EX-99.1 3 dex991.txt EXHIBIT 99.1 Exhibit 99.1 [LOGO] Commercial Capital Bancorp, Inc. Contact: Stephen H. Gordon Chairman & CEO Telephone: (949) 585-7500 Christopher G. Hagerty EVP & CFO Facsimile: (949) 585-0174 COMMERCIAL CAPITAL BANCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS OF $0.28 PER SHARE Total Assets Reach $1.2 Billion, Record Loan Originations of $267 Million and Efficiency Ratio Declines to 30% Irvine, CA - April 28, 2003 - Commercial Capital Bancorp, Inc. ("CCBI" or the "Company"), (NASDAQ: "CCBI"), the holding company for Commercial Capital Bank, (the "Bank"), Commercial Capital Mortgage, Inc. ("CCM"), and ComCap Financial Services, Inc. ("ComCap"), announced today record net income of $4.2 million, or $0.28 per diluted share, for the first quarter ended March 31, 2003, an increase of 174% and 65% from $1.5 million and $0.17 per diluted share, for the first quarter of 2002. CCBI's return on average equity and return on average assets for the first quarter of 2003 were 20.60% and 1.70%, respectively, compared to 21.37% and 1.35% for the first quarter of 2002, respectively. Stephen H. Gordon, Chairman and Chief Executive Officer, stated, "The first quarter resulted in continued strong growth in assets, deposits, revenues, and net income as we continued implementing our business plan, began leveraging the additional equity raised from the Company's IPO, and continued to opportunistically reposition the Company's balance sheet to enhance overall earnings. The recently announced realignment of the Company's lending operation will immediately increase net interest income by enabling the Bank to hold a significantly increased percentage of the Company's relationship-driven loan originations, while efforts continue to focus on cross-selling borrowers and building core deposits." ($ in 000's, except per share data) Q1 Q1 2003 2002 Net income $ 4,239 $1,545 Basic EPS 0.30 0.17 Diluted EPS 0.28 0.17 Net interest income 8,064 3,994 Net interest margin 3.39% 3.64% Noninterest income $ 3,215 $1,073 Noninterest expense 3,545 1,862 Total revenues 16,606 8,229 Return on average equity 20.60% 21.37% Return on average assets 1.70 1.35 Efficiency ratio 30.08 36.75 Some of the Company's first quarter 2003 highlights include: . The Company's consolidated assets increased 38% to $1.2 billion at March 31, 2003, from $849.5 million at December 31, 2002, and 95% from $602.2 million, at March 31, 2002. Average assets increased 24% to $996.6 million for the first quarter of 2003, from $805.9 million for the fourth quarter of 2002, and 118% from $457.0 million for the first quarter 2002. Total assets grew at a compounded quarterly growth rate of 18% for the four quarters ended March 31, 2003. . The Company's loan originations increased 33% to a record $267.0 million during the first quarter of 2003, from $200.3 million for the fourth quarter of 2002, and increased 39% from $192.1 million for the first quarter of 2002. . The Company's total deposits increased 31% to $408.0 million at March 31, 2003, from $312.3 million at December 31, 2002, and 135% from $173.3 million at March 31, 2002. Transaction accounts increased 27% to $234.8 million at March 31, 2003, from $185.2 million at December 31, 2002, and more than 13 times from $15.7 million at March 31, 2002. Money market deposits increased 26% to $222.2 million at March 31, 2003, from $176.2 million at December 31, 2002, and more than 32 times from $6.7 million at March 31, 2002. Total deposits grew at a compounded quarterly growth rate of 24% for the four quarters ended March 31, 2003. . The Company's total revenues, defined as interest income plus noninterest income, increased 18% to $16.6 million for the first quarter of 2003, from $14.0 million for the fourth quarter of 2002, and increased 102% from $8.2 million for the first quarter of 2002. Total revenues grew at a compounded quarterly growth rate of 19% for the four quarters ended March 31, 2003. . The Company's efficiency ratio declined to 30.08% for the first quarter of 2003, from 30.62% for the fourth quarter 2002, and 36.75% for the first quarter of 2002. In accordance with new SEC regulations, the Company revised its efficiency ratio to include the gain on sale of securities. The Company now defines its efficiency ratio as general and administrative expenses as a percentage of net interest income and noninterest income. The loss on early extinguishment of debt is not considered a component of general and administrative expenses. The efficiency ratios for prior periods reflect this revised definition. . The Company's net income increased 32% to $4.2 million for the first quarter of 2003, from $3.2 million for the fourth quarter of 2002, and 174% from $1.5 million for the first quarter of 2002. Net income grew at a compounded quarterly growth rate of 29% for the four quarters ended March 31, 2003. The Company's return on average assets increased to 1.70% for the first quarter of 2003, from 1.59% for the fourth quarter of 2002, and from 1.35% from the first quarter of 2002. The Company's return on average equity was 20.60% for the first quarter of 2003, compared to 29.03% for the fourth quarter of 2002, and 21.37% for the first quarter of 2002. The decrease in return on average equity for the first quarter of 2003 reflects the dilutive effect of having not yet fully leveraged the additional equity raised from the Company's recent IPO. . The Company announced its intention to open a new full service banking office in La Jolla, CA, projected to open in August 2003, which will provide loan and deposit products to existing and new clients located throughout San Diego County. . In January 2003, the underwriters of CCBI's initial public offering exercised the over-allotment option to purchase an additional 375,000 shares of the Company's common stock at $8.00 per share, resulting in the receipt of an additional $2.8 million of net proceeds and increased capital after adjusting for underwriting discounts and expenses. NET INTEREST INCOME The Company's net interest income increased 29% to $8.1 million for the first quarter of 2003, from $6.3 million for the fourth quarter of 2002, and 102% from $4.0 million for the first quarter of 2002. The Company's net interest margin was 3.39% for the first quarter of 2003, compared to 3.27% for the fourth quarter of 2002, and 3.64% for the first quarter of 2002. The Company's yield on interest earning assets declined 30 basis points to 5.64% during the quarter ended March 31, 2003, from 5.94% during the quarter ended December 31, 2002, and 88 basis points from 6.52% during the quarter ended March 31, 2002. The Company's cost of interest bearing liabilities declined 31 basis points to 2.41% during the quarter ended March 31, 2003, from 2.72% during the quarter ended December 31, 2002, and 65 basis points from 3.06% during the quarter ended March 31, 2002. The decline in asset yields during the quarter and year ended March 31, 2003 reflects the effects of growing the Company's balance sheet, through the origination of new variable-rate loans and the acquisition of additional U.S. Government agency mortgage-backed securities. Since the majority of the Company's loans have interest rate floors, most of the decline was due to the addition of new assets in a lower interest rate environment. The decline in the cost of interest-bearing liabilities during the first quarter of 2003 primarily reflects the Company's ability to lower its rate of interest paid on money market, time deposit accounts and other deposits, as well as to utilize lower cost, longer duration borrowings, primarily obtained through advances from the Federal Home Loan Bank ("FHLB"). The Company cut the rate of interest paid on its money market accounts in mid-January and mid-March for a cumulative reduction of 15 basis points on balances of $50,000 or more, the full impact of which will be seen in the second quarter of 2003. During the first quarter of 2003, the Company continued to take proactive steps in managing its net interest margin through the lowering of the cost and the extension of the duration of its interest bearing liabilities. The Company accomplished this by utilizing gains on sales of securities to offset penalties incurred through the early extinguishment of higher costing, shorter duration, fixed rate advances from the FHLB and replacing them with lower costing, longer duration, fixed rate advances. In March 2003, the Company prepaid $10 million of fixed rate FHLB advances, and replaced those advances at a 146 basis point savings. As a result of the Company's realignment of its lending operations, announced on April 3, 2003, the Company anticipates that recurring net interest income should greatly increase, as the operational realignment enables the Company to retain a substantially greater percentage of its loan originations in its portfolio, rather than to be sold to third parties for one-time cash gains. NONINTEREST INCOME Noninterest income increased 23% to $3.2 million for the first quarter of 2003, from $2.6 million for the fourth quarter of 2002, and 200% from $1.1 million for the first quarter of 2002. The Company's noninterest income included gain on sales of securities of $1.6 million for the first quarter of 2003, compared to $396,000 for the fourth quarter of 2002. The increase in gain on sales of securities resulted from the sale of lower yielding and higher prepaying U. S. government agency mortgage-backed securities. The gain was utilized to offset prepayment penalties associated with the early extinguishment of higher costing and shorter duration FHLB advances, severance costs associated with the previously announced departure of one of the Company's officers, and to supplement noninterest income realized from gain on sales of loans as the Company sold a lower dollar volume of loans to third parties during the quarter and instead retained a greater amount of its loans in portfolio, thereby increasing recurring net interest income. In addition to the Company's gain on sales of securities, the Company's noninterest income for the first quarter of 2003 consisted of $975,000 from ongoing cash gain on sales of loans and $593,000 in net mortgage banking fees, securities brokerage fees, and other fees including miscellaneous banking and trust fee income. The gain on sales of loans represents ongoing cash gains received on sales to third parties. NONINTEREST EXPENSE The Company's efficiency ratio declined to 30.08% for the first quarter of 2003, from 30.62% for the fourth quarter of 2002, and 36.75% for the first quarter of 2002. General and administrative expenses were 1.36% of total average assets for the first quarter of 2003, compared to 1.35% for the fourth quarter of 2002, and 1.63% for the first quarter of 2002. The Company's noninterest expenses, excluding costs associated with the early extinguishment of debt and severance costs, totaled $3.0 million for the first quarter of 2003, compared to $2.7 million for the fourth quarter of 2002, and $1.9 million for the first quarter of 2002 . The increase in the first quarter of 2003 compared to the first quarter of 2002 is primarily due to higher personnel costs associated with the Company's growth, including variable expenses related to securities brokerage commissions paid by ComCap, and also includes marketing costs in connection with the Bank's money market accounts growth. During the first quarter of 2003, the Company incurred $152,000 in costs associated with the early extinguishment of higher cost, fixed rate FHLB advances. BALANCE SHEET The Company's total consolidated assets increased 38% to $1.2 billion at March 31, 2003, from $849.5 million at December 31, 2002, and 95% from $602.2 million at March 31, 2002. The increase in assets during the quarter was primarily due to a $103.7 million increase in the loans held for investment portfolio, a $58.7 million increase in loans held for sale, and a $136.8 million increase in securities. The Bank purchased $125.5 million in loans from CCM during the first quarter of 2003, an increase of 54% from $81.5 million for the fourth quarter of 2002, as the Company increased its focus on retaining for portfolio a greater amount of its loan originations. Total loans, which include loans held for investment and loans held for sale, net of the allowance for loan losses, increased 33% to $649.8 million at March 31, 2003, from $487.5 million at December 31, 2002, and 100% from $325.5 million at March 31, 2002. The Company plans to retain in portfolio more of its loan originations as a result of the realignment of the Company's loan origination function from CCM to the Bank. Prior to this realignment, the Bank was limited to purchasing less than 50% of CCM's loan production. CCM will continue to actively maintain and utilize its independent, third-party provided, warehouse line of credit to fund and sell those loans which the Bank elects to assign to CCM for reasons which may include the Bank's loans to one borrower limits, capital constraints, geographic concentrations or for other reasons as determined by management. The Company's portfolio of U.S. Government agency mortgage-backed securities increased 44% to $446.8 million at March 31, 2003, from $310.0 million at December 31, 2002, and increased 153% from $176.5 million at March 31, 2002. The Company's mortgage-backed securities portfolio consists of GNMA, FHLMC, and FNMA pass-through securities with a weighted average life of approximately 4.2 years, a weighted average duration of approximately 3.5 years, and an unrealized gain of $6.1 million, at March 31, 2003. The growth in the securities portfolio during the quarter reflects the ongoing decision by the Company to additionally leverage its equity with low risk, high cash-flow assets. The Company's deposits increased 31% to $408.0 million at March 31, 2003, from $312.3 million at December 31, 2002, and 135% from $173.3 million at March 31, 2002. The increase in deposits from March 31, 2002 is primarily attributable to the continued focus on increasing transaction accounts as a percentage of total deposits, with transaction accounts now accounting for more than 58% of total deposits at March 31, 2003, versus 9% at March 31, 2002. Transaction accounts increased 27% to $234.8 million at March 31, 2003, from $185.2 million at December 31, 2002, and increased more than 13 times from $15.7 million at March 31, 2002. The majority of the Company's total transaction accounts are from Orange, Los Angeles and Riverside counties, with business deposits accounting for approximately 22% of the total, at march 31, 2003. Time deposits increased 36% to $173.3 million at March 31, 2003, from $127.1 million at December 31, 2002, and 10% from $157.6 million at March 31, 2002. The increase in time deposits during the quarter resulted from the Company's focus on attracting lower cost, longer duration, term deposits during this unprecedented interest rate environment. The Company's borrowings increased 44% to $648.7 million at March 31, 2003, from $452.0 million at December 31, 2002, and 64% from $394.9 million at March 31, 2002. FHLB advances increased 41% to $408.1 million, from $289.1 million at December 31, 2002, and 127% from $179.7 million at March 31, 2002, as the Company continued to extend the duration, while lowering the cost of funding its growth. Repurchase agreements increased 21% to $134.5 million, from $111.0 million at December 31, 2002, and decreased 2% from $136.8 million at March 31, 2002. Stockholders' equity increased 9% to $84.8 million at March 31, 2003, from $77.6 million at December 31, 2002, and 200% from $28.2 million at March 31, 2002. LOAN ORIGINATIONS AND PORTFOLIO ASSET QUALITY The Company's loan originations increased 33% to a record $267.0 million during the first quarter of 2003, from $200.3 million for the fourth quarter of 2002, and 39% from $192.1 million for the first quarter of 2002. Loan originations for the first quarter of 2003 consisted of $261.4 million of multi-family and commercial real estate loans and $5.6 million of business loans and lines of credit. For the first quarter of 2003, loan refinances accounted for 65% of total multi-family and commercial real estate loan originations, compared to 70% for the fourth quarter of 2002, and 68% for the first quarter of 2002. The Company has originated, from its inception through March 31, 2003, over $2.2 billion in multi-family and commercial loans. The Company's average loan size in its multi-family and commercial real estate loans held for investment portfolio equaled $1.1 million and $1.2 million, respectively, at March 31, 2003. At March 31, 2003, the Company's multi-family real estate loans held for investment, at origination, had a weighted average loan to value of 69.2%, and a weighted average debt coverage ratio of 1.29, and commercial real estate loans, at origination, had a weighted average loan to value of 66.3%, and a weighted average debt coverage ratio of 1.35. The Company had one nonaccrual business line of credit for $225,000 as of March 31, 2003, which is the only nonperforming asset at that date. The Company's overall asset quality remained sound with no nonperforming or more than 30 days past due multi-family or commercial real estate loans as of March 31, 2003. The Company added $609,000 to the allowance for loan losses during the first quarter of 2003, increasing the allowance for loan losses to $3.3 million at March 31, 2003. CCBI, headquartered in Irvine, CA, is a multifaceted financial services company which provides financial services to meet the needs of its client base of income-property real estate investors, middle market commercial businesses, and high net-worth individuals, families and professionals. At March 31, 2003, CCBI had total assets of $1.2 billion, and Commercial Capital Bank, the Company's bank subsidiary, was the fastest growing banking organization in Orange County, based on percentage growth in total assets on a quarterly basis over the 24 months ended December 31, 2002 (source: www.fdic.gov). The Bank has full service banking offices located at the Company's headquarters in Irvine, Rancho Santa Margarita, Riverside, and loan origination offices in Sacramento, Corte Madera (Marin County), Oakland, Burlingame, Woodland Hills, Los Angeles, Irvine, and San Diego, CA, and plans to open a banking office in La Jolla, CA in August of 2003. Commercial Capital Mortgage, Inc., the Company's mortgage banking subsidiary, was the 4th largest multi-family lender in California during the 12 months ended December 31, 2002 and has originated over $2.2 billion in multi-family and commercial real estate loans from its inception through March 31, 2003. ComCap Financial Services, Inc., the Company's NASD registered broker dealer, provides fixed income and mortgage-backed securities advisory and brokerage services to corporations, high net worth individuals and other financial institutions. CONFERENCE CALL AND WEBCAST INFORMATION Analysts and investors may listen to CCBI's conference call on Monday, April 28, 2003, at 7:30 PDT at www.commercialcapital.com or by dialing (800) 299-7635, access code 13642365. For those who are unable to participate in the call/Webcast live, a playback of the Webcast will be archived on the Company's site at www.commercialcapital.com. The archive will be available beginning approximately 2 hours following the call for a period of 30 days. It is recommended that participants dial into the conference call approximately 5 to 10 minutes prior to the call. This Press Release may include forward-looking statements (related to each company's plans, beliefs and goals), which involve certain risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: competitive pressure in the banking industry; changes in the interest rate environment; the health of the economy, either nationally or regionally; the deterioration of credit quality, which would cause an increase in the provision for possible loan and lease losses; changes in the regulatory environment; changes in business conditions, particularly in California real estate; volatility of rate sensitive deposits; asset/liability matching risks and liquidity risks; and changes in the securities markets. CCBI undertakes no obligation to revise or publicly release any revision to these forward-looking statements. COMMERCIAL CAPITAL BANCORP, INC. UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (Dollars in Thousands, except per share data)
MAR. 31, 2003 MAR. 31, 2002 -------------------------------------------------------------------------------------------------------------- ASSETS ----------------------------------------------------------- Cash and Bank Accounts $ 3,680 $ 1,156 Fed Funds 18,400 68,970 Securities MBS - Held To Maturity 2,036 2,057 MBS - Available For Sale 444,754 174,482 Other Investments - Available For Sale 101 102 ---------------------------------- Total Securities 446,891 176,641 FHLB Stock 22,272 9,405 Loans Held for Investment Single Family 3,855 7,052 Multifamily 496,627 235,723 Commercial Real Estate 65,630 30,113 ---------------------------------- Total Real Estate Loans 566,112 272,888 Business Loans 4,221 5,457 Business & Consumer Lines of Credit 5,986 5,394 Consumer Loans 61 63 ---------------------------------- Total Loans 576,380 283,802 Premiums on Loans Purchased 142 236 Unearned Net Loan Fees and Discounts (353) (94) Allowance for Loan Losses (3,325) (1,628) ---------------------------------- Total Loans Held for Investment, Net 572,844 282,316 Loans Held for Sale 76,994 43,156 Fixed Assets - net 933 444 Foreclosed Assets - - Accrued Interest Receivable 4,612 2,437 Goodwill 13,035 13,014 Other Assets 13,218 4,669 -------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 1,172,879 $ 602,208 ============================================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY ----------------------------------------------------------- Deposits Demand Deposit $ 8,661 $ 6,115 Money Market 222,192 6,663 Savings 3,942 2,935 ----------------------------------- Total Transaction Deposits 234,795 15,713 Retail Time Deposits 135,198 139,573 Broker Time Deposits 38,052 18,042 ----------------------------------- Total Time Deposits 173,250 157,615 ----------------------------------- Total Deposits 408,045 173,328 Borrowings FHLB Advances 408,097 179,745 Securities Sold Under Agreements to Repurchase 134,488 136,835 Trust Preferred Securities 35,000 35,000 Warehouse Lines of Credit 71,098 43,336 ----------------------------------- Total Borrowings 648,683 394,916 Other Liabilities 31,366 5,725 --------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 1,088,094 573,969 STOCKHOLDERS' EQUITY 84,785 28,239 ----------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,172,879 $ 602,208 =============================================================================================================== Operating Data Three Months Ended Performance Ratios and Other Data: MAR. 31, 2003 MAR. 31, 2002 ----------------------------------- Average assets $ 996,555 $ 456,990 Average interest earning assets 950,162 439,182 Average interest bearing liabilities 897,892 419,584 Average stockholders' equity 82,305 28,918 Equity to assets at end of period 7.23% 4.69% Tangible equity to assets at end of period 6.12 2.53 Nonperforming assets $ 225 $ - Net charge-offs - - Allowance for loan losses to total loans held for investment 0.58% 0.57% at end of period Per Share Data Common shares outstanding at end of period 14,354,858 8,971,763 Book value per share $ 5.91 $ 3.15 Tangible book value per share $ 5.00 1.70
COMMERCIAL CAPITAL BANCORP, INC. UNAUDITED CONSOLIDATED QUARTERLY STATEMENT OF OPERATIONS (Dollars in Thousands, except per share data)
THREE MONTHS ENDED MAR. 31, 2003 MAR. 31, 2002 -------------------------------------------------------------------------------------------------------------- Interest Income Real Estate Loans $ 8,408 $ 4,698 Other Loans 143 161 Investments 4,840 2,297 ----------------------------------- Total Interest Income 13,391 7,156 Interest Expense Deposits 2,003 1,002 FHLB Advances 2,115 1,159 Repurchase Agreements 469 429 Trust Preferred Securities 456 259 Warehouse Line Advances 284 313 ----------------------------------- Total Interest Expense 5,327 3,162 ----------------------------------- Net Interest Income 8,064 3,994 Provision for Loan Losses 609 521 ----------------------------------- Net Interest Income after Provision for Loan Losses 7,455 3,473 Noninterest Income Gain on Sale of Loans 975 768 Mortgage Banking Fees 75 192 Banking and Servicing Fees 195 77 Trust Fees 95 36 Other Income 107 - Securities Brokerage Fees 121 - Gain on Sale of Securities 1,647 - ----------------------------------- Total Noninterest Income 3,215 1,073 Noninterest Expenses Compensation and Benefits 1,504 1,030 Severance 430 - Non-Cash Stock Compensation 208 34 Occupancy 201 145 General Operating 1,050 653 ----------------------------------- Total G&A Expenses 3,393 1,862 Early Extinguishment of Debt 152 - ----------------------------------- Total Noninterest Expenses 3,545 1,862 ----------------------------------- Income Before Taxes 7,125 2,684 Income Tax Expense 2,886 1,139 ----------------------------------- Net Income $ 4,239 $ 1,545 =================================== Operating Data Three Months Ended Performance Ratios and Other Data: MAR. 31, 2003 MAR. 31, 2002 ----------------------------------- Earnings per share - Basic $ 0.30 $ 0.17 Earnings per share - Diluted 0.28 0.17 Weighted average shares outstanding -- Basic 14,321,146 8,917,403 Weighted average shares outstanding -- Diluted 14,989,534 9,233,206 Return on average assets 1.70% 1.35% Return on average stockholders' equity 20.60 21.37 Interest rate spread 3.23 3.46 Net interest margin 3.39 3.64 Efficiency ratio 30.08 36.75 G&A to average assets 1.36 1.63 Total loan originations $ 266,951 $ 192,071 CCM loan originations only 261,351 184,921 Bank loan originations only 5,600 7,150 Total CCM loan sale settlements 202,543 193,958 CCM loan purchases by Bank 125,518 97,997
COMMERCIAL CAPITAL BANCORP, INC. UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (Dollars in Thousands, except per share data)
MAR. 31, 2003 DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002 --------------------------------------------------------------------------------------------------------------------------- ASSETS ---------------------------------------------------------- Cash and Bank Accounts $ 3,680 $ 3,408 $ 2,763 $ 5,058 Fed Funds 18,400 - 26,000 700 Securities MBS - Held To Maturity 2,036 2,042 2,048 2,053 MBS - Available For Sale 444,754 307,932 236,115 226,007 Other Investments - Available For Sale 101 100 101 102 ----------------------------------------------------------------- Total Securities 446,891 310,074 238,264 228,162 FHLB Stock 22,272 15,701 10,832 9,515 Loans Held for Investment Single Family 3,855 4,134 4,425 5,242 Multifamily 496,627 399,928 341,555 283,634 Commercial Real Estate 65,630 57,858 49,152 36,910 ----------------------------------------------------------------- Total Real Estate Loans 566,112 461,920 395,132 325,786 Business Loans 4,221 4,531 4,714 4,415 Business & Consumer Lines of Credit 5,986 5,386 8,864 5,430 Consumer Loans 61 129 58 68 ----------------------------------------------------------------- Total Loans 576,380 471,966 408,768 335,699 Premiums on Loans Purchased 142 167 186 214 Unearned Net Loan Fees and Discounts (353) (231) (119) (96) Allowance for Loan Losses (3,325) (2,716) (2,358) (1,921) ----------------------------------------------------------------- Total Loans Held for Investment, Net 572,844 469,186 406,477 333,896 Loans Held for Sale 76,994 18,338 40,914 45,028 Fixed Assets - net 933 976 915 466 Foreclosed Assets - - - - Accrued Interest Receivable 4,612 3,543 3,189 2,942 Goodwill 13,035 13,035 13,035 13,014 Other Assets 13,218 15,208 10,570 10,335 --------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 1,172,879 $ 849,469 $ 752,959 $ 649,116 =========================================================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY ---------------------------------------------------------- Deposits Demand Deposit $ 8,661 $ 6,905 $ 8,048 $ 6,302 Money Market 222,192 176,194 152,317 64,934 Savings 3,942 2,109 1,760 2,040 ------------------------------------------------------------------ Total Transaction Deposits 234,795 185,208 162,125 73,276 Retail Time Deposits 135,198 109,029 147,906 159,847 Broker Time Deposits 38,052 18,042 18,042 23,042 ------------------------------------------------------------------ Total Time Deposits 173,250 127,071 165,948 182,889 ------------------------------------------------------------------ Total Deposits 408,045 312,279 328,073 256,165 Borrowings FHLB Advances 408,097 289,139 213,432 172,974 Securities Sold Under Agreements to Repurchase 134,488 110,993 99,445 106,689 Trust Preferred Securities 35,000 35,000 35,000 35,000 Warehouse Lines of Credit 71,098 16,866 33,057 40,409 ------------------------------------------------------------------ Total Borrowings 648,683 451,998 380,934 355,072 Other Liabilities 31,366 7,589 5,963 4,468 ---------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 1,088,094 771,866 714,970 615,705 STOCKHOLDERS' EQUITY 84,785 77,603 37,989 33,411 ------------------------------------------------------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,172,879 $ 849,469 $ 752,959 $ 649,116 ============================================================================================================================ Operating Data Three Months Ended Performance Ratios and Other Data: MAR. 31, 2003 DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002 ------------------------------------------------------------------ Average assets $ 996,555 $ 805,901 $ 721,753 $ 604,586 Average interest earning assets 950,162 767,719 690,965 579,968 Average interest bearing liabilities 897,892 748,053 675,680 562,775 Average stockholders' equity 82,305 44,217 35,959 31,151 Equity to assets at end of period 7.23% 9.14% 5.05% 5.15% Tangible equity to assets at end of period 6.12 7.60 3.31 3.14 Nonperforming assets $ 225 $ - $ - $ - Net charge-offs - - - - Allowance for loan losses to total loans held for investment at end of period 0.58% 0.58% 0.58% 0.57% Per Share Data Common shares outstanding at end of period 14,354,858 13,978,858 8,964,868 8,964,868 Book value per share $ 5.91 $ 5.55 $ 4.24 $ 3.73 Tangible book value per share $ 5.00 $ 4.62 2.78 2.28
COMMERCIAL CAPITAL BANCORP, INC. UNAUDITED CONSOLIDATED QUARTERLY STATEMENT OF OPERATIONS (Dollars in Thousands, except per share data)
THREE MONTHS ENDED MAR. 31, 2003 DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002 ---------------------------------------------------------------------------------------------------------------------------- Interest Income Real Estate Loans $ 8,408 $ 7,389 $ 6,551 $ 5,866 Other Loans 143 211 180 195 Investments 4,840 3,806 3,988 3,225 ------------------------------------------------------------------ Total Interest Income 13,391 11,406 10,719 9,286 Interest Expense Deposits 2,003 2,135 2,119 1,394 FHLB Advances 2,115 1,817 1,674 1,512 Repurchase Agreements 469 459 528 500 Trust Preferred Securities 456 503 513 520 Warehouse Line Advances 284 222 252 339 ------------------------------------------------------------------ Total Interest Expense 5,327 5,136 5,086 4,265 ------------------------------------------------------------------ Net Interest Income 8,064 6,270 5,633 5,021 Provision for Loan Losses 609 358 437 293 ------------------------------------------------------------------ Net Interest Income after Provision for Loan Losses 7,455 5,912 5,196 4,728 Noninterest Income Gain on Sale of Loans 975 1,595 1,096 1,118 Mortgage Banking Fees 75 53 127 67 Banking and Servicing Fees 195 159 109 58 Trust Fees 95 62 52 48 Other Income 107 157 85 73 Securities Brokerage Fees 121 193 464 - Gain on Sale of Securities 1,647 396 574 56 ------------------------------------------------------------------ Total Noninterest Income 3,215 2,615 2,507 1,420 Noninterest Expenses Compensation and Benefits 1,504 1,583 1,589 1,085 Severance 430 - - - Non-Cash Stock Compensation 208 35 35 35 Occupancy 201 199 190 148 General Operating 1,050 904 1,061 902 ------------------------------------------------------------------ Total G&A Expenses 3,393 2,721 2,875 2,170 Early Extinguishment of Debt 152 395 508 - ------------------------------------------------------------------ Total Noninterest Expenses 3,545 3,116 3,383 2,170 ------------------------------------------------------------------ Income Before Taxes 7,125 5,411 4,320 3,978 Income Tax Expense 2,886 2,202 1,696 1,646 ------------------------------------------------------------------ Net Income $ 4,239 $ 3,209 $ 2,624 $ 2,332 ================================================================== Operating Data Three Months Ended Performance Ratios and Other Data: MAR. 31, 2003 DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002 ------------------------------------------------------------------ Earnings per share - Basic $ 0.30 $ 0.33 $ 0.29 $ 0.26 Earnings per share - Diluted 0.28 0.31 0.27 0.24 Weighted average shares outstanding -- Basic 14,321,146 9,623,732 8,964,868 8,950,628 Weighted average shares outstanding -- Diluted 14,989,534 10,309,944 9,659,467 9,617,546 Return on average assets 1.70% 1.59% 1.45% 1.54% Return on average stockholders' equity 20.60 29.03 29.19 29.94 Interest rate spread 3.23 3.22 3.22 3.36 Net interest margin 3.39 3.27 3.26 3.46 Efficiency ratio 30.08 30.62 35.32 33.69 G&A to average assets 1.36 1.35 1.59 1.44 Total loan originations $ 266,951 $ 200,258 $ 189,290 $ 179,126 CCM loan originations only 261,351 199,208 185,490 179,012 Bank loan originations only 5,600 1,050 3,800 114 Total CCM loan sale settlements 202,543 221,748 189,653 177,147 CCM loan purchases by Bank 125,518 81,480 83,323 63,702