Exhibit 99.1
[LOGO] Commercial Capital Bancorp, Inc.
Contact: Stephen H. Gordon Chairman & CEO Telephone: (949) 585-7500
Christopher G. Hagerty EVP & CFO Facsimile: (949) 585-0174
COMMERCIAL CAPITAL BANCORP, INC. ANNOUNCES
FIRST QUARTER EARNINGS OF $0.28 PER SHARE
Total Assets Reach $1.2 Billion, Record Loan Originations of $267 Million
and Efficiency Ratio Declines to 30%
Irvine, CA - April 28, 2003 - Commercial Capital Bancorp, Inc. ("CCBI" or the
"Company"), (NASDAQ: "CCBI"), the holding company for Commercial Capital Bank,
(the "Bank"), Commercial Capital Mortgage, Inc. ("CCM"), and ComCap Financial
Services, Inc. ("ComCap"), announced today record net income of $4.2 million, or
$0.28 per diluted share, for the first quarter ended March 31, 2003, an increase
of 174% and 65% from $1.5 million and $0.17 per diluted share, for the first
quarter of 2002. CCBI's return on average equity and return on average assets
for the first quarter of 2003 were 20.60% and 1.70%, respectively, compared to
21.37% and 1.35% for the first quarter of 2002, respectively.
Stephen H. Gordon, Chairman and Chief Executive Officer, stated, "The first
quarter resulted in continued strong growth in assets, deposits, revenues, and
net income as we continued implementing our business plan, began leveraging the
additional equity raised from the Company's IPO, and continued to
opportunistically reposition the Company's balance sheet to enhance overall
earnings. The recently announced realignment of the Company's lending operation
will immediately increase net interest income by enabling the Bank to hold a
significantly increased percentage of the Company's relationship-driven loan
originations, while efforts continue to focus on cross-selling borrowers and
building core deposits."
($ in 000's, except per share data) Q1 Q1
2003 2002
Net income $ 4,239 $1,545
Basic EPS 0.30 0.17
Diluted EPS 0.28 0.17
Net interest income 8,064 3,994
Net interest margin 3.39% 3.64%
Noninterest income $ 3,215 $1,073
Noninterest expense 3,545 1,862
Total revenues 16,606 8,229
Return on average equity 20.60% 21.37%
Return on average assets 1.70 1.35
Efficiency ratio 30.08 36.75
Some of the Company's first quarter 2003 highlights include:
.. The Company's consolidated assets increased 38% to $1.2 billion at March
31, 2003, from $849.5 million at December 31, 2002, and 95% from $602.2
million, at March 31, 2002. Average assets increased 24% to $996.6 million
for the first quarter of 2003, from $805.9 million for the fourth quarter
of 2002, and 118% from $457.0 million for the first quarter 2002. Total
assets grew at a compounded quarterly growth rate of 18% for the four
quarters ended March 31, 2003.
.. The Company's loan originations increased 33% to a record $267.0 million
during the first quarter of 2003, from $200.3 million for the fourth
quarter of 2002, and increased 39% from $192.1 million for the first
quarter of 2002.
.. The Company's total deposits increased 31% to $408.0 million at March 31,
2003, from $312.3 million at December 31, 2002, and 135% from $173.3
million at March 31, 2002. Transaction accounts increased 27% to $234.8
million at March 31, 2003, from $185.2 million at December 31, 2002, and
more than 13 times from $15.7 million at March 31, 2002. Money market
deposits increased 26% to $222.2 million at March 31, 2003, from $176.2
million at December 31, 2002, and more than 32 times from $6.7 million at
March 31, 2002. Total deposits grew at a compounded quarterly growth rate
of 24% for the four quarters ended March 31, 2003.
.. The Company's total revenues, defined as interest income plus noninterest
income, increased 18% to $16.6 million for the first quarter of 2003, from
$14.0 million for the fourth quarter of 2002, and increased 102% from $8.2
million for the first quarter of 2002. Total revenues grew at a compounded
quarterly growth rate of 19% for the four quarters ended March 31, 2003.
.. The Company's efficiency ratio declined to 30.08% for the first quarter of
2003, from 30.62% for the fourth quarter 2002, and 36.75% for the first
quarter of 2002. In accordance with new SEC regulations, the Company
revised its efficiency ratio to include the gain on sale of securities. The
Company now defines its efficiency ratio as general and administrative
expenses as a percentage of net interest income and noninterest income. The
loss on early extinguishment of debt is not considered a component of
general and administrative expenses. The efficiency ratios for prior
periods reflect this revised definition.
.. The Company's net income increased 32% to $4.2 million for the first
quarter of 2003, from $3.2 million for the fourth quarter of 2002, and 174%
from $1.5 million for the first quarter of 2002. Net income grew at a
compounded quarterly growth rate of 29% for the four quarters ended March
31, 2003. The Company's return on average assets increased to 1.70% for the
first quarter of 2003, from 1.59% for the fourth quarter of 2002, and from
1.35% from the first quarter of 2002. The Company's return on average
equity was 20.60% for the first quarter of 2003, compared to 29.03% for the
fourth quarter of 2002, and 21.37% for the first quarter of 2002. The
decrease in return on average equity for the first quarter of 2003 reflects
the dilutive effect of having not yet fully leveraged the additional equity
raised from the Company's recent IPO.
.. The Company announced its intention to open a new full service banking
office in La Jolla, CA, projected to open in August 2003, which will
provide loan and deposit products to existing and new clients located
throughout San Diego County.
.. In January 2003, the underwriters of CCBI's initial public offering
exercised the over-allotment option to purchase an additional 375,000
shares of the Company's common stock at $8.00 per share, resulting
in the receipt of an additional $2.8 million of net proceeds and
increased capital after adjusting for underwriting discounts and
expenses.
NET INTEREST INCOME
The Company's net interest income increased 29% to $8.1 million for the first
quarter of 2003, from $6.3 million for the fourth quarter of 2002, and 102% from
$4.0 million for the first quarter of 2002. The Company's net interest margin
was 3.39% for the first quarter of 2003, compared to 3.27% for the fourth
quarter of 2002, and 3.64% for the first quarter of 2002.
The Company's yield on interest earning assets declined 30 basis points to 5.64%
during the quarter ended March 31, 2003, from 5.94% during the quarter ended
December 31, 2002, and 88 basis points from 6.52% during the quarter ended March
31, 2002. The Company's cost of interest bearing liabilities declined 31 basis
points to 2.41% during the quarter ended March 31, 2003, from 2.72% during the
quarter ended December 31, 2002, and 65 basis points from 3.06% during the
quarter ended March 31, 2002. The decline in asset yields during the quarter and
year ended March 31, 2003 reflects the effects of growing the Company's balance
sheet, through the origination of new variable-rate loans and the acquisition of
additional U.S. Government agency mortgage-backed securities. Since the majority
of the Company's loans have interest rate floors, most of the decline was due to
the addition of new assets in a lower interest rate environment. The decline in
the cost of interest-bearing liabilities during the first quarter of 2003
primarily reflects the Company's ability to lower its rate of interest paid on
money market, time deposit accounts and other deposits, as well as to utilize
lower cost, longer duration borrowings, primarily obtained through advances from
the Federal Home Loan Bank ("FHLB"). The Company cut the rate of interest paid
on its money market accounts in mid-January and mid-March for a cumulative
reduction of 15 basis points on balances of $50,000 or more, the full impact of
which will be seen in the second quarter of 2003.
During the first quarter of 2003, the Company continued to take proactive steps
in managing its net interest margin through the lowering of the cost and the
extension of the duration of its interest bearing liabilities. The Company
accomplished this by utilizing gains on sales of securities to offset penalties
incurred through the early extinguishment of higher costing, shorter duration,
fixed rate advances from the FHLB and replacing them with lower costing, longer
duration, fixed rate advances. In March 2003, the Company prepaid $10 million of
fixed rate FHLB advances, and replaced those advances at a 146 basis point
savings.
As a result of the Company's realignment of its lending operations, announced on
April 3, 2003, the Company anticipates that recurring net interest income should
greatly increase, as the operational realignment enables the Company to retain a
substantially greater percentage of its loan originations in its portfolio,
rather than to be sold to third parties for one-time cash gains.
NONINTEREST INCOME
Noninterest income increased 23% to $3.2 million for the first quarter of 2003,
from $2.6 million for the fourth quarter of 2002, and 200% from $1.1 million for
the first quarter of 2002. The Company's noninterest income included gain on
sales of securities of $1.6 million for the first quarter of 2003, compared to
$396,000 for the fourth quarter of 2002. The increase in gain on sales of
securities resulted from the sale of lower yielding and higher prepaying U. S.
government agency mortgage-backed securities. The gain was utilized to offset
prepayment penalties associated with the early extinguishment of higher costing
and shorter duration FHLB advances, severance costs associated with the
previously announced departure of one of the Company's officers, and to
supplement noninterest income realized from gain on
sales of loans as the Company sold a lower dollar volume of loans to third
parties during the quarter and instead retained a greater amount of its loans in
portfolio, thereby increasing recurring net interest income. In addition to the
Company's gain on sales of securities, the Company's noninterest income for the
first quarter of 2003 consisted of $975,000 from ongoing cash gain on sales of
loans and $593,000 in net mortgage banking fees, securities brokerage fees, and
other fees including miscellaneous banking and trust fee income. The gain on
sales of loans represents ongoing cash gains received on sales to third parties.
NONINTEREST EXPENSE
The Company's efficiency ratio declined to 30.08% for the first quarter of 2003,
from 30.62% for the fourth quarter of 2002, and 36.75% for the first quarter of
2002. General and administrative expenses were 1.36% of total average assets for
the first quarter of 2003, compared to 1.35% for the fourth quarter of 2002, and
1.63% for the first quarter of 2002.
The Company's noninterest expenses, excluding costs associated with the early
extinguishment of debt and severance costs, totaled $3.0 million for the first
quarter of 2003, compared to $2.7 million for the fourth quarter of 2002, and
$1.9 million for the first quarter of 2002 . The increase in the first quarter
of 2003 compared to the first quarter of 2002 is primarily due to higher
personnel costs associated with the Company's growth, including variable
expenses related to securities brokerage commissions paid by ComCap, and also
includes marketing costs in connection with the Bank's money market accounts
growth. During the first quarter of 2003, the Company incurred $152,000 in costs
associated with the early extinguishment of higher cost, fixed rate FHLB
advances.
BALANCE SHEET
The Company's total consolidated assets increased 38% to $1.2 billion at March
31, 2003, from $849.5 million at December 31, 2002, and 95% from $602.2 million
at March 31, 2002. The increase in assets during the quarter was primarily due
to a $103.7 million increase in the loans held for investment portfolio, a $58.7
million increase in loans held for sale, and a $136.8 million increase in
securities. The Bank purchased $125.5 million in loans from CCM during the first
quarter of 2003, an increase of 54% from $81.5 million for the fourth quarter of
2002, as the Company increased its focus on retaining for portfolio a greater
amount of its loan originations. Total loans, which include loans held for
investment and loans held for sale, net of the allowance for loan losses,
increased 33% to $649.8 million at March 31, 2003, from $487.5 million at
December 31, 2002, and 100% from $325.5 million at March 31, 2002. The Company
plans to retain in portfolio more of its loan originations as a result of the
realignment of the Company's loan origination function from CCM to the Bank.
Prior to this realignment, the Bank was limited to purchasing less than 50% of
CCM's loan production. CCM will continue to actively maintain and utilize its
independent, third-party provided, warehouse line of credit to fund and sell
those loans which the Bank elects to assign to CCM for reasons which may include
the Bank's loans to one borrower limits, capital constraints, geographic
concentrations or for other reasons as determined by management.
The Company's portfolio of U.S. Government agency mortgage-backed securities
increased 44% to $446.8 million at March 31, 2003, from $310.0 million at
December 31, 2002, and increased 153% from $176.5 million at March 31, 2002. The
Company's mortgage-backed securities portfolio consists of GNMA, FHLMC, and FNMA
pass-through securities with a weighted average life of approximately 4.2 years,
a weighted average duration of approximately 3.5 years, and an unrealized gain
of $6.1 million, at March 31, 2003. The growth in the securities portfolio
during the quarter reflects the ongoing decision by the Company to additionally
leverage its equity with low risk, high cash-flow assets.
The Company's deposits increased 31% to $408.0 million at March 31, 2003, from
$312.3 million at December 31, 2002, and 135% from $173.3 million at March 31,
2002. The increase in deposits from March 31, 2002 is primarily attributable to
the continued focus on increasing transaction accounts as a percentage of total
deposits, with transaction accounts now accounting for more than 58% of total
deposits at March 31, 2003, versus 9% at March 31, 2002. Transaction accounts
increased 27% to $234.8 million at March 31, 2003, from $185.2 million at
December 31, 2002, and increased more than 13 times from $15.7 million at March
31, 2002. The majority of the Company's total transaction accounts are from
Orange, Los Angeles and Riverside counties, with business deposits accounting
for approximately 22% of the total, at march 31, 2003. Time deposits increased
36% to $173.3 million at March 31, 2003, from $127.1 million at December 31,
2002, and 10% from $157.6 million at March 31, 2002. The increase in time
deposits during the quarter resulted from the Company's focus on attracting
lower cost, longer duration, term deposits during this unprecedented interest
rate environment.
The Company's borrowings increased 44% to $648.7 million at March 31, 2003, from
$452.0 million at December 31, 2002, and 64% from $394.9 million at March 31,
2002. FHLB advances increased 41% to $408.1 million, from $289.1 million at
December 31, 2002, and 127% from $179.7 million at March 31, 2002, as the
Company continued to extend the duration, while lowering the cost of funding its
growth. Repurchase agreements increased 21% to $134.5 million, from $111.0
million at December 31, 2002, and decreased 2% from $136.8 million at March 31,
2002.
Stockholders' equity increased 9% to $84.8 million at March 31, 2003, from $77.6
million at December 31,
2002, and 200% from $28.2 million at March 31, 2002.
LOAN ORIGINATIONS AND PORTFOLIO ASSET QUALITY
The Company's loan originations increased 33% to a record $267.0 million during
the first quarter of 2003, from $200.3 million for the fourth quarter of 2002,
and 39% from $192.1 million for the first quarter of 2002. Loan originations for
the first quarter of 2003 consisted of $261.4 million of multi-family and
commercial real estate loans and $5.6 million of business loans and lines of
credit. For the first quarter of 2003, loan refinances accounted for 65% of
total multi-family and commercial real estate loan originations, compared to 70%
for the fourth quarter of 2002, and 68% for the first quarter of 2002. The
Company has originated, from its inception through March 31, 2003, over $2.2
billion in multi-family and commercial loans.
The Company's average loan size in its multi-family and commercial real estate
loans held for investment portfolio equaled $1.1 million and $1.2 million,
respectively, at March 31, 2003. At March 31, 2003, the Company's multi-family
real estate loans held for investment, at origination, had a weighted average
loan to value of 69.2%, and a weighted average debt coverage ratio of 1.29, and
commercial real estate loans, at origination, had a weighted average loan to
value of 66.3%, and a weighted average debt coverage ratio of 1.35. The Company
had one nonaccrual business line of credit for $225,000 as of March 31, 2003,
which is the only nonperforming asset at that date. The Company's overall asset
quality remained sound with no nonperforming or more than 30 days past due
multi-family or commercial real estate loans as of March 31, 2003. The Company
added $609,000 to the allowance for loan losses during the first quarter of
2003, increasing the allowance for loan losses to $3.3 million at March 31,
2003.
CCBI, headquartered in Irvine, CA, is a multifaceted financial services company
which provides financial services to meet the needs of its client base of
income-property real estate investors, middle market commercial businesses, and
high net-worth individuals, families and professionals. At March 31, 2003, CCBI
had total assets of $1.2 billion, and Commercial Capital Bank, the Company's
bank subsidiary, was the fastest growing banking organization in Orange County,
based on percentage growth in total assets on a quarterly basis over the 24
months ended December 31, 2002 (source: www.fdic.gov). The Bank has full service
banking offices located at the Company's headquarters in Irvine, Rancho Santa
Margarita, Riverside, and loan origination offices in Sacramento, Corte Madera
(Marin County), Oakland, Burlingame, Woodland Hills, Los Angeles, Irvine, and
San Diego, CA, and plans to open a banking office in La Jolla, CA in August of
2003. Commercial Capital Mortgage, Inc., the Company's mortgage banking
subsidiary, was the 4th largest multi-family lender in California during the 12
months ended December 31, 2002 and has originated over $2.2 billion in
multi-family and commercial real estate loans from its inception through March
31, 2003. ComCap Financial Services, Inc., the Company's NASD registered broker
dealer, provides fixed income and mortgage-backed securities advisory and
brokerage services to corporations, high net worth individuals and other
financial institutions.
CONFERENCE CALL AND WEBCAST INFORMATION
Analysts and investors may listen to CCBI's conference call on Monday, April 28,
2003, at 7:30 PDT at www.commercialcapital.com or by dialing (800) 299-7635,
access code 13642365. For those who are unable to participate in the
call/Webcast live, a playback of the Webcast will be archived on the Company's
site at www.commercialcapital.com. The archive will be available beginning
approximately 2 hours following the call for a period of 30 days. It is
recommended that participants dial into the conference call approximately 5 to
10 minutes prior to the call.
This Press Release may include forward-looking statements (related to each
company's plans, beliefs and
goals), which involve certain risks, and uncertainties that could cause actual
results to differ materially from those in the forward-looking statements. Such
risks and uncertainties include, but are not limited to, the following factors:
competitive pressure in the banking industry; changes in the interest rate
environment; the health of the economy, either nationally or regionally; the
deterioration of credit quality, which would cause an increase in the provision
for possible loan and lease losses; changes in the regulatory environment;
changes in business conditions, particularly in California real estate;
volatility of rate sensitive deposits; asset/liability matching risks and
liquidity risks; and changes in the securities markets. CCBI undertakes no
obligation to revise or publicly release any revision to these forward-looking
statements.
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)
MAR. 31, 2003 MAR. 31, 2002
- --------------------------------------------------------------------------------------------------------------
ASSETS
- -----------------------------------------------------------
Cash and Bank Accounts $ 3,680 $ 1,156
Fed Funds 18,400 68,970
Securities
MBS - Held To Maturity 2,036 2,057
MBS - Available For Sale 444,754 174,482
Other Investments - Available For Sale 101 102
----------------------------------
Total Securities 446,891 176,641
FHLB Stock 22,272 9,405
Loans Held for Investment
Single Family 3,855 7,052
Multifamily 496,627 235,723
Commercial Real Estate 65,630 30,113
----------------------------------
Total Real Estate Loans 566,112 272,888
Business Loans 4,221 5,457
Business & Consumer Lines of Credit 5,986 5,394
Consumer Loans 61 63
----------------------------------
Total Loans 576,380 283,802
Premiums on Loans Purchased 142 236
Unearned Net Loan Fees and Discounts (353) (94)
Allowance for Loan Losses (3,325) (1,628)
----------------------------------
Total Loans Held for Investment, Net 572,844 282,316
Loans Held for Sale 76,994 43,156
Fixed Assets - net 933 444
Foreclosed Assets - -
Accrued Interest Receivable 4,612 2,437
Goodwill 13,035 13,014
Other Assets 13,218 4,669
- --------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 1,172,879 $ 602,208
==============================================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
- -----------------------------------------------------------
Deposits
Demand Deposit $ 8,661 $ 6,115
Money Market 222,192 6,663
Savings 3,942 2,935
-----------------------------------
Total Transaction Deposits 234,795 15,713
Retail Time Deposits 135,198 139,573
Broker Time Deposits 38,052 18,042
-----------------------------------
Total Time Deposits 173,250 157,615
-----------------------------------
Total Deposits 408,045 173,328
Borrowings
FHLB Advances 408,097 179,745
Securities Sold Under Agreements to Repurchase 134,488 136,835
Trust Preferred Securities 35,000 35,000
Warehouse Lines of Credit 71,098 43,336
-----------------------------------
Total Borrowings 648,683 394,916
Other Liabilities 31,366 5,725
- ---------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,088,094 573,969
STOCKHOLDERS' EQUITY 84,785 28,239
-----------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,172,879 $ 602,208
===============================================================================================================
Operating Data Three Months Ended
Performance Ratios and Other Data: MAR. 31, 2003 MAR. 31, 2002
-----------------------------------
Average assets $ 996,555 $ 456,990
Average interest earning assets 950,162 439,182
Average interest bearing liabilities 897,892 419,584
Average stockholders' equity 82,305 28,918
Equity to assets at end of period 7.23% 4.69%
Tangible equity to assets at end of period 6.12 2.53
Nonperforming assets $ 225 $ -
Net charge-offs - -
Allowance for loan losses to total loans held for investment 0.58% 0.57%
at end of period
Per Share Data
Common shares outstanding at end of period 14,354,858 8,971,763
Book value per share $ 5.91 $ 3.15
Tangible book value per share $ 5.00 1.70
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED QUARTERLY STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
THREE MONTHS ENDED
MAR. 31, 2003 MAR. 31, 2002
- --------------------------------------------------------------------------------------------------------------
Interest Income
Real Estate Loans $ 8,408 $ 4,698
Other Loans 143 161
Investments 4,840 2,297
-----------------------------------
Total Interest Income 13,391 7,156
Interest Expense
Deposits 2,003 1,002
FHLB Advances 2,115 1,159
Repurchase Agreements 469 429
Trust Preferred Securities 456 259
Warehouse Line Advances 284 313
-----------------------------------
Total Interest Expense 5,327 3,162
-----------------------------------
Net Interest Income 8,064 3,994
Provision for Loan Losses 609 521
-----------------------------------
Net Interest Income after Provision for Loan Losses 7,455 3,473
Noninterest Income
Gain on Sale of Loans 975 768
Mortgage Banking Fees 75 192
Banking and Servicing Fees 195 77
Trust Fees 95 36
Other Income 107 -
Securities Brokerage Fees 121 -
Gain on Sale of Securities 1,647 -
-----------------------------------
Total Noninterest Income 3,215 1,073
Noninterest Expenses
Compensation and Benefits 1,504 1,030
Severance 430 -
Non-Cash Stock Compensation 208 34
Occupancy 201 145
General Operating 1,050 653
-----------------------------------
Total G&A Expenses 3,393 1,862
Early Extinguishment of Debt 152 -
-----------------------------------
Total Noninterest Expenses 3,545 1,862
-----------------------------------
Income Before Taxes 7,125 2,684
Income Tax Expense 2,886 1,139
-----------------------------------
Net Income $ 4,239 $ 1,545
===================================
Operating Data Three Months Ended
Performance Ratios and Other Data: MAR. 31, 2003 MAR. 31, 2002
-----------------------------------
Earnings per share - Basic $ 0.30 $ 0.17
Earnings per share - Diluted 0.28 0.17
Weighted average shares outstanding -- Basic 14,321,146 8,917,403
Weighted average shares outstanding -- Diluted 14,989,534 9,233,206
Return on average assets 1.70% 1.35%
Return on average stockholders' equity 20.60 21.37
Interest rate spread 3.23 3.46
Net interest margin 3.39 3.64
Efficiency ratio 30.08 36.75
G&A to average assets 1.36 1.63
Total loan originations $ 266,951 $ 192,071
CCM loan originations only 261,351 184,921
Bank loan originations only 5,600 7,150
Total CCM loan sale settlements 202,543 193,958
CCM loan purchases by Bank 125,518 97,997
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)
MAR. 31, 2003 DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002
- ---------------------------------------------------------------------------------------------------------------------------
ASSETS
- ----------------------------------------------------------
Cash and Bank Accounts $ 3,680 $ 3,408 $ 2,763 $ 5,058
Fed Funds 18,400 - 26,000 700
Securities
MBS - Held To Maturity 2,036 2,042 2,048 2,053
MBS - Available For Sale 444,754 307,932 236,115 226,007
Other Investments - Available For Sale 101 100 101 102
-----------------------------------------------------------------
Total Securities 446,891 310,074 238,264 228,162
FHLB Stock 22,272 15,701 10,832 9,515
Loans Held for Investment
Single Family 3,855 4,134 4,425 5,242
Multifamily 496,627 399,928 341,555 283,634
Commercial Real Estate 65,630 57,858 49,152 36,910
-----------------------------------------------------------------
Total Real Estate Loans 566,112 461,920 395,132 325,786
Business Loans 4,221 4,531 4,714 4,415
Business & Consumer Lines of Credit 5,986 5,386 8,864 5,430
Consumer Loans 61 129 58 68
-----------------------------------------------------------------
Total Loans 576,380 471,966 408,768 335,699
Premiums on Loans Purchased 142 167 186 214
Unearned Net Loan Fees and Discounts (353) (231) (119) (96)
Allowance for Loan Losses (3,325) (2,716) (2,358) (1,921)
-----------------------------------------------------------------
Total Loans Held for Investment, Net 572,844 469,186 406,477 333,896
Loans Held for Sale 76,994 18,338 40,914 45,028
Fixed Assets - net 933 976 915 466
Foreclosed Assets - - - -
Accrued Interest Receivable 4,612 3,543 3,189 2,942
Goodwill 13,035 13,035 13,035 13,014
Other Assets 13,218 15,208 10,570 10,335
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 1,172,879 $ 849,469 $ 752,959 $ 649,116
===========================================================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
- ----------------------------------------------------------
Deposits
Demand Deposit $ 8,661 $ 6,905 $ 8,048 $ 6,302
Money Market 222,192 176,194 152,317 64,934
Savings 3,942 2,109 1,760 2,040
------------------------------------------------------------------
Total Transaction Deposits 234,795 185,208 162,125 73,276
Retail Time Deposits 135,198 109,029 147,906 159,847
Broker Time Deposits 38,052 18,042 18,042 23,042
------------------------------------------------------------------
Total Time Deposits 173,250 127,071 165,948 182,889
------------------------------------------------------------------
Total Deposits 408,045 312,279 328,073 256,165
Borrowings
FHLB Advances 408,097 289,139 213,432 172,974
Securities Sold Under Agreements to Repurchase 134,488 110,993 99,445 106,689
Trust Preferred Securities 35,000 35,000 35,000 35,000
Warehouse Lines of Credit 71,098 16,866 33,057 40,409
------------------------------------------------------------------
Total Borrowings 648,683 451,998 380,934 355,072
Other Liabilities 31,366 7,589 5,963 4,468
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,088,094 771,866 714,970 615,705
STOCKHOLDERS' EQUITY 84,785 77,603 37,989 33,411
------------------------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,172,879 $ 849,469 $ 752,959 $ 649,116
============================================================================================================================
Operating Data Three Months Ended
Performance Ratios and Other Data: MAR. 31, 2003 DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002
------------------------------------------------------------------
Average assets $ 996,555 $ 805,901 $ 721,753 $ 604,586
Average interest earning assets 950,162 767,719 690,965 579,968
Average interest bearing liabilities 897,892 748,053 675,680 562,775
Average stockholders' equity 82,305 44,217 35,959 31,151
Equity to assets at end of period 7.23% 9.14% 5.05% 5.15%
Tangible equity to assets at end of period 6.12 7.60 3.31 3.14
Nonperforming assets $ 225 $ - $ - $ -
Net charge-offs - - - -
Allowance for loan losses to total loans held for
investment at end of period 0.58% 0.58% 0.58% 0.57%
Per Share Data
Common shares outstanding at end of period 14,354,858 13,978,858 8,964,868 8,964,868
Book value per share $ 5.91 $ 5.55 $ 4.24 $ 3.73
Tangible book value per share $ 5.00 $ 4.62 2.78 2.28
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED QUARTERLY STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
THREE MONTHS ENDED
MAR. 31, 2003 DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002
- ----------------------------------------------------------------------------------------------------------------------------
Interest Income
Real Estate Loans $ 8,408 $ 7,389 $ 6,551 $ 5,866
Other Loans 143 211 180 195
Investments 4,840 3,806 3,988 3,225
------------------------------------------------------------------
Total Interest Income 13,391 11,406 10,719 9,286
Interest Expense
Deposits 2,003 2,135 2,119 1,394
FHLB Advances 2,115 1,817 1,674 1,512
Repurchase Agreements 469 459 528 500
Trust Preferred Securities 456 503 513 520
Warehouse Line Advances 284 222 252 339
------------------------------------------------------------------
Total Interest Expense 5,327 5,136 5,086 4,265
------------------------------------------------------------------
Net Interest Income 8,064 6,270 5,633 5,021
Provision for Loan Losses 609 358 437 293
------------------------------------------------------------------
Net Interest Income after Provision for Loan Losses 7,455 5,912 5,196 4,728
Noninterest Income
Gain on Sale of Loans 975 1,595 1,096 1,118
Mortgage Banking Fees 75 53 127 67
Banking and Servicing Fees 195 159 109 58
Trust Fees 95 62 52 48
Other Income 107 157 85 73
Securities Brokerage Fees 121 193 464 -
Gain on Sale of Securities 1,647 396 574 56
------------------------------------------------------------------
Total Noninterest Income 3,215 2,615 2,507 1,420
Noninterest Expenses
Compensation and Benefits 1,504 1,583 1,589 1,085
Severance 430 - - -
Non-Cash Stock Compensation 208 35 35 35
Occupancy 201 199 190 148
General Operating 1,050 904 1,061 902
------------------------------------------------------------------
Total G&A Expenses 3,393 2,721 2,875 2,170
Early Extinguishment of Debt 152 395 508 -
------------------------------------------------------------------
Total Noninterest Expenses 3,545 3,116 3,383 2,170
------------------------------------------------------------------
Income Before Taxes 7,125 5,411 4,320 3,978
Income Tax Expense 2,886 2,202 1,696 1,646
------------------------------------------------------------------
Net Income $ 4,239 $ 3,209 $ 2,624 $ 2,332
==================================================================
Operating Data Three Months Ended
Performance Ratios and Other Data: MAR. 31, 2003 DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002
------------------------------------------------------------------
Earnings per share - Basic $ 0.30 $ 0.33 $ 0.29 $ 0.26
Earnings per share - Diluted 0.28 0.31 0.27 0.24
Weighted average shares outstanding -- Basic 14,321,146 9,623,732 8,964,868 8,950,628
Weighted average shares outstanding -- Diluted 14,989,534 10,309,944 9,659,467 9,617,546
Return on average assets 1.70% 1.59% 1.45% 1.54%
Return on average stockholders' equity 20.60 29.03 29.19 29.94
Interest rate spread 3.23 3.22 3.22 3.36
Net interest margin 3.39 3.27 3.26 3.46
Efficiency ratio 30.08 30.62 35.32 33.69
G&A to average assets 1.36 1.35 1.59 1.44
Total loan originations $ 266,951 $ 200,258 $ 189,290 $ 179,126
CCM loan originations only 261,351 199,208 185,490 179,012
Bank loan originations only 5,600 1,050 3,800 114
Total CCM loan sale settlements 202,543 221,748 189,653 177,147
CCM loan purchases by Bank 125,518 81,480 83,323 63,702