SOURCE: Desert Community Bank

May 09, 2005 12:39 ET

DCB First Quarter Results

VICTORVILLE, CA -- (MARKET WIRE) -- May 9, 2005 -- On the next to the last day of 2004, DCB (NASDAQ: DCBK) opened a new branch in the Lowe's Home Improvement Center/Kohl's Department Store project known as Dunia Plaza. Aptly, the new branch is known as the Dunia Plaza branch. The branch is off to a great start with deposits that exceed budget projections.

First quarter 2005 net after tax income exceeds budget projections by 24%. This is also 5.5% above last year's result. The drain of a new office will be with us for a while, but DCB is structured to seize the growth opportunities that lie before us.

The Bank's net interest margin remains strong despite rising rate trends. At 5.68%, DCB is in the top 95th percentile of the peer group.

As DCB enters the second quarter, we are thrilled to announce two significant moves at the Senior Management level. Robert C. Bride, Jr., the Bank's existing Executive Vice President/ Chief Financial Officer, was promoted to Executive Vice President/Chief Administrative Officer. Mr. Bride's promotion prompted a search for a new CFO.

At the end of the first quarter, the management of DCB began working with ICR/Degreed Jobs to recruit a new CFO. The Bank has several strong candidates to choose from and envision selecting someone who can start around June 1, 2005.

DCB continues to build for the future in systems, facilities and personnel.

       Desert Community Bank
          Income Statement
(Unaudited)                               (Amounts in 000's)

                                           Three Months Ended
                                                March 31,
                                         2005         2004
                                     -----------   -----------
Interest income and fees
  Interest/fees on loans/leases      $     6,117   $     5,475
  Interest on securities                     525           435
  Interest on Federal Funds Sold             327           132
                                     -----------   -----------
    Total interest income                  6,969         6,042
Interest expense                             906           735
                                     -----------   -----------
    Net interest income                    6,063         5,307
Provision for loan losses                    300           225
Noninterest income
  Service fee income                         700           729
  Gain on sale of loans                        0             0
  Gain/Loss on sale of securities              0             0
  Other noninterest income                   617           684
                                     -----------   -----------
    Total noninterest income               1,317         1,413
Nonintenterest expense
  Salaries and employee benefits           2,655         2,408
  Occupancy expense                          178           148
  Other noninterest expense                2,109         1,974
                                     -----------   -----------
    Total noninterest expense              4,942         4,530
Earnings before income taxes               2,138         1,965
Income Taxes                                 858           747
                                     -----------   -----------
    Net income                       $     1,280   $     1,218
                                     ===========   ===========

Per Share Data:
  Net income per share Basic         $      0.44   $      0.41
  Average number of shares of
   common stock oustanding
   year to date                        2,941,272     2,941,272
Net income per share Fully Diluted   $      0.44   $      0.41
Average number of shares of
  common stock and common
  stock equivalents (options)
  outstanding during quarter           2,941,272     2,941,272


                                             March 31,
ASSETS                                   2005         2004
                                     -----------   -----------

Securities- Available for sale       $    56,390   $    47,766
Common Stock - substantially
 restricted                                2,356           806
Federal Funds Sold                        67,738        59,727
Loans                                    301,960       275,461
Allowance for loans losses                (4,029)       (3,670)
                                     -----------   -----------
Net Loans                                297,931       271,791
Total Earning Assets                     424,415       380,090

Cash & Noninterest earning
 deposits                                 21,738        26,415
Premises and equipment, net of
 accumulated depriciation and
 amortization                             16,229        12,473
Other real estate owned                    7,325         2,375
Other assets                              14,651        12,355
                                     -----------   -----------
Total Assets                         $   484,358   $   433,708
                                     ===========   ===========

LIABILITIES
Noniniterest- bearing demand         $    73,530   $   123,213
Interest-bearing demand                  286,023       190,016
Savings                                   39,719        32,561
Time deposits under $100,000              17,413        21,669
Time deposits $100,000 and over           20,225        22,276
                                     -----------   -----------
Total Deposits                           436,910       389,735
Other Liabilities                          4,034         3,843
                                     -----------   -----------
Total Liabilities                        440,944       393,578

Stockholders' Equity:
Comon stock, authorized 4,687,500
 shares in 2004 and 2003: issued
 and outstanding:2,941,272 in 2004
 and 1,470,636 in 2003.                   14,810        14,810
Undivided profits                         28,992        24,691
Accumulated other
 comprehensive income                       (388)          629
                                     -----------   -----------
Total shareholders' equity                43,414        40,130

Total liabilities and
 shareholders' equity                $   484,358   $   433,708
                                     ===========   ===========

Contact Information

  • Contact:
    Ronald L. Wilson
    President/Chairman/CEO
    (760) 243-2140 ext. 1001
    rwilson@dcbk.org