SOURCE: First California Financial Group

First California Financial Group

October 25, 2012 08:00 ET

First California Reports 38 Percent Increase in Earnings for 2012 Third Quarter

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

WESTLAKE VILLAGE, CA--(Marketwire - Oct 25, 2012) - First California Financial Group, Inc. (NASDAQ: FCAL), the holding company of First California Bank, today reported net income of $3.5 million for the quarter ended September 30, 2012, compared with $2.5 million for the same quarter a year ago. Net income available to common shareholders was $3.2 million, or $0.11 per diluted share, compared with $900,000, or $0.03 per diluted share, for the prior year third quarter. Preferred dividends were $312,500 for the third quarter of 2012 and $1,616,000, which included a deemed and final dividend on the series B preferred shares, for the third quarter of 2011. At September 30, 2012, tangible book value per common share increased to $4.71 from $4.19 at December 31, 2011.

"Earnings for the 2012 third quarter grew significantly over the same period last year and return on average tangible common equity improved to 10.25 percent from 4.25 percent," said C. G. Kum, president and chief executive officer of First California Financial Group. "Moreover, we were able to grow net interest income and fee income, as well as our loan portfolio and deposits. Our solid financial performance continues to demonstrate the successful strategies we implemented to enhance profitability, despite economic headwinds and the added expense and challenges related to ongoing shareholder matters."

2012 Third Quarter Financial Highlights

  • Net interest income rose 9 percent from same period last year;
  • Service charges, fees and other income increased 9 percent from the year ago period;
  • Efficiency ratio, inclusive of $0.9 million for shareholder matter expenses, was 68 percent;
  • Strong asset quality with annualized year-to-date net charge-offs of 0.12 percent of average loans;
  • Non-covered loans, before the allowance, increased 14 percent over the 2011 year-end;
  • Total deposits increased 12 percent while non-interest checking deposits jumped 40 percent from year-end 2011;
  • Tangible book value per common share increased to $4.71, or 12 percent, since the end of 2011;
  • Third quarter return on average tangible common equity was 10.25 percent. 

Financial Results
For the 2012 third quarter, net interest income before the provision for loan losses increased 9 percent to $17.0 million from $15.6 million for the 2011 third quarter. The increase reflects a 13 percent increase in average earning assets and a 3 percent decrease in net interest margin. Interest income (discount accretion) on covered loans for the 2012 third quarter was $4.5 million. 2011 third quarter interest income (discount accretion) on covered loans was $3.8 million. Net interest margin, on a taxable equivalent basis, declined to 3.91 percent from 4.05 percent for the 2011 third quarter. 

Service charges, fees and other income increased to $2.3 million from $2.1 million for the 2011 third quarter, primarily reflecting continued growth in business volumes and fees generated from the EPS division. Revenues from the EPS division increased to $1.2 million for the 2012 third quarter from $800,000 for the same quarter last year.

Third quarter 2012 non-interest income included a $510,000 net gain on the sale of securities, offset by a $449,000 impairment loss on securities, a $99,000 loss on non-hedged derivatives and $135,000 decrease in FDIC shared-loss asset. For the 2011 third quarter, non-interest income included a $209,000 net gain on the sale of securities.

Operating expenses for the 2012 third quarter were $13.0 million, compared with $12.1 million for the 2011 third quarter. Operating expenses exclude intangible amortization, integration/conversion expenses and foreclosed property gains, losses and expenses. The increase reflects higher professional services expenses, which included approximately $0.9 million of costs related to shareholder matters, and higher deposit insurance assessments due to the 40 percent increase in non-interest checking deposits. The efficiency ratio was 68.37 percent for the 2012 third quarter, compared with 68.22 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 $5.5 million for the third quarter of 2012, compared with $5.0 million for the same period a year ago, an increase of 10 percent.

Non-covered loans, before the allowance for loan losses, grew 14 percent to $1.1 billion at September 30, 2012 from $936.1 million at December 31, 2011. Commercial mortgage loans led the increase, up $60 million or 15 percent from the end of the year. Aided by purchases earlier in the year, home mortgage loans increased 44 percent, while multifamily mortgage loans increased 15 percent through originations and purchases.

At September 30, 2012, covered loans decreased to $106.1 million from $135.4 million at December 31, 2011. The Bank's covered non-performing assets declined by $18.7 million, or 55 percent, during the same period.

Non-interest checking deposits increased 40 percent from year-end 2011, primarily from growth in EPS deposits, and now represent 42 percent of total deposits. The cost of all deposits, aided by the change in the mix of deposits, fell 37 percent to 32 basis points for the 2012 third quarter from 51 basis points for the same period last year. Core deposits now comprise 83 percent of all deposits.

Kum added, "The banking industry continues to be impacted by a low interest rate environment. Despite this, we have proactively managed our cost of liabilities and our margin has held up better than most of our peers as evidenced by the slight decline in our net interest margin of only 14 basis points over the last 12 months."

Asset Quality
At September 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 1.54 percent of total assets, compared with 1.89 percent at December 31, 2011. At September 30, 2012, nonaccrual loans increased $1.5 million from year-end 2011 while foreclosure properties declined $5.1 million for the same period.

The allowance for loan losses was $18.2 million, or 1.71 percent of non-covered loans, at September 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 third quarter were $605,000, down from $2.1 million for the 2011 third quarter. The provision for non-covered loan losses was $500,000 for the 2012 third quarter compared with $1.6 million for the 2011 third quarter.

Capital resources
Shareholders' equity rose to $236.6 million at September 30, 2012 from $223.1 million at December 31, 2011. The Company's book value per common share increased to $7.21 at September 30, 2012 from $6.75 at December 31, 2011. Tangible book value per common share rose to $4.71 at September 30, 2012 from $4.19 at December 31, 2011.

At September 30, 2012, First California's preliminary Tier 1 leverage capital ratio was 10.00 percent versus 10.33 percent at the 2011 calendar year end, and the total risk-based capital ratio decreased to 17.18 percent from 17.32 percent at December 31, 2011. The Company's ratio of tangible common equity to tangible assets was 7.18 percent at September 30, 2012, up from 7.05 percent at the end of 2011. Total assets were $1.99 billion at September 30, 2012, compared with $1.81 billion at December 31, 2011.

Kum concluded, "We remain focused on improving our performance, while keeping an eye on expenses and providing the highest quality service to our loyal customers. More than ever, we appreciate the hard work and dedication of our employees who help make First California the business bank of choice in our markets."

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, October 25, 2012 at 11 a.m. Pacific (2 p.m. Eastern) to discuss the Company's 2012 third 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 November 9, 2012 by dialing 877-344-7529 (domestic) or 412-317-0088 (international) and entering replay passcode 10019615.

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 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-Sep-12   30-Jun-12   31-Mar-12   31-Dec-11   30-Sep-11  
                               
Income statement summary                              
Net interest income $ 17,006   $ 17,232   $ 16,169   $ 15,597   $ 15,618  
Service charges, fees & other income   2,254     2,801     2,343     2,071     2,067  
Loss on non-hedged derivatives   (99 )   (296 )   (111 )   (60 )   (24 )
Loan sales and commissions   29     195     50     1     -  
Change in FDIC shared-loss asset   (135 )   75     191     45     48  
Operating expenses   13,028     13,406     13,454     13,362     12,081  
Provision for loan losses   500     500     500     796     1,550  
Foreclosed property (gain)loss & expense   (701 )   838     (245 )   (316 )   (672 )
Amortization of intangible assets   539     549     594     624     624  
Gain on securities transactions   510     593     1     323     209  
Impairment loss on securities   449     -     28     321     -  
Gain on acquisition   -     -     -     1,720     -  
Income before tax   5,750     5,307     4,312     4,910     4,335  
Tax expense   2,286     2,122     1,727     2,048     1,819  
Net income $ 3,464   $ 3,185   $ 2,585   $ 2,862   $ 2,516  
Net income available to common shareholders $ 3,151   $ 2,872   $ 2,272   $ 2,549   $ 900  
                               
                               
                               
Common shareholder data                              
Basic earnings per common share $ 0.11   $ 0.10   $ 0.08   $ 0.09   $ 0.03  
Diluted earnings per common share $ 0.11   $ 0.10   $ 0.08   $ 0.09   $ 0.03  
Book value per common share $ 7.21   $ 7.02   $ 6.89   $ 6.75   $ 6.65  
Tangible book value per common share $ 4.71   $ 4.51   $ 4.36   $ 4.19   $ 4.08  
Shares outstanding   29,220,271     29,227,483     29,267,465     29,220,079     29,220,079  
Basic weighted average shares   29,221,861     29,234,395     29,238,560     29,220,079     29,077,144  
Diluted weighted average shares   29,603,808     29,592,171     29,976,452     29,871,209     29,561,558  
                               
                               
Selected ratios, yields and rates                              
Return on average assets   0.70 %   0.66 %   0.56 %   0.62 %   0.55 %
Return on average tangible assets   0.79 %   0.75 %   0.66 %   0.73 %   0.65 %
Return on average equity   5.89 %   5.58 %   4.60 %   5.13 %   4.57 %
Return on average common equity   6.03 %   5.67 %   4.57 %   5.17 %   1.85 %
Return on average tangible common equity   10.25 %   9.91 %   8.41 %   9.58 %   4.25 %
Equity to assets   11.88 %   11.69 %   12.13 %   12.31 %   12.22 %
Tangible equity to tangible assets   8.53 %   8.28 %   8.52 %   8.54 %   8.40 %
Tangible common equity to tangible assets   7.18 %   6.92 %   7.08 %   7.05 %   6.90 %
Tier 1 leverage capital ratio:                              
  First California Bank   9.97 %   9.91 %   10.18 %   10.18 %   10.01 %
  First California Financial Group, Inc.   10.00 %   9.99 %   10.30 %   10.33 %   10.18 %
Yield on loans   6.09 %   6.35 %   6.22 %   6.37 %   6.16 %
Yield on securities   1.36 %   1.60 %   1.66 %   1.74 %   2.20 %
Yield on federal funds sold and deposits w/banks   0.32 %   0.31 %   0.39 %   0.24 %   0.28 %
Total earning assets yield   4.44 %   4.70 %   4.80 %   4.72 %   4.85 %
Rate paid on interest-bearing deposits   0.53 %   0.58 %   0.58 %   0.64 %   0.76 %
Rate paid on borrowings   2.91 %   2.79 %   3.19 %   3.03 %   2.88 %
Rate paid on junior subordinated debt   2.39 %   2.31 %   4.67 %   5.08 %   5.01 %
Total rate paid on interest bearing funds   0.84 %   0.87 %   0.95 %   1.00 %   1.11 %
Net interest spread   3.60 %   3.83 %   3.85 %   3.72 %   3.75 %
Net interest margin (tax equivalent)   3.91 %   4.12 %   4.14 %   4.01 %   4.05 %
Cost of all deposits   0.32 %   0.36 %   0.38 %   0.42 %   0.51 %
Efficiency ratio   68.37 %   67.01 %   72.17 %   75.69 %   68.22 %
                               
                               
                               
First California Financial Group  
Unaudited Quarterly Financial Results  
   
(in thousands except for share data and ratios)                              
As of or for the quarter ended   30-Sep-12     30-Jun-12     31-Mar-12     31-Dec-11     30-Sep-11  
                                         
Balance sheet data - period end                                        
Total assets   $ 1,990,804     $ 1,977,824     $ 1,876,315     $ 1,812,664     $ 1,804,901  
Shareholders' equity     236,563       231,177       227,578       223,107       220,585  
Common shareholders' equity     210,563       205,177       201,578       197,107       194,585  
Tangible common shareholders' equity     137,638       131,714       127,565       122,500       119,354  
Earning assets     1,757,493       1,731,780       1,611,349       1,546,480       1,527,751  
  Loans     1,174,025       1,154,587       1,138,331       1,071,515       1,067,196  
  Securities     549,373       522,213       441,738       453,735       332,285  
  Federal funds sold & other     34,095       54,980       31,280       21,230       128,270  
Interest-bearing funds     1,065,792       1,117,483       1,112,577       1,087,637       1,086,122  
  Interest-bearing deposits     924,404       961,067       954,090       943,113       941,543  
  Borrowings     114,583       129,611       131,682       117,719       117,774  
  Junior subordinated debt     26,805       26,805       26,805       26,805       26,805  
Goodwill and other intangibles     72,925       73,463       74,013       74,607       75,231  
Deposits     1,599,892       1,570,387       1,471,035       1,425,269       1,414,602  
                                         
                                         
Balance sheet data - period average                                  
Total assets   $ 1,982,288     $ 1,947,183     $ 1,856,852     $ 1,817,821     $ 1,807,988  
Shareholders' equity     234,031       229,745       225,578       221,427       218,539  
Common shareholders' equity     208,031       203,745       199,578       195,427       193,338  
Tangible common shareholders' equity     134,837       129,877       125,268       120,927       117,795  
Earning assets     1,740,298       1,691,175       1,580,805       1,548,248       1,534,115  
  Loans     1,147,701       1,127,369       1,097,748       1,039,171       1,087,455  
  Securities     529,476       479,010       445,698       378,024       320,406  
  Federal funds sold & other     63,121       84,796       37,359       131,053       126,254  
Interest-bearing funds     1,090,786       1,130,331       1,104,568       1,090,973       1,107,499  
  Interest-bearing deposits     942,534       972,604       946,659       946,419       954,874  
  Borrowings     121,447       130,922       131,104       117,749       125,820  
  Junior subordinated debt     26,805       26,805       26,805       26,805       26,805  
Goodwill and other intangibles     73,194       73,868       74,445       74,919       75,543  
Deposits     1,583,829       1,541,852       1,448,999       1,429,885       1,419,171  
                                         
                                         
Asset quality data & ratios                                        
                                         
Non-covered assets:                                        
Loans past due 30 to 89 days & accruing   $ 4,320     $ 2,151     $ 2,214     $ 3,449     $ 6,948  
Loans past due 90 days & accruing     -       -       -       -       24  
Nonaccruing loans     15,404       13,507       14,553       13,860       15,845  
Total past due & nonaccrual loans   $ 19,724     $ 15,658     $ 16,767     $ 17,309     $ 22,817  
                                         
Foreclosed property   $ 15,201     $ 16,124     $ 18,709     $ 20,349     $ 18,406  
                                         
Loans   $ 1,067,881     $ 1,039,865     $ 1,010,592     $ 936,103     $ 920,046  
                                         
Net loan charge-offs   $ 605     $ 310     $ 93     $ 827     $ 2,078  
Allowance for loan losses   $ 18,239     $ 18,344     $ 18,154     $ 17,747     $ 17,778  
Allowance for loan losses to loans     1.71 %     1.76 %     1.80 %     1.90 %     1.93 %
                                         
                                         
Covered assets:                                        
Loans past due 30 to 89 days & accruing   $ 574     $ 1,865     $ 2,637     $ 2,906     $ 2,878  
Loans past due 90 days & accruing     -       -       799       511       -  
Nonaccruing loans     9,779       9,472       17,407       18,547       24,879  
Total past due & nonaccrual loans   $ 10,353     $ 11,337     $ 20,843     $ 21,964     $ 27,757  
                                         
Foreclosed property   $ 5,218     $ 9,530     $ 12,868     $ 14,616     $ 12,361  
                                         
Loans   $ 106,144     $ 114,722     $ 127,739     $ 135,412     $ 147,150  
                                         
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 September 30,     Nine months ended September 30,  
    2012     2011     2012     2011  
(in thousands)                                
Interest income:                                
  Interest and fees on loans   $ 17,555     $ 16,896     $ 52,346     $ 49,264  
  Interest on securities     1,704       1,720       5,301       4,712  
  Interest on federal funds sold and interest bearing deposits     51       90       154       270  
    Total interest income     19,310       18,706       57,801       54,246  
Interest expense:                                
  Interest on deposits     1,258       1,836       4,028       6,494  
  Interest on borrowings     887       916       2,739       2,853  
  Interest on junior subordinated debentures     159       336       628       1,001  
    Total interest expense     2,304       3,088       7,395       10,348  
    Net interest income before provision for loan losses     17,006       15,618       50,406       43,898  
Provision for loan losses     500       1,550       1,500       4,550  
    Net interest income after provision for loan losses     16,506       14,068       48,906       39,348  
Noninterest income:                                
  Service charges on deposit accounts     735       878       2,335       2,633  
  Loan sales and commissions     29       -       274       -  
  Loss on non-hedged derivatives     (99 )     (24 )     (506 )     (24 )
  Change in FDIC shared-loss asset     (135 )     48       131       143  
  Net gain on sale of securities     510       209       1,104       699  
  Impairment loss on securities     (449 )     -       (477 )     (1,066 )
  Gain on acquisitions     -       -       -       35,202  
  Other income     1,519       1,189       5,063       2,812  
    Total noninterest income     2,110       2,300       7,924       40,399  
Noninterest expense:                                
  Salaries and employee benefits     6,592       6,675       21,254       19,315  
  Premises and equipment     1,629       1,567       4,845       4,708  
  Data processing     910       810       2,531       2,685  
  Legal, audit and other professional services     1,905       1,071       4,480       4,299  
  Printing, stationery and supplies     63       79       229       288  
  Telephone     193       218       637       592  
  Directors' fees     122       135       374       342  
  Advertising, marketing and business development     340       272       1,221       1,069  
  Postage     57       50       170       171  
  Insurance and assessments     553       364       1,633       1,777  
  (Gain)/Loss on and expense of foreclosed property     (701 )     (672 )     (108 )     5,066  
  Amortization of intangible assets     539       624       1,682       1,665  
  Other expenses     664       840       2,513       2,387  
    Total noninterest expense     12,866       12,033       41,461       44,364  
Income before provision for income taxes     5,750       4,335       15,369       35,383  
Provision for income taxes     2,286       1,819       6,135       14,862  
  Net income   $ 3,464     $ 2,516     $ 9,234     $ 20,521  
                                 
Net income available to common stockholders   $ 3,151     $ 900     $ 8,296     $ 18,280  
                                 
                                 
                                 
First California Financial Group
Unaudited Quarterly Financial Results
         
         
    September 30,   December 31,
(in thousands) 2012   2011
               
  Cash and due from banks   $ 42,387   $ 40,202
  Interest bearing deposits with other banks     34,095     21,230
  Securities available-for-sale, at fair value     549,373     453,735
  Non-covered loans, net     1,049,642     918,356
  Covered loans     106,144     135,412
  Premises and equipment, net     18,184     18,480
  Goodwill     60,720     60,720
  Other intangibles, net     12,205     13,887
  Cash surrender value of life insurance     12,991     12,670
  Non-covered foreclosed property     15,201     20,349
  Covered foreclosed property     5,218     14,616
  FDIC shared-loss asset     50,471     68,083
  Accrued interest receivable and other assets     34,173     34,924
               
  Total assets   $ 1,990,804   $ 1,812,664
               
               
  Non-interest checking   $ 675,488   $ 482,156
  Interest checking     112,895     107,077
  Money market and savings     483,293     486,000
  Certificates of deposit, under $100,000     62,176     74,861
  Certificates of deposit, $100,000 and over     266,040     275,175
    Total deposits     1,599,892     1,425,269
               
  Securities sold under agreements to repurchase     30,000     30,000
  Federal Home Loan Bank advances     84,583     87,719
  Junior subordinated debentures     26,805     26,805
  Deferred tax liabilities, net     2,261     7,370
  FDIC shared-loss liability     3,827     3,757
  Accrued interest payable and other liabilities     6,873     8,637
               
    Total liabilities     1,754,241     1,589,557
               
    Total shareholders' equity     236,563     223,107
               
  Total liabilities and shareholders' equity   $ 1,990,804   $ 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)   9/30/2012     12/31/2011  
                 
Total shareholders' equity   $ 236,563     $ 223,107  
Less: Goodwill and intangible assets     (72,925 )     (74,607 )
Tangible equity     163,638       148,500  
Less: Preferred stock     (26,000 )     (26,000 )
Tangible common equity   $ 137,638     $ 122,500  
                 
Total assets   $ 1,990,804     $ 1,812,664  
Less: Goodwill and intangible assets     (72,925 )     (74,607 )
Tangible assets   $ 1,917,879     $ 1,738,057  
                 
Common shares outstanding     29,220,271       29,220,079  
                 
Tangible equity to tangible assets     8.53 %     8.54 %
Tangible common equity to tangible assets     7.18 %     7.05 %
Tangible book value per common share   $ 4.71     $ 4.19  
       
    Three months ended  
    9/30/2012     9/30/2011  
Net income available to common shares   $ 3,151     $ 900  
Add: amortization of intangible assets, net of tax     323       362  
Net income available to tangible common shares   $ 3,474     $ 1,262  
                 
Noninterest expense   $ 12,866     $ 12,033  
Less: amortization of intangible assets     (539 )     (624 )
Less: gain(loss) on and expense of foreclosed property     701       672  
Operating expenses   $ 13,028     $ 12,081  
                 
Noninterest income   $ 2,110     $ 2,300  
Less: net gain on sale of securities     (61 )     (209 )
Add: loss on non-hedged derivatives     99       24  
Less: change in FDIC shared-loss asset     135       (48 )
Less: loan sales and commissions     (29 )     -  
Service charges, fees & other income   $ 2,254     $ 2,067  
                 
Net interest income   $ 17,006     $ 15,618  
Service charges, fees & other income     2,254       2,067  
Loan sales and commissions     29       -  
Change in FDIC shared-loss asset     (135 )     48  
Loss on non-hedged derivatives     (99 )     (24 )
Operating revenues   $ 19,055     $ 17,709  
                 
Efficiency ratio (operating expenses/operating revenues)     68.37 %     68.22 %
                 
Income before tax   $ 5,750     $ 4,335  
Provision for loan losses     500       1,550  
Foreclosed property (gain)loss & expense     (701 )     (672 )
Securities transactions & OTTI losses     (61 )     (209 )
Core earnings   $ 5,488     $ 5,004  
                 

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