Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - First California Financial Group, Inc. | fcal-8k_042711.htm |
Exhibit 99.1
For further Information:
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At the Company:
Ron Santarosa
805-322-9333 |
At PondelWilkinson:
Robert Jaffe
310-279-5969
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Corporate Headquarters Address:
3027 Townsgate Road, Suite 300
Westlake Village, CA 91361
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FIRST CALIFORNIA POSTS 2011 FIRST QUARTER NET INCOME OF $15.6 MILLION
-- Company to Host Conference Call Today at 11 a.m. Pacific Time --
WESTLAKE VILLAGE, Calif., April 28, 2011 – First California Financial Group, Inc. (Nasdaq:FCAL), the holding company of First California Bank, today reported first quarter net income of $15.6 million up significantly from $117,000 for the same period a year ago. Net income available to common shareholders was $15.3 million or $0.54 per diluted share compared to a net loss available to common shareholders of $196,000 or $0.02 per share for the 2010 first quarter. Preferred dividends were $312,500 for both the first quarter of 2011 and 2010. The 2011 first quarter results include a $34.7 million pre-tax gain related to the FDIC-assisted acquisition of San Luis Trust Bank.
“We are very pleased with the San Luis Trust Bank acquisition as it enabled us to enter a complementary Central Coast market on financial terms that will provide attractive returns to our shareholders on a short and longer term basis,” said C. G. Kum, president and chief executive officer of First California Financial Group. “Moreover, the transaction fits our strategy of sound capital management as we were able to increase our tangible book value to $4.21 per share at the end of the first quarter from $3.65 per share at year end, while maintaining a stable tangible common equity to tangible assets ratio of 6.75%.”
2011 First Quarter Financial Highlights
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Net income was $15.6 million compared with $117,000 for the same period a year ago;
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Diluted earnings per common share was $0.54 versus loss per common share of $0.02 for the 2010 first quarter;
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Pre-tax gain of $34.7 million recorded in connection with FDIC-assisted acquisition of San Luis Trust Bank; associated integration/conversion expense of $515,000;
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Allowance to non-covered loans at the end of the 2011 first quarter of 1.98 percent, up from 1.80 percent at year-end 2010; net loan charge-offs of $867,000, down from $2.7 million for the same period last year;
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Other-than-temporary impairment charges of $1.1 million;
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Foreclosed property valuation allowance charges of $5.1 million;
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Net interest income for the 2011 first quarter was $12.8 million, up 20% from the same period a year ago;
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Loans up 22% from a year ago to end the 2011 first quarter at $1.1 billion;
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Deposits up 31% from a year ago to end the 2011 first quarter at $1.4 billion;
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Tangible book value per common share up 18% from a year ago to end the first quarter at $4.21.
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FDIC-Assisted San Luis Trust Bank Acquisition
First California Bank assumed all the deposits and acquired substantially all of the assets of San Luis Trust Bank on February 18, 2011 from the Federal Deposit Insurance Corporation (FDIC) acting in its capacity as receiver of San Luis Trust Bank (SLTB), a single branch community bank located in San Luis Obispo, California.
| First California Financial Group, Inc. | NASDAQ: FCAL |
| 2-2-2 |
As part of the transaction, First California assumed $221 million of loans, $19 million of foreclosed property and $105 million of cash and securities, as well as $265 million in deposits and $61 million in Federal Home Loan Bank advances. These amounts represent the SLTB book value and do not reflect fair value. All of the loans purchased from the FDIC are covered under loss-sharing agreements that afford First California Bank significant protection from future losses incurred on the loans and foreclosed property purchased (covered assets). Under the loss-sharing agreement, the FDIC is obligated to reimburse First California for 80 percent of losses on covered assets; First California will reimburse the FDIC for 80 percent of recoveries on covered assets to the extent the FDIC reimbursed the company under the loss-sharing agreement.
At March 31, 2011, the unpaid principal balance of the covered loans was $215.9 million, while the carrying amount was $134.6 million, and the fair value of the covered foreclosed property was $10.9 million.
Of the deposits assumed, $174 million were from depositors outside the SLTB footprint. As such, First California does not consider these as core deposits. At March 31, 2011, these deposits declined to $150 million. First California intends to allow these deposits to run-off based on their scheduled maturities - $130 million in the 2011 second quarter and $19 million in the 2011 third quarter – such that few of these deposits will be outstanding at year end. Similarly, the $61 million of assumed Federal Home Loan Bank advances will decline to $14 million at year-end 2011 based on scheduled maturities.
Asset Quality
Non-covered nonaccrual loans increased to $20.9 million at March 31, 2011 from $18.2 million at December 31, 2010. The increase primarily reflects late cycle deterioration of smaller business credits that averaged approximately half a million dollars in size. Non-covered loans past due 30 to 89 days decreased to $2.4 million at March 31, 2011 from $11.6 million at December 31, 2010, primarily due to resolution of an $8.3 million construction loan for a high-end residence in Beverly Hills.
Non-covered foreclosed property at the end of the 2011 first quarter declined to $20.9 million from $26.0 million at December 31, 2010. The reduction was mainly from an increase in valuation allowances for the two large foreclosed properties in the company’s portfolio.
At March 31, 2011, the company had $182.8 of covered loans, of which $68.5 million were classified as non-accrual, and $11.1 million of covered foreclosed property. The unpaid principal balance of the covered loans at March 31, 2011 was $277.9 million.
The allowance for loan losses was $18.7 million, or 1.98% of non-covered loans, at the end of the 2011 first quarter compared with $17.0 million, or 1.80% of non-covered loans, at the end of the 2010 fourth quarter. Net loan charge-offs for the 2011 first quarter were $867,000 or 0.37 percent (annualized) of average non-covered loans. The provision for loan losses for the 2011 first quarter was $2.5 million.
Kum added, “We are encouraged by the improving asset quality trend as reflected in lower past due loans, net charge-offs and non-performing assets. However, as the extended recession and the stagnant real estate market continue to manifest weaknesses in small business loans and lower real estate valuations, we have taken steps to protect our capital by strengthening our loan loss and foreclosed properties allowances.”
Financial Results
For the 2011 first quarter, net interest income before the provision for loan losses, increased 20 percent to $12.8 million from $10.7 million for the 2010 first quarter. Net interest margin (on a taxable equivalent basis) rose to 3.52 percent from 3.39 percent for the 2010 first quarter. The increase in the net interest income and net interest margin principally reflects the decline in cost of interest-bearing liabilities and the increase in the level of interest-earning assets.
Service charges, fees and other income increased 15 percent to $1.2 million from $1.1 million for the 2010 first quarter.
| First California Financial Group, Inc. | NASDAQ: FCAL |
| 3-3-3 |
Noninterest income for the 2011 first quarter included a $1.1 million charge for other-than-temporary impairment, due to the increase in delinquencies and loss severity in two of First California’s three private-label Collateralized Mortgage Obligations. At March 31, 2011, the current par value of these securities was $20.6 million, their carrying value was $18.4 million and their fair value was $14.5 million.
Operating expenses for the 2011 first quarter were $12.1 million compared with $9.4 million for the 2010 first quarter. Operating expenses exclude intangible amortization, integration/conversion expenses and foreclosed property gains, losses and expenses. The increase reflects growth in the Company’s workforce associated with the acquisitions of Western Commercial Bank and San Luis Trust Bank, as well as the addition of three lending teams. Employees at March 31, 2011 numbered 260 compared with 250 at the end of the same period a year ago. In addition, professional expenses were higher due to ongoing collection and resolution efforts.
At March 31, 2011, loans increased to $1.125 billion from $1.001 billion at December 31, 2010. The increase includes $134.6 million of loans acquired from San Luis Trust Bank.
Deposits as of March 31, 2011 increased to $1.412 billion from $1.156 billion at December 31, 2011. The increase includes $235.5 million of deposits assumed from San Luis Trust Bank.
Capital resources
Shareholders’ equity was $214.1 million at the close of the 2011 first quarter compared with $198.0 million at December 31, 2010. The company’s book value per common share was $6.71 at March 31, 2011 compared with $6.16 at December 31, 2010. Tangible book value per common share was $4.21 at March 31, 2011 compared with $3.65 at December 31, 2010.
At March 31, 2011, First California’s preliminary total risk-based and leverage capital ratios were 18.20 percent and 10.58 percent, respectively. At the end of the 2010 fourth quarter, the total risked-based capital ratio was 16.78 percent and the leverage capital ratio was 11.00 percent. The company’s ratio of tangible common equity to tangible assets was 6.75 percent at quarter end and 7.08 percent at the end of the 2010 fourth quarter. Total assets were $1.83 billion at March 31, 2011 compared with $1.52 billion at December 31, 2010.
Kum concluded: “We are pleased with our 2011 first quarter performance, which in addition to underscoring the company’s core earnings power, extended and strengthened the franchise. As the year unfolds, we look to continue improving our results.”
Electronic Payments Services Transaction
On April 8, 2011, the Bank completed the acquisition of the Electronic Banking Solutions division of Palm Desert National Bank. The transaction included the division’s customer base, core deposits, and employees. At December 31, 2010, the division had deposits of approximately $74 million and revenues for 2010 were $3.3 million. At the closing date, deposits were approximately $91 million. The Electronic Payment Services division, its new name under First California Bank, is a leader in the electronic payment industry with a history of successful stored-value card programs and merchant acquiring programs. First California Bank will issue prepaid cards and sponsor merchant acquiring services for all national and regional networks, including Visa, MasterCard, and Discover throughout all 50 states and US territories.
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 total assets less goodwill and other intangible assets, net. Management believes that this measure is useful when comparing banks with preferred stock due to TARP funding to banks without preferred stock on their balance sheet and for evaluating a company’s capital levels.
| First California Financial Group, Inc. | NASDAQ: FCAL |
| 4-4-4 |
Operating expenses exclude amortization of intangible assets and loss on and expense of foreclosed property and non-recurring items such as integration/conversion expenses related to acquisitions and is 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 GAAP financial measure is provided as an attachment to the financial tables.
Conference Call and Webcast
First California will hold a conference call today, April 28, 2011 at 11 a.m. Pacific (2 p.m. Eastern) to discuss the company’s 2011 first quarter financial performance. Investment professionals are invited to participate in the live call by dialing 877-317-6789 (domestic), 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 May 12, 2011 by dialing 877-344-7529 (domestic), or 412-317-0088 (international) and entering replay passcode 450519.
About First California
First California Financial Group, Inc. (Nasdaq:FCAL) is the holding company of First California Bank. Celebrating 32 years of business in 2011, First California is a regional force of strength and stability in Southern California banking with assets of $1.9 billion and led by an experienced team of bankers. The company specializes in serving the comprehensive financial needs of the commercial market, particularly small- and middle-sized businesses, professional firms and commercial real estate development and construction companies. Committed to providing the best client service available in its markets, First California offers a full line of quality commercial banking products through 19 full-service branch offices in Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo and Ventura counties. The holding company’s Web site 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, recent 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, 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
| First California Financial Group, Inc. | NASDAQ: FCAL |
| 5-5-5 |
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.
# # #
(Financial Tables Follow)
First California Financial Group
Unaudited Quarterly Financial Results
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(in thousands except for share data and ratios)
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As of or for the quarter ended
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31-Mar-11
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31-Dec-10
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30-Sep-10
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30-Jun-10
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31-Mar-10
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Income statement summary
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Net interest income
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$ | 12,779 | $ | 12,108 | $ | 11,107 | $ | 10,806 | $ | 10,673 | ||||||||||
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Service charges, fees & other income
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1,239 | 1,199 | 1,116 | 1,133 | 1,079 | |||||||||||||||
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Operating expenses
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12,130 | 9,383 | 9,083 | 9,866 | 9,422 | |||||||||||||||
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Provision for loan losses
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2,500 | 1,199 | 3,618 | 1,766 | 1,754 | |||||||||||||||
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Foreclosed property (gain)/loss & expense
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5,252 | 2,224 | 185 | (223 | ) | 78 | ||||||||||||||
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Amortization of intangible assets
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416 | 416 | 416 | 417 | 416 | |||||||||||||||
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Gain on securities transactions
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- | 548 | 1,204 | 130 | 132 | |||||||||||||||
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Integration/conversion expense
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515 | 430 | - | - | - | |||||||||||||||
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Gain on acquisition
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34,736 | 2,312 | - | - | - | |||||||||||||||
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Impairment loss on securities
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1,066 | 708 | 23 | - | 18 | |||||||||||||||
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Income before tax
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26,875 | 1,807 | 102 | 243 | 196 | |||||||||||||||
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Tax expense
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11,287 | 727 | 38 | 96 | 79 | |||||||||||||||
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Net income
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$ | 15,588 | $ | 1,080 | $ | 64 | $ | 147 | $ | 117 | ||||||||||
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Net income (loss) available
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to common shareholders
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$ | 15,275 | $ | 767 | $ | (249 | ) | $ | (166 | ) | $ | (196 | ) | |||||||
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Common shareholder data
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Basic earnings (loss) per common share
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$ | 0.54 | $ | 0.03 | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||||
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Diluted earnings (loss) per common share
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$ | 0.54 | $ | 0.03 | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||||
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Book value per common share
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$ | 6.71 | $ | 6.16 | $ | 6.17 | $ | 6.18 | $ | 6.12 | ||||||||||
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Tangible book value per common share
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$ | 4.21 | $ | 3.65 | $ | 3.65 | $ | 3.64 | $ | 3.57 | ||||||||||
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Shares outstanding
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28,214,721 | 28,170,760 | 28,174,076 | 28,175,564 | 28,182,048 | |||||||||||||||
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Basic weighted average shares
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28,177,635 | 28,171,552 | 28,174,092 | 28,181,602 | 12,910,057 | |||||||||||||||
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Diluted weighted average shares
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28,519,006 | 28,494,729 | 28,174,092 | 28,181,602 | 12,910,057 | |||||||||||||||
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Selected ratios, yields and rates
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Return on average assets
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3.67 | % | 0.28 | % | 0.02 | % | 0.04 | % | 0.03 | % | ||||||||||
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Return on average tangible assets
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3.82 | % | 0.30 | % | 0.02 | % | 0.04 | % | 0.03 | % | ||||||||||
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Return on average equity
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30.68 | % | 2.16 | % | 0.13 | % | 0.30 | % | 0.28 | % | ||||||||||
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Return on average common equity
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34.15 | % | 1.75 | % | -0.57 | % | -0.38 | % | -0.52 | % | ||||||||||
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Return on average tangible common equity
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56.78 | % | 3.89 | % | -0.03 | % | 0.30 | % | 0.23 | % | ||||||||||
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Equity to assets
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11.70 | % | 13.02 | % | 13.23 | % | 13.65 | % | 13.67 | % | ||||||||||
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Tangible equity to tangible assets
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8.16 | % | 8.78 | % | 8.91 | % | 9.19 | % | 9.13 | % | ||||||||||
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Tangible common equity to tangible assets
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6.75 | % | 7.08 | % | 7.19 | % | 7.42 | % | 7.36 | % | ||||||||||
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Total risk-based capital ratio:
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First California Bank
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17.88 | % | 16.31 | % | 16.34 | % | 16.66 | % | 16.38 | % | ||||||||||
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First California Financial Group, Inc.
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18.20 | % | 16.78 | % | 16.91 | % | 17.33 | % | 17.08 | % | ||||||||||
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Yield on loans
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5.69 | % | 5.74 | % | 5.83 | % | 5.63 | % | 5.67 | % | ||||||||||
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Yield on securities
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1.78 | % | 1.76 | % | 2.15 | % | 2.22 | % | 1.90 | % | ||||||||||
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Yield on federal funds sold and deposits w/banks
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0.28 | % | 0.33 | % | 0.28 | % | 0.27 | % | 0.72 | % | ||||||||||
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Total earning assets yield
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4.54 | % | 4.64 | % | 4.57 | % | 4.77 | % | 4.62 | % | ||||||||||
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Rate paid on interest-bearing deposits
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0.95 | % | 0.97 | % | 0.99 | % | 1.00 | % | 1.12 | % | ||||||||||
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Rate paid on borrowings
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3.22 | % | 3.48 | % | 3.72 | % | 3.86 | % | 3.83 | % | ||||||||||
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Rate paid on junior subordinated debt
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4.90 | % | 6.26 | % | 6.55 | % | 6.56 | % | 6.56 | % | ||||||||||
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Total rate paid on interest bearing funds
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1.30 | % | 1.44 | % | 1.54 | % | 1.56 | % | 1.66 | % | ||||||||||
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Net interest spread
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3.24 | % | 3.20 | % | 3.03 | % | 3.21 | % | 2.96 | % | ||||||||||
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Net interest margin (tax equivalent)
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3.52 | % | 3.59 | % | 3.46 | % | 3.40 | % | 3.39 | % | ||||||||||
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Cost of all deposits
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0.71 | % | 0.69 | % | 0.69 | % | 0.71 | % | 0.80 | % | ||||||||||
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Efficiency ratio
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37.53 | % | 80.73 | % | 75.97 | % | 81.82 | % | 80.99 | % | ||||||||||
First California Financial Group
Unaudited Quarterly Financial Results
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As of or for the quarter ended
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31-Mar-11
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31-Dec-10
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30-Sep-10
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30-Jun-10
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31-Mar-10
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Balance sheet data - period end
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Total assets
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$ | 1,830,440 | $ | 1,521,334 | $ | 1,498,932 | $ | 1,452,999 | $ | 1,440,267 | ||||||||||
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Shareholders' equity
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214,086 | 198,041 | 198,284 | 198,384 | 196,835 | |||||||||||||||
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Common shareholders' equity
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189,344 | 173,413 | 173,770 | 173,985 | 172,550 | |||||||||||||||
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Tangible common shareholders' equity
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118,870 | 102,778 | 102,718 | 102,517 | 100,666 | |||||||||||||||
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Earning assets
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1,556,987 | 1,336,570 | 1,283,963 | 1,275,540 | 1,278,641 | |||||||||||||||
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Loans
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1,125,897 | 1,001,615 | 918,708 | 891,541 | 919,304 | |||||||||||||||
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Securities
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311,094 | 272,439 | 272,381 | 286,100 | 293,081 | |||||||||||||||
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Federal funds sold & other
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119,996 | 62,516 | 92,874 | 97,899 | 66,166 | |||||||||||||||
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Interest-bearing funds
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1,265,399 | 982,945 | 985,194 | 906,883 | 929,495 | |||||||||||||||
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Interest-bearing deposits
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1,083,803 | 824,640 | 780,402 | 751,354 | 769,229 | |||||||||||||||
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Borrowings
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154,791 | 131,500 | 178,000 | 128,750 | 133,500 | |||||||||||||||
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Junior subordinated debt
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26,805 | 26,805 | 26,792 | 26,779 | 26,766 | |||||||||||||||
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Goodwill and other intangibles
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70,474 | 70,635 | 71,052 | 71,468 | 71,884 | |||||||||||||||
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Deposits
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1,411,676 | 1,156,288 | 1,089,366 | 1,092,457 | 1,075,495 | |||||||||||||||
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Balance sheet data - period average
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Total assets
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$ | 1,723,401 | $ | 1,519,386 | $ | 1,449,937 | $ | 1,433,981 | $ | 1,443,100 | ||||||||||
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Shareholders' equity
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206,063 | 198,163 | 198,703 | 197,601 | 167,979 | |||||||||||||||
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Common shareholders' equity
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181,378 | 173,592 | 173,878 | 173,268 | 152,803 | |||||||||||||||
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Tangible common shareholders' equity
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110,824 | 102,748 | 102,618 | 101,592 | 80,710 | |||||||||||||||
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Earning assets
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1,475,076 | 1,341,797 | 1,274,996 | 1,278,026 | 1,282,707 | |||||||||||||||
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Loans
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1,079,197 | 991,723 | 890,221 | 913,251 | 929,662 | |||||||||||||||
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Securities
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295,407 | 293,721 | 287,370 | 278,395 | 341,890 | |||||||||||||||
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Federal funds sold & other
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100,472 | 56,353 | 97,405 | 86,380 | 11,155 | |||||||||||||||
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Interest-bearing funds
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1,165,157 | 979,844 | 919,381 | 916,653 | 955,644 | |||||||||||||||
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Interest-bearing deposits
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1,004,889 | 822,421 | 761,104 | 759,183 | 789,843 | |||||||||||||||
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Borrowings
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133,463 | 130,625 | 131,492 | 130,698 | 139,042 | |||||||||||||||
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Junior subordinated debt
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26,805 | 26,798 | 26,785 | 26,772 | 26,759 | |||||||||||||||
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Goodwill and other intangibles
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70,563 | 70,844 | 71,260 | 71,676 | 72,093 | |||||||||||||||
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Deposits
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1,336,865 | 1,153,795 | 1,084,990 | 1,070,126 | 1,094,890 | |||||||||||||||
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Asset quality data & ratios
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Non-covered assets:
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Loans past due 30 to 89 days & accruing
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$ | 2,388 | $ | 11,630 | $ | 2,003 | $ | 1,078 | $ | 2,520 | ||||||||||
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Loans past due 90 days & accruing
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544 | - | - | - | - | |||||||||||||||
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Nonaccruing loans
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20,899 | 18,241 | 22,398 | 13,192 | 37,034 | |||||||||||||||
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Total past due & nonaccrual loans
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$ | 23,831 | $ | 29,871 | $ | 24,401 | $ | 14,270 | $ | 39,554 | ||||||||||
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Foreclosed property
|
$ | 20,854 | $ | 26,011 | $ | 27,906 | $ | 27,850 | $ | 5,997 | ||||||||||
|
Loans
|
$ | 943,119 | $ | 947,786 | $ | 918,708 | $ | 891,541 | $ | 919,304 | ||||||||||
|
Net loan charge-offs
|
$ | 867 | $ | 666 | $ | 3,570 | $ | 912 | $ | 2,661 | ||||||||||
|
Allowance for loan losses
|
$ | 18,666 | $ | 17,033 | $ | 16,500 | $ | 16,452 | $ | 15,598 | ||||||||||
|
Allowance for loan losses to loans
|
1.98 | % | 1.80 | % | 1.80 | % | 1.85 | % | 1.70 | % | ||||||||||
|
Covered assets:
|
||||||||||||||||||||
|
Loans past due 30 to 89 days & accruing
|
$ | 5,542 | $ | 4,877 | $ | - | $ | - | $ | - | ||||||||||
|
Loans past due 90 days & accruing
|
4,208 | 400 | - | - | - | |||||||||||||||
|
Nonaccruing loans
|
68,507 | 4,325 | - | - | - | |||||||||||||||
|
Total past due & nonaccrual loans
|
$ | 78,257 | $ | 9,602 | $ | - | $ | - | $ | - | ||||||||||
|
Foreclosed property
|
$ | 11,097 | $ | 977 | $ | - | $ | - | $ | - | ||||||||||
|
Loans
|
$ | 182,778 | $ | 53,829 | $ | - | $ | - | $ | - | ||||||||||
|
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 ended March 31,
|
||||||||
|
2011
|
2010
|
|||||||
|
(in thousands, except per share data)
|
||||||||
|
Interest income:
|
||||||||
|
Interest and fees on loans
|
$ | 15,132 | $ | 12,987 | ||||
|
Interest on securities
|
1,311 | 1,589 | ||||||
|
Interest on federal funds sold and interest bearing deposits
|
69 | 20 | ||||||
|
Total interest income
|
16,512 | 14,596 | ||||||
|
Interest expense:
|
||||||||
|
Interest on deposits
|
2,342 | 2,172 | ||||||
|
Interest on borrowings
|
1,060 | 1,312 | ||||||
|
Interest on junior subordinated debentures
|
331 | 439 | ||||||
|
Total interest expense
|
3,733 | 3,923 | ||||||
|
Net interest income before provision for loan losses
|
12,779 | 10,673 | ||||||
|
Provision for loan losses
|
2,500 | 1,754 | ||||||
|
Net interest income after provision for loan losses
|
10,279 | 8,919 | ||||||
|
Noninterest income:
|
||||||||
|
Service charges on deposit accounts
|
897 | 785 | ||||||
|
Loan sales and commissions
|
- | 16 | ||||||
|
Net gain on sale of securities
|
- | 132 | ||||||
|
Impairment loss on securities
|
(1,066 | ) | (18 | ) | ||||
|
Gain on acquisition
|
34,736 | - | ||||||
|
Other income
|
342 | 278 | ||||||
|
Total noninterest income
|
34,909 | 1,193 | ||||||
|
Noninterest expense:
|
||||||||
|
Salaries and employee benefits
|
6,068 | 4,970 | ||||||
|
Premises and equipment
|
1,539 | 1,537 | ||||||
|
Data processing
|
1,061 | 595 | ||||||
|
Legal, audit and other professional services
|
1,660 | 182 | ||||||
|
Printing, stationery and supplies
|
96 | 12 | ||||||
|
Telephone
|
166 | 224 | ||||||
|
Directors’ fees
|
106 | 120 | ||||||
|
Advertising, marketing and business development
|
369 | 227 | ||||||
|
Postage
|
56 | 56 | ||||||
|
Insurance and assessments
|
663 | 800 | ||||||
|
Loss on and expense of foreclosed property
|
5,252 | 78 | ||||||
|
Amortization of intangible assets
|
416 | 416 | ||||||
|
Other expenses
|
861 | 699 | ||||||
|
Total noninterest expense
|
18,313 | 9,916 | ||||||
|
Income before provision for income taxes
|
26,875 | 196 | ||||||
|
Provision for income taxes
|
11,287 | 79 | ||||||
|
Net income
|
$ | 15,588 | $ | 117 | ||||
|
Net income (loss) available to common stockholders
|
$ | 15,275 | $ | (196 | ) | |||
First California Financial Group
Unaudited Quarterly Financial Results
|
March 31,
|
December 31,
|
|||||||
|
(in thousands)
|
2011
|
2010
|
||||||
|
Cash and due from banks
|
$ | 35,371 | $ | 25,487 | ||||
|
Interest bearing deposits with other banks
|
119,996 | 62,516 | ||||||
|
Securities available-for-sale, at fair value
|
311,094 | 272,439 | ||||||
|
Loans, net
|
1,107,231 | 984,582 | ||||||
|
Premises and equipment, net
|
20,067 | 19,710 | ||||||
|
Goodwill
|
60,720 | 60,720 | ||||||
|
Other intangibles, net
|
9,754 | 9,915 | ||||||
|
Deferred tax assets, net
|
- | 4,563 | ||||||
|
Cash surrender value of life insurance
|
12,342 | 12,232 | ||||||
|
Foreclosed property
|
31,951 | 26,988 | ||||||
|
FDIC shared-loss asset
|
87,073 | 16,725 | ||||||
|
Accrued interest receivable and other assets
|
34,841 | 25,457 | ||||||
|
Total assets
|
$ | 1,830,440 | $ | 1,521,334 | ||||
|
Non-interest checking
|
$ | 327,873 | $ | 331,648 | ||||
|
Interest checking
|
96,632 | 88,638 | ||||||
|
Money market and savings
|
457,728 | 388,289 | ||||||
|
Certificates of deposit, under $100,000
|
128,386 | 84,133 | ||||||
|
Certificates of deposit, $100,000 and over
|
401,057 | 263,580 | ||||||
|
Total deposits
|
1,411,676 | 1,156,288 | ||||||
|
Securities sold under agreements to repurchase
|
30,000 | 45,000 | ||||||
|
Federal Home Loan Bank advances
|
124,791 | 86,500 | ||||||
|
Junior subordinated debentures
|
26,805 | 26,805 | ||||||
|
Deferred tax liabilities, net
|
11,258 | - | ||||||
|
FDIC shared-loss liability
|
3,573 | 988 | ||||||
|
Accrued interest payable and other liabilities
|
8,251 | 7,712 | ||||||
|
Total liabilities
|
1,616,354 | 1,323,293 | ||||||
|
Total shareholders’ equity
|
214,086 | 198,041 | ||||||
|
Total liabilities and shareholders’ equity
|
$ | 1,830,440 | $ | 1,521,334 | ||||
FIRST CALIFORNIA FINANCIAL GROUP, INC.
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON - GAAP FINANCIAL MEASURES
(unaudited)
|
(in thousands except for share data and ratios)
|
3/31/2011
|
12/31/2010
|
||||||
|
Total shareholders' equity
|
$ | 214,086 | $ | 198,041 | ||||
|
Less: Goodwill and intangible assets
|
(70,474 | ) | (70,635 | ) | ||||
|
Tangible equity
|
143,612 | 127,406 | ||||||
|
Less: Preferred stock
|
(24,742 | ) | (24,628 | ) | ||||
|
Tangible common equity
|
$ | 118,870 | $ | 102,778 | ||||
|
Total assets
|
$ | 1,830,440 | $ | 1,521,334 | ||||
|
Less: Goodwill and intangible assets
|
(70,474 | ) | (70,635 | ) | ||||
|
Tangible assets
|
$ | 1,759,966 | $ | 1,450,699 | ||||
|
Common shares outstanding
|
28,214,721 | 28,170,760 | ||||||
|
Tangible equity to tangible assets
|
8.16 | % | 8.78 | % | ||||
|
Tangible common equity to tangible assets
|
6.75 | % | 7.08 | % | ||||
|
Tangible book value per common share
|
$ | 4.21 | $ | 3.65 | ||||
|
Three months ended
|
||||||||
|
3/31/2011
|
12/31/2010
|
|||||||
|
Net income available to common shares
|
$ | 15,275 | $ | 767 | ||||
|
Less: amortization of intangible assets, net of tax
|
241 | 241 | ||||||
|
Net income (loss) available to tangible common shares
|
$ | 15,516 | $ | 1,008 | ||||
|
Three months ended
|
||||||||
|
3/31/2011
|
12/31/2010
|
|||||||
|
Noninterest expense
|
$ | 18,313 | $ | 12,453 | ||||
|
Less: amortization of intangible assets
|
(416 | ) | (416 | ) | ||||
|
Less: loss on and expense of foreclosed property
|
(5,252 | ) | (2,224 | ) | ||||
|
Less: integration/conversion expenses
|
(515 | ) | (430 | ) | ||||
|
Operating expenses
|
$ | 12,130 | $ | 9,383 | ||||