-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O28qS2NEUvmL0NLrg8ejCJkQL5/dT7vG27zhB1CvDBU5i37OBzb+xn2I7R0VAVn8 tL4v9jFIsRd/nmsDhJNoXA== 0000892569-99-001283.txt : 19990510 0000892569-99-001283.hdr.sgml : 19990510 ACCESSION NUMBER: 0000892569-99-001283 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FOOTHILL INDEPENDENT BANCORP CENTRAL INDEX KEY: 0000718903 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 953815805 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEFA14A SEC ACT: SEC FILE NUMBER: 000-11337 FILM NUMBER: 99614438 BUSINESS ADDRESS: STREET 1: 510 S GRAND AVE CITY: GLENDORA STATE: CA ZIP: 91741 BUSINESS PHONE: 9095999351 MAIL ADDRESS: STREET 1: 510 S. GRAND AVENUE CITY: GLENDORA STATE: CA ZIP: 91741 DEFA14A 1 ADDTITIONAL PROXY MATERIAL 1 SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. ) Filed by the Registrant [ ] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission [ ] Definitive Proxy Statement Only (as permitted by Rule 14a-6(e)(2)) [X] Definitive Additional Materials [ ] Soliciting Material Pursuant to sec. 240.14a-11(c) or sec. 240.14a-12
FOOTHILL INDEPENDENT BANCORP - -------------------------------------------------------------------------------- (Name of Registrant as Specified In Its Charter) - -------------------------------------------------------------------------------- (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): [X] Fee not required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. (1) Title of each class of securities to which transaction applies: ---------------------------------------------------------------------- (2) Aggregate number of securities to which transaction applies: ---------------------------------------------------------------------- (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): ---------------------------------------------------------------------- (4) Proposed maximum aggregate value of transaction: ---------------------------------------------------------------------- (5) Total fee paid: ---------------------------------------------------------------------- [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: ---------------------------------------------------------------------- (2) Form, Schedule or Registration Statement No.: ---------------------------------------------------------------------- (3) Filing Party: ---------------------------------------------------------------------- (4) Date Filed: ---------------------------------------------------------------------- 2 Dear Fellow Shareholder: As you discovered in our first multi-medial annual report, we remain innovative in product and service delivery and achieved the most profitable year in our history. The momentum continued into the first quarter, which was outstanding, reflecting significant increase in key performance measurements including a 50% INCREASE IN NET EARNINGS compared to the same period in 1998. Although our goals for 1999 are aggressive, they are attainable, as is clearly demonstrated in this report. A comparison of 1st quarter 1999 financial results to the same period of 1998 indicate net earnings increased a notable 50% to $1.5 million versus $1.0 million with diluted earnings per share of $0.24 compared to $0.16. Loan demand rose 5% to $304.8 million from $290.2 million and total assets increased 4% to $468.1 million compared $447.3 million. Non-interest demand continued its upward trend and increased by 9.7% to $140.6 million from $128.1 million while total deposits grew by 3.7% to $416.0 million compared to $400.9 million. Other performance areas that contributed to the overall success of the first quarter can be found in our efficiency ratio and non-performing assets as compared in each case to the same period in 1998. The cost cutting measures that were implemented in 1998 continue to materialize with respect to our efficiency ratio, which improved substantially to 67.31% compared to 74.98%. Continuing on our successful path, non-performing assets-to-total assets decreased yet again to 1.82% compared to 3.87%...the pace for 1999 has been set. As you read this report, our newest office in the city of Monrovia will have opened. In preparation for our April opening, Team Monrovia spent the latter part of 1998 and the first quarter of 1999 introducing Foothill Independent Bank and our hallmark customer service to local businesses and consumers. The initial response to our presence in this foothill community has been extremely favorable which should enable this office to grow effectively and contribute positively to earnings in record time. Are you familiar with our Shareholder Hotline? It was implemented for shareholders who, because of their interest and involvement in the local communities, could help us in reaching our goal to develop 2,000 new relationships by the year 2001. We believe that your influence creates value, so if you are aware of a need in your community for a financial partner with a strong history and customer service focus, please call us on your Shareholder Hotline at (909) 394-1260. We'll take it from there. Your positive feedback and continuing support are the driving forces that reconfirm we are on course with our strategic plan. 1999 promises to be yet another tremendous year for the Company. George E. Langley President Chief Executive Officer 3 CONSOLIDATED STATEMENTS OF CONDITION March 31, 1999 and 1998 (Unaudited)
DOLLARS IN THOUSANDS -------------------- ASSETS 1999 1998 -------- -------- Cash and Due From Banks $ 42,320 $ 47,277 Investment Securities 87,251 60,958 Federal Funds Sold 13,350 28,500 Loans and Leases, Net 304,857 290,261 Bank Premises and Equipment 6,770 7,569 Interest Receivable and Other Assets 13,649 12,765 -------- -------- Total Assets $468,197 $447,330 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Demand $140,617 $128,180 Other Deposits 275,395 272,808 -------- -------- Total Deposits 416,012 400,988 Accrued Expenses and Other Liabilities 5,033 3,100 -------- -------- Total Liabilities 421,045 404,088 Shareholders' Equity Common Stock 37,075 23,469 Retained Earnings 10,077 19,773 -------- -------- Total Shareholders' Equity 47,152 43,242 -------- -------- Total Liabilities and Shareholders' Equity $468,197 $447,330 ======== ========
CONDENSED STATEMENTS OF INCOME Three Months Ended March 31, 1999 and March 31, 1998 (Unaudited)
DOLLARS IN THOUSANDS ----------------------- 1999 1998 -------- -------- Total Income $ 9,869 $ 9,811 Total Expenses 7,494 8,240 -------- -------- Earnings Before Income Taxes 2,375 1,571 Provision for Income Taxes 867 567 Net Earnings $ 1,508 $ 1,004 -------- -------- Earnings Per Common Share - Basic $ .25(*) $ .17 ======== ======== Earnings Per Common Share - Diluted $ .24(*) $ .16 ======== ======== (*) Adjusted for stock dividends SELECTED RATIOS Return on average assets 1.30%(**) 0.92%(**) Return on average stockholders' equity 12.46%(**) 9.45%(**) Net interest margin - tax equivalent 6.28%(**) 6.43%(**) Efficiency ratio 67.31% 74.98% (**) ratios annualized
4 [UNCOMMON SERVICE LOGO] FOOTHILL INDEPENDENT BANCORP ORGANIZATION BOARD OF DIRECTORS William V. Landecena, Chairman George E. Langley Richard Galich O.L. Mestad Donna Miltenberger George Sellers Max E. Williams TRANSFER AGENT AND REGISTRAR ChaseMellon Shareholder Services 400 S. Hope Street, 4th Floor Los Angeles, California 90071 (800) 356-2017 http://www.cmssonline.com FOOTHILL INDEPENDENT BANCORP/BANK EXECUTIVE MANAGEMENT George E. Langley President Chief Executive Officer Donna L. Miltenberger Executive Vice President Chief Operating Officer Tom Kramer Executive Vice President Secretary Chief Credit Officer Carol Ann Graf Senior Vice President Assistant Secretary Chief Financial Officer INVESTOR RELATIONS Susan Hickam (800) 500-BANK (CAonly) o (626) 963-8551 STOCK LISTING NASDAQ o Symbol: FOOT BANK OFFICES CHINO IRWINDALE 4012 Grand Avenue, Ste. A 5155 Irwindale Avenue (909) 517-1729 (626) 814-1441 CLAREMONT MONROVIA 223 W. Foothill Boulevard 515 S. Myrtle Avenue (909) 621-0519 (626) 357-9957 CORONA ONTARIO 1050 W. Sixth Street 2401 S. Grove Avenue (909) 735-7426 (909) 947-1126 COVINA RANCHO CUCAMONGA 728 S. Citrus Avenue 9709 Baseline Avenue (626) 967-2514 (909) 980-4331 GLENDALE UPLAND 801 N. Brand Boulevard 569 No. Mountain Avenue (818) 241-1566 (909) 981-8611 GLENDORA 510 S. Grand Avenue (626) 963-8551 WEBSITE http://www.foothillbank.com Member FDIC -----END PRIVACY-ENHANCED MESSAGE-----