California
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333-12892
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77-0559736
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(State or other jurisdiction of incorporation or organization)
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(Commission File No.)
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(I.R.S. Employee Identification No.)
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Exhibit No. | Description |
99.1 | Press Release dated November 13, 2012, reporting third quarter 2012 financial results |
Dated: November 13, 2012 | MISSION COMMUNITY BANCORP | ||
By:
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/s/ Mark R. Ruh | ||
Mark R. Ruh, Chief Financial Officer
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FOR IMMEDIATE RELEASE | Contact: Mark R. Ruh, Chief Financial Officer |
November 13, 2012 | (805) 269-2000 |
For the Three Months Ended
September 30, 2012
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||||
Net income
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$ | 760,000 | ||
Net income attributable to common stock
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$ | 609,000 | ||
Diluted earnings per share
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$ | 0.08 | ||
Net interest margin
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3.99 | % | ||
Cost of funds
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0.29 | % | ||
Return on average assets (annualized)
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0.67 | % |
For the Nine Months Ended
September 30, 2012
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||||
Net income
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$ | 451,000 | ||
Net income (loss) attributable to common stock
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$ | (49,000 | ) | |
Diluted loss per share
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$ | (0.01 | ) |
Net interest margin
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4.27 | % | ||
Cost of funds
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0.34 | % | ||
Return on average assets (annualized)
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0.13 | % |
At Period End | ||||||||
September 30, 2012
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June 30, 2012 | |||||||
Book value per share
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$ | 4.57 | $ | 4.44 | ||||
Tangible book value per share
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$ | 4.20 | $ | 4.06 | ||||
Allowance for credit losses to total loans and leases, net of unearned income
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1.73 | % | 1.69 | % | ||||
Allowance for credit losses to total non-performing loans and leases
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49.0 | % | 51.5 | % | ||||
Equity to assets ratios:
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||||||||
Consolidated Bancorp
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8.09 | % | 7.60 | % | ||||
Bank
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9.43 | % | 8.94 | % | ||||
Capital Ratios:
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||||||||
Consolidated Bancorp
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||||||||
Tier 1 Leverage Ratio
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9.16 | % | 9.18 | % | ||||
Tier 1 Risk-based Capital Ratio
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13.85 | % | 14.68 | % | ||||
Total Risk-based Capital Ratio
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15.10 | % | 15.93 | % | ||||
Bank
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||||||||
Tier 1 Leverage Ratio
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8.23 | % | 7.97 | % | ||||
Tier 1 Risk-based Capital Ratio
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12.49 | % | 12.82 | % | ||||
Total Risk-based Capital Ratio
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13.74 | % | 14.08 | % |
September 30, 2012
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June 30, 2012
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March 31, 2012
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December 31, 2011
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Assets
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||||||||||||||||
Cash and due from banks
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$ | 21,197 | $ | 27,256 | $ | 67,093 | $ | 61,621 | ||||||||
Certificates of deposit in other banks
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5,176 | 5,176 | 3,492 | 3,592 | ||||||||||||
Investment securities available for sale
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147,066 | 171,472 | 128,623 | 128,310 | ||||||||||||
Loans held for sale
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3,490 | 4,280 | 5,874 | 3,720 | ||||||||||||
Loans, net of unearned income
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233,537 | 219,351 | 220,096 | 229,949 | ||||||||||||
Less allowance for loan and lease losses
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(4,100 | ) | (3,781 | ) | (3,562 | ) | (3,326 | ) | ||||||||
Net loans
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229,437 | 215,570 | 216,534 | 226,623 | ||||||||||||
Federal Home Loan Bank stock and other stock, at cost
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6,699 | 3,800 | 3,801 | 3,926 | ||||||||||||
Premises and equipment
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15,977 | 16,027 | 16,292 | 16,282 | ||||||||||||
Other real estate owned
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1,463 | 2,299 | 2,224 | 5,220 | ||||||||||||
Company owned life insurance
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7,958 | 7,901 | 7,844 | 7,786 | ||||||||||||
Core deposit intangible asset, net of accumulated amortization
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2,866 | 2,967 | 3,068 | 3,170 | ||||||||||||
Accrued interest and other assets
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1,988 | 2,228 | 2,929 | 3,062 | ||||||||||||
Total Assets
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$ | 443,317 | $ | 458,976 | $ | 457,774 | $ | 463,312 | ||||||||
Liabilities and Shareholders' Equity
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Deposits:
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Noninterest-bearing demand
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$ | 125,778 | $ | 126,003 | $ | 113,388 | $ | 105,105 | ||||||||
Money market, NOW and savings
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153,332 | 159,483 | 156,912 | 156,273 | ||||||||||||
Time certificates of deposit
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110,298 | 123,159 | 134,981 | 149,196 | ||||||||||||
Total deposits
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389,408 | 408,645 | 405,281 | 410,574 | ||||||||||||
Junior subordinated debt securities
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5,576 | 5,548 | 5,519 | 5,491 | ||||||||||||
Accrued interest and other liabilities
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2,667 | 2,130 | 4,710 | 4,271 | ||||||||||||
Warrant liability
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- | 150 | 199 | 5,184 | ||||||||||||
Total liabilities
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401,451 | 416,473 | 415,709 | 425,520 | ||||||||||||
Mezzanine financing:
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||||||||||||||||
Redeemable Bancorp-issued preferred stock, Series A, B and C; liquidation value of $1,205
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1,205 | 1,205 | 1,205 | 1,205 | ||||||||||||
Redeemable subsidiary-issued preferred stock; liquidation value of $4,800 at September 30, 2012; $6,400 at June 30, 2012; $7,000 at March 31, 2012; and $7,000 at December 31, 2011
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4,800 | 6,400 | 7,000 | 7,000 | ||||||||||||
Shareholders' equity:
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||||||||||||||||
Common stock - 50,000,000 shares authorized; issued and outstanding: 7,855,066 at September 30, 2012; 7,855,066 at June 30, 2012; 7,755,066 at March 31, 2012 and 7,755,066 at December 31, 2011
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41,325 | 41,325 | 40,824 | 40,825 | ||||||||||||
Additional paid-in capital
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8,730 | 8,533 | 8,497 | 3,505 | ||||||||||||
Accumulated deficit
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(16,487 | ) | (17,095 | ) | (17,444 | ) | (16,438 | ) | ||||||||
Accumulated other comprehensive income
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2,293 | 2,135 | 1,983 | 1,695 | ||||||||||||
Total shareholders' equity
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35,861 | 34,898 | 33,860 | 29,587 | ||||||||||||
Total Liabilities and Shareholders' Equity
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$ | 443,317 | $ | 458,976 | $ | 457,774 | $ | 463,312 |
For the Three Months Ended
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For the Nine Months Ended
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September 30, 2012
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September 30, 2011
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September 30, 2012
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September 30, 2011
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Interest Income
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Interest and fees on loans
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$ | 3,739 | $ | 1,785 | $ | 12,389 | $ | 5,271 | ||||||||
Interest on investment securities
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696 | 470 | 2,035 | 1,350 | ||||||||||||
Other interest income
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17 | 6 | 85 | 22 | ||||||||||||
Total interest income
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4,452 | 2,261 | 14,509 | 6,643 | ||||||||||||
Interest Expense
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||||||||||||||||
Interest on money market, NOW and savings deposits
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71 | 86 | 212 | 305 | ||||||||||||
Interest on time certificates of deposit
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149 | 217 | 601 | 693 | ||||||||||||
Other interest expense
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82 | 25 | 246 | 80 | ||||||||||||
Total interest expense
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302 | 328 | 1,059 | 1,078 | ||||||||||||
Net interest income
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4,150 | 1,933 | 13,450 | 5,565 | ||||||||||||
Provision for loan and lease losses
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225 | 300 | 675 | 300 | ||||||||||||
Net interest income (loss) after provision for loan and lease losses
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3,925 | 1,633 | 12,775 | 5,265 | ||||||||||||
Non-interest income
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||||||||||||||||
Service charges on deposit accounts
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236 | 114 | 691 | 312 | ||||||||||||
Gain on sale of SBA-guaranteed loans
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- | 31 | 8 | 172 | ||||||||||||
Net gains(losses) on disposition of other loans held for sale
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685 | 209 | 711 | 255 | ||||||||||||
Loan servicing fees, net of amortization
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37 | 38 | 119 | 97 | ||||||||||||
Grants and awards
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- | - | - | - | ||||||||||||
Gain on sale or call of available-for-sale securities
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407 | 4 | 934 | 4 | ||||||||||||
Gain (loss) or writedown of other real estate owned and premises and equipment
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(170 | ) | (94 | ) | (458 | ) | (71 | ) | ||||||||
Change in fair value of warrant liability
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(11 | ) | 248 | 68 | 1,207 | |||||||||||
Other income and fees
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128 | 138 | 341 | 260 | ||||||||||||
Total non-interest income
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1,312 | 688 | 2,414 | 2,236 | ||||||||||||
Non-interest expense
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Salaries and employee benefits
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2,237 | 1,601 | 7,090 | 4,364 | ||||||||||||
Occupancy expenses
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431 | 341 | 1,353 | 993 | ||||||||||||
Furniture and equipment
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162 | 120 | 597 | 346 | ||||||||||||
Data processing
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464 | 276 | 1,805 | 739 | ||||||||||||
Professional fees
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265 | 369 | 1,000 | 902 | ||||||||||||
Marketing and business development
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96 | 47 | 312 | 140 | ||||||||||||
Office supplies and expenses
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145 | 66 | 537 | 192 | ||||||||||||
Insurance and regulatory assessments
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162 | 86 | 485 | 312 | ||||||||||||
Loan and lease expenses
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56 | 42 | 246 | 202 | ||||||||||||
Other real estate expenses
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89 | 15 | 238 | 113 | ||||||||||||
Provision for unfunded commitments
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25 | 180 | 25 | 180 | ||||||||||||
Amortization of core deposit intangible asset
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101 | - | 303 | - | ||||||||||||
Other expenses
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244 | 178 | 744 | 495 | ||||||||||||
Total non-interest expense
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4,477 | 3,321 | 14,735 | 8,978 | ||||||||||||
Income (loss) before income taxes
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760 | (1,000 | ) | 454 | (1,477 | ) | ||||||||||
Income tax expense
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- | 1 | 3 | 6 | ||||||||||||
Net income (loss)
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$ | 760 | $ | (1,001 | ) | $ | 451 | $ | (1,483 | ) | ||||||
Less dividends on preferred stock
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151 | 64 | 500 | 192 | ||||||||||||
Net income (loss) attributable to common stock
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$ | 609 | $ | (1,065 | ) | $ | (49 | ) | $ | (1,675 | ) | |||||
Per Common Share Data:
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Net income (loss) - basic
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$ | 0.08 | $ | (0.15 | ) | $ | (0.01 | ) | $ | (0.24 | ) | |||||
Net income (loss) - diluted
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$ | 0.08 | $ | (0.15 | ) | $ | (0.01 | ) | $ | (0.24 | ) | |||||
Average common shares outstanding - basic
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7,766,055 | 7,094,274 | 7,792,292 | 7,094,274 | ||||||||||||
Average common shares outstanding - diluted
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7,766,055 | N/A | 7,792,292 | N/A |