EX-99 3 exh99tojanuary21.txt January 21, 2003 FOR IMMEDIATE RELEASE Contact: John I. Jelavich, President/CEO (530) 674-6025 California Independent Bancorp Announces Record Fourth Quarter and Record Year Results Yuba City, California . . . California Independent Bancorp (NASDAQ: CIBN) and its subsidiary, Feather River State Bank, today reported record financial results for the year ended December 31, 2002. Net income was $3,761,000, signifying the highest earnings in the history of the Company, and a 166.9% increase over the $1,409,000 net income reported for the year ended December 31, 2001. Diluted earnings per share from continuing operations for 2002 was $1.65, a 175.0% increase over diluted earnings per share from continuing operations of $0.60 reported in 2001. Total assets at December 31, 2002 were $366.6 million, an increase of $60.4 million, or 19.7%, from total assets at December 31, 2001 of $306.2 million. Loans and deposits grew considerably in 2002. Total loans grew $22.1 million from $192.3 million at December 31, 2001 to $214.4 million at December 31, 2002. Total deposits grew $31.1 million from $275.6 million at December 31, 2001 to $306.7 million at December 31, 2002. John Jelavich, President and CEO commented, "It has been an excellent year. We are proud of our accomplishments and we have paved the road ahead for continued success. Our momentum has increased steadily, particularly in the final six months as we earned $2,203,000 during that period. We believe the accelerated performance was accomplished by the creation of a teamwork approach as staff productivity increased measurably. For the year, return on beginning equity was 13.82%, return on average assets was 1.14%, loan growth was 11.52%, and total deposit growth was 11.30%, which significantly exceeded 2001 results as well as our business plan for 2002. We thank our stockholders, customers, and our dedicated employees for their continued support." The Company finished the year strong reporting its best quarter ever with net income of $1,222,000. Diluted earnings per share from continuing operations were $0.53 for the fourth quarter. The Company reported a net loss of $669,000, and diluted loss per share from continuing operations of $0.30 for the fourth quarter of 2001. Jelavich added, "We were confronted with significant challenges to asset quality at the end of 2001 and we addressed these challenges in 2002. Our commitment to asset quality will not diminish in 2003." Feather River State Bank has nine branches in Yuba City, Arbuckle, Colusa, Marysville, Wheatland, Woodland, Lincoln, and Roseville, California serving Sutter, Yuba, Colusa, Yolo, and Placer counties. Forward-looking statements - The Private Securities Litigation Reform Act of 1995: Certain statements contained in this release are forward-looking statements that are subject to risk and uncertainty. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. A number of factors -- many of which are beyond California Independent Bancorp's ("Company") control -- could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements include, but are not limited to, that the Company will continue to recognize success in the future. The Company's reports filed with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2001, and Form 10-Q for the quarter ended September 30, 2002, describe some of these factors, including certain credit, market, operational, liquidity, and interest rate risks associated with the Company's business and operations. Other factors described in the Company's Form 10-K for the year ended December 31, 2001, and Form 10-Q for the quarter ended September 30, 2002, include changes in business and economic conditions, competition, fiscal and monetary policies, and legislation. There are other factors besides these that could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements or otherwise affect in the future the Company's business, results of operations and financial condition. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update such statements in light of new information or future events. California Independent Bancorp and Subsidiaries Selected Financial Data Unaudited Fourth Quarter 2002 Earnings Release (Dollars in thousands except per share data) Consolidated Statement of Financial Condition Data:
As of As of Assets December 31, 2002 December 31, 2001 -------------------------------------------------- Cash and Cash Equivalents $21,801 $17,747 Fed Funds Sold 18,245 5,300 Securities Held-to-Maturity 2,265 3,604 Securities Available-for-Sale, at Fair Value 98,869 74,753 ------------------------------------------------------------------------------------------------------ Total Investments 101,134 78,357 Loans & Leases 214,428 192,281 Less: Allowance for Loan and Lease Losses (6,532) (5,498) ------------------------------------------------------------------------------------------------------ Net Loans & Leases 207,896 186,783 Premises and Equipment, Net 6,731 6,937 Other Real Estate Owned - 542 Interest Receivable and Other Assets 10,841 10,339 Net Assets From Discontinued Operations - 163 ------------------------------------------------------------------------------------------------------ Total Assets $366,648 $306,168 Liabilities Deposits: Noninterest-Bearing $75,381 $69,968 Interest-Bearing 231,345 205,608 ------------------------------------------------------------------------------------------------------- Total Deposits 306,726 275,576 Other Interest-Bearing Liabilities 16,415 398 Accrued Interest Payable & Other Liabilities 4,766 2,981 Trust Preferred Securities 10,000 - Net Liabilities From Discontinued Operations 77 - ------------------------------------------------------------------------------------------------------- Total Liabilities 337,984 278,955 Shareholders' Equity Common Stock, No Par Value: 20,000,000 Shares Authorized, 2,152,787 and 2,115,419 Issued and Outstanding at December 31, 2002 and December 31, 2001, respectively. 22,600 22,322 Retained Earnings 5,197 4,481 Debt Guarantee of ESOP (80) (120) Accumulated Other Comprehensive Income 947 530 -------------------------------------------------------------------------------------------------------- Total Shareholders' Equity 28,664 27,213 -------------------------------------------------------------------------------------------------------- Total Liabilities & Shareholders' Equity $366,648 $306,168
California Independent Bancorp and Subsidiaries Selected Financial Data Unaudited Fourth Quarter 2002 Earnings Release (Dollars in thousands except per share data)
Twelve months ended December 31, Three months ended December 31, Consolidated Statement of Income Data: 2002 2001 2002 2001 ------------------------------------------------------------------ Interest and Fee Income $20,920 $21,359 $5,673 $5,138 Interest Expense 5,156 7,022 1,428 1,385 ----------------------------------------------------------------------------------------------------------------- Net Interest Income 15,764 14,337 4,245 3,753 Provision for Loan and Lease Losses 550 2,450 100 2,450 ----------------------------------------------------------------------------------------------------------------- Net Interest Income After Provision for Loan and Lease Losses 15,214 11,887 4,145 1,303 Noninterest Income 2,637 2,209 749 484 Noninterest Expense: Salaries and Employee Benefits 6,664 6,888 1,575 1,734 Occupancy, Furniture and Equipment 2,081 1,993 494 523 Other Operating Expense 3,189 3,314 864 819 ----------------------------------------------------------------------------------------------------------------- Total Noninterest Expense 11,934 12,195 2,933 3,076 Net Income Before Income Taxes 5,917 1,900 1,961 (1,289) Provision for Income Taxes 2,210 547 749 (602) ----------------------------------------------------------------------------------------------------------------- Net Income From Continuing Operations 3,707 1,353 1,212 (687) Income on Discontinued Operations, Net of Tax Effect 54 56 10 18 ----------------------------------------------------------------------------------------------------------------- Net Income $3,761 $1,409 $1,222 $ (669) Earnings Per Share Basic Earnings Per Share From Continuing Operations $1.67 0.61 0.54 (0.31) Diluted Earnings Per Share From Continuing Operations $1.65 0.60 0.53 (0.30) Basic Earnings Per Share After Discontinuance of Subsidiary $1.69 0.64 0.55 (0.30) Diluted Earnings Per Share After Discontinuance of Subsidiary $1.68 0.62 0.54 (0.30) Basic Weighted Average Shares Outstanding 2,224,285 2,215,532 2,226,323 2,217,112 Diluted Weighted Average Shares Outstanding 2,244,040 2,258,067 2,272,349 2,256,497 Net Interest Margin 5.20% 5.29% 5.22% 5.33% Basic and diluted earnings per share, and the weighted average shares, have been adjusted to reflect the 5% stock dividends distributed on September 20, 2002 and September 25, 2001.