WESTLAKE VILLAGE, CA--(Marketwire -07/26/12)- First California Financial Group, Inc. (FCAL), the holding company of First California Bank, today reported net income of $3.2 million for the quarter ended June 30, 2012, compared with $2.4 million for the same quarter a year ago. Net income available to common shareholders was $2.9 million, or $0.10 per diluted share, compared with $2.1 million, or $0.07 per diluted share, for the prior year second quarter. Preferred dividends were $312,500 for each of the second quarters of 2012 and 2011. At June 30, 2012, tangible book value per common share was $4.51.
"Results for the second quarter continue to demonstrate positive momentum, reflecting the strategies we put into place to increase profitability and improve efficiency," said C. G. Kum, president and chief executive officer of First California Financial Group. "Fee income, net interest income, and deposits all grew by double digits in the second quarter compared with the second quarter of 2011, and core earnings continued to show significant improvement, increasing 33 percent over the comparable prior year quarter and 24 percent from the 2012 first quarter."
2012 Second Quarter Financial Highlights
- Net interest income rose 11 percent from the same period a year ago;
- Service charges, fees and other income jumped 29 percent from the year ago period;
- The efficiency ratio declined to 67 percent from 71 percent;
- Core earnings improved 33 percent from the same period a year ago;
- Asset quality remained solid as annualized net charge-offs were 0.07 percent of average loans for the first half of 2012, while net charge-offs declined to $310,000 for the 2012 second quarter from $860,000 a year ago;
- Non-covered loans increased 11 percent to $1.039 billion over the 2011 year end;
- Non-interest checking deposits increased 26 percent, and total deposits increased 10 percent over the 2011 year end;
- Tangible book value per common share increased to $4.51, or 8 percent, from the 2011 year end;
- The second quarter return on average tangible common equity was 9.91 percent.
Financial Results
For the 2012 second quarter, net interest income before the provision for loan losses increased 11 percent to $17.2 million from $15.5 million for the 2011 second quarter. The increase reflects a 7 percent increase in average earning assets and a 4 percent increase in net interest margin. Interest income (discount accretion) on covered loans for the 2012 second quarter was $5.1 million. 2011 second quarter interest income (discount accretion) on covered loans was $4.3 million. Net interest margin, on a taxable equivalent basis, rose to 4.12 percent from 3.95 percent for the 2011 second quarter. A 26 percent decline in the rate paid on interest-bearing liabilities and a 36 percent increase in average noninterest-bearing deposits drove the increase in net interest margin.
Service charges, fees and other income increased to $2.9 million from $2.2 million for the 2011 second quarter, primarily reflecting continued growth in business volumes and fees generated from the EPS division. Revenues from the EPS division doubled to $1.7 million for the 2012 second quarter from $854,000 for the same quarter last year.
Second quarter 2012 non-interest income included a $593,000 net gain on the sale of securities and a $296,000 loss on non-hedged derivatives. For the 2011 second quarter, non-interest income included a $490,000 net gain on the sale of securities, a $166,000 gain from the sale of the former head office of the Bank and a $466,000 gain on the acquisition of the EPS division.
Operating expenses for the 2012 second quarter were $13.4 million, compared with $12.6 million for the 2011 second quarter. Operating expenses exclude intangible amortization, integration/conversion expenses and foreclosed property gains, losses and expenses. The increase reflects higher salaries and benefit expense, primarily due to the EPS division acquisition and the addition of new lending teams, and higher professional services expense, primarily related to shareholder matters. The efficiency ratio was 67.01 percent for the 2012 second quarter, compared with 70.81 percent for the same period last year.
Core earnings, which represent income before taxes and exclude credit charges and non-recurring items such as gain on acquisitions, integration/conversion expense and securities transactions, were $6.1 million for the second quarter of 2012, compared with $4.6 million for the same period a year ago, an increase of 33 percent.
Non-covered loans, before the allowance for loan losses, grew 11 percent to $1.0 billion at June 30, 2012 from $936.1 million at December 31, 2011.
At June 30, 2012, covered loans decreased to $114.7 million from $135.4 million at December 31, 2011. The Bank's covered non-performing assets declined by $14.7 million, or 44 percent, during the same period.
Non-interest checking deposits increased 26 percent from year-end 2011 and now represent 39 percent of total deposits. The cost of all deposits, aided by the change in the mix of deposits, fell 44 percent to 36 basis points for the 2012 first quarter from 64 basis points for the same period last year. Core deposits now comprise 83 percent of all deposits.
Kum added, "Our industry continues to face a low interest rate environment and, now, a slowing economy. Despite these challenges, we have been able to increase loans and grow our non-interest bearing deposits. In addition, we continue to make progress on improving our efficiency. With the completion of our branch realignment initiative in June, we are expecting further improvement to our efficiency ratio in the second half of 2012."
Asset Quality
At June 30, 2012, non-covered non-performing assets (the sum of non-covered loans past due 90 days and accruing, nonaccrual loans and foreclosed properties) improved to 1.50 percent of total assets, compared with 1.89 percent at December 31, 2011.
The allowance for loan losses was $18.3 million, or 1.76 percent of non-covered loans, at June 30, 2012, compared with $17.7 million, or 1.90 percent of non-covered loans, at December 31, 2011. Net loan charge-offs for the 2012 second quarter were $310,000, down from $860,000 for the 2011 second quarter. The provision for non-covered loan losses was $500,000 for both the 2012 and 2011 second quarters.
Capital resources
Shareholders' equity rose to $231.2 million at June 30, 2012 from $223.1 million at December 31, 2011. The Company's book value per common share increased to $7.02 at June 30, 2012 from $6.75 at December 31, 2011. Tangible book value per common share rose to $4.51 at June 30, 2012 from $4.19 at December 31, 2011.
At June 30, 2012, First California's preliminary Tier 1 leverage capital ratio was 9.99 percent versus 10.33 percent at the 2011 calendar year end, and the total risk-based capital ratio decreased to 16.93 percent from 17.32 percent at December 31, 2011. The Company's ratio of tangible common equity to tangible assets was 6.92 percent at June 30, 2012 and 7.05 percent at the end of 2011. Total assets were $1.98 billion at June 30, 2012, compared with $1.81 billion at December 31, 2011.
Kum concluded, "As we proceed into the second half of the year, our objectives are to continue to grow our low-cost deposit base, safely generate earnings assets and maintain focus on our expense base. The pending transaction with Premier Service Bank, expected to be completed in the second half of 2012, will provide immediate improvement to both our balance sheet and earnings. As always, we remain steadfast in enhancing the value of the First California franchise for our customer, employee and shareholder base."
Use of Non-GAAP Financial Measures
This news release includes "non-GAAP financial measures" within the meaning of the Securities and Exchange Commission rules. Tangible common equity as a percentage of tangible assets is a non-GAAP financial measure. Tangible common equity to tangible assets represents tangible common equity, calculated as total shareholders' equity less preferred stock and related dividend and accretion of preferred stock discount, goodwill and intangible assets, net, divided by tangible assets which are total assets less goodwill and other intangible assets, net. Management believes that this measure is useful when comparing banks with preferred stock, due to CPP or SBLF funding, to banks without preferred stock on their balance sheet and for evaluating a company's capital levels. Core earnings represent income before taxes and exclude credit charges and other items such as gain on acquisitions, integration/conversion expense and securities transactions and are intended to represent recurring operating earnings. Operating expenses exclude amortization of intangible assets and loss on and expense of foreclosed property and other items such as integration/conversion expenses related to acquisitions and are intended to represent normalized, recurring expenses. This information is being provided in response to market participant interest in these financial metrics. This information is not intended to be considered in isolation or as a substitute for the relevant measures calculated in accordance with U.S. GAAP. The reconciliation of this non-GAAP financial measure to a GAAP financial measure is provided as an attachment to the financial tables.
Conference Call and Webcast
First California will hold a conference call today, July 26, 2012 at 11 a.m. Pacific (2 p.m. Eastern) to discuss the Company's 2012 second quarter financial performance. Investment professionals are invited to participate in the live call by dialing 877-317-6789 (domestic), 866-605-3852 (Canada) or 412-317-6789 (international) and requesting the First California conference call. Other interested parties are invited to listen to the live call through a live, listen-only audio Internet broadcast at www.fcalgroup.com. Listeners are encouraged to visit the Web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. For those who are not available to listen to the live broadcast, the call will be archived on the same Web site for one year. A telephonic replay of the call will be available one hour after the end of the conference through August 9, 2012 by dialing 877-344-7529 (domestic) or 412-317-0088 (international) and entering replay passcode 10016623.
About First California
First California Financial Group, Inc. (FCAL) is the holding company of First California Bank. Founded in 1979 and with nearly $2 billion in assets, First California serves the comprehensive financial needs of small- and middle-sized businesses and high net worth individuals throughout Southern California. Led by an experienced team of bankers, First California is committed to providing the best client service available in its markets, offering a full line of quality commercial banking products through 15 full-service branch offices in Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo and Ventura counties. The holding company's website can be accessed at www.fcalgroup.com. For additional information on First California Bank's products and services, visit www.fcbank.com.
Forward-Looking Information
This press release contains certain forward-looking information about First California that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, and include statements related to the maintenance of First California's asset quality and capital position, the Company's ability to enhance efficiencies and manage costs and the expected continued progress in consolidating operations and the benefits of those activities, the monitoring of and management of risks in First California's loan portfolio, the adequacy of sources of liquidity to support First California's operations and strategic plans, the monitoring of and response to changing market conditions, and the status of the economy in the Southern California communities served by First California. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of First California. First California cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to, revenues are lower than expected, credit quality deterioration which could cause an increase in the provision for credit losses, First California's ability to complete future acquisitions, successfully integrate such acquired entities, or achieve expected beneficial synergies and/or operating efficiencies within expected time-frames or at all, changes in consumer spending, borrowing and savings habits, technological changes, the cost of additional capital is more than expected, a change in the interest rate environment reduces interest margins, asset/liability repricing risks and liquidity risks, general economic conditions, particularly those affecting real estate values, either nationally or in the market areas in which First California does or anticipates doing business are less favorable than expected, a slowdown in construction activity, volatility in the credit or equity markets and its effect on the general economy, loan delinquency rates, the ability of First California to retain customers, changes in the bank regulatory environment, demographic changes, demand for the products or services of First California as well as their ability to attract and retain qualified people, competition with other banks and financial institutions, First California's level of small business lending, and other factors. If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, First California's results could differ materially from those expressed in, or implied or projected by such forward-looking statements. First California assumes no obligation to update such forward-looking statements. For a more complete discussion of risks and uncertainties, investors and security holders are urged to read the section titled "Risk Factors" in First California's Annual Report on Form 10-K and any other reports filed by it with the Securities and Exchange Commission ("SEC"). The documents filed by First California with the SEC may be obtained at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from First California by directing a request to: First California Financial Group, Inc., 3027 Townsgate Road, Suite 300, Westlake Village, CA 91361. Attention: Investor Relations. Telephone (805) 322-9655.
First California Financial Group
Unaudited Quarterly Financial Results
(in thousands
except for
share data and
ratios)
As of or for
the quarter
ended 30-Jun-12 31-Mar-12 31-Dec-11 30-Sep-11 30-Jun-11
--------------- ----------- ----------- ----------- ----------- -----------
Income
statement
summary
Net interest
income $ 17,232 $ 16,169 $ 15,597 $ 15,618 $ 15,500
Service
charges, fees
& other income 2,876 2,534 2,116 2,115 2,234
Loss on non-
hedged
derivatives (296) (111) (60) (24) -
Loan sales and
commissions 195 50 1 - -
Operating
expenses 13,406 13,454 13,362 12,081 12,557
Provision for
loan losses 500 500 796 1,550 500
Foreclosed
property
(gain)loss &
expense 838 (245) (316) (672) 486
Amortization of
intangible
assets 549 594 624 624 624
Gain on
securities
transactions 593 1 323 209 490
Integration /
conversion
expense - - - - 350
Gain on
acquisition - - 1,720 - 466
Impairment loss
on securities - 28 321 - -
----------- ----------- ----------- ----------- -----------
Income before
tax 5,307 4,312 4,910 4,335 4,173
Tax expense 2,122 1,727 2,048 1,819 1,756
----------- ----------- ----------- ----------- -----------
Net income $ 3,185 $ 2,585 $ 2,862 $ 2,516 $ 2,417
=========== =========== =========== =========== ===========
Net income
available to
common
shareholders $ 2,872 $ 2,272 $ 2,549 $ 900 $ 2,104
=========== =========== =========== =========== ===========
Common
shareholder
data
Basic earnings
per common
share $ 0.10 $ 0.08 $ 0.09 $ 0.03 $ 0.07
Diluted
earnings per
common share $ 0.10 $ 0.08 $ 0.09 $ 0.03 $ 0.07
Book value per
common share $ 7.02 $ 6.89 $ 6.75 $ 6.65 $ 6.77
Tangible book
value per
common share $ 4.51 $ 4.36 $ 4.19 $ 4.08 $ 4.11
Shares
outstanding 29,227,483 29,267,465 29,220,079 29,220,079 28,410,079
Basic weighted
average shares 29,234,395 29,238,560 29,220,079 29,077,144 28,372,740
Diluted
weighted
average shares 29,592,171 29,976,452 29,871,209 29,561,558 28,744,784
Selected
ratios, yields
and rates
Return on
average assets 0.66% 0.56% 0.62% 0.55% 0.52%
Return on
average
tangible
assets 0.75% 0.66% 0.73% 0.65% 0.63%
Return on
average equity 5.58% 4.60% 5.13% 4.57% 4.50%
Return on
average common
equity 5.67% 4.57% 5.17% 1.85% 4.42%
Return on
average
tangible
common equity 9.91% 8.41% 9.58% 4.25% 8.49%
Equity to
assets 11.69% 12.13% 12.31% 12.22% 12.07%
Tangible equity
to tangible
assets 8.28% 8.52% 8.54% 8.40% 8.21%
Tangible common
equity to
tangible
assets 6.92% 7.08% 7.05% 6.90% 6.77%
Tier 1 leverage
capital ratio:
First
California
Bank 9.91% 10.18% 10.18% 10.01% 9.54%
First
California
Financial
Group, Inc. 9.99% 10.30% 10.33% 10.18% 9.77%
Yield on loans 6.35% 6.22% 6.37% 6.16% 6.24%
Yield on
securities 1.60% 1.66% 1.74% 2.20% 2.16%
Yield on
federal funds
sold and
deposits
w/banks 0.31% 0.39% 0.24% 0.28% 0.29%
Total earning
assets yield 4.70% 4.80% 4.72% 4.85% 4.84%
Rate paid on
interest-
bearing
deposits 0.58% 0.58% 0.64% 0.76% 0.90%
Rate paid on
borrowings 2.79% 3.19% 3.03% 2.88% 2.53%
Rate paid on
junior
subordinated
debt 2.31% 4.67% 5.08% 5.01% 4.99%
Total rate paid
on interest
bearing funds 0.87% 0.95% 1.00% 1.11% 1.18%
Net interest
spread 3.83% 3.85% 3.72% 3.75% 3.66%
Net interest
margin (tax
equivalent) 4.12% 4.14% 4.01% 4.05% 3.95%
Cost of all
deposits 0.36% 0.38% 0.42% 0.51% 0.64%
Efficiency
ratio 67.01% 72.17% 75.69% 68.22% 70.81%
First California Financial Group
Unaudited Quarterly Financial Results
(in thousands except
for share data and
ratios)
As of or for the
quarter ended 30-Jun-12 31-Mar-12 31-Dec-11 30-Sep-11 30-Jun-11
-------------------- ---------- ---------- ---------- ---------- ----------
Balance sheet data -
period end
Total assets $1,977,824 $1,876,315 $1,812,664 $1,804,901 $1,801,981
Shareholders' equity 231,177 227,578 223,107 220,585 217,539
Common shareholders'
equity 205,177 201,578 197,107 194,585 192,682
Tangible common
shareholders'
equity 131,714 127,565 122,500 119,354 116,827
Earning assets 1,731,780 1,611,349 1,546,480 1,527,751 1,519,374
Loans 1,154,587 1,138,331 1,071,515 1,067,196 1,091,528
Securities 522,213 441,738 453,735 332,285 316,496
Federal funds sold
& other 54,980 31,280 21,230 128,270 111,350
Interest-bearing
funds 1,117,483 1,112,577 1,087,637 1,086,122 1,131,617
Interest-bearing
deposits 961,067 954,090 943,113 941,543 977,186
Borrowings 129,611 131,682 117,719 117,774 127,626
Junior
subordinated debt 26,805 26,805 26,805 26,805 26,805
Goodwill and other
intangibles 73,463 74,013 74,607 75,231 75,855
Deposits 1,570,387 1,471,035 1,425,269 1,414,602 1,406,714
Balance sheet data -
period average
Total assets $1,947,183 $1,856,852 $1,817,821 $1,807,988 $1,856,148
Shareholders' equity 229,745 225,578 221,427 218,539 215,626
Common shareholders'
equity 203,745 199,578 195,427 193,338 191,013
Tangible common
shareholders'
equity 129,877 125,268 120,927 117,795 116,539
Earning assets 1,691,175 1,580,805 1,548,248 1,534,115 1,576,428
Loans 1,127,369 1,097,748 1,039,171 1,087,455 1,107,772
Securities 479,010 445,698 378,024 320,406 314,025
Federal funds sold
& other 84,796 37,359 131,053 126,254 154,631
Interest-bearing
funds 1,130,331 1,104,568 1,090,973 1,107,499 1,198,176
Interest-bearing
deposits 972,604 946,659 946,419 954,874 1,032,406
Borrowings 130,922 131,104 117,749 125,820 138,965
Junior
subordinated debt 26,805 26,805 26,805 26,805 26,805
Goodwill and other
intangibles 73,868 74,445 74,919 75,543 74,474
Deposits 1,541,852 1,448,999 1,429,885 1,419,171 1,450,812
Asset quality data &
ratios
Non-covered assets:
Loans past due 30 to
89 days & accruing $ 2,151 $ 2,214 $ 3,449 $ 6,948 $ 5,838
Loans past due 90
days & accruing - - - 24 -
Nonaccruing loans 13,507 14,553 13,860 15,845 17,792
---------- ---------- ---------- ---------- ----------
Total past due &
nonaccrual loans $ 15,658 $ 16,767 $ 17,309 $ 22,817 $ 23,630
========== ========== ========== ========== ==========
Foreclosed property $ 16,124 $ 18,709 $ 20,349 $ 18,406 $ 20,029
Loans $1,039,865 $1,010,592 $ 936,103 $ 920,046 $ 918,907
Net loan charge-offs $ 310 $ 93 $ 827 $ 2,078 $ 860
Allowance for loan
losses $ 18,344 $ 18,154 $ 17,747 $ 17,778 $ 18,306
Allowance for loan
losses to loans 1.76% 1.80% 1.90% 1.93% 1.99%
Covered assets:
Loans past due 30 to
89 days & accruing $ 1,865 $ 2,637 $ 2,906 $ 2,878 $ 4,145
Loans past due 90
days & accruing - 799 511 - 2,379
Nonaccruing loans 9,472 17,407 18,547 24,879 31,649
---------- ---------- ---------- ---------- ----------
Total past due &
nonaccrual loans $ 11,337 $ 20,843 $ 21,964 $ 27,757 $ 38,173
========== ========== ========== ========== ==========
Foreclosed property $ 9,530 $ 12,868 $ 14,616 $ 12,361 $ 5,636
Loans $ 114,722 $ 127,739 $ 135,412 $ 147,150 $ 172,621
Net loan charge-offs $ - $ - $ - $ - $ -
Allowance for loan
losses $ - $ - $ - $ - $ -
Allowance for loan
losses to loans 0.00% 0.00% 0.00% 0.00% 0.00%
First California Financial Group
Unaudited Quarterly Financial Results
Three months Six months
ended June 30, ended June 30,
---------------- ----------------
2012 2011 2012 2011
------- ------- ------- -------
(in thousands)
Interest income:
Interest and fees on loans $17,801 $17,236 $34,791 $32,368
Interest on securities 1,826 1,680 3,597 2,991
Interest on federal funds sold and
interest bearing deposits 67 111 103 180
------- ------- ------- -------
Total interest income 19,694 19,027 38,491 35,539
------- ------- ------- -------
Interest expense:
Interest on deposits 1,399 2,316 2,770 4,658
Interest on borrowings 908 877 1,852 1,937
Interest on junior subordinated
debentures 155 334 469 665
------- ------- ------- -------
Total interest expense 2,462 3,527 5,091 7,260
------- ------- ------- -------
Net interest income before provision
for loan losses 17,232 15,500 33,400 28,279
Provision for loan losses 500 500 1,000 3,000
------- ------- ------- -------
Net interest income after provision
for loan losses 16,732 15,000 32,400 25,279
------- ------- ------- -------
Noninterest income:
Service charges on deposit accounts 769 858 1,600 1,755
Loan sales and commissions 195 - 245 -
Net gain on sale of securities 593 490 594 490
Impairment loss on securities - - (28) (1,066)
Loss on non-hedged derivatives (296) - (407) -
Gain on acquisitions - 466 - 35,202
Other income 2,107 1,376 3,810 1,718
------- ------- ------- -------
Total noninterest income 3,368 3,190 5,814 38,099
------- ------- ------- -------
Noninterest expense:
Salaries and employee benefits 6,786 6,572 14,662 12,640
Premises and equipment 1,681 1,603 3,216 3,142
Data processing 820 814 1,621 1,875
Legal, audit and other professional
services 1,639 1,568 2,575 3,228
Printing, stationery and supplies 83 112 166 208
Telephone 217 208 444 374
Directors' fees 123 100 252 206
Advertising, marketing and business
development 358 428 881 797
Postage 57 65 113 121
Insurance and assessments 599 750 1,080 1,413
Loss on and expense of foreclosed
property 838 486 593 5,738
Amortization of intangible assets 549 624 1,143 1,040
Other expenses 1,043 687 1,849 1,548
------- ------- ------- -------
Total noninterest expense 14,793 14,017 28,595 32,330
------- ------- ------- -------
Income before provision for income taxes 5,307 4,173 9,619 31,048
Provision for income taxes 2,122 1,756 3,849 13,043
------- ------- ------- -------
Net income $ 3,185 $ 2,417 $ 5,770 $18,005
======= ======= ======= =======
Net income available to common
stockholders $ 2,872 $ 2,104 $ 5,145 $17,380
First California Financial Group
Unaudited Quarterly Financial Results
(in thousands) June 30, December 31,
2012 2011
---------- ------------
Cash and due from banks $ 42,286 $ 40,202
Interest bearing deposits with other banks 54,980 21,230
Securities available-for-sale, at fair value 522,213 453,735
Non-covered loans, net 1,021,521 918,356
Covered loans 114,722 135,412
Premises and equipment, net 18,294 18,480
Goodwill 60,720 60,720
Other intangibles, net 12,743 13,887
Cash surrender value of life insurance 12,883 12,670
Non-covered foreclosed property 16,124 20,349
Covered foreclosed property 9,530 14,616
FDIC shared-loss asset 55,469 68,083
Accrued interest receivable and other assets 36,339 34,924
---------- ------------
Total assets $1,977,824 $ 1,812,664
========== ============
Non-interest checking $ 609,320 $ 482,156
Interest checking 115,020 107,077
Money market and savings 505,111 486,000
Certificates of deposit, under $100,000 66,794 74,861
Certificates of deposit, $100,000 and over 274,142 275,175
---------- ------------
Total deposits 1,570,387 1,425,269
Securities sold under agreements to repurchase 30,000 30,000
Federal Home Loan Bank advances 99,611 87,719
Junior subordinated debentures 26,805 26,805
Deferred tax liabilities, net 9,115 7,370
FDIC shared-loss liability 3,870 3,757
Accrued interest payable and other liabilities 6,859 8,637
---------- ------------
Total liabilities 1,746,647 1,589,557
Total shareholders' equity 231,177 223,107
---------- ------------
Total liabilities and shareholders' equity $1,977,824 $ 1,812,664
========== ============
FIRST CALIFORNIA FINANCIAL GROUP, INC.
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON - GAAP FINANCIAL MEASURES
(unaudited)
(in thousands except for share data and ratios) 6/30/2012 12/31/2011
----------- -----------
Total shareholders' equity $ 231,177 $ 223,107
Less: Goodwill and intangible assets (73,463) (74,607)
----------- -----------
Tangible equity 157,714 148,500
Less: Preferred stock (26,000) (26,000)
----------- -----------
Tangible common equity $ 131,714 $ 122,500
=========== ===========
Total assets $ 1,977,824 $ 1,812,664
Less: Goodwill and intangible assets (73,463) (74,607)
----------- -----------
Tangible assets $ 1,904,361 $ 1,738,057
=========== ===========
Common shares outstanding 29,227,483 29,220,079
Tangible equity to tangible assets 8.28% 8.54%
Tangible common equity to tangible assets 6.92% 7.05%
Tangible book value per common share $ 4.51 $ 4.19
----------------------------------------------------------------------------
Three months ended
------------------------
6/30/2012 6/30/2011
----------- -----------
Net income available to common shares $ 2,872 $ 2,104
Add: amortization of intangible assets, net of tax 329 362
----------- -----------
Net income available to tangible common shares $ 3,201 $ 2,466
=========== ===========
Noninterest expense $ 14,793 $ 14,017
Less: amortization of intangible assets (549) (624)
Less: integration/conversion expenses - (350)
Less: gain(loss) on and expense of foreclosed
property (838) (486)
----------- -----------
Operating expenses $ 13,406 $ 12,557
=========== ===========
Noninterest income $ 3,368 $ 3,190
Less: net gain on sale of securities (593) (490)
Add: loss on non-hedged derivatives 296 -
Less: loan sales and commissions (195)
Less: gain on acquisitions - (466)
----------- -----------
Service charges, fees & other income $ 2,876 $ 2,234
=========== ===========
Net interest income $ 17,232 $ 15,500
Service charges, fees & other income 2,876 2,234
Loan sales and commissions 195 -
Loss on non-hedged derivatives (296) -
----------- -----------
Operating revenues $ 20,007 $ 17,734
=========== ===========
Efficiency ratio (operating expenses/operating
revenues) 67.01% 70.81%
Income before tax $ 5,307 $ 4,173
Provision for loan losses 500 500
Foreclosed property (gain)loss & expense 838 486
Securities transactions & OTTI losses (593) (490)
Gain on acquisitions - (466)
Integration/conversion expense - 350
----------- -----------
Core earnings $ 6,052 $ 4,553
=========== ===========
At the Company:
Ron Santarosa
805-322-9333
At PondelWilkinson:
Robert Jaffe
310-279-5969
Corporate Headquarters Address:
3027 Townsgate Road, Suite 300
Westlake Village, CA 91361
