SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
SECURITIES AND EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2005 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
SECURITIES EXCHANGE ACT OF 1934 (No Fee Required) |
For the transition period from to . |
Commission file number0-25418 CENTRAL COAST BANCORP (Exact name of registrant as specified in its charter) |
California | 77-0367061 | |
(State or other jurisdiction of Incorporation or organization) | (I.R.S. Employer Identification No.) |
301 Main Street, Salinas, California | 93901 | |
(Address of principal executive offices) | (Zip Code) |
(831) 422-6642 (Registrant’s telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes x No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: No par value Common Stock - 14,086,613 shares outstanding at July 27, 2005. The Index to the Exhibits is located at page 31 Page 1 of 34 PART I - FINANCIAL INFORMATION |
In thousands (except share data) | June 30, 2005 | December 31, 2004 | |||
---|---|---|---|---|---|
Assets | |||||
Cash and due from banks | $ 48,564 | $ 49,068 | |||
Federal funds sold | 68,871 | 9,029 | |||
Total cash and equivalents | 117,435 | 58,097 | |||
Available-for-sale securities at fair value (amortized cost of $191,567 | 191,796 | 169,151 | |||
at June 30, 2005 and $168,052 at December 31, 2004) | |||||
Loans: | |||||
Commercial | 240,351 | 261,408 | |||
Real estate-construction | 63,489 | 61,366 | |||
Real estate-other | 617,629 | 594,507 | |||
Consumer | 13,325 | 15,463 | |||
Deferred loan fees, net | (1,371 | ) | (1,228 | ) | |
Total loans | 933,423 | 931,516 | |||
Allowance for loan losses | (17,514 | ) | (16,270 | ) | |
Net Loans | 915,909 | 915,246 | |||
Premises and equipment, net | 3,643 | 3,944 | |||
Accrued interest receivable and other assets | 19,816 | 18,223 | |||
Total assets | $ 1,248,599 | $ 1,164,661 | |||
Liabilities and Shareholders' Equity | |||||
Deposits: | |||||
Demand, noninterest bearing | $ 293,348 | $ 344,244 | |||
Demand, interest bearing | 178,262 | 141,190 | |||
Savings | 284,814 | 259,319 | |||
Time | 365,120 | 306,615 | |||
Total Deposits | 1,121,544 | 1,051,368 | |||
Accrued interest payable and other liabilities | 17,782 | 12,177 | |||
Total liabilities | 1,139,326 | 1,063,545 | |||
Commitments and contingencies (Note 3) | |||||
Shareholders’ Equity: | |||||
Preferred stock — no par value; authorized 1,000,000 shares; none outstanding | |||||
Common stock — no par value; authorized 39,062,500 shares; | |||||
outstanding: 14,063,396 shares at June 30, 2005 | |||||
and 13,716,168 shares at December 31, 2004 | 85,599 | 85,034 | |||
Shares held in deferred compensation trust (800,200 at June 30, 2005 | |||||
and 600,899 as of December 31, 2004), net of deferred obligation | -- | -- | |||
Retained earnings | 23,542 | 15,439 | |||
Accumulated other comprehensive income - net of taxes | |||||
of $96 at June 30, 2005 and $456 at December 31, 2004 | 132 | 643 | |||
Total shareholders' equity | 109,273 | 101,116 | |||
Total liabilities and shareholders' equity | $ 1,248,599 | $ 1,164,661 | |||
See notes to Consolidated Condensed Financial StatementsCENTRAL COAST BANCORP AND SUBSIDIARY |
See Notes to Consolidated Condensed Financial StatementsCENTRAL COAST BANCORP AND SUBSIDIARY |
Six months ended June 30, | |||||
---|---|---|---|---|---|
In thousands | 2005 | 2004 | |||
Cash Flows from Operations: | |||||
Net income | $ 8,103 | $ 6,452 | |||
Reconciliation of net income to net cash provided | |||||
by operating activities: | |||||
Provision for loan losses | 1,400 | 655 | |||
(Gain) loss on sale of investments | (12 | ) | 104 | ||
Depreciation | 676 | 569 | |||
Net gain on sale of fixed assets | (4 | ) | (10 | ) | |
Amortization and accretion | 344 | 462 | |||
(Increase) decrease in accrued interest receivable and other assets | (1,233 | ) | 201 | ||
Increase in accrued interest payable and other liabilities | 1,551 | 311 | |||
Increase in deferred loan fees | 142 | 46 | |||
Net cash provided by operations | 10,967 | 8,790 | |||
Cash Flows from Investing Activities: | |||||
Proceeds from maturities of available-for-sale securities | 10,769 | 11,268 | |||
Purchases of available-for-sale securities | (39,364 | ) | (51,030 | ) | |
Proceeds from sale of available-for-sale securities | 4,747 | 11,461 | |||
Net increase in loans | (2,205 | ) | (17,170 | ) | |
Proceeds from sale of equipment | 6 | 14 | |||
Purchases of equipment | (377 | ) | (612 | ) | |
Net cash used in investing activities | (26,424 | ) | (46,069 | ) | |
Cash Flows from Financing Activities: | |||||
Net increase in deposit accounts | 70,176 | 9,608 | |||
Net increase (decrease) in other borrowings | 4,696 | (33 | ) | ||
Cash received for stock options exercised | 1,161 | 132 | |||
Cash paid for shares repurchased | (1,238 | ) | (2,502 | ) | |
Net cash provided by financing activities | 74,795 | 7,205 | |||
Net increase (decrease) in cash and equivalents | 59,338 | (30,074 | ) | ||
Cash and equivalents, beginning of period | 58,097 | 101,463 | |||
Cash and equivalents, end of period | $ 117,435 | $ 71,389 | |||
Noncash Investing and Financing Activities — | |||||
Stock exchanged for option exercise | $ 1,151 | -- | |||
Other Cash Flow Information: | |||||
Interest paid | $ 6,791 | $ 5,320 | |||
Income taxes paid | $ 3,855 | $ 3,088 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
---|---|---|---|---|---|---|---|---|---|
In thousands (except per share data) | 2005 | 2004 | 2005 | 2004 | |||||
Net Income - As Reported | $ 4,258 | $ 3,260 | $ 8,103 | $ 6,452 | |||||
Compensation expense from amortization of | |||||||||
fair value of stock awards | (41 | ) | (66 | ) | (214 | ) | (134 | ) | |
Taxes on compensation expense | 17 | 27 | 90 | 55 | |||||
Pro Forma Net Income | $ 4,234 | $ 3,221 | $ 7,979 | $ 6,373 | |||||
Basic Earnings per Share - As Reported | $ 0 | .30 | $ 0 | .24 | $ 0 | .58 | $ 0 | .47 | |
Pro Forma Basic Earnings per Share | $ 0 | .30 | $ 0 | .24 | $ 0 | .57 | $ 0 | .47 | |
Diluted Earnings per Share - As Reported | $ 0 | .29 | $ 0 | .23 | $ 0 | .56 | $ 0 | .45 | |
Pro Forma Diluted Earnings per Share | $ 0 | .29 | $ 0 | .22 | $ 0 | .55 | $ 0 | .45 | |
NOTE 3. COMMITMENTS AND CONTINGENCIESIn the normal course of business there are outstanding various commitments to extend credit which are not reflected in the financial statements, including loan commitments of approximately $249,964,000 and standby letters of credit of approximately $9,581,000 at June 30, 2005. However, all such commitments will not necessarily culminate in actual extensions of credit by the Company. Approximately $33,421,000 of loan commitments outstanding at June 30, 2005 relate to real estate construction loans that are expected to fund within the next twelve months. The remaining commitments primarily relate to commercial revolving lines of credit, other commercial loans and home equity lines of credit. Many of these commitments are expected to expire without being drawn upon. Therefore, the total commitments do not necessarily represent future cash requirements. Each potential borrower and the necessary collateral are evaluated on an individual basis. Collateral varies, but may include real property, bank deposits, debt or equity securities or business assets. Stand-by letters of credit are commitments written to guarantee the performance of a customer to a third party. These guarantees are issued primarily relating to contract performance or purchases of inventory by commercial customers and are typically short-term in nature. Credit risk is similar to that involved in extending loan commitments to customers and accordingly, evaluation and collateral requirements similar to those for loan commitments are used. Virtually all such commitments are collateralized. NOTE 4. EARNINGS PER SHAREBasic earnings per share is computed by dividing net income by the weighted average common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if options or other contracts to issue common stock were exercised and converted into common stock. There was no difference in the numerator used in the calculation of basic earnings per share and diluted earnings per share. The denominator used in the calculation of basic earnings per share and diluted earnings per share for the three and six-month periods ended June 30 is reconciled and basic anddiluted earnings per share are calculated as follows: |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
---|---|---|---|---|---|---|---|---|---|
In thousands (except per share data) | 2005 | 2004 | 2005 | 2004 | |||||
Basic Earnings Per Share | |||||||||
Net income | $ 4,258 | $ 3,260 | $ 8,103 | $ 6,452 | |||||
Weighted average common shares outstanding | 14,147 | 13,550 | 14,072 | 13,590 | |||||
Basic earnings per share | $ 0.30 | $ 0.24 | $ 0.58 | $ 0.47 | |||||
Diluted Earnings Per Share | |||||||||
Net Income | $ 4,258 | $ 3,260 | $ 8,103 | $ 6,452 | |||||
Weighted average common shares outstanding | 14,147 | 13,550 | 14,072 | 13,590 | |||||
Dilutive effect of outstanding options | 438 | 675 | 488 | 676 | |||||
Weighted average common shares outstanding - Diluted | 14,585 | 14,225 | 14,560 | 14,266 | |||||
Diluted earnings per share | $ 0.29 | $ 0.23 | $ 0.56 | $ 0.45 | |||||
NOTE 5. COMPREHENSIVE INCOME
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
---|---|---|---|---|---|---|---|---|---|
In thousands | 2005 | 2004 | 2005 | 2004 | |||||
Net income | $ 4,258 | $ 3,260 | $ 8,103 | $ 6,452 | |||||
Other comprehensive income (loss)- Unrealized | |||||||||
gain (loss) on available-for-sale securities | 1,146 | (5,868 | ) | (870 | ) | (4,113 | ) | ||
Taxes on unrealized gain (loss) | (482 | ) | 2,467 | 366 | 1,729 | ||||
Reclassification adjustment for gain (loss) included in income | -- | -- | (12 | ) | 104 | ||||
Taxes on reclassification adjustment | -- | -- | 5 | (43 | ) | ||||
Total other comprehensive income | 664 | (3,401 | ) | (511 | ) | (2,323 | ) | ||
Total comprehensive income | $ 4,922 | $ (141 | ) | $ 7,592 | $ 4,129 | ||||
Three Months Ended June 30, | Percentage Change Increase | Six Months Ended June 30, | Percentage Change Increase | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
In thousands (except percentages) | 2005 | 2004 | (Decrease) | 2005 | 2004 | (Decrease) | |||||||
Interest Income (1) | $18,235 | $13,517 | 35 | % | $35,100 | $26,569 | 32 | % | |||||
Interest Expense | 4,143 | 2,698 | 54 | % | 7,716 | 5,414 | 43 | % | |||||
Net interest income | 14,092 | 10,819 | 30 | % | 27,384 | 21,155 | 29 | % | |||||
Provision for Loan Losses | 250 | 590 | -58 | % | 1,400 | 655 | 114 | % | |||||
Net interest income after | |||||||||||||
provision for loan losses | 13,842 | 10,229 | 35 | % | 25,984 | 20,500 | 27 | % | |||||
Noninterest Income | 1,214 | 1,134 | 7 | % | 2,268 | 2,052 | 11 | % | |||||
Noninterest Expense | 7,793 | 6,097 | 28 | % | 14,496 | 12,133 | 19 | % | |||||
Income before income taxes | 7,263 | 5,266 | 38 | % | 13,756 | 10,419 | 32 | % | |||||
Provision for Income Taxes | 2,695 | 1,725 | 56 | % | 5,046 | 3,414 | 48 | % | |||||
Tax Equivalent Adjustment (1) | 310 | 281 | 10 | % | 607 | 553 | 10 | % | |||||
Net income | $ 4,258 | $ 3,260 | 31 | % | $ 8,103 | $ 6,452 | 26 | % | |||||
1) Interest on tax-free securities is reported on a tax equivalent basis |
Three months ended June 30, | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Taxable equivalent basis) | 2005 | 2004 | |||||||||||
In thousands (except percentages) | Average Balance | Interest | Average Yield | Average Balance | Interest | Average Yield | |||||||
Assets: | |||||||||||||
Earning Assets | |||||||||||||
Loans (1) (2) | $ 920,210 | $ 15,769 | 6 | .87% | $775,284 | $ 11,547 | 5 | .99% | |||||
Taxable investments | 122,841 | 1,208 | 3 | .94% | 127,636 | 1,111 | 3 | .50% | |||||
Tax-exempt investments (tax equiv.basis) | 58,257 | 930 | 6 | .40% | 51,931 | 844 | 6 | .54% | |||||
Federal funds sold | 44,868 | 328 | 2 | .93% | 6,121 | 15 | 0 | .99% | |||||
Total Earning Assets | 1,146,176 | $ 18,235 | 6 | .38% | 960,972 | $ 13,517 | 5 | .66% | |||||
Cash & due from banks | 47,016 | 53,209 | |||||||||||
Other assets | 23,192 | 20,395 | |||||||||||
$1,216,384 | $1,034,576 | ||||||||||||
Liabilities & Shareholders' Equity: | |||||||||||||
Interest bearing liabilities: | |||||||||||||
Demand deposits | $ 159,667 | $ 211 | 0 | .53% | $144,725 | $ 212 | 0 | .59% | |||||
Savings | 286,270 | 1,182 | 1 | .66% | 250,653 | 789 | 1 | .27% | |||||
Time deposits | 360,786 | 2,646 | 2 | .94% | 273,533 | 1,604 | 2 | .36% | |||||
Other borrowings | 8,873 | 104 | 4 | .70% | 13,499 | 93 | 2 | .77% | |||||
Total interest bearing liabilities | 815,596 | 4,143 | 2 | .04% | 682,410 | 2,698 | 1 | .59% | |||||
Demand deposits | 285,046 | 254,122 | |||||||||||
Other Liabilities | 8,385 | 6,165 | |||||||||||
Total Liabilities | 1,109,027 | 942,697 | |||||||||||
Shareholders' Equity | 107,357 | 91,879 | |||||||||||
$1,216,384 | $1,034,576 | ||||||||||||
Net interest income & margin (3) | $ 14,092 | 4 | .93% | $ 10,819 | 4.53% | ||||||||
(1) Loan interest income includes fee income of $506,000 and $537,000 for the three months ended June 30, 2005 and 2004, respectively. (2) Includes the average allowance for loan losses of $17,445,000 and $16,800,000 and average deferred loan fees of $1,358,000 and $1,189,000 for the three months ended June 30, 2005 and 2004, respectively. (3) Net interest margin is computed by dividing net interest income by the total average earning assets. |
Six months ended June 30, | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Taxable equivalent basis) | 2005 | 2004 | |||||||||||
In thousands (except percentages) | Average Balance | Interest | Average Yield | Average Balance | Interest | Average Yield | |||||||
Assets: | |||||||||||||
Earning Assets | |||||||||||||
Loans (1) (2) | $ 913,541 | $ 30,459 | 6 | .72% | $762,999 | $ 22,684 | 5 | .98% | |||||
Taxable investments | 120,543 | 2,378 | 3 | .98% | 120,400 | 2,144 | 3 | .58% | |||||
Tax-exempt securities (tax equiv. basis) | 56,775 | 1,822 | 6 | .47% | 50,675 | 1,661 | 6 | .59% | |||||
Federal funds sold | 31,871 | 441 | 2 | .79% | 16,269 | 80 | 0 | .99% | |||||
Total Earning Assets | 1,122,730 | $ 35,100 | 6 | .30% | 950,343 | $ 26,569 | 5 | .62% | |||||
Cash & due from banks | 45,868 | 52,290 | |||||||||||
Other assets | 22,697 | 18,724 | |||||||||||
$1,191,295 | $1,021,357 | ||||||||||||
Liabilities & Shareholders' Equity: | |||||||||||||
Interest bearing liabilities: | |||||||||||||
Demand deposits | $ 149,467 | $ 387 | 0 | .52% | $138,061 | $ 400 | 0 | .58% | |||||
Savings | 287,327 | 2,219 | 1 | .56% | 251,590 | 1,589 | 1 | .27% | |||||
Time deposits | 349,853 | 4,934 | 2 | .84% | 274,636 | 3,263 | 2 | .39% | |||||
Other borrowings | 6,640 | 176 | 5 | .35% | 8,982 | 162 | 3 | .63% | |||||
Total interest bearing liabilities | 793,287 | 7,716 | 1 | .96% | 673,269 | 5,414 | 1 | .62% | |||||
Demand deposits | 283,801 | 246,302 | |||||||||||
Other Liabilities | 8,657 | 10,145 | |||||||||||
Total Liabilities | 1,085,745 | 929,716 | |||||||||||
Shareholders' Equity | 105,550 | 91,641 | |||||||||||
$1,191,295 | $1,021,357 | ||||||||||||
Net interest income & margin (3) | $ 27,384 | 4 | .92% | $ 21,155 | 4.48% | ||||||||
In thousands | Volume | Rate (4) | Net Change | ||||
---|---|---|---|---|---|---|---|
Interest-earning assets: | |||||||
Net Loans (1)(2) | $ 2,158 | $ 2,064 | $ 4,222 | ||||
Taxable investment securities | (42 | ) | 139 | 97 | |||
Tax exempt investment securities (3) | 103 | (17 | ) | 86 | |||
Federal funds sold | 95 | 218 | 313 | ||||
Total | 2,314 | 2,404 | 4,718 | ||||
Interest-bearing liabilities: | |||||||
Demand deposits | 22 | (23 | ) | (1 | ) | ||
Savings deposits | 112 | 281 | 393 | ||||
Time deposits | 512 | 530 | 1,042 | ||||
Other borrowings | (32 | ) | 43 | 11 | |||
Total | 614 | 831 | 1,445 | ||||
Interest differential | $ 1,700 | $ 1,573 | $ 3,273 | ||||
Six Months Ended June 30, 2005 over 2004 Increase (decrease) due to change in:
In thousands | Volume | Rate (4) | Net Change | ||||
---|---|---|---|---|---|---|---|
Interest-earning assets: | |||||||
Net Loans (1)(2) | $ 4,477 | $ 3,298 | $ 7,775 | ||||
Taxable investment securities | 3 | 231 | 234 | ||||
Tax exempt investment securities (3) | 200 | (39 | ) | 161 | |||
Federal funds sold | 77 | 284 | 361 | ||||
Total | 4,757 | 3,774 | 8,531 | ||||
Interest-bearing liabilities: | |||||||
Demand deposits | 33 | (46 | ) | (13 | ) | ||
Savings deposits | 226 | 404 | 630 | ||||
Time deposits | 894 | 777 | 1,671 | ||||
Other borrowings | (42 | ) | 56 | 14 | |||
Total | 1,111 | 1,191 | 2,302 | ||||
Interest differential | $ 3,646 | $ 2,583 | $ 6,229 | ||||
In thousands (except percentages) | June 30, 2005 | December 31, 2004 | |||
---|---|---|---|---|---|
Past due 90 days or more and still accruing interest: | |||||
Commercial | $ -- | $ -- | |||
Real estate | -- | -- | |||
Consumer and other | -- | -- | |||
-- | -- | ||||
Nonaccrual: | |||||
Commercial | -- | 102 | |||
Real estate | -- | -- | |||
Consumer and other | -- | -- | |||
-- | 102 | ||||
Restructured (in compliance with modified terms) - Commercial | 676 | 733 | |||
Total nonperforming and restructured loans | $676 | $835 | |||
Allowance for loan losses as a percentage of | |||||
nonperforming and restructured loans | 2591 | % | 1949 | % | |
Nonperforming and restructured loans to total loans | 0.07 | % | 0.09 | % | |
Nonperforming assets to total assets | 0.05 | % | 0.07 | % |
o | The current national and local economic and business conditions, trends and developments, including the condition of various market segments within our lending area; |
o | Changes in lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices; |
o | Changes in the nature, mix, concentrations and volume of the loan portfolio; |
o | The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the Bank’s current portfolio. |
There can be no assurance that the adverse impact of any of these conditions on the Bank will not be in excess of the unallocated allowance as determined by management at June 30, 2005 and set forth in the preceding paragraph. The allowance for loan losses totaled $17,514,000 or 1.88% of total loans at June 30, 2005 compared to $17,281,000 or 1.86% at March 31, 2005 and $16,270,000 or 1.75% at December 31, 2004. At these dates, the allowance represented 2591%, 1660% and 1949% of nonperforming loans. It is the policy of management to maintain the allowance for loan losses at a level adequate for risks inherent in the loan portfolio. Based on information currently available to analyze loan loss potential, including economic factors, overall credit quality, historical delinquency and a history of actual charge-offs, management believes that the loan loss provision and allowance are adequate. However, no prediction of the ultimate level of loans charged off in future years can be made with any certainty. The following table summarizes activity in the allowance for loan losses for the periods indicated: |
Three months ended June 30, | Six months ended June 30, | ||||||||
---|---|---|---|---|---|---|---|---|---|
In thousands (except percentages) | 2005 | 2004 | 2005 | 2004 | |||||
Beginning balance | $ 17,281 | $ 16,654 | $ 16,269 | $ 16,590 | |||||
Provision charged to expense | 250 | 590 | 1,400 | 655 | |||||
Loans charged off | (23 | ) | (84 | ) | (172 | ) | (101 | ) | |
Recoveries | 6 | 72 | 17 | 88 | |||||
Ending balance | $ 17,514 | $ 17,232 | $ 17,514 | $ 17,232 | |||||
Ending loan portfolio | $ 933,423 | $ 799,852 | |||||||
Allowance for loan losses as percentage of ending loan portfolio | 1.88% | 2.15% |
Actual: | Minimum Capital Requirement: | Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions: | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
In thousands (except percentages) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||
Company | |||||||||||||
As of June 30, 2005: | |||||||||||||
Total Capital (to Risk Weighted Assets): | $121,886 | 12 | .0% | $81,150 | 8 | .0% | N/A | ||||||
Tier 1 Capital (to Risk Weighted Assets): | 109,141 | 10 | .8% | 40,575 | 4 | .0% | N/A | ||||||
Tier 1 Capital (to Average Assets): | 109,141 | 9 | .0% | 48,656 | 4 | .0% | N/A | ||||||
As of December 31, 2004: | |||||||||||||
Total Capital (to Risk Weighted Assets): | $113,111 | 11 | .2% | $80,589 | 8 | .0% | N/A | ||||||
Tier 1 Capital (to Risk Weighted Assets): | 100,473 | 10 | .0% | 40,295 | 4 | .0% | N/A | ||||||
Tier 1 Capital (to Average Assets): | 100,473 | 9 | .1% | 44,365 | 4 | .0% | N/A | ||||||
Community Bank | |||||||||||||
As of June 30, 2005: | |||||||||||||
Total Capital (to Risk Weighted Assets): | $113,708 | 11 | .3% | $80,405 | 8 | .0% | $100,506 | 10 | .0% | ||||
Tier 1 Capital (to Risk Weighted Assets): | 101,077 | 10 | .1% | 40,203 | 4 | .0% | 60,304 | 6 | .0% | ||||
Tier 1 Capital (to Average Assets): | 101,077 | 8 | .4% | 48,381 | 4 | .0% | 60,476 | 5 | .0% | ||||
As of December 31, 2004: | |||||||||||||
Total Capital (to Risk Weighted Assets): | $105,234 | 10 | .6% | $79,809 | 8 | .0% | $ 99,762 | 10 | .0% | ||||
Tier 1 Capital (to Risk Weighted Assets): | 92,716 | 9 | .3% | 39,905 | 4 | .0% | 59,857 | 6 | .0% | ||||
Tier 1 Capital (to Average Assets): | 92,716 | 8 | .4% | 44,105 | 4 | .0% | 55,132 | 5 | .0% |
In thousands | Estimated Impact on One Year Projection of Net Interest Income | ||
---|---|---|---|
Variation from flat rate scenario | |||
Most likely rates | $ 1,800 | ||
Declining rates | (4,204 | ) | |
Rising rates | 2,979 |
In thousands (except percentages) | % Change in NII from Current 12 Mo. Horizon | Change in NII from Current 12 Month Horizon | |||
---|---|---|---|---|---|
+ 300bp | 17 | .0% | $ 8,797 | ||
+ 200bp | 11 | .4% | 5,887 | ||
+ 100bp | 5 | .7% | 2,968 | ||
- 100bp | (7 | .2%) | (3,717 | ) | |
- 200bp | (14 | .0%) | (7,224 | ) |
Period | Total Number of Shares Purchased | Average Price Per Share | Shares Purchased as Part of Publicly Announced Plan | Shares Remaining to Purchase Under the Plan | |||||
---|---|---|---|---|---|---|---|---|---|
April 1-30, 2005 | -- | -- | -- | 197,749 | |||||
May 1-31, 2005 | 6,300 | 16 | .97 | 6,300 | 191,449 | ||||
June 1-30, 2005 | 15,187 | 16 | .96 | 15,187 | 176,272 | ||||
Total | 21,487 | $ 16 | .96 | 21,487 | |||||
Nominee | Affirmative Votes | Votes Withheld | |||
---|---|---|---|---|---|
Mose E. Thomas, Jr. (Class 1) | 10,691,586 | 234,150 | |||
Louis A. Souza (Class 1) | 10,776,650 | 149,086 | |||
F. Warren Wayland (Class 1) | 10,832,012 | 93,724 |
In addition, the following directors continue in office as members of the class designated and were not subject to shareholder election at the annual meeting: |
Michael T. Lapsys (Class 2) | |||
Duncan L. Mccarter (Class 2) | |||
Nick Ventimiglia (Class 2) | |||
C. Edward Boutonnet (Class 3) | |||
Donald D. Chapin, Jr. (Class 3) | |||
Bradford G. Crandall (Class 3) | |||
Robert M. Mraule, D.D.S., M.D. (Class 3) |
Proposal No.2: Approval Of The Appointment Of Deloitte & Touche LLP As Independent Public Accountants For The 2005 Fiscal Year:
For | 10,842,481 | Against | 39,629 | Abstain | 43,626 |
July 27, 2005 | CENTRAL COAST BANCORP | ||
By:/s/NICK VENTIMIGLIA | |||
Nick Ventimiglia | |||
(Chief Executive Officer) | |||
By:/s/ ROBERT STANBERRY | |||
Robert M. Stanberry | |||
(Chief Financial Officer, | |||
Principal Financial and Accounting Officer) |
EXHIBIT INDEX |
Exhibit Number | Description | Sequential Page Number | |||
---|---|---|---|---|---|
31.1 | Certifications of Chief Executive Officer pursuant | 32 | |||
to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||
31.2 | Certifications of Chief Financial Officer pursuant | 33 | |||
to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||
32.1 | Certifications of Chief Executive Officer and Chief | 34 | |||
Financial Officer pursuant to Section 906 of the | |||||
Sarbanes-Oxley Act of 2002 |