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 RECORD FOURTH
QUARTER AND ANNUAL EARNINGS OF $0.31 AND $1.00 PER SHARE
IPO Completed, Loan Originations Reach $749 Million
and Efficiency Ratio Declines to 32%
Irvine, CA - January 27, 2003 - Commercial Capital Bancorp, Inc. ("CCBI" or the
"Company"), (NASDAQ: "CCBI"), the holding company for Commercial Capital Bank,
FSB (the "Bank"), Financial Institutional Partners Mortgage Corporation
("FIPMC"), and ComCap Financial Services, Inc. ("ComCap"), announced today net
income of $3.2 million, or $0.31 per diluted share, for the fourth quarter ended
December 31, 2002, compared to net income of $728,000, or $0.08 per diluted
share, for the fourth quarter of 2001. The Company's net income for the year
ended December 31, 2002 was $9.7 million, or $1.00 per diluted share, compared
to net income of $1.6 million, or $0.17 per diluted share, for the year ended
December 31, 2001. CCBI's return on average equity and return on average assets
for the fourth quarter of 2002 was 29.03% and 1.59%, respectively, compared to
10.59% and 0.95%, for the fourth quarter of 2001. CCBI's return on average
equity and return on average assets for the year ended December 31, 2002 was
27.69% and 1.50%, respectively, compared to 5.98% and 0.66%, for the year ended
December 31, 2001. The Company discontinued the amortization of goodwill in 2002
due to the adoption of a new accounting standard. Excluding the amortization of
goodwill, the Company would have had net income of $918,000 and $2.3 million for
the fourth quarter and year ended December 31, 2001, respectively.
Stephen H. Gordon, Chairman and Chief Executive Officer, stated, "We are very
pleased to have been able to successfully achieve many of our goals for the year
including record earnings, loan originations, deposit growth and continued
outstanding asset quality. When combined with the completion of the Company's
IPO in December, along with the strengthening of the executive management team
in the areas of corporate risk management and relationship banking, the
foundation and scale has been established to support continued organic growth."
Gordon added, "We look forward to implementing our plans for the coming year
including deploying the capital raised in the IPO to support continued loan and
securities growth and further developing our relationship banking franchise and
core deposit funding. To support this deposit growth, we plan to selectively
open branches in areas where there is a high concentration of our existing or
targeted clientele of middle market commercial businesses, income-property real
estate investors, high net-worth individuals, families and professionals.
Additionally, we plan to continue to grow and mature our loan origination
operation, capitalizing on the strong market position we already hold."
($ in 000's, except per share data) Q4 Q3 Q4 Year Ended Year Ended
2002 2002 2001 12/31/2002 12/31/2001
Net income $ 3,209 $ 2,624 $ 728 $ 9,710 $ 1,556
Basic EPS 0.33 0.29 0.08 1.07 0.18
Diluted EPS 0.31 0.27 0.08 1.00 0.17
Net interest income 6,270 5,633 2,513 20,918 6,631
Net interest margin 3.27% 3.26% 3.46% 3.38% 3.06%
Noninterest income $ 2,615 $ 2,507 $ 1,759 $ 7,615 $ 4,942
Noninterest expense 3,116 3,383 2,518 10,531 7,507
Total revenues 14,021 13,226 6,713 46,182 20,821
Return on average equity 29.03% 29.19% 10.59% 27.69% 5.98%
Return on average assets 1.59 1.45 0.95 1.50 0.66
Efficiency ratio 32.05 38.00 69.62 35.00 66.60
1/10
Some of the Company's 2002 highlights include:
. The Company's net income increased 22% to $3.2 million for the fourth
quarter of 2002, from $2.6 million for the third quarter of 2002. The
Company's net income grew at a compounded quarterly growth rate of 58%
for the year ended December 31, 2002.
. The Company's total revenues, defined as interest income plus
noninterest income, increased 6% to $14.0 million for the fourth
quarter of 2002, from $13.2 million for the third quarter of 2002. The
Company's total revenues grew at a compounded quarterly growth rate of
22% for the year ended December 31, 2002.
. The Company's consolidated assets increased 13% to $849.5 million at
December 31, 2002, from $753.0 million at September 30, 2002. The
Company's consolidated assets grew at a compounded quarterly growth
rate of 19% for the year ended December 31, 2002.
. The Company's money market deposits increased 16% to $176.2 million at
December 31, 2002, from $152.3 million at September 30, 2002.
. FIPMC loan originations increased 7% to a record $199.2 million of
multi-family and commercial real estate loans during the fourth quarter
of 2002, from $185.5 million for the third quarter of 2002. FIPMC
originations grew at a compounded quarterly growth rate of 12%,
totaling a record $748.6 million, for the year ended December 31, 2002.
. The Company had no non-performing assets at December 31, 2002, and no
loan was more than 60 days past due.
On December 20, 2002, the Company completed its initial public offering ("IPO")
of 5,000,000 shares of its common stock at $8.00 per share, resulting in the
receipt of $35.8 million of net proceeds and increased capital after adjusting
for underwriting discounts and expenses of the offerings. At December 31, 2002,
the Company had 13,978,858 shares of common stock outstanding./1/ For the
purpose of calculating 2002 performance ratios, the weighted average basic and
diluted shares outstanding for the fourth quarter of 2002 were 9,623,732 and
10,309,944, respectively, and for the year ended December 31, 2002 were
9,115,684 and 9,728,918, respectively. Since the IPO was not completed until
December 20, 2002, the Company's results of operations do not reflect any
material impact on earnings from the planned deployment of the IPO proceeds.
NET INTEREST INCOME
The Company's net interest income was $6.3 million and $20.9 million for the
fourth quarter and year ended December 31, 2002, respectively, compared to $2.5
million and $6.6 million for the fourth quarter and year ended December 31,
2001, respectively. The Company's net interest margin was 3.27% and 3.38% for
the fourth quarter and year ended December 31, 2002, respectively, compared to
3.46% and 3.06% for the fourth quarter and year ended December 31, 2001,
respectively.
The Company's yield on interest earning assets declined 27 basis points to 5.94%
during the quarter ended December 31, 2002, from 6.21% during the quarter ended
September 30, 2002. The Company's cost of interest bearing liabilities
_____________________
/1/ In January 2003, the underwriters of CCBI's IPO, 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 of the offerings. This additional transaction increased
the Company's outstanding shares of common stock to 14,353,858.
2/10
declined 27 basis points to 2.72% during the fourth quarter of 2002, from 2.99%
during the quarter ended September 30, 2002. The decline in asset yields during
the quarter ended December 31, 2002 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 most 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 market. The
decline in the cost of interest-bearing liabilities during the fourth quarter of
2002 reflects the Company's ability to lower its rate of interest paid on money
market and other deposits, as well as to utilize lower cost, longer duration
borrowings, primarily obtained through advances from the Federal Home Loan Bank
("FHLB").
During the fourth quarter of 2002, 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 fixed rate advances
from the FHLB and replacing them with lower costing, longer duration, fixed rate
advances. During the fourth quarter of 2002, the Company prepaid $35 million of
fixed rate FHLB advances, and reduced borrowing costs on these advances by 105
basis points. The Company also benefited from the 50 basis point Fed cut that
occurred in November 2002, which subsequently lowered the interest expense
incurred on its repurchase agreements, trust preferred securities, and
approximately $30 million of deposits which are tied to the six month treasury
bill. The Company cut the rate of interest paid on its money market accounts in
mid-October, early November, and late December for a cumulative reduction of 60
basis points on balances of $50,000 or more, the full impact of which will be
seen in the first quarter of 2003. The Company had an average balance of money
market deposits of $164.4 million for the fourth quarter of 2002.
NONINTEREST INCOME
Noninterest income was $2.6 million and $7.6 million for the fourth quarter and
year ended December 31, 2002, respectively, compared to $1.8 million and $4.9
million for the fourth quarter and year ended December 31, 2001, respectively.
While noninterest income continues to increase, its contribution to total
revenues represents a lower percentage to total revenues as the growth of the
Company's balance sheet contributes larger amounts of interest income.
Noninterest income contributed 19% and 16% to total revenues for the fourth
quarter and year ended December 31, 2002, respectively, compared to 26% and 24%
for the fourth quarter and year ended December 31, 2001, respectively.
The Company's noninterest income included gains on sales of securities of
$396,000 and $1.0 million for the fourth quarter and year ended December 31,
2002, respectively, compared to $932,000 and $1.4 million for the fourth quarter
and year ended December 31, 2001, respectively. Excluding the gains on sales of
securities, which are not considered to be part of the Company's core
operations, noninterest income increased 168% and 87% to $2.2 million and $6.6
million for the quarter and year ended December 31, 2002, respectively, compared
to $827,000 and $3.5 million for the quarter and year ended December 31, 2001,
respectively. The Company's noninterest income, excluding gains on sales of
securities, for the year ended December 31, 2002 consisted of $4.6 million of
ongoing cash gains on sales of loans, $439,000 in net mortgage banking fees,
$657,000 in securities brokerage fees, and $916,000 in 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. The increase
in noninterest income for the 2002 periods compared to the 2001 periods is
primarily due to higher volume of loan originations and cash loan sales achieved
by FIPMC, as well as the earnings contribution of ComCap, which was acquired on
July 1, 2002.
NONINTEREST EXPENSES
The Company's efficiency ratio declined to 32.05% and 35.00% for the fourth
quarter and year ended December 31, 2002, respectively, compared to 69.62% and
66.60% for the fourth quarter and year ended December 31, 2001, respectively.
The Company defines its efficiency ratio as noninterest expenses, excluding
goodwill amortization and costs associated with the early extinguishment of
debt, as a percentage of net interest income and noninterest income, excluding
gains on sales of securities. General and administrative expenses declined to
1.35% and 1.49% of total average assets for the fourth quarter and year ended
December 31, 2002, respectively, compared to 3.02% and 2.88% for the same
periods in 2001, respectively.
3/10
The Company's noninterest expenses, excluding goodwill amortization in the 2001
periods and costs associated with the early extinguishment of debt in the 2002
periods, totaled $2.7 million and $9.6 million for the fourth quarter and year
ended December 31, 2002, respectively, compared to $2.3 million and $6.8 million
for the fourth quarter and year ended December 31, 2001, respectively. The
increase during the year ended 2002 compared to the year ended 2001 is primarily
due to higher personnel costs, including expenses incurred due to securities
brokerage commissions paid by ComCap, and additional marketing costs in
connection with the Bank's money market accounts growth. During the fourth
quarter and year ended December 31, 2002, the Company recorded $395,000 and
$903,000, respectively, in costs associated with the early extinguishment of
fixed rate FHLB advances.
BALANCE SHEET
The Company had total consolidated assets of $849.5 million at December 31,
2002, an increase of 13% and 100% from $753.0 million and $423.7 million at
September 30, 2002 and December 31, 2001, respectively. The increase in assets
during the three-months ended December 31, 2002 was primarily due to a $62.7
million increase in its loans held for investment portfolio. The Bank purchased
$81.5 million in loans from FIPMC during the fourth quarter of 2002. Total
loans, which include loans held for investment and loans held for sale, net of
allowances, totaled $487.5 million, an increase of 9% and 102% from $447.4
million and $241.2 million at September 30, 2002 and December 31, 2001,
respectively. Additionally, the Company increased its securities portfolio to
$310.1 million, an increase of 30% and 159% from $238.3 million and $119.7
million at September 30, 2002 and December 31, 2001, respectively. The balance
sheet growth during the fourth quarter of 2002 was partially offset by deploying
$26 million of fed funds sold on the Company's balance sheet at September 30,
2002.
The Company's deposits totaled $312.3 million at December 31, 2002, a decrease
of 5% and an increase of 164% from $328.1 million and $118.3 million at
September 30, 2002 and December 31, 2001, respectively. The increase in deposits
from December 31, 2001 is primarily attributable to the Bank's introduction of
its Prime Money Market account in March 2002 and the Maximum Money Market
account in September 2002. The increase in money market deposits has
significantly changed the Company's deposit mix with transaction accounts now
accounting for more than 59% of total deposits at December 31, 2002 versus 13%
at December 31, 2001. Of the Company's money market deposits at December 31,
2002, the majority was from Orange, Los Angeles and Riverside counties, with
business deposits accounting for 21% of the total. As a result of the current
unprecedented interest rate environment, management made the decision during the
fourth quarter of 2002 to replace maturing short duration certificates of
deposit with low cost, longer duration FHLB advances, resulting in a decrease in
total deposits, while contributing to a lower overall cost of funds and a longer
duration of liabilities should interest rates eventually rise. The Company
continues to focus on attracting money market deposits and other transaction
accounts, which increased $23.1 million, or 14% during the quarter.
Borrowings totaled $452.0 million, an increase of 19% and 64% from $380.9
million and $274.8 million at September 30, 2002 and December 31, 2001,
respectively. FHLB advances totaled $289.1 million, an increase of 35% and 125%
from $213.4 million and $128.7 million at September 30, 2002 and December 31,
2001, respectively. Repurchase agreements totaled $111.0 million, an increase of
12% and 41% from $99.4 million and $78.8 million at September 30, 2002 and
December 31, 2001, respectively. Trust preferred securities totaled $35.0
million, an increase of 133% from $15.0 million at December 31, 2001. The
Company's loans held for sale were funded by a warehouse line of credit.
Stockholders' equity totaled $77.6 million, an increase of 104% and 190% from
$38.0 million and $26.8 million at September 30, 2002, and December 31, 2001,
respectively.
LOAN ORIGINATIONS
FIPMC loan originations increased 7% to a record $199.2 million of multi-family
and commercial real estate loans during the fourth quarter of 2002, from $185.5
million for the third quarter of 2002. FIPMC loan originations increased 55% to
a record $748.6 million of multi-family and commercial real estate loans during
the year ended December 31, 2002, from $483.0 million for the year ended
December 31, 2001. For the fourth quarter of 2002, loan refinances accounted for
70% of total originations, which was unchanged from the fourth quarter of 2001.
For the year ended December 31, 2002, loan refinances declined to 63% of total
originations, from 67% for the year ended December 31, 2001. FIPMC has
originated, from its inception through December 31, 2002, $2.0 billion in loans.
4/10
Consolidated loan originations, which include loans originated by the Bank,
increased by 45% and 54% to $200.3 million and $760.7 million of loans during
the fourth quarter and year ended December 31, 2002, respectively, compared to
$138.6 million and $494.9 million during the fourth quarter and year ended
December 31, 2001.
CCBI, headquartered in Irvine, CA, is a multifaceted financial services company
which provides financial services to meet the needs of its client base of middle
market commercial businesses, income-property real estate investors, high
net-worth individuals, families and professionals. At December 31, 2002, CCBI
had total assets of $849.5 million, and its subsidiary, Commercial Capital Bank,
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
June 30, 2002 (source: www.fdic.gov). The Bank has three full service branches
located at the Company's headquarters in Irvine, Riverside, and in Rancho Santa
Margarita, CA. FIPMC, the 4th largest multifamily lender in California during
the 12 months ended September 30, 2002, has originated approximately $2.0
billion in multi-family and commercial real estate loans since its inception
through December 31, 2002 and has loan origination offices in Burlingame, Corte
Madera (Marin County), Oakland, Woodland Hills, Los Angeles, Irvine and San
Diego. ComCap, a 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, January
27, 2003, at 10:30 EST at www.commercialcapital.com or by dialing (800)
299-0148, passcode 877287. 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.
5/10
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED QUARTERLY STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
THREE MONTHS ENDED
DEC. 31, 2002 DEC. 31, 2001
------------------------------------------
Interest Income
Interest on Real Estate Loans $ 7,389 $ 3,503
Interest on Other Loans 211 119
Interest on Investments 3,806 1,332
------------------------------------------
Total Interest Income 11,406 4,954
Interest Expense
Interest on Deposits 2,135 970
Interest on FHLB Advances 1,817 806
Interest on Repurchase Agreements 459 284
Interest on Trust Preferred Securities 503 86
Interest on Warehouse Line Advances 222 295
------------------------------------------
Total Interest Expense 5,136 2,441
------------------------------------------
Net Interest Income 6,270 2,513
Provision for Loan Losses 358 283
------------------------------------------
Net Interest Income after Provision for Loan Losses 5,912 2,230
Noninterest Income
Mortgage Banking Fees 53 10
Gain on Sale of Loans 1,595 735
Banking and Servicing Fees 159 54
Trust Fees 62 28
Other Income 157 -
Gain on Sale of Securities 396 932
Securities Brokerage Fees 193 -
------------------------------------------
Total Noninterest Income 2,615 1,759
Noninterest Expenses
Personnel 1,618 1,711
Occupancy 199 149
General Operating 904 468
------------------------------------------
Total G&A Expenses 2,721 2,328
Goodwill Amortization - 190
Early Extinguishment of Debt 395 -
------------------------------------------
Total Noninterest Expenses 3,116 2,518
------------------------------------------
Income Before Taxes 5,411 1,471
Income Tax Expense 2,202 694
------------------------------------------
Income Before Minority Interest 3,209 777
Income to Minority Interest - 49
------------------------------------------
Net Income $ 3,209 $ 728
==========================================
Net Income excluding goodwill amortization $ 3,209 $ 918
Operating Data At or For the Three Months Ended
Performance Ratios and Other Data: DEC. 31, 2002 DEC. 31, 2001
------------------------------------------
Earnings per share - Basic $ 0.33 $ 0.08
Earnings per share - Diluted 0.31 0.08
Weighted average shares outstanding -- Basic 9,623,732 8,843,824
Weighted average shares outstanding -- Diluted 10,309,944 9,167,337
Return on average assets 1.59% 0.95%
Return on average stockholders' equity 29.03 10.59
Interest rate spread 3.22 3.19
Net interest margin 3.27 3.46
Efficiency ratio 32.05 69.62
G&A to average assets 1.35 3.02
Total loan originations $ 200,258 $ 138,569
FIPMC loan originations only 199,208 136,894
Bank loan originations only 1,050 1,675
Total FIPMC loan sale settlements 221,748 113,346
FIPMC loan purchases by Bank 81,480 55,525
6/10
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
YEAR ENDED
DEC. 31, 2002 DEC. 31, 2001
- ------------------------------------------------------------------------------------------------
Interest Income
Interest on Real Estate Loans $ 24,504 $ 11,387
Interest on Other Loans 747 491
Interest on Investments 13,316 4,001
--------------------------------------
Total Interest Income 38,567 15,879
Interest Expense
Interest on Deposits 6,651 3,923
Interest on FHLB Advances 6,162 2,864
Interest on Repurchase Agreements 1,916 668
Interest on Trust Preferred Securities 1,794 86
Interest on Warehouse Line Advances 1,126 1,707
--------------------------------------
Total Interest Expense 17,649 9,248
--------------------------------------
Net Interest Income 20,918 6,631
Provision for Loan Losses 1,609 686
--------------------------------------
Net Interest Income after Provision for Loan Losses 19,309 5,945
Noninterest Income
Mortgage Banking Fees 439 645
Gain on Sale of Loans 4,577 2,671
Banking and Servicing Fees 403 114
Trust Fees 198 88
Other Income 315 -
Gain on Sale of Securities 1,026 1,424
Securities Brokerage Fees 657 -
--------------------------------------
Total Noninterest Income 7,615 4,942
Noninterest Expenses
Personnel 5,426 4,206
Occupancy 682 581
General Operating 3,520 1,972
--------------------------------------
Total G&A Expenses 9,628 6,759
Goodwill Amortization - 748
Early Extinguishment of Debt 903 -
--------------------------------------
Total Noninterest Expenses 10,531 7,507
--------------------------------------
Income Before Taxes 16,393 3,380
Income Tax Expense 6,683 1,716
--------------------------------------
Income Before Minority Interest 9,710 1,664
Income to Minority Interest - 108
--------------------------------------
Net Income 9,710 1,556
======================================
Net Income excluding goodwill amortization $ 9,710 $ 2,304
Operating Data At or For the Year Ended
Performance Ratios and Other Data: DEC. 31, 2002 DEC. 31, 2001
--------------------------------------
Earnings per share - Basic $ 1.07 $ 0.18
Earnings per share - Diluted 1.00 0.17
Weighted average shares outstanding -- Basic 9,115,684 8,680,976
Weighted average shares outstanding -- Diluted 9,728,918 9,003,856
Return on average assets 1.50% 0.66%
Return on average stockholders' equity 27.69 5.98
Interest rate spread 3.29 2.56
Net interest margin 3.38 3.06
Efficiency ratio 35.00 66.60
G&A to average assets 1.49 2.88
Total loan originations $ 760,745 $ 494,897
FIPMC loan originations only 748,631 483,048
Bank loan originations only 12,114 11,849
Total FIPMC loan sale settlements 782,506 452,571
FIPMC loan purchases by Bank 326,502 134,484
7/10
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)
DEC. 31, 2002 DEC. 31, 2001
- ------------------------------------------------------------------------------------------------------------
ASSETS
- ---------------------------------------------------------------
Cash and Bank Accounts $ 3,408 $ 1,664
Fed Funds - 35,850
Securities
MBS - Held To Maturity 2,042 -
MBS - Available For Sale 307,932 119,583
Other Investments - Available For Sale 100 102
-------------------------------------
Total Securities 310,074 119,685
FHLB Stock 15,701 6,367
Loans Held to Maturity
Single Family 4,134 7,802
Multifamily 399,928 150,338
Commercial Real Estate 57,858 23,674
Deferred Loan Fees (188) (49)
Premiums on Loans Purchased 167 262
-------------------------------------
Total Real Estate Loans 461,899 182,027
Business Loans 4,531 2,599
Business & Consumer Lines of Credit 5,386 5,223
Deferred Loan Fees (43) (22)
Consumer Loans 129 77
-------------------------------------
Total Loans 471,902 189,904
Allowance for Loan Losses (2,716) (1,107)
-------------------------------------
Total Loans Held to Maturity, Net 469,186 188,797
Loans Held for Sale 18,338 52,379
Fixed Assets - net 976 394
Foreclosed Assets - -
Accrued Interest Receivable 3,543 1,622
Goodwill 13,035 13,014
Other Assets 15,208 3,919
- ------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 849,469 $ 423,691
============================================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
- --------------------------------------------------------------
Deposits
Demand Deposit $ 6,905 $ 6,460
Money Market 176,194 5,179
Savings 2,109 3,918
-------------------------------------
Total Transaction Deposits 185,208 15,557
Retail Time Deposits 109,029 97,782
Broker Time Deposits 18,042 5,000
-------------------------------------
Total Time Deposits 127,071 102,782
-------------------------------------
Total Deposits 312,279 118,339
Borrowings
FHLB Advances 289,139 128,690
Securities Sold Under Agreements to Repurchase 110,993 78,752
Trust Preferred Securities 35,000 15,000
Warehouse Lines of Credit 16,866 52,389
-------------------------------------
Total Borrowings 451,998 274,831
Other Liabilities 7,589 3,719
- ------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 771,866 396,889
STOCKHOLDERS' EQUITY 77,603 26,802
-------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 849,469 $ 423,691
============================================================================================================
Operating Data At or For the Year Ended
Performance Ratios and Other Data: DEC. 31, 2002 DEC. 31, 2001
-------------------------------------
Average assets $ 647,308 $ 234,456
Average interest earning assets 619,457 217,051
Average interest bearing liabilities 601,719 194,240
Average stockholders' equity 35,061 26,020
Equity to assets at end of period 9.14% 6.33%
Tangible equity to assets at end of period 7.60 3.25
Nonperforming assets - -
Net charge-offs - -
Allowance for loan losses to total loans held for
investment at end of period 0.58 0.58
Per Share Data
Common shares outstanding at end of period 13,978,858 8,845,764
Book value per share $ 5.55 $ 3.03
Tangible book value per share 4.62 1.56
8/10
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED QUARTERLY STATEMENT OF OPERATIONS
(Dollars in Thousands, except per share data)
THREE MONTHS ENDED
DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002 MAR. 31, 2002
- ------------------------------------------------------------------------------------------------------------------------
Interest Income
Interest on Real Estate Loans $ 7,389 $ 6,551 $ 5,866 $ 4,698
Interest on Other Loans 211 180 195 161
Interest on Investments 3,806 3,988 3,225 2,297
-----------------------------------------------------------------
Total Interest Income 11,406 10,719 9,286 7,156
Interest Expense
Interest on Deposits 2,135 2,119 1,394 1,002
Interest on FHLB Advances 1,817 1,674 1,512 1,159
Interest on Repurchase Agreements 459 528 500 429
Interest on Trust Preferred Securities 503 513 520 259
Interest on Warehouse Line Advances 222 252 339 313
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Total Interest Expense 5,136 5,086 4,265 3,162
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Net Interest Income 6,270 5,633 5,021 3,994
Provision for Loan Losses 358 437 293 521
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Net Interest Income after Provision for Loan Losses 5,912 5,196 4,728 3,473
Noninterest Income
Mortgage Banking Fees 53 127 67 192
Gain on Sale of Loans 1,595 1,096 1,118 768
Banking and Servicing Fees 159 109 58 77
Trust Fees 62 52 48 36
Other Income 157 85 73 -
Gain on Sale of Securities 396 574 56 -
Securities Brokerage Fees 193 464 - -
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Total Noninterest Income 2,615 2,507 1,420 1,073
Noninterest Expenses
Personnel 1,618 1,624 1,120 1,064
Occupancy 199 190 148 145
General Operating 904 1,061 902 653
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Total G&A Expenses 2,721 2,875 2,170 1,862
Early Extinguishment of Debt 395 508 - -
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Total Noninterest Expenses 3,116 3,383 2,170 1,862
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Income Before Taxes 5,411 4,320 3,978 2,684
Income Tax Expense 2,202 1,696 1,646 1,139
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Net Income $ 3,209 $ 2,624 $ 2,332 $ 1,545
=================================================================
Operating Data At or For the Three Months Ended
Performance Ratios and Other Data: DEC. 31, 2000 SEPT. 30, 2002 JUNE 30, 2002 MAR. 31, 2002
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Earnings per share - Basic $ 0.33 $ 0.29 $ 0.26 $ 0.17
Earnings per share - Diluted 0.31 0.27 0.24 0.17
Weighted average shares outstanding -- Basic 9,623,732 8,964,868 8,950,628 8,917,403
Weighted average shares outstanding -- Diluted 10,309,944 9,659,467 9,617,546 9,233,206
Return on average assets 1.59% 1.45% 1.54% 1.35%
Return on average stockholders' equity 29.03 29.19 29.94 21.37
Interest rate spread 3.22 3.22 3.36 3.46
Net interest margin 3.27 3.26 3.46 3.64
Efficiency ratio 32.05 38.00 33.99 36.75
G&A to average assets 1.35 1.59 1.44 1.63
Total loan originations $ 200,258 $ 189,290 $ 179,126 $ 192,071
FIPMC loan originations only 199,208 185,490 179,012 184,921
Bank loan originations only 1,050 3,800 114 7,150
Total FIPMC loan sale settlements 221,748 189,653 177,147 193,958
FIPMC loan purchases by Bank 81,480 83,323 63,702 97,997
COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)
DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002 MAR. 31, 2002
- ------------------------------------------------------------------------------------------------------------------------------
ASSETS
- -----------------------------------------------
Cash and Bank Accounts $ 3,408 $ 2,763 $ 5,058 $ 1,156
Fed Funds - 26,000 700 68,970
Securities
MBS - Held To Maturity 2,042 2,048 2,053 2,057
MBS - Available For Sale 307,932 236,115 226,007 174,482
Other Investments - Available For Sale 100 101 102 102
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Total Securities 310,074 238,264 228,162 176,641
FHLB Stock 15,701 10,832 9,515 9,405
Loans Held to Maturity
Single Family 4,134 4,425 5,242 7,052
Multifamily 399,928 341,555 283,634 235,723
Commercial Real Estate 57,858 49,152 36,910 30,113
Deferred Loan Fees (188) (70) (57) (39)
Premiums on Loans Purchased 167 186 214 236
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Total Real Estate Loans 461,899 395,248 325,943 273,085
Business Loans 4,531 4,714 4,415 5,457
Business & Consumer Lines of Credit 5,386 8,864 5,430 5,394
Deferred Loan Fees (43) (49) (39) (55)
Consumer Loans 129 58 68 63
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Total Loans 471,902 408,835 335,817 283,944
Allowance for Loan Losses (2,716) (2,358) (1,921) (1,628)
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Total Loans Held to Maturity, Net 469,186 406,477 333,896 282,316
Loans Held for Sale 18,338 40,914 45,028 43,156
Fixed Assets - net 976 915 466 444
Foreclosed Assets - - - -
Accrued Interest Receivable 3,543 3,189 2,942 2,437
Goodwill 13,035 13,035 13,014 13,014
Other Assets 15,208 10,570 10,335 4,669
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 849,469 $ 752,959 $ 649,116 $ 602,208
==============================================================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
- ----------------------------------------------
Deposits
- ------------------------------------------------------------------------------------------------------------------------------
Demand Deposit $ 6,905 $ 8,048 $ 6,302 $ 6,115
Money Market 176,194 152,317 64,934 6,663
Savings 2,109 1,760 2,040 2,935
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Total Transaction Deposits 185,208 162,125 73,276 15,713
Retail Time Deposits 109,029 147,906 159,847 139,573
Broker Time Deposits 18,042 18,042 23,042 18,042
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Total Time Deposits 127,071 165,948 182,889 157,615
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Total Deposits 312,279 328,073 256,165 173,328
Borrowings
FHLB Advances 289,139 213,432 172,974 179,745
Securities Sold Under Agreements to Repurchase 110,993 99,445 106,689 136,835
Trust Preferred Securities 35,000 35,000 35,000 35,000
Warehouse Lines of Credit 16,866 33,057 40,409 43,336
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Total Borrowings 451,998 380,934 355,072 394,916
Other Liabilities 7,589 5,963 4,468 5,725
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 771,866 714,970 615,705 573,969
STOCKHOLDERS' EQUITY 77,603 37,989 33,411 28,239
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 849,469 $ 752,959 $ 649,116 $ 602,208
==============================================================================================================================
Operating Data At or For the Three Months Ended
Performance Ratios and Other Data: DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002 MAR. 31, 2002
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Average assets $ 805,901 $ 721,753 $ 604,586 $ 456,990
Average interest earning assets 767,719 690,965 579,968 439,182
Average interest bearing liabilities 748,053 675,680 562,775 419,584
Average stockholders' equity 44,217 35,959 31,151 28,918
Equity to assets at end of period 9.14% 5.05% 5.15% 4.69%
Tangible equity to assets at end of period 7.60 3.31 3.14 2.53
Nonperforming assets $ - $ - $ - $ -
Net charge-offs - - - -
Allowance for loan losses to total loans held for
investment at end of period 0.58% 0.58% 0.57% 0.57%
Per Share Data
Common shares outstanding at end of period 13,978,858 8,964,868 8,964,868 8,971,763
Book value per share $ 5.55 $ 4.24 $ 3.73 $ 3.15
Tangible book value per share $ 4.62 2.78 2.28 1.70
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