NorCal Community Bancorp Announces Third Quarter Profit
NorCal Community Bancorp Announces Third Quarter Profit
ALAMEDA, Calif.--(BUSINESS WIRE)-- NorCal Community Bancorp (the "Company") (NCLC), parent company for Bank of Alameda, today reported third quarter net income of $265,000, or $0.02 per diluted share, compared to net income of $98,000, or $0.01 per diluted share for the third quarter in 2011.
For the nine months ended September 30, 2012 the Company is reporting a net loss of $1.6 million, or ($0.15) per diluted share, compared to a net loss of $192,000, or ($0.02) for the same period in 2011.
"We are pleased to report a return to quarterly earnings following the second quarter loss associated with a one-time provision expense of $2.575 million," President and CEO, Stephen G. Andrews stated. Andrews further stated, "We believe the Company is on track to build quarterly profitability, with significant growth in mortgage brokerage fee income and modestly increasing loan demand. We are also pleased to report continued growth in new customers and the resulting deposit growth, up 7% over a year ago, while maintaining a very favorable cost of funds. Demand for the Company's electronic banking, cash management and mobile banking services continue to increase."
As of September 30, 2012, total assets were $271.9 million; up 6.7% or $17.2 million compared to September 30, 2011 total assets of $254.7 million. Total loans and leases increased $1.2 million, or 0.7% to $162.5 million at September 30, 2012 compared to $161.3 million at September 30, 2011. Total deposits increased $16.2 million, or 7.2% to $240.2 million at September 30, 2012, compared to $224.0 million at September 30, 2011.
A copy of the Company's information and disclosure statement pursuant to Securities and Exchange Commission Rule 15c2-11 can be found on the home page of the Company's website at www.bankofalameda.com under the Investor Relations section.
Cautionary Statement: This release may contain certain forward-looking statements that are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated herein. Words such as "anticipate," "believe," "estimate," "expect," "should," "intend," "project," and words or phrases of similar meaning are intended to identify forward-looking statements. Management's assumptions and projections are based on their anticipation of future events and actual performance may differ materially from that projected.
NorCal Community Bancorp | |||||||||||||||||||||
FINANCIAL HIGHLIGHTS | |||||||||||||||||||||
(Dollar amounts in thousands, except share and per share data) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
Sept. 30, | Sept. 30, | Sept. 30, | Sept. 30, | ||||||||||||||||||
FOR THE PERIOD | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||
Total interest income | $ | 2,556 | $ | 2,652 | $ | 7,832 | $ | 7,817 | |||||||||||||
Total interest expense | 202 | 212 | 599 | 702 | |||||||||||||||||
Net interest income | 2,354 | 2,440 | 7,233 | 7,115 | |||||||||||||||||
Noninterest income | 499 | 361 | 1,352 | 773 | |||||||||||||||||
Noninterest expense | 2,588 | 2,537 | 7,522 | 7,240 | |||||||||||||||||
Income before provision for loan and lease losses | 265 | 264 | 1,063 | 648 | |||||||||||||||||
Provision for loan and lease losses | - | 150 | 2,650 | 750 | |||||||||||||||||
Loss before provision for income taxes | 265 | 114 | (1,587 | ) | (102 | ) | |||||||||||||||
Provision for income tax expense | - | 16 | 2 | 90 | |||||||||||||||||
Net Loss | $ | 265 | $ | 98 | $ | (1,589 | ) | $ | (192 | ) | |||||||||||
Basic loss per share | $ | 0.02 | $ | 0.01 | $ | (0.15 | ) | $ | (0.02 | ) | |||||||||||
Diluted loss per share | $ | 0.02 | $ | 0.01 | $ | (0.15 | ) | $ | (0.02 | ) | |||||||||||
Average shares outstanding | 10,650,716 | 10,613,244 | 10,630,716 | 10,613,244 | |||||||||||||||||
Diluted average shares for the period | 10,652,137 | 10,613,244 | 10,632,048 | 10,613,244 | |||||||||||||||||
SELECTED FINANCIAL RATIOS | |||||||||||||||||||||
(Annualized) | |||||||||||||||||||||
Return on average assets | 0.39 | % | 0.15 | % | -0.81 | % | -0.10 | % | |||||||||||||
Return on average equity | 5.42 | % | 1.87 | % | -10.25 | % | -1.25 | % | |||||||||||||
Yield on earning assets | 3.90 | % | 4.26 | % | 4.07 | % | 4.23 | % | |||||||||||||
Cost of funds | 0.33 | % | 0.37 | % | 0.33 | % | 0.41 | % | |||||||||||||
Net interest margin | 3.59 | % | 3.92 | % | 3.76 | % | 3.85 | % | |||||||||||||
Efficiency ratio | 90.73 | % | 90.59 | % | 87.63 | % | 91.79 | % | |||||||||||||
Net charge-offs (recoveries) as a percentage of | |||||||||||||||||||||
average loans and leases | -0.29 | % | 0.31 | % | 2.39 | % | 1.52 | % | |||||||||||||
Loan loss provision as a percentage of | |||||||||||||||||||||
average loans and leases | 0.00 | % | 0.37 | % | 2.12 | % | 0.62 | % | |||||||||||||
As of | |||||||||||||
Sept. 30, | Sept. 30, | % | |||||||||||
CONSOLIDATED BALANCE SHEET | 2012 | 2011 | Change | ||||||||||
ASSETS | |||||||||||||
Cash and due from banks | |||||||||||||
Non-interest bearing | $ | 4,030 | $ | 2,380 | 69 | % | |||||||
Interest bearing | 37,702 | 33,336 | 13 | % | |||||||||
Investment securities | 64,123 | 56,694 | 13 | % | |||||||||
Loans and leases | 162,548 | 161,386 | 1 | % | |||||||||
Allowance for loan and lease losses | (4,467 | ) | (4,736 | ) | -6 | % | |||||||
Net loans and leases | 158,081 | 156,650 | 1 | % | |||||||||
Other real estate | 1,635 | 1,974 | -17 | % | |||||||||
Other assets | 6,323 | 3,705 | 71 | % | |||||||||
TOTAL ASSETS | $ | 271,894 | $ | 254,739 | 7 | % | |||||||
LIABILITIES | |||||||||||||
Deposits | |||||||||||||
Non-interest bearing | $ | 80,869 | $ | 65,617 | 23 | % | |||||||
Interest bearing | 159,353 | 158,367 | 1 | % | |||||||||
Total deposits | 240,222 | 223,984 | 7 | % | |||||||||
Subordinated debentures | 8,248 | 8,248 | 0 | % | |||||||||
Other liabilities | 3,730 | 1,698 | 120 | % | |||||||||
TOTAL LIABILITIES | 252,200 | 233,930 | 8 | % | |||||||||
SHAREHOLDERS' EQUITY | 19,694 | 20,809 | -5 | % | |||||||||
TOTAL LIABILITIES AND | |||||||||||||
SHAREHOLDERS' EQUITY | $ | 271,894 | $ | 254,739 | 7 | % | |||||||
Book value per share | $ | 1.86 | $ | 1.96 | |||||||||
BANK OF ALAMEDA | |||||||||||||
REGULATORY CAPITAL RATIOS | |||||||||||||
Leverage ratio | 10.28 | % | 11.19 | % | |||||||||
Tier 1 risk-based capital ratio | 15.58 | % | 16.10 | % | |||||||||
Total risk-based capital ratio | 16.84 | % | 17.37 | % | |||||||||
ASSET QUALITY METRICS | |||||||||||||
ALLL as a percentage of total loans and leases | 2.75 | % | 2.93 | % | |||||||||
Non-performing assets as a percentage of | |||||||||||||
total assets | 2.82 | % | 3.21 | % | |||||||||
Non-performing assets as a percentage of | |||||||||||||
total equity + ALLL (Texas ratio) | 31.76 | % | 31.97 | % | |||||||||
NorCal Community Bancorp
Steve Andrews, 510-748-8468
www.norcalcommunitybancorp.com
KEYWORDS: United States North America California
INDUSTRY KEYWORDS:
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