April 16, 2003
FOR IMMEDIATE RELEASE Contact: John I. Jelavich, President/CEO
(530) 674-6025
California Independent Bancorp Announces 48% Increase in Bottom Line
for First Quarter 2003 Over Prior Year First Quarter
Yuba City, California . . . California Independent Bancorp (NASDAQ: CIBN) and
its subsidiary, Feather River State Bank, today reported that net income for the
first quarter of 2003 was $1,106,000, an increase of $360,000, or 48.3%,
compared to $746,000 reported in the first quarter of 2002.
Diluted earnings per share for the first quarter of 2003 was $0.50, a 51.5%
increase over diluted earning per share of $0.33 for the first quarter of 2002.
The weighted average number of diluted shares outstanding for the first quarter
of 2003 was 2,220,644.
Total assets at March 31, 2003 were $362.4 million, an increase of $51.7
million, or 16.7%, compared to total assets at March 31, 2002 of $310.7 million.
Total loans grew $9.8 million, or 5.1%, from $192.9 million at March 31, 2002 to
$202.7 million at March 31, 2003. Total deposits increased $34.3 million, or
12.8%, from $268.5 million at March 31, 2002 to $302.8 million at March 31,
2003.
During the first quarter of 2003, 30,942 shares of CIBN's common stock were
repurchased pursuant to the repurchase plan approved on November 13, 2001. Since
the plan's inception, a total of 38,361 shares have been repurchased.
John Jelavich, President and CEO commented, "We are very pleased with the
results from the first quarter. The Bank continues its steady performance in
spite of the slow economy and the current rate environment. Our operating
efficiencies continue to improve with an increased reliance on technology and
the improved productivity of our employees in the delivery of quality products
and services to our clients. We continue to focus on relationship-oriented
community banking and our ability to be responsive to the needs of our customers
and prospects in the communities that we serve. We thank our shareholders,
employees, and customers for their support as we strive to improve our position
as a premier Northern California community bank."
Feather River State Bank has nine branches in Yuba City, Marysville, Colusa,
Arbuckle, Wheatland, Woodland, Lincoln, and Roseville, California serving
Sutter, Yuba, Colusa, Yolo, and Placer counties.
Forward-looking statements - The Private Securities Litigation Reform Act of
1995:
Certain statements contained in this release are forward-looking statements that
are subject to risk and uncertainty. Statements that are not historical or
current facts, including statements about beliefs and expectations, are
forward-looking statements. A number of factors -- many of which are beyond
California Independent Bancorp's ("Company") control -- could cause actual
conditions, events or results to differ significantly from those described in
the forward-looking statements. No assurances can be given that the Bank will
continue to improve its efficiencies of operations. The Company's reports filed
with the Securities and Exchange Commission, including the Company's Annual
Report on Form 10-K for the year ended December 31, 2002, describe some of these
factors, including certain credit, market, operational, liquidity, and interest
rate risks associated with the Company's business and operations. Other factors
described in the Company's Annual Report on Form 10-K for the year ended
December 31, 2002 include changes in business and economic conditions,
competition, fiscal and monetary policies, and legislation. There are other
factors besides these that could cause actual conditions, events or results to
differ significantly from those described in the forward-looking statements or
otherwise affect in the future the Company's business, results of operations and
financial condition. Forward-looking statements speak only as of the date they
are made, and the Company undertakes no obligation to update such statements in
light of new information or future events.
California Independent Bancorp and Subsidiaries
Selected Financial Data
Unaudited
First Quarter 2003 Earnings Release
(Dollars in thousands except share data)
Consolidated Statement of Financial Condition Data:
As of As of
Assets March 31, 2003 March 31, 2002
-------------- ---------------
Cash and Cash Equivalents $12,596 $13,142
Fed Funds Sold 15,305 3,430
Securities Held-to-Maturity 2,440 2,854
Securities Available-for-Sale, at Fair Value 113,779 85,477
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Total Investments 116,219 88,331
Loans & Leases 202,665 192,940
Less: Allowance for Loan and Lease Losses (5,938) (5,790)
----------------------------------------------------------------------------------------------------------
Net Loans & Leases 196,727 187,150
Premises and Equipment, Net 6,706 6,794
Other Real Estate Owned 2,640 542
Interest Receivable and Other Assets 12,237 11,295
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Total Assets $362,430 $310,684
Liabilities
Deposits:
Noninterest-Bearing $66,462 $58,862
Interest-Bearing 236,330 209,600
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Total Deposits 302,792 268,462
Other Interest-Bearing Liabilities 15,344 11,394
Accrued Interest Payable and Other Liabilities 5,417 3,190
Trust Preferred Securities 10,000 -
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Total Liabilities 333,553 283,046
Shareholders' Equity
Common Stock, No Par Value: 20,000,000 Shares Authorized, 2,126,133 and
2,221,189 Issued and Outstanding at March 31, 2003 and March 31, 2002,
respectively 21,852 22,322
Retained Earnings 6,425 5,236
Debt Guarantee of ESOP (80) (120)
Accumulated Other Comprehensive Income 680 200
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Total Shareholders' Equity 28,877 27,638
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Total Liabilities & Shareholders' Equity $362,430 $310,684
-----------------------------------------------------------------------------------------------------------
California Independent Bancorp and Subsidiaries
Selected Financial Data
Unaudited
First Quarter 2003 Earnings Release
(Dollars in thousands except share data)
Three months ended March 31,
2003 2002
----------------------------
Consolidated Statement of Income Data:
Interest and Fee Income $5,340 $4,824
Interest Expense 1,396 1,165
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Net Interest Income 3,944 3,659
Provision for Loan and Lease Losses 10 150
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Net Interest Income After Provision for Loan and Lease Losses 3,934 3,509
Noninterest Income 819 599
Noninterest Expense:
Salaries and Employee Benefits 1,720 1,678
Occupancy, Furniture and Equipment 519 515
Other Operating Expense 781 741
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Total Noninterest Expense 3,020 2,934
Net Income Before Income Taxes 1,733 1,174
Provision for Income Taxes 627 428
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Net Income $1,106 $746
Earnings Per Share
Basic Earnings Per Share $0.51 $0.34
Diluted Earnings Per Share $0.50 $0.33
Basic Weighted Average Shares Outstanding 2,148,071 2,221,189
Diluted Weighted Average Shares Outstanding 2,220,644 2,240,741
Net Interest Margin 4.70% 5.16%
Basic and diluted earnings per share, and the weighted average shares, have been adjusted for the three months
ended March 31, 2002 to reflect the 5% stock dividend distributed on September 20, 2002.