First California Financial Group, Inc. (NASDAQ: FCAL), the holding
company of First California Bank, today reported net income of $3.5
million for the quarter ended September 30, 2012, compared with
$2.5 million for the same quarter a year ago. Net income available
to common shareholders was $3.2 million, or $0.11 per diluted
share, compared with $900,000, or $0.03 per diluted share, for the
prior year third quarter. Preferred dividends were $312,500 for the
third quarter of 2012 and $1,616,000, which included a deemed and
final dividend on the series B preferred shares, for the third
quarter of 2011. At September 30, 2012, tangible book value per
common share increased to $4.71 from $4.19 at December 31, 2011.
"Earnings for the 2012 third quarter grew significantly over the
same period last year and return on average tangible common equity
improved to 10.25 percent from 4.25 percent," said C. G. Kum,
president and chief executive officer of First California Financial
Group. "Moreover, we were able to grow net interest income and fee
income, as well as our loan portfolio and deposits. Our solid
financial performance continues to demonstrate the successful
strategies we implemented to enhance profitability, despite
economic headwinds and the added expense and challenges related to
ongoing shareholder matters."
2012 Third Quarter Financial
Highlights
- Net interest income rose 9 percent from same period last
year;
- Service charges, fees and other income increased 9 percent from
the year ago period;
- Efficiency ratio, inclusive of $0.9 million for shareholder
matter expenses, was 68 percent;
- Strong asset quality with annualized year-to-date net
charge-offs of 0.12 percent of average loans;
- Non-covered loans, before the allowance, increased 14 percent
over the 2011 year-end;
- Total deposits increased 12 percent while non-interest checking
deposits jumped 40 percent from year-end 2011;
- Tangible book value per common share increased to $4.71, or 12
percent, since the end of 2011;
- Third quarter return on average tangible common equity was
10.25 percent.
Financial Results For the 2012 third
quarter, net interest income before the provision for loan losses
increased 9 percent to $17.0 million from $15.6 million for the
2011 third quarter. The increase reflects a 13 percent increase in
average earning assets and a 3 percent decrease in net interest
margin. Interest income (discount accretion) on covered loans for
the 2012 third quarter was $4.5 million. 2011 third quarter
interest income (discount accretion) on covered loans was $3.8
million. Net interest margin, on a taxable equivalent basis,
declined to 3.91 percent from 4.05 percent for the 2011 third
quarter.
Service charges, fees and other income increased to $2.3 million
from $2.1 million for the 2011 third quarter, primarily reflecting
continued growth in business volumes and fees generated from the
EPS division. Revenues from the EPS division increased to $1.2
million for the 2012 third quarter from $800,000 for the same
quarter last year.
Third quarter 2012 non-interest income included a $510,000 net
gain on the sale of securities, offset by a $449,000 impairment
loss on securities, a $99,000 loss on non-hedged derivatives and
$135,000 decrease in FDIC shared-loss asset. For the 2011 third
quarter, non-interest income included a $209,000 net gain on the
sale of securities.
Operating expenses for the 2012 third quarter were $13.0
million, compared with $12.1 million for the 2011 third quarter.
Operating expenses exclude intangible amortization,
integration/conversion expenses and foreclosed property gains,
losses and expenses. The increase reflects higher professional
services expenses, which included approximately $0.9 million of
costs related to shareholder matters, and higher deposit insurance
assessments due to the 40 percent increase in non-interest checking
deposits. The efficiency ratio was 68.37 percent for the 2012 third
quarter, compared with 68.22 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 $5.5 million for the third quarter of 2012,
compared with $5.0 million for the same period a year ago, an
increase of 10 percent.
Non-covered loans, before the allowance for loan losses, grew 14
percent to $1.1 billion at September 30, 2012 from $936.1 million
at December 31, 2011. Commercial mortgage loans led the increase,
up $60 million or 15 percent from the end of the year. Aided by
purchases earlier in the year, home mortgage loans increased 44
percent, while multifamily mortgage loans increased 15 percent
through originations and purchases.
At September 30, 2012, covered loans decreased to $106.1 million
from $135.4 million at December 31, 2011. The Bank's covered
non-performing assets declined by $18.7 million, or 55 percent,
during the same period.
Non-interest checking deposits increased 40 percent from
year-end 2011, primarily from growth in EPS deposits, and now
represent 42 percent of total deposits. The cost of all deposits,
aided by the change in the mix of deposits, fell 37 percent to 32
basis points for the 2012 third quarter from 51 basis points for
the same period last year. Core deposits now comprise 83 percent of
all deposits.
Kum added, "The banking industry continues to be impacted by a
low interest rate environment. Despite this, we have proactively
managed our cost of liabilities and our margin has held up better
than most of our peers as evidenced by the slight decline in our
net interest margin of only 14 basis points over the last 12
months."
Asset Quality At September 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 1.54 percent of total assets, compared with
1.89 percent at December 31, 2011. At September 30, 2012,
nonaccrual loans increased $1.5 million from year-end 2011 while
foreclosure properties declined $5.1 million for the same
period.
The allowance for loan losses was $18.2 million, or 1.71 percent
of non-covered loans, at September 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 third quarter were
$605,000, down from $2.1 million for the 2011 third quarter. The
provision for non-covered loan losses was $500,000 for the 2012
third quarter compared with $1.6 million for the 2011 third
quarter.
Capital resources Shareholders' equity
rose to $236.6 million at September 30, 2012 from $223.1 million at
December 31, 2011. The Company's book value per common share
increased to $7.21 at September 30, 2012 from $6.75 at December 31,
2011. Tangible book value per common share rose to $4.71 at
September 30, 2012 from $4.19 at December 31, 2011.
At September 30, 2012, First California's preliminary Tier 1
leverage capital ratio was 10.00 percent versus 10.33 percent at
the 2011 calendar year end, and the total risk-based capital ratio
decreased to 17.18 percent from 17.32 percent at December 31, 2011.
The Company's ratio of tangible common equity to tangible assets
was 7.18 percent at September 30, 2012, up from 7.05 percent at the
end of 2011. Total assets were $1.99 billion at September 30, 2012,
compared with $1.81 billion at December 31, 2011.
Kum concluded, "We remain focused on improving our performance,
while keeping an eye on expenses and providing the highest quality
service to our loyal customers. More than ever, we appreciate the
hard work and dedication of our employees who help make First
California the business bank of choice in our markets."
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, October 25, 2012 at
11 a.m. Pacific (2 p.m. Eastern) to discuss the Company's 2012
third 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 November
9, 2012 by dialing 877-344-7529 (domestic) or 412-317-0088
(international) and entering replay passcode 10019615.
About First California First California
Financial Group, Inc. (NASDAQ: 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 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-Sep-12 30-Jun-12 31-Mar-12 31-Dec-11 30-Sep-11
----------- ----------- ----------- ----------- -----------
Income statement
summary
Net interest
income $ 17,006 $ 17,232 $ 16,169 $ 15,597 $ 15,618
Service charges,
fees & other
income 2,254 2,801 2,343 2,071 2,067
Loss on non-
hedged
derivatives (99) (296) (111) (60) (24)
Loan sales and
commissions 29 195 50 1 -
Change in FDIC
shared-loss
asset (135) 75 191 45 48
Operating
expenses 13,028 13,406 13,454 13,362 12,081
Provision for
loan losses 500 500 500 796 1,550
Foreclosed
property
(gain)loss &
expense (701) 838 (245) (316) (672)
Amortization of
intangible
assets 539 549 594 624 624
Gain on
securities
transactions 510 593 1 323 209
Impairment loss
on securities 449 - 28 321 -
Gain on
acquisition - - - 1,720 -
----------- ----------- ----------- ----------- -----------
Income before
tax 5,750 5,307 4,312 4,910 4,335
Tax expense 2,286 2,122 1,727 2,048 1,819
----------- ----------- ----------- ----------- -----------
Net income $ 3,464 $ 3,185 $ 2,585 $ 2,862 $ 2,516
=========== =========== =========== =========== ===========
Net income
available to
common
shareholders $ 3,151 $ 2,872 $ 2,272 $ 2,549 $ 900
=========== =========== =========== =========== ===========
Common
shareholder
data
Basic earnings
per common
share $ 0.11 $ 0.10 $ 0.08 $ 0.09 $ 0.03
Diluted earnings
per common
share $ 0.11 $ 0.10 $ 0.08 $ 0.09 $ 0.03
Book value per
common share $ 7.21 $ 7.02 $ 6.89 $ 6.75 $ 6.65
Tangible book
value per
common share $ 4.71 $ 4.51 $ 4.36 $ 4.19 $ 4.08
Shares
outstanding 29,220,271 29,227,483 29,267,465 29,220,079 29,220,079
Basic weighted
average shares 29,221,861 29,234,395 29,238,560 29,220,079 29,077,144
Diluted weighted
average shares 29,603,808 29,592,171 29,976,452 29,871,209 29,561,558
Selected ratios,
yields and
rates
Return on
average assets 0.70% 0.66% 0.56% 0.62% 0.55%
Return on
average
tangible assets 0.79% 0.75% 0.66% 0.73% 0.65%
Return on
average equity 5.89% 5.58% 4.60% 5.13% 4.57%
Return on
average common
equity 6.03% 5.67% 4.57% 5.17% 1.85%
Return on
average
tangible common
equity 10.25% 9.91% 8.41% 9.58% 4.25%
Equity to assets 11.88% 11.69% 12.13% 12.31% 12.22%
Tangible equity
to tangible
assets 8.53% 8.28% 8.52% 8.54% 8.40%
Tangible common
equity to
tangible assets 7.18% 6.92% 7.08% 7.05% 6.90%
Tier 1 leverage
capital ratio:
First
California
Bank 9.97% 9.91% 10.18% 10.18% 10.01%
First
California
Financial
Group, Inc. 10.00% 9.99% 10.30% 10.33% 10.18%
Yield on loans 6.09% 6.35% 6.22% 6.37% 6.16%
Yield on
securities 1.36% 1.60% 1.66% 1.74% 2.20%
Yield on federal
funds sold and
deposits
w/banks 0.32% 0.31% 0.39% 0.24% 0.28%
Total earning
assets yield 4.44% 4.70% 4.80% 4.72% 4.85%
Rate paid on
interest-
bearing
deposits 0.53% 0.58% 0.58% 0.64% 0.76%
Rate paid on
borrowings 2.91% 2.79% 3.19% 3.03% 2.88%
Rate paid on
junior
subordinated
debt 2.39% 2.31% 4.67% 5.08% 5.01%
Total rate paid
on interest
bearing funds 0.84% 0.87% 0.95% 1.00% 1.11%
Net interest
spread 3.60% 3.83% 3.85% 3.72% 3.75%
Net interest
margin (tax
equivalent) 3.91% 4.12% 4.14% 4.01% 4.05%
Cost of all
deposits 0.32% 0.36% 0.38% 0.42% 0.51%
Efficiency ratio 68.37% 67.01% 72.17% 75.69% 68.22%
First California Financial Group
Unaudited Quarterly Financial Results
(in thousands
except for
share data and
ratios)
As of or for the
quarter ended 30-Sep-12 30-Jun-12 31-Mar-12 31-Dec-11 30-Sep-11
---------- ---------- ---------- ---------- ----------
Balance sheet
data - period
end
Total assets $1,990,804 $1,977,824 $1,876,315 $1,812,664 $1,804,901
Shareholders'
equity 236,563 231,177 227,578 223,107 220,585
Common
shareholders'
equity 210,563 205,177 201,578 197,107 194,585
Tangible common
shareholders'
equity 137,638 131,714 127,565 122,500 119,354
Earning assets 1,757,493 1,731,780 1,611,349 1,546,480 1,527,751
Loans 1,174,025 1,154,587 1,138,331 1,071,515 1,067,196
Securities 549,373 522,213 441,738 453,735 332,285
Federal funds
sold & other 34,095 54,980 31,280 21,230 128,270
Interest-bearing
funds 1,065,792 1,117,483 1,112,577 1,087,637 1,086,122
Interest-
bearing
deposits 924,404 961,067 954,090 943,113 941,543
Borrowings 114,583 129,611 131,682 117,719 117,774
Junior
subordinated
debt 26,805 26,805 26,805 26,805 26,805
Goodwill and
other
intangibles 72,925 73,463 74,013 74,607 75,231
Deposits 1,599,892 1,570,387 1,471,035 1,425,269 1,414,602
Balance sheet data - period
average
Total assets $1,982,288 $1,947,183 $1,856,852 $1,817,821 $1,807,988
Shareholders'
equity 234,031 229,745 225,578 221,427 218,539
Common
shareholders'
equity 208,031 203,745 199,578 195,427 193,338
Tangible common
shareholders'
equity 134,837 129,877 125,268 120,927 117,795
Earning assets 1,740,298 1,691,175 1,580,805 1,548,248 1,534,115
Loans 1,147,701 1,127,369 1,097,748 1,039,171 1,087,455
Securities 529,476 479,010 445,698 378,024 320,406
Federal funds
sold & other 63,121 84,796 37,359 131,053 126,254
Interest-bearing
funds 1,090,786 1,130,331 1,104,568 1,090,973 1,107,499
Interest-
bearing
deposits 942,534 972,604 946,659 946,419 954,874
Borrowings 121,447 130,922 131,104 117,749 125,820
Junior
subordinated
debt 26,805 26,805 26,805 26,805 26,805
Goodwill and
other
intangibles 73,194 73,868 74,445 74,919 75,543
Deposits 1,583,829 1,541,852 1,448,999 1,429,885 1,419,171
Asset quality
data & ratios
Non-covered
assets:
Loans past due
30 to 89 days &
accruing $ 4,320 $ 2,151 $ 2,214 $ 3,449 $ 6,948
Loans past due
90 days &
accruing - - - - 24
Nonaccruing
loans 15,404 13,507 14,553 13,860 15,845
---------- ---------- ---------- ---------- ----------
Total past due &
nonaccrual
loans $ 19,724 $ 15,658 $ 16,767 $ 17,309 $ 22,817
========== ========== ========== ========== ==========
Foreclosed
property $ 15,201 $ 16,124 $ 18,709 $ 20,349 $ 18,406
Loans $1,067,881 $1,039,865 $1,010,592 $ 936,103 $ 920,046
Net loan charge-
offs $ 605 $ 310 $ 93 $ 827 $ 2,078
Allowance for
loan losses $ 18,239 $ 18,344 $ 18,154 $ 17,747 $ 17,778
Allowance for
loan losses to
loans 1.71% 1.76% 1.80% 1.90% 1.93%
Covered assets:
Loans past due
30 to 89 days &
accruing $ 574 $ 1,865 $ 2,637 $ 2,906 $ 2,878
Loans past due
90 days &
accruing - - 799 511 -
Nonaccruing
loans 9,779 9,472 17,407 18,547 24,879
---------- ---------- ---------- ---------- ----------
Total past due &
nonaccrual
loans $ 10,353 $ 11,337 $ 20,843 $ 21,964 $ 27,757
========== ========== ========== ========== ==========
Foreclosed
property $ 5,218 $ 9,530 $ 12,868 $ 14,616 $ 12,361
Loans $ 106,144 $ 114,722 $ 127,739 $ 135,412 $ 147,150
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 Nine months ended
September 30, September 30,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
(in thousands)
Interest income:
Interest and fees on loans $ 17,555 $ 16,896 $ 52,346 $ 49,264
Interest on securities 1,704 1,720 5,301 4,712
Interest on federal funds
sold and interest bearing
deposits 51 90 154 270
--------- --------- --------- ---------
Total interest income 19,310 18,706 57,801 54,246
--------- --------- --------- ---------
Interest expense:
Interest on deposits 1,258 1,836 4,028 6,494
Interest on borrowings 887 916 2,739 2,853
Interest on junior
subordinated debentures 159 336 628 1,001
--------- --------- --------- ---------
Total interest expense 2,304 3,088 7,395 10,348
--------- --------- --------- ---------
Net interest income before
provision for loan losses 17,006 15,618 50,406 43,898
Provision for loan losses 500 1,550 1,500 4,550
--------- --------- --------- ---------
Net interest income after
provision for loan losses 16,506 14,068 48,906 39,348
--------- --------- --------- ---------
Noninterest income:
Service charges on deposit
accounts 735 878 2,335 2,633
Loan sales and commissions 29 - 274 -
Loss on non-hedged
derivatives (99) (24) (506) (24)
Change in FDIC shared-loss
asset (135) 48 131 143
Net gain on sale of
securities 510 209 1,104 699
Impairment loss on securities (449) - (477) (1,066)
Gain on acquisitions - - - 35,202
Other income 1,519 1,189 5,063 2,812
--------- --------- --------- ---------
Total noninterest income 2,110 2,300 7,924 40,399
--------- --------- --------- ---------
Noninterest expense:
Salaries and employee
benefits 6,592 6,675 21,254 19,315
Premises and equipment 1,629 1,567 4,845 4,708
Data processing 910 810 2,531 2,685
Legal, audit and other
professional services 1,905 1,071 4,480 4,299
Printing, stationery and
supplies 63 79 229 288
Telephone 193 218 637 592
Directors' fees 122 135 374 342
Advertising, marketing and
business development 340 272 1,221 1,069
Postage 57 50 170 171
Insurance and assessments 553 364 1,633 1,777
(Gain)/Loss on and expense of
foreclosed property (701) (672) (108) 5,066
Amortization of intangible
assets 539 624 1,682 1,665
Other expenses 664 840 2,513 2,387
--------- --------- --------- ---------
Total noninterest expense 12,866 12,033 41,461 44,364
--------- --------- --------- ---------
Income before provision for
income taxes 5,750 4,335 15,369 35,383
Provision for income taxes 2,286 1,819 6,135 14,862
--------- --------- --------- ---------
Net income $ 3,464 $ 2,516 $ 9,234 $ 20,521
========= ========= ========= =========
Net income available to common
stockholders $ 3,151 $ 900 $ 8,296 $ 18,280
First California Financial Group
Unaudited Quarterly Financial Results
September 30, December 31,
(in thousands) 2012 2011
------------- -------------
Cash and due from banks $ 42,387 $ 40,202
Interest bearing deposits with other banks 34,095 21,230
Securities available-for-sale, at fair value 549,373 453,735
Non-covered loans, net 1,049,642 918,356
Covered loans 106,144 135,412
Premises and equipment, net 18,184 18,480
Goodwill 60,720 60,720
Other intangibles, net 12,205 13,887
Cash surrender value of life insurance 12,991 12,670
Non-covered foreclosed property 15,201 20,349
Covered foreclosed property 5,218 14,616
FDIC shared-loss asset 50,471 68,083
Accrued interest receivable and other assets 34,173 34,924
------------- -------------
Total assets $ 1,990,804 $ 1,812,664
============= =============
Non-interest checking $ 675,488 $ 482,156
Interest checking 112,895 107,077
Money market and savings 483,293 486,000
Certificates of deposit, under $100,000 62,176 74,861
Certificates of deposit, $100,000 and over 266,040 275,175
------------- -------------
Total deposits 1,599,892 1,425,269
Securities sold under agreements to repurchase 30,000 30,000
Federal Home Loan Bank advances 84,583 87,719
Junior subordinated debentures 26,805 26,805
Deferred tax liabilities, net 2,261 7,370
FDIC shared-loss liability 3,827 3,757
Accrued interest payable and other liabilities 6,873 8,637
------------- -------------
Total liabilities 1,754,241 1,589,557
Total shareholders' equity 236,563 223,107
------------- -------------
Total liabilities and shareholders' equity $ 1,990,804 $ 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) 9/30/2012 12/31/2011
------------ ------------
Total shareholders' equity $ 236,563 $ 223,107
Less: Goodwill and intangible assets (72,925) (74,607)
------------ ------------
Tangible equity 163,638 148,500
Less: Preferred stock (26,000) (26,000)
------------ ------------
Tangible common equity $ 137,638 $ 122,500
============ ============
Total assets $ 1,990,804 $ 1,812,664
Less: Goodwill and intangible assets (72,925) (74,607)
------------ ------------
Tangible assets $ 1,917,879 $ 1,738,057
============ ============
Common shares outstanding 29,220,271 29,220,079
Tangible equity to tangible assets 8.53% 8.54%
Tangible common equity to tangible assets 7.18% 7.05%
Tangible book value per common share $ 4.71 $ 4.19
------------ ------------
----------------------------------------------------------------------------
Three months ended
--------------------------
9/30/2012 9/30/2011
------------ ------------
Net income available to common shares $ 3,151 $ 900
Add: amortization of intangible assets, net of
tax 323 362
------------ ------------
Net income available to tangible common shares $ 3,474 $ 1,262
============ ============
Noninterest expense $ 12,866 $ 12,033
Less: amortization of intangible assets (539) (624)
Less: gain(loss) on and expense of foreclosed
property 701 672
------------ ------------
Operating expenses $ 13,028 $ 12,081
============ ============
Noninterest income $ 2,110 $ 2,300
Less: net gain on sale of securities (61) (209)
Add: loss on non-hedged derivatives 99 24
Less: change in FDIC shared-loss asset 135 (48)
Less: loan sales and commissions (29) -
------------ ------------
Service charges, fees & other income $ 2,254 $ 2,067
============ ============
Net interest income $ 17,006 $ 15,618
Service charges, fees & other income 2,254 2,067
Loan sales and commissions 29 -
Change in FDIC shared-loss asset (135) 48
Loss on non-hedged derivatives (99) (24)
------------ ------------
Operating revenues $ 19,055 $ 17,709
============ ============
Efficiency ratio (operating expenses/operating
revenues) 68.37% 68.22%
Income before tax $ 5,750 $ 4,335
Provision for loan losses 500 1,550
Foreclosed property (gain)loss & expense (701) (672)
Securities transactions & OTTI losses (61) (209)
------------ ------------
Core earnings $ 5,488 $ 5,004
============ ============
For further Information: 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
First Trust California M... (NASDAQ:FCAL)
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First Trust California M... (NASDAQ:FCAL)
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