||
Cash and due from banks | $ 46,345 | $ 54,446 | $ 61,032 | ||||
Federal funds sold | -- | 47,017 | 5,151 | ||||
Available-for-sale securities - at fair value | 179,322 | 153,727 | 152,959 | ||||
Loans: | |||||||
Commercial | 230,198 | 236,836 | 206,274 | ||||
Real estate-construction | 41,599 | 46,266 | 55,584 | ||||
Real estate-other | 556,771 | 489,213 | 473,650 | ||||
Consumer | 13,189 | 11,540 | 13,999 | ||||
Deferred loan fees, net | (1,208 | ) | (1,114 | ) | (1,139 | ) | |
Total loans | 840,549 | 782,741 | 748,368 | ||||
Allowance for loan losses | (14,779 | ) | (16,590 | ) | (16,272 | ) | |
Net loans | 825,770 | 766,151 | 732,096 | ||||
Premises and equipment, net | 3,313 | 2,787 | 2,787 | ||||
Accrued interest receivable and other assets | 19,015 | 13,712 | 15,858 | ||||
Total assets | $ 1,073,765 | $ 1,037,840 | $ 969,883 | ||||
Liabilities and Shareholders' Equity | |||||||
Deposits: | |||||||
Demand, noninterest bearing | $ 260,703 | $ 321,980 | $ 239,802 | ||||
Demand, interest bearing | 137,631 | 113,215 | 134,715 | ||||
Savings | 259,550 | 232,610 | 230,137 | ||||
Time | 296,275 | 270,305 | 267,348 | ||||
Total Deposits | 954,159 | 938,110 | 872,002 | ||||
Accrued interest payable and other liabilities | 21,856 | 10,135 | 11,813 | ||||
Shareholders' equity | 97,750 | 89,595 | 86,068 | ||||
Total liabilities and shareholders' equity | $ 1,073,765 | $ 1,037,840 | $ 969,883 | ||||
Asset Quality | |||||||
Loans past due 90 days or more and accruing interest | $ 355 | $ -- | $ 4,975 | ||||
Nonaccrual loans | 924 | 9,606 | 5,324 | ||||
Restructured loans | 752 | 835 | 862 | ||||
Other real estate owned | 5,250 | -- | 2,761 | ||||
Total nonperforming assets | $ 7,281 | $ 10,441 | $ 13,922 | ||||
Allowance for loan losses to total loans | 1.76 | % | 2.12 | % | 2.17 | % | |
Allowance for loan losses to NPL's | 728 | % | 159 | % | 146 | % | |
Allowance for loan losses to NPA's | 203 | % | 159 | % | 117 | % | |
Regulatory Capital and Ratios | |||||||
Tier 1 capital | 96,590 | 88,321 | 85,396 | ||||
Total capital | 108,158 | 99,038 | 95,609 | ||||
Tier 1 capital ratio | 10.5 | % | 10.4 | % | 10.5 | % | |
Total risk based capital ratio | 11.7 | % | 11.6 | % | 11.8 | % | |
Tier 1 leverage ratio | 9.1 | % | 9.0 | % | 8.8 | % |
CENTRAL COAST BANCORP |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
---|---|---|---|---|---|---|---|---|---|
2004 | 2003 | 2004 | 2003 | ||||||
Selected Financial Ratios | |||||||||
Return on average total assets | 1.22 | % | 1.21 | % | 1.25 | % | 1.27 | % | |
Return on average shareholders' equity | 13.66 | % | 13.75 | % | 13.99 | % | 14.25 | % | |
Net interest margin (tax equivalent basis) | 4.56 | % | 4.39 | % | 4.50 | % | 4.45 | % | |
Efficiency ratio (tax equivalent basis) | 50.68 | % | 52.55 | % | 51.72 | % | 53.46 | % | |
Selected Average Balances | |||||||||
Loans | $ 802,659 | $ 722,187 | $ 776,315 | $ 714,648 | |||||
Taxable investments | 123,704 | 89,131 | 123,202 | 68,405 | |||||
Tax-exempt investments | 53,255 | 48,368 | 51,542 | 48,774 | |||||
Federal funds sold | 16,796 | 38,626 | 16,446 | 30,839 | |||||
Total earning assets | $ 996,414 | $ 898,312 | $ 967,505 | $ 862,666 | |||||
Total assets | $1,067,689 | $ 968,119 | $1,036,913 | $ 929,400 | |||||
Demand deposits - interest bearing | $ 143,870 | $ 130,645 | $ 140,011 | $ 122,102 | |||||
Savings | 261,444 | 233,696 | 254,899 | 218,265 | |||||
Time deposits | 287,973 | 271,275 | 279,114 | 273,390 | |||||
Other borrowings | 5,433 | 6,448 | 7,790 | 6,534 | |||||
Total interest bearing liabilities | $ 698,720 | $ 642,064 | $ 681,814 | $ 620,291 | |||||
Demand deposits - noninterest bearing | $ 267,033 | $ 234,578 | $ 255,992 | $ 219,760 | |||||
Shareholders' equity | $ 95,043 | $ 85,148 | $ 92,748 | $ 82,585 | |||||