-----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, MYcyd7g6ipMZKfx21AJeLAOpAopvXk60xLWRhsfjd62hA6YSaFmHVPLBBCOIJoft AYhYbIfow3krm63hzAFtGg== 0000921085-02-000008.txt : 20020422 0000921085-02-000008.hdr.sgml : 20020422 ACCESSION NUMBER: 0000921085-02-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020331 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL COAST BANCORP CENTRAL INDEX KEY: 0000921085 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 770367061 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25418 FILM NUMBER: 02616797 BUSINESS ADDRESS: STREET 1: 301 MAIN ST CITY: SALINAS STATE: CA ZIP: 93901 BUSINESS PHONE: 4084226642 MAIL ADDRESS: STREET 1: 301 MAIN STREET CITY: SALINAS STATE: CA ZIP: 93901 FORMER COMPANY: FORMER CONFORMED NAME: SALINAS VALLEY BANCORP DATE OF NAME CHANGE: 19940330 8-K 1 intropress0302.txt PRESS RELEASE 03/31/02 SECURITIES & EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 16, 2002 CENTRAL COAST BANCORP ----------------------------------------------------- (Exact name of registrant as specified in its charter) STATE OF CALIFORNIA 0-25418 77-0367061 - ------------------- --------- ---------------- (State or other jurisdiction) (Commission file (I.R.S. Employer of incorporation or organization) number) Identification No.) 301 Main Street, Salinas, California 93901 - -------------------------------------- -------- (Address of Principal Executive Offices) (Zip Code) Registrants telephone number including area code: (831) 422-6642 -------------------- Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report). Page 1 of 8 The Exhibit Index is on Page 4 1 Item 5. Other Events. The Registrant issued a press release dated April 16, 2002 announcing record net income for the quarter ended March 31, 2002. Net income for first quarter 2002 increased 6.9% to $2,736,000 versus $2,559,000 in 2001. Diluted earnings per share for the first quarter of 2002 increased 11.5% to $0.29 from $0.26 in the prior year period. The earnings per share for the 2001 quarter have been adjusted for the 25% stock split distributed in February 2002. Item 7. FINANCIAL STATEMENTS AND EXHIBITS. (a) FINANCIAL STATEMENTS. Not Applicable. (b) PRO FORMA FINANCIAL INFORMATION. Not Applicable. (c) EXHIBITS. (99.1) Press Release dated April 16, 2002 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CENTRAL COAST BANCORP Date: April 16, 2002 By: /s/ ROBERT M. STANBERRY ---------------------------- Robert M. Stanberry, CFO 3 EXHIBIT INDEX Sequential Exhibit No. Description Page No. - ----------- ----------- -------- 99.1 Press Release dated April 16, 2002 5 4 EX-99 3 pressdoc0302.txt PRESS RELEASE 03/31/02 CENTRAL COAST BANCORP PRESS RELEASE Contact: Robert Stanberry Chief Financial Officer For Release 9:00 am EDT (831) 422-6642 CENTRAL COAST BANCORP ANNOUNCES RECORD QUARTERLY EARNINGS Salinas, California - April 16, 2002. Central Coast Bancorp (Nasdaq/CCBN), the holding company for Community Bank of Central California, today announced record net income of $2,736,000 for the quarter ended March 31, 2002. The earnings represent a 6.9% increase over the $2,559,000 reported in the first quarter of 2001. Diluted earnings per share for the first quarter of 2002 increased 11.5% to $0.29 from $0.26 in the prior year period. The earnings per share for the 2001 quarter have been adjusted for the 25% stock split distributed in February 2002. For the first quarter 2002, the Company realized a return on average equity of 16.4% and a return on average assets of 1.37%, as compared to 16.9% and 1.52% in the first quarter of 2001. The Company continued its strong asset growth in first quarter of 2002 as assets grew to $836,068,000 at March 31, 2002, up $33,802,000 (4.2%) from year-end. At quarter end, loans totaled $619,580,000, up $13,280,000 (2.2%) from year-end and up $137,971,000 (28.6%) from March 31, 2001. Deposits also had very strong growth in the first quarter as they increased $29,496,000 (4.1%) from year-end to $754,358,000 at March 31, 2002. The increase in deposits was accomplished in spite of the maturity of a $10,000,000 State of California certificate of deposit, which was included in the 2001 year-end balance. "We are very pleased with the Company's operating results for the first quarter," stated Nick Ventimiglia, Chairman, President and CEO. "Our record quarterly earnings have been attained after 475 basis points of rate decreases in 2001 and are due in large part to the effort the staff has put forth in the past year in growing our Bank, serving our customers and controlling costs. We have been able to grow loans substantially, while maintaining a 0.37% ratio of nonperforming loans to loans outstanding at quarter-end. Last year at this time we were looking at a weakening economy and declining interest rates. Economic conditions appear to be improving in the Company's market area. Yesterday, we opened our eleventh branch in Gilroy and we look forward to expanding our banking franchise in that southern area of Santa Clara County." Financial Summary: Interest income, net interest income, net interest margin and the efficiency ratio are adjusted to give effect to $281,000 in taxable equivalent interest income on tax free investments and are discussed below on a fully taxable equivalent basis. Net interest income for the first quarter of 2002 was $8,563,000, a $189,000 (-2.2%) decrease from first quarter of 2001. Interest income was down $1,490,000 (-10.9%). Average earning assets in the first quarter of 2002 were $128,270,000 (20.6%) higher than the prior year period. The increased volume of earning assets added $3,088,000 to interest income. However, the interest due to higher volume was more than offset by the effect of a 232 basis point reduction in the average yield received on earning assets in the first quarter of 2002 versus the same period in 2001. The lower yield of 6.58% resulted in reducing interest income by $4,578,000. 1 Interest expense was $1,301,000 (26.4%) lower in the first quarter of 2002 from the prior year period. Average balances of interest-bearing liabilities were higher by $98,027,000 (21.9%), which added $1,084,000 to interest expense. Average rates paid on interest-bearing liabilities in the first quarter of 2002 were 2.69%, which were down 177 basis points from the first quarter of 2001. The lower rates reduced interest expense by $2,385,000. The net interest margin for the first quarter of 2002 was 4.62% as compared to 5.69% in the year earlier period. Compared to the net interest margin for the fourth quarter 2001, the first quarter's net interest margin was down 19 basis points reflecting the effect of the fourth quarter 2001 rate changes on the asset yields. As term certificates of deposit reprice in the current interest rate environment, we would expect a slightly favorable impact on the net interest margin. The Bank provided $223,000 for loan losses in the first quarter of 2002 as compared to $120,000 in the first quarter of 2001. At March 31, 2002, nonperforming and restructured loans totaled $2,271,000 as compared to $1,478,000 at March 31, 2001. The ratios of the allowance for loan losses to nonperforming loans at March 31, 2002 and 2001 were 535% and 638%, respectively. The ratio of the allowance for loan losses to total loans was 1.96% at March 31, 2002 and 2001. The ratio at December 31, 2001 was 1.94%. Noninterest income was up $117,000 (18.0%) in the first quarter of 2002 versus the first quarter of 2001. In general, the increase was due to higher volumes and some selective fee increases in service charges on deposit accounts. Noninterest expenses decreased $354,000 (7.2%) to a total of $4,585,000 in the first quarter of 2002 versus first quarter 2001. Costs were down in all categories of noninterest expenses. The efficiency ratio for the periods ended March 31, 2002 and 2001 was 49.1% and 52.5%, respectively. Central Coast Bancorp operates as a holding company for Community Bank of Central California. Community Bank, headquartered in Salinas, has branch offices located in: the Monterey County communities of Salinas, North Salinas, Monterey, Seaside, Marina, Castroville, Gonzales and King City; the Santa Clara County community of Gilroy; the Santa Cruz County community of Watsonville; and in the San Benito County community of Hollister. The Bank provides traditional deposit, lending, mortgage and commercial products and services to business and retail customers throughout the California Central Coast area. The Bank has an Internet web site at www.community-bnk.com. Forward-Looking Statements In addition to the historical information contained herein, this press release contains certain forward-looking statements. The reader of this press release should understand that all such forward-looking statements are subject to various uncertainties and risks that could affect their outcome. The Company's actual results could differ materially from those suggested by such forward-looking statements. Changes to such risks and uncertainties, which could impact future financial performance, include, among others, (1) competitive pressures in the banking industry; (2) changes in the interest rate environment; (3) general economic conditions, nationally, regionally and in operating market areas, including a decline in real estate values in the Company's market areas; (4) the effects of terrorism, including the events of September 11, 2001 and thereafter; (5) changes in the regulatory environment; (6) changes in business conditions and inflation; (7) changes in securities markets; (8) data processing compliance problems; (9) the 2 California energy problems; (10) variances in the actual versus projected growth in assets; (11) return on assets; (12) loan losses; (13) expenses; (14) rates charged on loans and earned on securities investments; (15) rates paid on deposits; and (16) fee and other noninterest income earned, as well as other factors. This entire press release and the Company's periodic reports on Forms 10-K, 10-Q and 8-K should be read to put such forward-looking statements in context and to gain a more complete understanding of the uncertainties and risks involved in the Company's business. 301 Main Street, Salinas, California 93901 3
CENTRAL COAST BANCORP CONSOLIDATED CONDENSED FINANCIAL DATA (Unaudited) (Dollars in thousands, except share data) Three Months Ended March 31 Statement of Income Data 2002 2001 -------------------------- Interest income $ 11,907 $ 13,420 Interest expense 3,625 4,926 -------------------------- Net interest income 8,282 8,494 Provision for loan losses 223 120 Noninterest income 767 650 Noninterest expense 4,585 4,939 Provision for taxes 1,505 1,526 -------------------------- Net income $ 2,736 $ 2,559 =========================== Share Data (adjusted for 25% stock split distributed on February 28, 2002) Earnings per share Basic $ 0.30 $ 0.28 Diluted $ 0.29 $ 0.26 Book value per common share $ 7.60 $ 6.76 Shares outstanding 8,992,000 9,117,500 Weighted average shares 8,975,000 9,198,000 Weighted average diluted shares 9,390,000 9,565,000 Balance Sheet Data Total assets $ 836,068 $ 698,226 Securities, available-for-sale 132,652 148,600 Total loans, gross 619,580 481,609 Allowance for loan losses (12,144) (9,427) Total deposits 754,358 624,669 Total shareholders' equity 68,305 61,668 Nonperforming and restructured loans $ 2,268 $ 1,478 Other real estate owned 0 0 Selected Financial Ratios Return on average total assets 1.37% 1.52% Return on average equity 16.4% 16.9% Net interest margin (tax equivalent basis) 4.62% 5.69% Allowance for loan losses to total loans 1.96% 1.96% Allowance for loan losses to NPL's 535% 638% Allowance for loan losses to NPA's 535% 638% Total risk based capital ratio 11.1% 12.3% Tier 1 Capital ratio 9.9% 11.0%
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