EX-99.1 3 dex991.txt PRESS RELEASE DATED JAN. 27, 2003 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 RECORD FOURTH QUARTER AND ANNUAL EARNINGS OF $0.31 AND $1.00 PER SHARE IPO Completed, Loan Originations Reach $749 Million and Efficiency Ratio Declines to 32% Irvine, CA - January 27, 2003 - Commercial Capital Bancorp, Inc. ("CCBI" or the "Company"), (NASDAQ: "CCBI"), the holding company for Commercial Capital Bank, FSB (the "Bank"), Financial Institutional Partners Mortgage Corporation ("FIPMC"), and ComCap Financial Services, Inc. ("ComCap"), announced today net income of $3.2 million, or $0.31 per diluted share, for the fourth quarter ended December 31, 2002, compared to net income of $728,000, or $0.08 per diluted share, for the fourth quarter of 2001. The Company's net income for the year ended December 31, 2002 was $9.7 million, or $1.00 per diluted share, compared to net income of $1.6 million, or $0.17 per diluted share, for the year ended December 31, 2001. CCBI's return on average equity and return on average assets for the fourth quarter of 2002 was 29.03% and 1.59%, respectively, compared to 10.59% and 0.95%, for the fourth quarter of 2001. CCBI's return on average equity and return on average assets for the year ended December 31, 2002 was 27.69% and 1.50%, respectively, compared to 5.98% and 0.66%, for the year ended December 31, 2001. The Company discontinued the amortization of goodwill in 2002 due to the adoption of a new accounting standard. Excluding the amortization of goodwill, the Company would have had net income of $918,000 and $2.3 million for the fourth quarter and year ended December 31, 2001, respectively. Stephen H. Gordon, Chairman and Chief Executive Officer, stated, "We are very pleased to have been able to successfully achieve many of our goals for the year including record earnings, loan originations, deposit growth and continued outstanding asset quality. When combined with the completion of the Company's IPO in December, along with the strengthening of the executive management team in the areas of corporate risk management and relationship banking, the foundation and scale has been established to support continued organic growth." Gordon added, "We look forward to implementing our plans for the coming year including deploying the capital raised in the IPO to support continued loan and securities growth and further developing our relationship banking franchise and core deposit funding. To support this deposit growth, we plan to selectively open branches in areas where there is a high concentration of our existing or targeted clientele of middle market commercial businesses, income-property real estate investors, high net-worth individuals, families and professionals. Additionally, we plan to continue to grow and mature our loan origination operation, capitalizing on the strong market position we already hold."
($ in 000's, except per share data) Q4 Q3 Q4 Year Ended Year Ended 2002 2002 2001 12/31/2002 12/31/2001 Net income $ 3,209 $ 2,624 $ 728 $ 9,710 $ 1,556 Basic EPS 0.33 0.29 0.08 1.07 0.18 Diluted EPS 0.31 0.27 0.08 1.00 0.17 Net interest income 6,270 5,633 2,513 20,918 6,631 Net interest margin 3.27% 3.26% 3.46% 3.38% 3.06% Noninterest income $ 2,615 $ 2,507 $ 1,759 $ 7,615 $ 4,942 Noninterest expense 3,116 3,383 2,518 10,531 7,507 Total revenues 14,021 13,226 6,713 46,182 20,821 Return on average equity 29.03% 29.19% 10.59% 27.69% 5.98% Return on average assets 1.59 1.45 0.95 1.50 0.66 Efficiency ratio 32.05 38.00 69.62 35.00 66.60
1/10 Some of the Company's 2002 highlights include: . The Company's net income increased 22% to $3.2 million for the fourth quarter of 2002, from $2.6 million for the third quarter of 2002. The Company's net income grew at a compounded quarterly growth rate of 58% for the year ended December 31, 2002. . The Company's total revenues, defined as interest income plus noninterest income, increased 6% to $14.0 million for the fourth quarter of 2002, from $13.2 million for the third quarter of 2002. The Company's total revenues grew at a compounded quarterly growth rate of 22% for the year ended December 31, 2002. . The Company's consolidated assets increased 13% to $849.5 million at December 31, 2002, from $753.0 million at September 30, 2002. The Company's consolidated assets grew at a compounded quarterly growth rate of 19% for the year ended December 31, 2002. . The Company's money market deposits increased 16% to $176.2 million at December 31, 2002, from $152.3 million at September 30, 2002. . FIPMC loan originations increased 7% to a record $199.2 million of multi-family and commercial real estate loans during the fourth quarter of 2002, from $185.5 million for the third quarter of 2002. FIPMC originations grew at a compounded quarterly growth rate of 12%, totaling a record $748.6 million, for the year ended December 31, 2002. . The Company had no non-performing assets at December 31, 2002, and no loan was more than 60 days past due. On December 20, 2002, the Company completed its initial public offering ("IPO") of 5,000,000 shares of its common stock at $8.00 per share, resulting in the receipt of $35.8 million of net proceeds and increased capital after adjusting for underwriting discounts and expenses of the offerings. At December 31, 2002, the Company had 13,978,858 shares of common stock outstanding./1/ For the purpose of calculating 2002 performance ratios, the weighted average basic and diluted shares outstanding for the fourth quarter of 2002 were 9,623,732 and 10,309,944, respectively, and for the year ended December 31, 2002 were 9,115,684 and 9,728,918, respectively. Since the IPO was not completed until December 20, 2002, the Company's results of operations do not reflect any material impact on earnings from the planned deployment of the IPO proceeds. NET INTEREST INCOME The Company's net interest income was $6.3 million and $20.9 million for the fourth quarter and year ended December 31, 2002, respectively, compared to $2.5 million and $6.6 million for the fourth quarter and year ended December 31, 2001, respectively. The Company's net interest margin was 3.27% and 3.38% for the fourth quarter and year ended December 31, 2002, respectively, compared to 3.46% and 3.06% for the fourth quarter and year ended December 31, 2001, respectively. The Company's yield on interest earning assets declined 27 basis points to 5.94% during the quarter ended December 31, 2002, from 6.21% during the quarter ended September 30, 2002. The Company's cost of interest bearing liabilities _____________________ /1/ In January 2003, the underwriters of CCBI's IPO, 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 of the offerings. This additional transaction increased the Company's outstanding shares of common stock to 14,353,858. 2/10 declined 27 basis points to 2.72% during the fourth quarter of 2002, from 2.99% during the quarter ended September 30, 2002. The decline in asset yields during the quarter ended December 31, 2002 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 most 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 market. The decline in the cost of interest-bearing liabilities during the fourth quarter of 2002 reflects the Company's ability to lower its rate of interest paid on money market and other deposits, as well as to utilize lower cost, longer duration borrowings, primarily obtained through advances from the Federal Home Loan Bank ("FHLB"). During the fourth quarter of 2002, 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 fixed rate advances from the FHLB and replacing them with lower costing, longer duration, fixed rate advances. During the fourth quarter of 2002, the Company prepaid $35 million of fixed rate FHLB advances, and reduced borrowing costs on these advances by 105 basis points. The Company also benefited from the 50 basis point Fed cut that occurred in November 2002, which subsequently lowered the interest expense incurred on its repurchase agreements, trust preferred securities, and approximately $30 million of deposits which are tied to the six month treasury bill. The Company cut the rate of interest paid on its money market accounts in mid-October, early November, and late December for a cumulative reduction of 60 basis points on balances of $50,000 or more, the full impact of which will be seen in the first quarter of 2003. The Company had an average balance of money market deposits of $164.4 million for the fourth quarter of 2002. NONINTEREST INCOME Noninterest income was $2.6 million and $7.6 million for the fourth quarter and year ended December 31, 2002, respectively, compared to $1.8 million and $4.9 million for the fourth quarter and year ended December 31, 2001, respectively. While noninterest income continues to increase, its contribution to total revenues represents a lower percentage to total revenues as the growth of the Company's balance sheet contributes larger amounts of interest income. Noninterest income contributed 19% and 16% to total revenues for the fourth quarter and year ended December 31, 2002, respectively, compared to 26% and 24% for the fourth quarter and year ended December 31, 2001, respectively. The Company's noninterest income included gains on sales of securities of $396,000 and $1.0 million for the fourth quarter and year ended December 31, 2002, respectively, compared to $932,000 and $1.4 million for the fourth quarter and year ended December 31, 2001, respectively. Excluding the gains on sales of securities, which are not considered to be part of the Company's core operations, noninterest income increased 168% and 87% to $2.2 million and $6.6 million for the quarter and year ended December 31, 2002, respectively, compared to $827,000 and $3.5 million for the quarter and year ended December 31, 2001, respectively. The Company's noninterest income, excluding gains on sales of securities, for the year ended December 31, 2002 consisted of $4.6 million of ongoing cash gains on sales of loans, $439,000 in net mortgage banking fees, $657,000 in securities brokerage fees, and $916,000 in 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. The increase in noninterest income for the 2002 periods compared to the 2001 periods is primarily due to higher volume of loan originations and cash loan sales achieved by FIPMC, as well as the earnings contribution of ComCap, which was acquired on July 1, 2002. NONINTEREST EXPENSES The Company's efficiency ratio declined to 32.05% and 35.00% for the fourth quarter and year ended December 31, 2002, respectively, compared to 69.62% and 66.60% for the fourth quarter and year ended December 31, 2001, respectively. The Company defines its efficiency ratio as noninterest expenses, excluding goodwill amortization and costs associated with the early extinguishment of debt, as a percentage of net interest income and noninterest income, excluding gains on sales of securities. General and administrative expenses declined to 1.35% and 1.49% of total average assets for the fourth quarter and year ended December 31, 2002, respectively, compared to 3.02% and 2.88% for the same periods in 2001, respectively. 3/10 The Company's noninterest expenses, excluding goodwill amortization in the 2001 periods and costs associated with the early extinguishment of debt in the 2002 periods, totaled $2.7 million and $9.6 million for the fourth quarter and year ended December 31, 2002, respectively, compared to $2.3 million and $6.8 million for the fourth quarter and year ended December 31, 2001, respectively. The increase during the year ended 2002 compared to the year ended 2001 is primarily due to higher personnel costs, including expenses incurred due to securities brokerage commissions paid by ComCap, and additional marketing costs in connection with the Bank's money market accounts growth. During the fourth quarter and year ended December 31, 2002, the Company recorded $395,000 and $903,000, respectively, in costs associated with the early extinguishment of fixed rate FHLB advances. BALANCE SHEET The Company had total consolidated assets of $849.5 million at December 31, 2002, an increase of 13% and 100% from $753.0 million and $423.7 million at September 30, 2002 and December 31, 2001, respectively. The increase in assets during the three-months ended December 31, 2002 was primarily due to a $62.7 million increase in its loans held for investment portfolio. The Bank purchased $81.5 million in loans from FIPMC during the fourth quarter of 2002. Total loans, which include loans held for investment and loans held for sale, net of allowances, totaled $487.5 million, an increase of 9% and 102% from $447.4 million and $241.2 million at September 30, 2002 and December 31, 2001, respectively. Additionally, the Company increased its securities portfolio to $310.1 million, an increase of 30% and 159% from $238.3 million and $119.7 million at September 30, 2002 and December 31, 2001, respectively. The balance sheet growth during the fourth quarter of 2002 was partially offset by deploying $26 million of fed funds sold on the Company's balance sheet at September 30, 2002. The Company's deposits totaled $312.3 million at December 31, 2002, a decrease of 5% and an increase of 164% from $328.1 million and $118.3 million at September 30, 2002 and December 31, 2001, respectively. The increase in deposits from December 31, 2001 is primarily attributable to the Bank's introduction of its Prime Money Market account in March 2002 and the Maximum Money Market account in September 2002. The increase in money market deposits has significantly changed the Company's deposit mix with transaction accounts now accounting for more than 59% of total deposits at December 31, 2002 versus 13% at December 31, 2001. Of the Company's money market deposits at December 31, 2002, the majority was from Orange, Los Angeles and Riverside counties, with business deposits accounting for 21% of the total. As a result of the current unprecedented interest rate environment, management made the decision during the fourth quarter of 2002 to replace maturing short duration certificates of deposit with low cost, longer duration FHLB advances, resulting in a decrease in total deposits, while contributing to a lower overall cost of funds and a longer duration of liabilities should interest rates eventually rise. The Company continues to focus on attracting money market deposits and other transaction accounts, which increased $23.1 million, or 14% during the quarter. Borrowings totaled $452.0 million, an increase of 19% and 64% from $380.9 million and $274.8 million at September 30, 2002 and December 31, 2001, respectively. FHLB advances totaled $289.1 million, an increase of 35% and 125% from $213.4 million and $128.7 million at September 30, 2002 and December 31, 2001, respectively. Repurchase agreements totaled $111.0 million, an increase of 12% and 41% from $99.4 million and $78.8 million at September 30, 2002 and December 31, 2001, respectively. Trust preferred securities totaled $35.0 million, an increase of 133% from $15.0 million at December 31, 2001. The Company's loans held for sale were funded by a warehouse line of credit. Stockholders' equity totaled $77.6 million, an increase of 104% and 190% from $38.0 million and $26.8 million at September 30, 2002, and December 31, 2001, respectively. LOAN ORIGINATIONS FIPMC loan originations increased 7% to a record $199.2 million of multi-family and commercial real estate loans during the fourth quarter of 2002, from $185.5 million for the third quarter of 2002. FIPMC loan originations increased 55% to a record $748.6 million of multi-family and commercial real estate loans during the year ended December 31, 2002, from $483.0 million for the year ended December 31, 2001. For the fourth quarter of 2002, loan refinances accounted for 70% of total originations, which was unchanged from the fourth quarter of 2001. For the year ended December 31, 2002, loan refinances declined to 63% of total originations, from 67% for the year ended December 31, 2001. FIPMC has originated, from its inception through December 31, 2002, $2.0 billion in loans. 4/10 Consolidated loan originations, which include loans originated by the Bank, increased by 45% and 54% to $200.3 million and $760.7 million of loans during the fourth quarter and year ended December 31, 2002, respectively, compared to $138.6 million and $494.9 million during the fourth quarter and year ended December 31, 2001. CCBI, headquartered in Irvine, CA, is a multifaceted financial services company which provides financial services to meet the needs of its client base of middle market commercial businesses, income-property real estate investors, high net-worth individuals, families and professionals. At December 31, 2002, CCBI had total assets of $849.5 million, and its subsidiary, Commercial Capital Bank, 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 June 30, 2002 (source: www.fdic.gov). The Bank has three full service branches located at the Company's headquarters in Irvine, Riverside, and in Rancho Santa Margarita, CA. FIPMC, the 4th largest multifamily lender in California during the 12 months ended September 30, 2002, has originated approximately $2.0 billion in multi-family and commercial real estate loans since its inception through December 31, 2002 and has loan origination offices in Burlingame, Corte Madera (Marin County), Oakland, Woodland Hills, Los Angeles, Irvine and San Diego. ComCap, a 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, January 27, 2003, at 10:30 EST at www.commercialcapital.com or by dialing (800) 299-0148, passcode 877287. 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. 5/10 COMMERCIAL CAPITAL BANCORP, INC. UNAUDITED CONSOLIDATED QUARTERLY STATEMENT OF OPERATIONS (Dollars in Thousands, except per share data)
THREE MONTHS ENDED DEC. 31, 2002 DEC. 31, 2001 ------------------------------------------ Interest Income Interest on Real Estate Loans $ 7,389 $ 3,503 Interest on Other Loans 211 119 Interest on Investments 3,806 1,332 ------------------------------------------ Total Interest Income 11,406 4,954 Interest Expense Interest on Deposits 2,135 970 Interest on FHLB Advances 1,817 806 Interest on Repurchase Agreements 459 284 Interest on Trust Preferred Securities 503 86 Interest on Warehouse Line Advances 222 295 ------------------------------------------ Total Interest Expense 5,136 2,441 ------------------------------------------ Net Interest Income 6,270 2,513 Provision for Loan Losses 358 283 ------------------------------------------ Net Interest Income after Provision for Loan Losses 5,912 2,230 Noninterest Income Mortgage Banking Fees 53 10 Gain on Sale of Loans 1,595 735 Banking and Servicing Fees 159 54 Trust Fees 62 28 Other Income 157 - Gain on Sale of Securities 396 932 Securities Brokerage Fees 193 - ------------------------------------------ Total Noninterest Income 2,615 1,759 Noninterest Expenses Personnel 1,618 1,711 Occupancy 199 149 General Operating 904 468 ------------------------------------------ Total G&A Expenses 2,721 2,328 Goodwill Amortization - 190 Early Extinguishment of Debt 395 - ------------------------------------------ Total Noninterest Expenses 3,116 2,518 ------------------------------------------ Income Before Taxes 5,411 1,471 Income Tax Expense 2,202 694 ------------------------------------------ Income Before Minority Interest 3,209 777 Income to Minority Interest - 49 ------------------------------------------ Net Income $ 3,209 $ 728 ========================================== Net Income excluding goodwill amortization $ 3,209 $ 918
Operating Data At or For the Three Months Ended Performance Ratios and Other Data: DEC. 31, 2002 DEC. 31, 2001 ------------------------------------------ Earnings per share - Basic $ 0.33 $ 0.08 Earnings per share - Diluted 0.31 0.08 Weighted average shares outstanding -- Basic 9,623,732 8,843,824 Weighted average shares outstanding -- Diluted 10,309,944 9,167,337 Return on average assets 1.59% 0.95% Return on average stockholders' equity 29.03 10.59 Interest rate spread 3.22 3.19 Net interest margin 3.27 3.46 Efficiency ratio 32.05 69.62 G&A to average assets 1.35 3.02 Total loan originations $ 200,258 $ 138,569 FIPMC loan originations only 199,208 136,894 Bank loan originations only 1,050 1,675 Total FIPMC loan sale settlements 221,748 113,346 FIPMC loan purchases by Bank 81,480 55,525
6/10 COMMERCIAL CAPITAL BANCORP, INC. UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS (Dollars in Thousands, except per share data)
YEAR ENDED DEC. 31, 2002 DEC. 31, 2001 ------------------------------------------------------------------------------------------------ Interest Income Interest on Real Estate Loans $ 24,504 $ 11,387 Interest on Other Loans 747 491 Interest on Investments 13,316 4,001 -------------------------------------- Total Interest Income 38,567 15,879 Interest Expense Interest on Deposits 6,651 3,923 Interest on FHLB Advances 6,162 2,864 Interest on Repurchase Agreements 1,916 668 Interest on Trust Preferred Securities 1,794 86 Interest on Warehouse Line Advances 1,126 1,707 -------------------------------------- Total Interest Expense 17,649 9,248 -------------------------------------- Net Interest Income 20,918 6,631 Provision for Loan Losses 1,609 686 -------------------------------------- Net Interest Income after Provision for Loan Losses 19,309 5,945 Noninterest Income Mortgage Banking Fees 439 645 Gain on Sale of Loans 4,577 2,671 Banking and Servicing Fees 403 114 Trust Fees 198 88 Other Income 315 - Gain on Sale of Securities 1,026 1,424 Securities Brokerage Fees 657 - -------------------------------------- Total Noninterest Income 7,615 4,942 Noninterest Expenses Personnel 5,426 4,206 Occupancy 682 581 General Operating 3,520 1,972 -------------------------------------- Total G&A Expenses 9,628 6,759 Goodwill Amortization - 748 Early Extinguishment of Debt 903 - -------------------------------------- Total Noninterest Expenses 10,531 7,507 -------------------------------------- Income Before Taxes 16,393 3,380 Income Tax Expense 6,683 1,716 -------------------------------------- Income Before Minority Interest 9,710 1,664 Income to Minority Interest - 108 -------------------------------------- Net Income 9,710 1,556 ====================================== Net Income excluding goodwill amortization $ 9,710 $ 2,304
Operating Data At or For the Year Ended Performance Ratios and Other Data: DEC. 31, 2002 DEC. 31, 2001 -------------------------------------- Earnings per share - Basic $ 1.07 $ 0.18 Earnings per share - Diluted 1.00 0.17 Weighted average shares outstanding -- Basic 9,115,684 8,680,976 Weighted average shares outstanding -- Diluted 9,728,918 9,003,856 Return on average assets 1.50% 0.66% Return on average stockholders' equity 27.69 5.98 Interest rate spread 3.29 2.56 Net interest margin 3.38 3.06 Efficiency ratio 35.00 66.60 G&A to average assets 1.49 2.88 Total loan originations $ 760,745 $ 494,897 FIPMC loan originations only 748,631 483,048 Bank loan originations only 12,114 11,849 Total FIPMC loan sale settlements 782,506 452,571 FIPMC loan purchases by Bank 326,502 134,484
7/10 COMMERCIAL CAPITAL BANCORP, INC. UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (Dollars in Thousands, except per share data)
DEC. 31, 2002 DEC. 31, 2001 ------------------------------------------------------------------------------------------------------------ ASSETS --------------------------------------------------------------- Cash and Bank Accounts $ 3,408 $ 1,664 Fed Funds - 35,850 Securities MBS - Held To Maturity 2,042 - MBS - Available For Sale 307,932 119,583 Other Investments - Available For Sale 100 102 ------------------------------------- Total Securities 310,074 119,685 FHLB Stock 15,701 6,367 Loans Held to Maturity Single Family 4,134 7,802 Multifamily 399,928 150,338 Commercial Real Estate 57,858 23,674 Deferred Loan Fees (188) (49) Premiums on Loans Purchased 167 262 ------------------------------------- Total Real Estate Loans 461,899 182,027 Business Loans 4,531 2,599 Business & Consumer Lines of Credit 5,386 5,223 Deferred Loan Fees (43) (22) Consumer Loans 129 77 ------------------------------------- Total Loans 471,902 189,904 Allowance for Loan Losses (2,716) (1,107) ------------------------------------- Total Loans Held to Maturity, Net 469,186 188,797 Loans Held for Sale 18,338 52,379 Fixed Assets - net 976 394 Foreclosed Assets - - Accrued Interest Receivable 3,543 1,622 Goodwill 13,035 13,014 Other Assets 15,208 3,919 ------------------------------------------------------------------------------------------------------------ TOTAL ASSETS $ 849,469 $ 423,691 ============================================================================================================ LIABILITIES AND STOCKHOLDERS' EQUITY -------------------------------------------------------------- Deposits Demand Deposit $ 6,905 $ 6,460 Money Market 176,194 5,179 Savings 2,109 3,918 ------------------------------------- Total Transaction Deposits 185,208 15,557 Retail Time Deposits 109,029 97,782 Broker Time Deposits 18,042 5,000 ------------------------------------- Total Time Deposits 127,071 102,782 ------------------------------------- Total Deposits 312,279 118,339 Borrowings FHLB Advances 289,139 128,690 Securities Sold Under Agreements to Repurchase 110,993 78,752 Trust Preferred Securities 35,000 15,000 Warehouse Lines of Credit 16,866 52,389 ------------------------------------- Total Borrowings 451,998 274,831 Other Liabilities 7,589 3,719 ------------------------------------------------------------------------------------------------------------ TOTAL LIABILITIES 771,866 396,889 STOCKHOLDERS' EQUITY 77,603 26,802 ------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 849,469 $ 423,691 ============================================================================================================
Operating Data At or For the Year Ended Performance Ratios and Other Data: DEC. 31, 2002 DEC. 31, 2001 ------------------------------------- Average assets $ 647,308 $ 234,456 Average interest earning assets 619,457 217,051 Average interest bearing liabilities 601,719 194,240 Average stockholders' equity 35,061 26,020 Equity to assets at end of period 9.14% 6.33% Tangible equity to assets at end of period 7.60 3.25 Nonperforming assets - - Net charge-offs - - Allowance for loan losses to total loans held for investment at end of period 0.58 0.58 Per Share Data Common shares outstanding at end of period 13,978,858 8,845,764 Book value per share $ 5.55 $ 3.03 Tangible book value per share 4.62 1.56
8/10 COMMERCIAL CAPITAL BANCORP, INC. UNAUDITED CONSOLIDATED QUARTERLY STATEMENT OF OPERATIONS (Dollars in Thousands, except per share data)
THREE MONTHS ENDED DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002 MAR. 31, 2002 ------------------------------------------------------------------------------------------------------------------------ Interest Income Interest on Real Estate Loans $ 7,389 $ 6,551 $ 5,866 $ 4,698 Interest on Other Loans 211 180 195 161 Interest on Investments 3,806 3,988 3,225 2,297 ----------------------------------------------------------------- Total Interest Income 11,406 10,719 9,286 7,156 Interest Expense Interest on Deposits 2,135 2,119 1,394 1,002 Interest on FHLB Advances 1,817 1,674 1,512 1,159 Interest on Repurchase Agreements 459 528 500 429 Interest on Trust Preferred Securities 503 513 520 259 Interest on Warehouse Line Advances 222 252 339 313 ----------------------------------------------------------------- Total Interest Expense 5,136 5,086 4,265 3,162 ----------------------------------------------------------------- Net Interest Income 6,270 5,633 5,021 3,994 Provision for Loan Losses 358 437 293 521 ----------------------------------------------------------------- Net Interest Income after Provision for Loan Losses 5,912 5,196 4,728 3,473 Noninterest Income Mortgage Banking Fees 53 127 67 192 Gain on Sale of Loans 1,595 1,096 1,118 768 Banking and Servicing Fees 159 109 58 77 Trust Fees 62 52 48 36 Other Income 157 85 73 - Gain on Sale of Securities 396 574 56 - Securities Brokerage Fees 193 464 - - ----------------------------------------------------------------- Total Noninterest Income 2,615 2,507 1,420 1,073 Noninterest Expenses Personnel 1,618 1,624 1,120 1,064 Occupancy 199 190 148 145 General Operating 904 1,061 902 653 ----------------------------------------------------------------- Total G&A Expenses 2,721 2,875 2,170 1,862 Early Extinguishment of Debt 395 508 - - ----------------------------------------------------------------- Total Noninterest Expenses 3,116 3,383 2,170 1,862 ----------------------------------------------------------------- Income Before Taxes 5,411 4,320 3,978 2,684 Income Tax Expense 2,202 1,696 1,646 1,139 ----------------------------------------------------------------- Net Income $ 3,209 $ 2,624 $ 2,332 $ 1,545 =================================================================
Operating Data At or For the Three Months Ended Performance Ratios and Other Data: DEC. 31, 2000 SEPT. 30, 2002 JUNE 30, 2002 MAR. 31, 2002 ------------------------------------------------------------------- Earnings per share - Basic $ 0.33 $ 0.29 $ 0.26 $ 0.17 Earnings per share - Diluted 0.31 0.27 0.24 0.17 Weighted average shares outstanding -- Basic 9,623,732 8,964,868 8,950,628 8,917,403 Weighted average shares outstanding -- Diluted 10,309,944 9,659,467 9,617,546 9,233,206 Return on average assets 1.59% 1.45% 1.54% 1.35% Return on average stockholders' equity 29.03 29.19 29.94 21.37 Interest rate spread 3.22 3.22 3.36 3.46 Net interest margin 3.27 3.26 3.46 3.64 Efficiency ratio 32.05 38.00 33.99 36.75 G&A to average assets 1.35 1.59 1.44 1.63 Total loan originations $ 200,258 $ 189,290 $ 179,126 $ 192,071 FIPMC loan originations only 199,208 185,490 179,012 184,921 Bank loan originations only 1,050 3,800 114 7,150 Total FIPMC loan sale settlements 221,748 189,653 177,147 193,958 FIPMC loan purchases by Bank 81,480 83,323 63,702 97,997
COMMERCIAL CAPITAL BANCORP, INC. UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (Dollars in Thousands, except per share data)
DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002 MAR. 31, 2002 ------------------------------------------------------------------------------------------------------------------------------ ASSETS ----------------------------------------------- Cash and Bank Accounts $ 3,408 $ 2,763 $ 5,058 $ 1,156 Fed Funds - 26,000 700 68,970 Securities MBS - Held To Maturity 2,042 2,048 2,053 2,057 MBS - Available For Sale 307,932 236,115 226,007 174,482 Other Investments - Available For Sale 100 101 102 102 -------------------------------------------------------------------- Total Securities 310,074 238,264 228,162 176,641 FHLB Stock 15,701 10,832 9,515 9,405 Loans Held to Maturity Single Family 4,134 4,425 5,242 7,052 Multifamily 399,928 341,555 283,634 235,723 Commercial Real Estate 57,858 49,152 36,910 30,113 Deferred Loan Fees (188) (70) (57) (39) Premiums on Loans Purchased 167 186 214 236 -------------------------------------------------------------------- Total Real Estate Loans 461,899 395,248 325,943 273,085 Business Loans 4,531 4,714 4,415 5,457 Business & Consumer Lines of Credit 5,386 8,864 5,430 5,394 Deferred Loan Fees (43) (49) (39) (55) Consumer Loans 129 58 68 63 -------------------------------------------------------------------- Total Loans 471,902 408,835 335,817 283,944 Allowance for Loan Losses (2,716) (2,358) (1,921) (1,628) -------------------------------------------------------------------- Total Loans Held to Maturity, Net 469,186 406,477 333,896 282,316 Loans Held for Sale 18,338 40,914 45,028 43,156 Fixed Assets - net 976 915 466 444 Foreclosed Assets - - - - Accrued Interest Receivable 3,543 3,189 2,942 2,437 Goodwill 13,035 13,035 13,014 13,014 Other Assets 15,208 10,570 10,335 4,669 ------------------------------------------------------------------------------------------------------------------------------ TOTAL ASSETS $ 849,469 $ 752,959 $ 649,116 $ 602,208 ============================================================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY ---------------------------------------------- Deposits ------------------------------------------------------------------------------------------------------------------------------ Demand Deposit $ 6,905 $ 8,048 $ 6,302 $ 6,115 Money Market 176,194 152,317 64,934 6,663 Savings 2,109 1,760 2,040 2,935 -------------------------------------------------------------------- Total Transaction Deposits 185,208 162,125 73,276 15,713 Retail Time Deposits 109,029 147,906 159,847 139,573 Broker Time Deposits 18,042 18,042 23,042 18,042 -------------------------------------------------------------------- Total Time Deposits 127,071 165,948 182,889 157,615 -------------------------------------------------------------------- Total Deposits 312,279 328,073 256,165 173,328 Borrowings FHLB Advances 289,139 213,432 172,974 179,745 Securities Sold Under Agreements to Repurchase 110,993 99,445 106,689 136,835 Trust Preferred Securities 35,000 35,000 35,000 35,000 Warehouse Lines of Credit 16,866 33,057 40,409 43,336 -------------------------------------------------------------------- Total Borrowings 451,998 380,934 355,072 394,916 Other Liabilities 7,589 5,963 4,468 5,725 ------------------------------------------------------------------------------------------------------------------------------ TOTAL LIABILITIES 771,866 714,970 615,705 573,969 STOCKHOLDERS' EQUITY 77,603 37,989 33,411 28,239 -------------------------------------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 849,469 $ 752,959 $ 649,116 $ 602,208 ==============================================================================================================================
Operating Data At or For the Three Months Ended Performance Ratios and Other Data: DEC. 31, 2002 SEPT. 30, 2002 JUNE 30, 2002 MAR. 31, 2002 -------------------------------------------------------------------- Average assets $ 805,901 $ 721,753 $ 604,586 $ 456,990 Average interest earning assets 767,719 690,965 579,968 439,182 Average interest bearing liabilities 748,053 675,680 562,775 419,584 Average stockholders' equity 44,217 35,959 31,151 28,918 Equity to assets at end of period 9.14% 5.05% 5.15% 4.69% Tangible equity to assets at end of period 7.60 3.31 3.14 2.53 Nonperforming assets $ - $ - $ - $ - Net charge-offs - - - - Allowance for loan losses to total loans held for investment at end of period 0.58% 0.58% 0.57% 0.57% Per Share Data Common shares outstanding at end of period 13,978,858 8,964,868 8,964,868 8,971,763 Book value per share $ 5.55 $ 4.24 $ 3.73 $ 3.15 Tangible book value per share $ 4.62 2.78 2.28 1.70
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