SOURCE: First California Financial Group

First California Financial Group

July 26, 2012 08:00 ET

First California Reports 33 Percent Increase in Earnings for 2012 Second Quarter

Company to Host Conference Call Today at 11 a.m. Pacific Time

WESTLAKE VILLAGE, CA--(Marketwire - Jul 26, 2012) - First California Financial Group, Inc. (NASDAQ: FCAL), the holding company of First California Bank, today reported net income of $3.2 million for the quarter ended June 30, 2012, compared with $2.4 million for the same quarter a year ago. Net income available to common shareholders was $2.9 million, or $0.10 per diluted share, compared with $2.1 million, or $0.07 per diluted share, for the prior year second quarter. Preferred dividends were $312,500 for each of the second quarters of 2012 and 2011. At June 30, 2012, tangible book value per common share was $4.51.

"Results for the second quarter continue to demonstrate positive momentum, reflecting the strategies we put into place to increase profitability and improve efficiency," said C. G. Kum, president and chief executive officer of First California Financial Group. "Fee income, net interest income, and deposits all grew by double digits in the second quarter compared with the second quarter of 2011, and core earnings continued to show significant improvement, increasing 33 percent over the comparable prior year quarter and 24 percent from the 2012 first quarter."

2012 Second Quarter Financial Highlights

  • Net interest income rose 11 percent from the same period a year ago;
  • Service charges, fees and other income jumped 29 percent from the year ago period;
  • The efficiency ratio declined to 67 percent from 71 percent;
  • Core earnings improved 33 percent from the same period a year ago;
  • Asset quality remained solid as annualized net charge-offs were 0.07 percent of average loans for the first half of 2012, while net charge-offs declined to $310,000 for the 2012 second quarter from $860,000 a year ago;
  • Non-covered loans increased 11 percent to $1.039 billion over the 2011 year end;
  • Non-interest checking deposits increased 26 percent, and total deposits increased 10 percent over the 2011 year end;
  • Tangible book value per common share increased to $4.51, or 8 percent, from the 2011 year end;
  • The second quarter return on average tangible common equity was 9.91 percent.

Financial Results
For the 2012 second quarter, net interest income before the provision for loan losses increased 11 percent to $17.2 million from $15.5 million for the 2011 second quarter. The increase reflects a 7 percent increase in average earning assets and a 4 percent increase in net interest margin. Interest income (discount accretion) on covered loans for the 2012 second quarter was $5.1 million. 2011 second quarter interest income (discount accretion) on covered loans was $4.3 million. Net interest margin, on a taxable equivalent basis, rose to 4.12 percent from 3.95 percent for the 2011 second quarter. A 26 percent decline in the rate paid on interest-bearing liabilities and a 36 percent increase in average noninterest-bearing deposits drove the increase in net interest margin.

Service charges, fees and other income increased to $2.9 million from $2.2 million for the 2011 second quarter, primarily reflecting continued growth in business volumes and fees generated from the EPS division. Revenues from the EPS division doubled to $1.7 million for the 2012 second quarter from $854,000 for the same quarter last year.

Second quarter 2012 non-interest income included a $593,000 net gain on the sale of securities and a $296,000 loss on non-hedged derivatives. For the 2011 second quarter, non-interest income included a $490,000 net gain on the sale of securities, a $166,000 gain from the sale of the former head office of the Bank and a $466,000 gain on the acquisition of the EPS division.

Operating expenses for the 2012 second quarter were $13.4 million, compared with $12.6 million for the 2011 second quarter. Operating expenses exclude intangible amortization, integration/conversion expenses and foreclosed property gains, losses and expenses. The increase reflects higher salaries and benefit expense, primarily due to the EPS division acquisition and the addition of new lending teams, and higher professional services expense, primarily related to shareholder matters. The efficiency ratio was 67.01 percent for the 2012 second quarter, compared with 70.81 percent for the same period last year.

Core earnings, which represent income before taxes and exclude credit charges and non-recurring items such as gain on acquisitions, integration/conversion expense and securities transactions, were $6.1 million for the second quarter of 2012, compared with $4.6 million for the same period a year ago, an increase of 33 percent.

Non-covered loans, before the allowance for loan losses, grew 11 percent to $1.0 billion at June 30, 2012 from $936.1 million at December 31, 2011.

At June 30, 2012, covered loans decreased to $114.7 million from $135.4 million at December 31, 2011. The Bank's covered non-performing assets declined by $14.7 million, or 44 percent, during the same period.

Non-interest checking deposits increased 26 percent from year-end 2011 and now represent 39 percent of total deposits. The cost of all deposits, aided by the change in the mix of deposits, fell 44 percent to 36 basis points for the 2012 first quarter from 64 basis points for the same period last year. Core deposits now comprise 83 percent of all deposits.

Kum added, "Our industry continues to face a low interest rate environment and, now, a slowing economy. Despite these challenges, we have been able to increase loans and grow our non-interest bearing deposits. In addition, we continue to make progress on improving our efficiency. With the completion of our branch realignment initiative in June, we are expecting further improvement to our efficiency ratio in the second half of 2012."

Asset Quality
At June 30, 2012, non-covered non-performing assets (the sum of non-covered loans past due 90 days and accruing, nonaccrual loans and foreclosed properties) improved to 1.50 percent of total assets, compared with 1.89 percent at December 31, 2011.

The allowance for loan losses was $18.3 million, or 1.76 percent of non-covered loans, at June 30, 2012, compared with $17.7 million, or 1.90 percent of non-covered loans, at December 31, 2011. Net loan charge-offs for the 2012 second quarter were $310,000, down from $860,000 for the 2011 second quarter. The provision for non-covered loan losses was $500,000 for both the 2012 and 2011 second quarters.

Capital resources
Shareholders' equity rose to $231.2 million at June 30, 2012 from $223.1 million at December 31, 2011. The Company's book value per common share increased to $7.02 at June 30, 2012 from $6.75 at December 31, 2011. Tangible book value per common share rose to $4.51 at June 30, 2012 from $4.19 at December 31, 2011.

At June 30, 2012, First California's preliminary Tier 1 leverage capital ratio was 9.99 percent versus 10.33 percent at the 2011 calendar year end, and the total risk-based capital ratio decreased to 16.93 percent from 17.32 percent at December 31, 2011. The Company's ratio of tangible common equity to tangible assets was 6.92 percent at June 30, 2012 and 7.05 percent at the end of 2011. Total assets were $1.98 billion at June 30, 2012, compared with $1.81 billion at December 31, 2011.

Kum concluded, "As we proceed into the second half of the year, our objectives are to continue to grow our low-cost deposit base, safely generate earnings assets and maintain focus on our expense base. The pending transaction with Premier Service Bank, expected to be completed in the second half of 2012, will provide immediate improvement to both our balance sheet and earnings. As always, we remain steadfast in enhancing the value of the First California franchise for our customer, employee and shareholder base."

Use of Non-GAAP Financial Measures
This news release includes "non-GAAP financial measures" within the meaning of the Securities and Exchange Commission rules. Tangible common equity as a percentage of tangible assets is a non-GAAP financial measure. Tangible common equity to tangible assets represents tangible common equity, calculated as total shareholders' equity less preferred stock and related dividend and accretion of preferred stock discount, goodwill and intangible assets, net, divided by tangible assets which are total assets less goodwill and other intangible assets, net. Management believes that this measure is useful when comparing banks with preferred stock, due to CPP or SBLF funding, to banks without preferred stock on their balance sheet and for evaluating a company's capital levels. Core earnings represent income before taxes and exclude credit charges and other items such as gain on acquisitions, integration/conversion expense and securities transactions and are intended to represent recurring operating earnings. Operating expenses exclude amortization of intangible assets and loss on and expense of foreclosed property and other items such as integration/conversion expenses related to acquisitions and are intended to represent normalized, recurring expenses. This information is being provided in response to market participant interest in these financial metrics. This information is not intended to be considered in isolation or as a substitute for the relevant measures calculated in accordance with U.S. GAAP. The reconciliation of this non-GAAP financial measure to a GAAP financial measure is provided as an attachment to the financial tables.

Conference Call and Webcast
First California will hold a conference call today, July 26, 2012 at 11 a.m. Pacific (2 p.m. Eastern) to discuss the Company's 2012 second quarter financial performance. Investment professionals are invited to participate in the live call by dialing 877-317-6789 (domestic), 866-605-3852 (Canada) or 412-317-6789 (international) and requesting the First California conference call. Other interested parties are invited to listen to the live call through a live, listen-only audio Internet broadcast at www.fcalgroup.com. Listeners are encouraged to visit the Web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. For those who are not available to listen to the live broadcast, the call will be archived on the same Web site for one year. A telephonic replay of the call will be available one hour after the end of the conference through August 9, 2012 by dialing 877-344-7529 (domestic) or 412-317-0088 (international) and entering replay passcode 10016623.

About First California
First California Financial Group, Inc. (NASDAQ: FCAL) is the holding company of First California Bank. Founded in 1979 and with nearly $2 billion in assets, First California serves the comprehensive financial needs of small- and middle-sized businesses and high net worth individuals throughout Southern California. Led by an experienced team of bankers, First California is committed to providing the best client service available in its markets, offering a full line of quality commercial banking products through 15 full-service branch offices in Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo and Ventura counties. The holding company's website can be accessed at www.fcalgroup.com. For additional information on First California Bank's products and services, visit www.fcbank.com.

Forward-Looking Information
This press release contains certain forward-looking information about First California that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, and include statements related to the maintenance of First California's asset quality and capital position, the Company's ability to enhance efficiencies and manage costs and the expected continued progress in consolidating operations and the benefits of those activities, the monitoring of and management of risks in First California's loan portfolio, the adequacy of sources of liquidity to support First California's operations and strategic plans, the monitoring of and response to changing market conditions, and the status of the economy in the Southern California communities served by First California. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of First California. First California cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to, revenues are lower than expected, credit quality deterioration which could cause an increase in the provision for credit losses, First California's ability to complete future acquisitions, successfully integrate such acquired entities, or achieve expected beneficial synergies and/or operating efficiencies within expected time-frames or at all, changes in consumer spending, borrowing and savings habits, technological changes, the cost of additional capital is more than expected, a change in the interest rate environment reduces interest margins, asset/liability repricing risks and liquidity risks, general economic conditions, particularly those affecting real estate values, either nationally or in the market areas in which First California does or anticipates doing business are less favorable than expected, a slowdown in construction activity, volatility in the credit or equity markets and its effect on the general economy, loan delinquency rates, the ability of First California to retain customers, changes in the bank regulatory environment, demographic changes, demand for the products or services of First California as well as their ability to attract and retain qualified people, competition with other banks and financial institutions, First California's level of small business lending, and other factors. If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, First California's results could differ materially from those expressed in, or implied or projected by such forward-looking statements. First California assumes no obligation to update such forward-looking statements. For a more complete discussion of risks and uncertainties, investors and security holders are urged to read the section titled "Risk Factors" in First California's Annual Report on Form 10-K and any other reports filed by it with the Securities and Exchange Commission ("SEC"). The documents filed by First California with the SEC may be obtained at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from First California by directing a request to: First California Financial Group, Inc., 3027 Townsgate Road, Suite 300, Westlake Village, CA 91361. Attention: Investor Relations. Telephone (805) 322-9655.

                       
                       
                       
First California Financial Group  
Unaudited Quarterly Financial Results  
                       
(in thousands except for share data and ratios)                      
As of or for the quarter ended   30-Jun-12   31-Mar-12   31-Dec-11   30-Sep-11   30-Jun-11  
                                 
Income statement summary                                
Net interest income   $ 17,232   $ 16,169   $ 15,597   $ 15,618   $ 15,500  
Service charges, fees & other income     2,876     2,534     2,116     2,115     2,234  
Loss on non-hedged derivatives     (296 )   (111 )   (60 )   (24 )   -  
Loan sales and commissions     195     50     1     -     -  
Operating expenses     13,406     13,454     13,362     12,081     12,557  
Provision for loan losses     500     500     796     1,550     500  
Foreclosed property (gain)loss & expense     838     (245 )   (316 )   (672 )   486  
Amortization of intangible assets     549     594     624     624     624  
Gain on securities transactions     593     1     323     209     490  
Integration / conversion expense     -     -     -     -     350  
Gain on acquisition     -     -     1,720     -     466  
Impairment loss on securities     -     28     321     -     -  
Income before tax     5,307     4,312     4,910     4,335     4,173  
Tax expense     2,122     1,727     2,048     1,819     1,756  
Net income   $ 3,185   $ 2,585   $ 2,862   $ 2,516   $ 2,417  
Net income available to common shareholders   $ 2,872   $ 2,272   $ 2,549   $ 900   $ 2,104  
                                 
                                 
Common shareholder data                                
Basic earnings per common share   $ 0.10   $ 0.08   $ 0.09   $ 0.03   $ 0.07  
Diluted earnings per common share   $ 0.10   $ 0.08   $ 0.09   $ 0.03   $ 0.07  
Book value per common share   $ 7.02   $ 6.89   $ 6.75   $ 6.65   $ 6.77  
Tangible book value per common share   $ 4.51   $ 4.36   $ 4.19   $ 4.08   $ 4.11  
Shares outstanding     29,227,483     29,267,465     29,220,079     29,220,079     28,410,079  
Basic weighted average shares     29,234,395     29,238,560     29,220,079     29,077,144     28,372,740  
Diluted weighted average shares     29,592,171     29,976,452     29,871,209     29,561,558     28,744,784  
                                 
                                 
Selected ratios, yields and rates                                
Return on average assets     0.66 %   0.56 %   0.62 %   0.55 %   0.52 %
Return on average tangible assets     0.75 %   0.66 %   0.73 %   0.65 %   0.63 %
Return on average equity     5.58 %   4.60 %   5.13 %   4.57 %   4.50 %
Return on average common equity     5.67 %   4.57 %   5.17 %   1.85 %   4.42 %
Return on average tangible common equity     9.91 %   8.41 %   9.58 %   4.25 %   8.49 %
Equity to assets     11.69 %   12.13 %   12.31 %   12.22 %   12.07 %
Tangible equity to tangible assets     8.28 %   8.52 %   8.54 %   8.40 %   8.21 %
Tangible common equity to tangible assets     6.92 %   7.08 %   7.05 %   6.90 %   6.77 %
Tier 1 leverage capital ratio:                                
  First California Bank     9.91 %   10.18 %   10.18 %   10.01 %   9.54 %
  First California Financial Group, Inc.     9.99 %   10.30 %   10.33 %   10.18 %   9.77 %
Yield on loans     6.35 %   6.22 %   6.37 %   6.16 %   6.24 %
Yield on securities     1.60 %   1.66 %   1.74 %   2.20 %   2.16 %
Yield on federal funds sold and deposits w/banks     0.31 %   0.39 %   0.24 %   0.28 %   0.29 %
Total earning assets yield     4.70 %   4.80 %   4.72 %   4.85 %   4.84 %
Rate paid on interest-bearing deposits     0.58 %   0.58 %   0.64 %   0.76 %   0.90 %
Rate paid on borrowings     2.79 %   3.19 %   3.03 %   2.88 %   2.53 %
Rate paid on junior subordinated debt     2.31 %   4.67 %   5.08 %   5.01 %   4.99 %
Total rate paid on interest bearing funds     0.87 %   0.95 %   1.00 %   1.11 %   1.18 %
Net interest spread     3.83 %   3.85 %   3.72 %   3.75 %   3.66 %
Net interest margin (tax equivalent)     4.12 %   4.14 %   4.01 %   4.05 %   3.95 %
Cost of all deposits     0.36 %   0.38 %   0.42 %   0.51 %   0.64 %
Efficiency ratio     67.01 %   72.17 %   75.69 %   68.22 %   70.81 %
                                 
                                 
                       
   
First California Financial Group  
Unaudited Quarterly Financial Results  
   
(in thousands except for share data and ratios)                      
As of or for the quarter ended   30-Jun-12   31-Mar-12   31-Dec-11   30-Sep-11   30-Jun-11  
                                 
Balance sheet data - period end                                
Total assets   $ 1,977,824   $ 1,876,315   $ 1,812,664   $ 1,804,901   $ 1,801,981  
Shareholders' equity     231,177     227,578     223,107     220,585     217,539  
Common shareholders' equity     205,177     201,578     197,107     194,585     192,682  
Tangible common shareholders' equity     131,714     127,565     122,500     119,354     116,827  
Earning assets     1,731,780     1,611,349     1,546,480     1,527,751     1,519,374  
  Loans     1,154,587     1,138,331     1,071,515     1,067,196     1,091,528  
  Securities     522,213     441,738     453,735     332,285     316,496  
  Federal funds sold & other     54,980     31,280     21,230     128,270     111,350  
Interest-bearing funds     1,117,483     1,112,577     1,087,637     1,086,122     1,131,617  
  Interest-bearing deposits     961,067     954,090     943,113     941,543     977,186  
  Borrowings     129,611     131,682     117,719     117,774     127,626  
  Junior subordinated debt     26,805     26,805     26,805     26,805     26,805  
Goodwill and other intangibles     73,463     74,013     74,607     75,231     75,855  
Deposits     1,570,387     1,471,035     1,425,269     1,414,602     1,406,714  
                                 
                                 
Balance sheet data - period average                                
Total assets   $ 1,947,183   $ 1,856,852   $ 1,817,821   $ 1,807,988   $ 1,856,148  
Shareholders' equity     229,745     225,578     221,427     218,539     215,626  
Common shareholders' equity     203,745     199,578     195,427     193,338     191,013  
Tangible common shareholders' equity     129,877     125,268     120,927     117,795     116,539  
Earning assets     1,691,175     1,580,805     1,548,248     1,534,115     1,576,428  
  Loans     1,127,369     1,097,748     1,039,171     1,087,455     1,107,772  
  Securities     479,010     445,698     378,024     320,406     314,025  
  Federal funds sold & other     84,796     37,359     131,053     126,254     154,631  
Interest-bearing funds     1,130,331     1,104,568     1,090,973     1,107,499     1,198,176  
  Interest-bearing deposits     972,604     946,659     946,419     954,874     1,032,406  
  Borrowings     130,922     131,104     117,749     125,820     138,965  
  Junior subordinated debt     26,805     26,805     26,805     26,805     26,805  
Goodwill and other intangibles     73,868     74,445     74,919     75,543     74,474  
Deposits     1,541,852     1,448,999     1,429,885     1,419,171     1,450,812  
                                 
                                 
Asset quality data & ratios                                
                                 
Non-covered assets:                                
Loans past due 30 to 89 days & accruing   $ 2,151   $ 2,214   $ 3,449   $ 6,948   $ 5,838  
Loans past due 90 days & accruing     -     -     -     24     -  
Nonaccruing loans     13,507     14,553     13,860     15,845     17,792  
Total past due & nonaccrual loans   $ 15,658   $ 16,767   $ 17,309   $ 22,817   $ 23,630  
                                 
Foreclosed property   $ 16,124   $ 18,709   $ 20,349   $ 18,406   $ 20,029  
                                 
Loans   $ 1,039,865   $ 1,010,592   $ 936,103   $ 920,046   $ 918,907  
                                 
Net loan charge-offs   $ 310   $ 93   $ 827   $ 2,078   $ 860  
Allowance for loan losses   $ 18,344   $ 18,154   $ 17,747   $ 17,778   $ 18,306  
Allowance for loan losses to loans     1.76 %   1.80 %   1.90 %   1.93 %   1.99 %
                                 
                                 
Covered assets:                                
Loans past due 30 to 89 days & accruing   $ 1,865   $ 2,637   $ 2,906   $ 2,878   $ 4,145  
Loans past due 90 days & accruing     -     799     511     -     2,379  
Nonaccruing loans     9,472     17,407     18,547     24,879     31,649  
Total past due & nonaccrual loans   $ 11,337   $ 20,843   $ 21,964   $ 27,757   $ 38,173  
                                 
Foreclosed property   $ 9,530   $ 12,868   $ 14,616   $ 12,361   $ 5,636  
                                 
Loans   $ 114,722   $ 127,739   $ 135,412   $ 147,150   $ 172,621  
                                 
Net loan charge-offs   $ -   $ -   $ -   $ -   $ -  
Allowance for loan losses   $ -   $ -   $ -   $ -   $ -  
Allowance for loan losses to loans     0.00 %   0.00 %   0.00 %   0.00 %   0.00 %
                                 
                                 
                       
                       
First California Financial Group  
Unaudited Quarterly Financial Results  
                       
    Three months
ended June 30,
  Six months
ended June 30,
 
    2012     2011   2012     2011  
(in thousands)                              
Interest income:                              
  Interest and fees on loans   $ 17,801     $ 17,236   $ 34,791     $ 32,368  
  Interest on securities     1,826       1,680     3,597       2,991  
  Interest on federal funds sold and interest bearing deposits     67       111     103       180  
    Total interest income     19,694       19,027     38,491       35,539  
Interest expense:                              
  Interest on deposits     1,399       2,316     2,770       4,658  
  Interest on borrowings     908       877     1,852       1,937  
  Interest on junior subordinated debentures     155       334     469       665  
    Total interest expense     2,462       3,527     5,091       7,260  
    Net interest income before provision for loan losses     17,232       15,500     33,400       28,279  
Provision for loan losses     500       500     1,000       3,000  
    Net interest income after provision for loan losses     16,732       15,000     32,400       25,279  
Noninterest income:                              
  Service charges on deposit accounts     769       858     1,600       1,755  
  Loan sales and commissions     195       -     245       -  
  Net gain on sale of securities     593       490     594       490  
  Impairment loss on securities     -       -     (28 )     (1,066 )
  Loss on non-hedged derivatives     (296 )     -     (407 )     -  
  Gain on acquisitions     -       466     -       35,202  
  Other income     2,107       1,376     3,810       1,718  
    Total noninterest income     3,368       3,190     5,814       38,099  
Noninterest expense:                              
  Salaries and employee benefits     6,786       6,572     14,662       12,640  
  Premises and equipment     1,681       1,603     3,216       3,142  
  Data processing     820       814     1,621       1,875  
  Legal, audit and other professional services     1,639       1,568     2,575       3,228  
  Printing, stationery and supplies     83       112     166       208  
  Telephone     217       208     444       374  
  Directors' fees     123       100     252       206  
  Advertising, marketing and business development     358       428     881       797  
  Postage     57       65     113       121  
  Insurance and assessments     599       750     1,080       1,413  
  Loss on and expense of foreclosed property     838       486     593       5,738  
  Amortization of intangible assets     549       624     1,143       1,040  
  Other expenses     1,043       687     1,849       1,548  
    Total noninterest expense     14,793       14,017     28,595       32,330  
Income before provision for income taxes     5,307       4,173     9,619       31,048  
Provision for income taxes     2,122       1,756     3,849       13,043  
  Net income   $ 3,185     $ 2,417   $ 5,770     $ 18,005  
                               
Net income available to common stockholders   $ 2,872     $ 2,104   $ 5,145     $ 17,380  
                               
                               
         
 
First California Financial Group
Unaudited Quarterly Financial Results
         
         
(in thousands)   June 30,   December 31,
2012   2011
             
Cash and due from banks   $ 42,286   $ 40,202
Interest bearing deposits with other banks     54,980     21,230
Securities available-for-sale, at fair value     522,213     453,735
Non-covered loans, net     1,021,521     918,356
Covered loans     114,722     135,412
Premises and equipment, net     18,294     18,480
Goodwill     60,720     60,720
Other intangibles, net     12,743     13,887
Cash surrender value of life insurance     12,883     12,670
Non-covered foreclosed property     16,124     20,349
Covered foreclosed property     9,530     14,616
FDIC shared-loss asset     55,469     68,083
Accrued interest receivable and other assets     36,339     34,924
             
Total assets   $ 1,977,824   $ 1,812,664
             
             
Non-interest checking   $ 609,320   $ 482,156
Interest checking     115,020     107,077
Money market and savings     505,111     486,000
Certificates of deposit, under $100,000     66,794     74,861
Certificates of deposit, $100,000 and over     274,142     275,175
  Total deposits     1,570,387     1,425,269
             
Securities sold under agreements to repurchase     30,000     30,000
Federal Home Loan Bank advances     99,611     87,719
Junior subordinated debentures     26,805     26,805
Deferred tax liabilities, net     9,115     7,370
FDIC shared-loss liability     3,870     3,757
             
Accrued interest payable and other liabilities     6,859     8,637
             
  Total liabilities     1,746,647     1,589,557
             
  Total shareholders' equity     231,177     223,107
             
Total liabilities and shareholders' equity   $ 1,977,824   $ 1,812,664
             
             
 
 
 
FIRST CALIFORNIA FINANCIAL GROUP, INC.    
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON - GAAP FINANCIAL MEASURES      
(unaudited)    
             
(in thousands except for share data and ratios)   6/30/2012     12/31/2011  
                 
Total shareholders' equity   $ 231,177     $ 223,107  
Less: Goodwill and intangible assets     (73,463 )     (74,607 )
Tangible equity     157,714       148,500  
Less: Preferred stock     (26,000 )     (26,000 )
Tangible common equity   $ 131,714     $ 122,500  
                 
Total assets   $ 1,977,824     $ 1,812,664  
Less: Goodwill and intangible assets     (73,463 )     (74,607 )
Tangible assets   $ 1,904,361     $ 1,738,057  
                 
Common shares outstanding     29,227,483       29,220,079  
                 
Tangible equity to tangible assets     8.28 %     8.54 %
Tangible common equity to tangible assets     6.92 %     7.05 %
Tangible book value per common share   $ 4.51     $ 4.19  
      Three months ended  
      6/30/2012       6/30/2011  
Net income available to common shares   $ 2,872     $ 2,104  
Add: amortization of intangible assets, net of tax     329       362  
Net income available to tangible common shares   $ 3,201     $ 2,466  
                 
Noninterest expense   $ 14,793     $ 14,017  
Less: amortization of intangible assets     (549 )     (624 )
Less: integration/conversion expenses     -       (350 )
Less: gain(loss) on and expense of foreclosed property     (838 )     (486 )
Operating expenses   $ 13,406     $ 12,557  
                 
Noninterest income   $ 3,368     $ 3,190  
Less: net gain on sale of securities     (593 )     (490 )
Add: loss on non-hedged derivatives     296       -  
Less: loan sales and commissions     (195 )        
Less: gain on acquisitions     -       (466 )
Service charges, fees & other income   $ 2,876     $ 2,234  
                 
Net interest income   $ 17,232     $ 15,500  
Service charges, fees & other income     2,876       2,234  
Loan sales and commissions     195       -  
Loss on non-hedged derivatives     (296 )     -  
Operating revenues   $ 20,007     $ 17,734  
                 
Efficiency ratio (operating expenses/operating revenues)     67.01 %     70.81 %
                 
Income before tax   $ 5,307     $ 4,173  
Provision for loan losses     500       500  
Foreclosed property (gain)loss & expense     838       486  
Securities transactions & OTTI losses     (593 )     (490 )
Gain on acquisitions     -       (466 )
Integration/conversion expense     -       350  
Core earnings   $ 6,052     $ 4,553  
                 
                 

Contact Information

  • For further Information:

    At the Company:
    Ron Santarosa
    805-322-9333

    At PondelWilkinson:
    Robert Jaffe
    310-279-5969

    Corporate Headquarters Address:
    3027 Townsgate Road, Suite 300
    Westlake Village, CA 91361