Business & Finance
Business and FinanceBusiness and Finance 
Thu, February 3, 2011
First California Reports Improved 2010 Fourth-Quarter, Full-Year Financial Results
WESTLAKE VILLAGE, CA--(Marketwire - February 3, 2011) - First California Financial Group, Inc. (
For the 2010 fourth quarter, net income advanced to $1.1 million from a net loss of $2.9 million for the same quarter of the prior year. Preferred dividends were $312,500 for both the fourth quarter of 2010 and 2009. Net income available to common shareholders was $767,000, or $0.03 per diluted share, compared to net loss available to common shareholders of $3.2 million, or $0.27 per share, for the 2009 fourth quarter.
"Our fourth quarter operating performance reflects continued revenue growth and improved net interest margin," said C. G. Kum, President and Chief Executive Officer. "During the past year, opportunities for increasing our revenue have been limited by low interest rates and weak loan demand. We, however, have used this time to strengthen our capital position and reserve levels, increase our core deposits and reduce our operating expenses. We believe the steps we have taken provide a solid foundation for earnings growth in 2011 and beyond."
2010 Fourth Quarter Financial Highlights:
-- The acquisition of Western Commercial Bank in an FDIC-assisted transaction, recognizing a $2.3 million gain on the purchase, and completed the integration and conversion within 35 days; -- Net interest income grew 9 percent to $12.1 million from $11.1 million for the 2010 third quarter; -- Net interest margin rose to 3.59 percent from 3.46 percent for the 2010 third quarter; -- Non-covered nonaccrual loans declined to $18.2 million from $22.4 million at September 30, 2010, and net charge-offs (non-annualized) as a percentage of average non-covered loans declined to 0.07 percent for the 2010 fourth quarter from 0.40 percent for the 2010 third quarter; -- The allowance for loan losses was $17.0 million, compared with $16.5 million for the 2010 third quarter; -- Core deposits remained strong at 77 percent of total deposits at December 31, 2010; -- Tangible book value per common share was $3.65 at both December 31, 2010 and September 30, 2010.
2010 Full Year Financial Highlights:
-- Net income was $1.4 million versus a net loss of $4.7 million for 2009; -- The company substantially increased tier 1 capital and tangible common equity through the completion of a common stock offering in the 2010 first quarter with gross proceeds of $41.4 million; -- The company added three lending teams to further increase market share in its service areas; -- Provision for loan losses dropped to $8.3 million in 2010 from $16.6 million in 2009; -- At December 31, 2010: -- Loans increased 7 percent to $1.0 billion from $939.2 million at prior year-end; -- Core non-maturity deposits increased $68.4 million, or 9 percent, to $808.6 million from the end of the previous year; -- Non-covered past due and nonaccrual loans declined to $29.9 million from $54.8 million at December 31, 2009; -- Operating expenses fell 9 percent to $37.8 million from $41.5 million for 2009; -- Completed an FDIC-assisted transaction in November 2010 and entered into a definitive purchase agreement in December 2010 to acquire the electronic banking solutions division of Palm Desert National Bank, which is expected to close at the end of the 2011 first quarter.
Asset Quality
Non-covered nonaccrual loans decreased to $18.2 million at December 31, 2010 from $22.4 million at September 30, 2010 and $40.0 million at December 31, 2009. The fourth quarter decrease primarily reflects the payoff received on a $3.6 million shared national credit. Non-covered loans past due 30 to 89 days increased to $11.6 million at December 31, 2010, primarily due to an $8.3 million construction loan representing a completed high-end residence in Beverly Hills, California.
Non-covered foreclosed properties at the end of the 2010 fourth quarter declined to $26.0 million from $27.9 million at September 30, 2010. The reduction includes a $2.1 million valuation allowance on a $20.1 million completed commercial construction project. As a result, foreclosed property charges were $2.2 million for the 2010 fourth quarter compared with $185,000 for the 2010 third quarter. Non-covered non-performing assets (foreclosed properties, nonaccrual loans and loans 90 days past due and accruing) to total assets was 2.91 percent at December 31, 2010 compared with 3.36 percent at September 30, 2010 and 3.09 percent at December 31, 2009.
At December 31, 2010, the company had $53.8 million of covered loans, of which $4.3 million were classified as non-accrual, and $1.0 million of foreclosed property. The covered loans and foreclosed property were acquired in the FDIC-assisted Western Commercial Bank transaction for which the FDIC will share in the losses, if any, arising from the collection of these loans and the sale of the foreclosed property.
The allowance for loan losses was $17.0 million, or 1.80 percent of non-covered loans, at the end of the 2010 fourth quarter compared with $16.5 million, or 1.80 percent of non-covered loans, at the end of the 2010 third quarter. At year-end 2009, the allowance was $16.5 million, or 1.76 percent of total loans. Net loan charge-offs for the 2010 fourth quarter fell to $666,000 from $3.6 million for the 2010 third quarter, which included a $3.4 million charge-off on a $15.0 million shared national credit. Net loan charge-offs to average non-covered loans declined to 0.85 percent for 2010 from 0.89 percent for 2009.
The provision for loan losses decreased to $1.2 million for the 2010 fourth quarter from $3.6 million for the 2010 third quarter, due to a decline in charge-offs in the 2010 fourth quarter compared with the 2010 third quarter.
Financial Results
For the 2010 fourth quarter, net interest income before the provision for loan losses increased 9 percent to $12.1 million from $11.1 million for the 2010 third quarter. Net interest margin (on a taxable equivalent basis) rose to 3.59 percent from 3.46 percent for the 2010 third quarter. The increase in the net interest income and net interest margin principally reflects the shift to higher-yielding loans from lower-yielding assets, the decline in cost of interest-bearing liabilities and the increase in the level of interest-earning assets.
Service charges, fees and other income increased 7 percent to $1.2 million from $1.1 million for the 2010 third quarter.
Operating expenses for the 2010 fourth quarter were $9.4 million compared with $9.1 million for the 2010 third quarter. Operating expenses exclude intangible amortization and foreclosed property gains, losses and expenses. The increase reflects increases to the company's workforce as a result of the Western Commercial Bank acquisition and the addition of a new lending team.
Pre-tax, pre-provision earnings increased 13 percent to $3.1 million from to $2.7 million for the 2010 third quarter. Pre-tax, pre-provision earnings exclude gains on securities transactions and asset quality charges (provision for loan losses, securities impairment and foreclosed property gains, losses and expenses).
At December 31, 2010, loans increased to $1.0 billion from $918.7 million at September 30, 2010. The increase includes $53.8 million of covered loans acquired in the FDIC-assisted Western Commercial Bank transaction and the purchase of $28.3 million of recently originated home mortgages at the beginning of the quarter.
Deposits as of December 31, 2010 increased to $1.2 billion from $1.09 billion at September 30, 2010. Core non-maturity deposits increased $45.9 million, or 6 percent, to $808.6 at December 31, 2010 from $762.7 million at the end of the 2010 third quarter.
Capital Resources
Shareholders' equity was $198.0 million at the close of the 2010 fourth quarter compared with $198.3 million at September 30, 2010. The company's book value per common share was $6.16 at December 31, 2010 compared with $6.17 at September 30, 2010. Tangible book value per common share was $3.65 at both December 31, 2010 and September 30, 2010.
At December 31, 2010, First California's preliminary total risk-based and leverage capital ratios were 16.78 percent and 11.00 percent, respectively. At the end of the 2010 third quarter, the total risked-based capital ratio was 16.91 percent and the leverage capital ratio was 11.49 percent. The company's ratio of tangible common equity to tangible assets was 7.08 percent at quarter end and 7.19 percent at the end of the 2010 third quarter. Total assets were $1.52 billion at December 31, 2010 compared with $1.50 billion at September 30, 2010.
Kum concluded: "Proceeding into 2011, we plan to further expand our product offerings and add new revenue streams with attractive margins, as exemplified by our recent agreement to acquire the electronic banking services business from Palm Desert National Bank. We will continue to build upon our strengths, progress and momentum."
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 total assets less goodwill and other intangible assets, net. Management believes that this measure is useful when comparing banks with preferred stock due to TARP funding to banks without preferred stock on their balance sheet and for evaluating a company's capital levels. This information is being provided in response to market participant interest in this financial metric. 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 GAAP financial measure is provided as an attachment to the financial tables.
Conference Call and Webcast
First California will hold a conference call today, February 3, 2011 at 11 a.m. Pacific (2 p.m. Eastern) to discuss the company's 2010 fourth quarter and full year financial performance. Investment professionals are invited to participate in the live call by dialing 877-317-6789 (domestic), 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 February 18, 2011 by dialing 877-344-7529 (domestic) or 412-317-0088 (international) and entering replay passcode 448019.
About First California
First California Financial Group, Inc. (
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, recent 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, 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, 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.
(Financial Tables Follow)
First California Financial Group Unaudited Quarterly Financial Results (in thousands except for share data and ratios) As of or for the quarter ended 31-Dec-10 30-Sep-10 30-Jun-10 31-Mar-10 31-Dec-09 ---------- ---------- ---------- ---------- ---------- Income statement summary Net interest income $ 12,108 $ 11,107 $ 10,806 $ 10,673 $ 11,091 Service charges, fees & other income 1,199 1,116 1,133 1,079 1,232 Operating expenses 9,383 9,083 9,866 9,422 10,372 Provision for loan losses 1,199 3,618 1,766 1,754 6,350 Foreclosed property (gain)/loss & expense 2,224 185 (223) 78 1,121 Amortization of intangible assets 416 416 417 416 416 Gain on securities transactions 548 1,204 130 132 2,159 Integration/ conversion expense 430 - - - - Gain on acquisition 2,312 - - - - Impairment loss on securities 708 23 - 18 942 ---------- ---------- ---------- ---------- ---------- Income (loss) before tax 1,807 102 243 196 (4,719) Tax expense (benefit) 727 38 96 79 (1,855) ---------- ---------- ---------- ---------- ---------- Net income (loss) $ 1,080 $ 64 $ 147 $ 117 $ (2,864) ========== ========== ========== ========== ========== Net income (loss) available to common shareholders $ 767 $ (249) $ (166) $ (196) $ (3,177) ========== ========== ========== ========== ========== Common shareholder data Basic earnings (loss) per common share $ 0.03 $ (0.01) $ (0.01) $ (0.02) $ (0.27) Diluted earnings (loss) per common share $ 0.03 $ (0.01) $ (0.01) $ (0.02) $ (0.27) Book value per common share $ 6.16 $ 6.17 $ 6.18 $ 6.12 $ 11.45 Tangible book value per common share $ 3.65 $ 3.65 $ 3.64 $ 3.57 $ 5.23 Shares outstanding 28,170,760 28,174,076 28,175,564 28,182,048 11,622,893 Basic weighted average shares 28,171,552 28,174,092 28,181,602 12,910,057 11,625,386 Diluted weighted average shares 28,494,729 28,174,092 28,181,602 12,910,057 11,625,386 Selected ratios, yields and rates Return on average assets 0.28% 0.02% 0.04% 0.03% -0.77% Return on average tangible assets 0.30% 0.02% 0.04% 0.03% -0.81% Return on average equity 2.16% 0.13% 0.30% 0.28% -7.08% Return on average common equity 1.75% -0.57% -0.38% -0.52% -9.34% Return on average tangible common equity 3.89% -0.03% 0.30% 0.23% -18.63% Equity to assets 13.02% 13.23% 13.65% 13.67% 10.77% Tangible equity to tangible assets 8.78% 8.91% 9.19% 9.13% 6.12% Tangible common equity to tangible assets 7.08% 7.19% 7.42% 7.36% 4.38% Total risk-based capital ratio: First California Bank 16.31% 16.34% 16.66% 16.38% 12.17% First California Financial Group, Inc. 16.78% 16.91% 17.33% 17.08% 12.69% Yield on loans 5.74% 5.83% 5.63% 5.67% 5.60% Yield on securities 1.76% 2.15% 2.22% 1.90% 3.01% Yield on federal funds sold and deposits w/banks 0.33% 0.28% 0.27% 0.72% 0.26% Total earning assets yield 4.64% 4.57% 4.77% 4.62% 4.70% Rate paid on interest- bearing deposits 0.97% 0.99% 1.00% 1.12% 1.26% Rate paid on borrowings 3.48% 3.72% 3.86% 3.83% 3.84% Rate paid on junior subordinated debt 6.26% 6.55% 6.56% 6.56% 6.98% Total rate paid on interest bearing funds 1.44% 1.54% 1.56% 1.66% 1.79% Net interest spread 3.20% 3.03% 3.21% 2.96% 2.91% Net interest margin (tax equivalent) 3.59% 3.46% 3.40% 3.39% 3.35% Cost of all deposits 0.69% 0.69% 0.71% 0.80% 0.91% Efficiency ratio 80.73% 75.97% 81.82% 80.99% 100.98% First California Financial Group Unaudited Quarterly Financial Results (in thousands except for share data and ratios) As of or for the quarter ended 31-Dec-10 30-Sep-10 30-Jun-10 31-Mar-10 31-Dec-09 ---------- ---------- ---------- ---------- ---------- Balance sheet data - period end Total assets $1,521,334 $1,498,932 $1,452,999 $1,440,267 $1,459,821 Shareholders' equity 198,041 198,284 198,384 196,835 157,226 Common shareholders' equity 173,413 173,770 173,985 172,550 133,056 Tangible common shareholders' equity 102,778 102,718 102,517 100,666 60,755 Earning assets 1,336,570 1,283,963 1,275,540 1,278,641 1,308,628 Loans 1,001,615 918,708 891,541 919,304 939,246 Securities 272,439 272,381 286,100 293,081 349,645 Federal funds sold & other 62,516 92,874 97,899 66,166 19,737 Interest-bearing funds 982,945 985,194 906,883 929,495 977,358 Interest- bearing deposits 824,640 780,402 751,354 769,229 807,105 Borrowings 131,500 178,000 128,750 133,500 143,500 Junior subordinated debt 26,805 26,792 26,779 26,766 26,753 Goodwill and other intangibles 70,635 71,052 71,468 71,884 72,301 Deposits 1,156,288 1,089,366 1,092,457 1,075,495 1,124,715 Balance sheet data - period average Total assets $1,519,386 $1,449,937 $1,433,981 $1,443,100 $1,477,350 Shareholders' equity 198,163 198,703 197,601 167,979 160,499 Common shareholders' equity 173,592 173,878 173,268 152,803 135,029 Tangible common shareholders' equity 102,748 102,618 101,592 80,710 62,520 Earning assets 1,341,797 1,274,996 1,278,026 1,282,707 1,313,341 Loans 991,723 890,221 913,251 929,662 929,530 Securities 293,721 287,370 278,395 341,890 309,417 Federal funds sold & other 56,353 97,405 86,380 11,155 74,394 Interest-bearing funds 983,214 919,381 916,653 955,644 992,918 Interest- bearing deposits 822,421 761,104 759,183 789,843 820,455 Borrowings 130,625 131,492 130,698 139,042 145,717 Junior subordinated debt 26,798 26,785 26,772 26,759 26,746 Goodwill and other intangibles 70,844 71,260 71,676 72,093 72,509 Deposits 1,153,795 1,084,990 1,070,126 1,094,890 1,135,616 Asset quality data & ratios Non-covered assets: Loans past due 30 to 89 days & accruing $ 11,630 $ 2,003 $ 1,078 $ 2,520 $ 14,592 Loans past due 90 days & accruing - - - - 200 Nonaccruing loans 18,241 22,398 13,192 37,034 39,958 ---------- ---------- ---------- ---------- ---------- Total past due & nonaccrual loans $ 29,871 $ 24,401 $ 14,270 $ 39,554 $ 54,750 ========== ========== ========== ========== ========== Foreclosed property $ 26,011 $ 27,906 $ 27,850 $ 5,997 $ 4,893 Loans $ 947,786 $ 890,221 $ 913,251 $ 929,662 $ 929,530 Net loan charge-offs $ 666 $ 3,570 $ 912 $ 2,661 $ 1,981 Allowance for loan losses $ 17,033 $ 16,500 $ 16,452 $ 15,598 $ 16,505 Allowance for loan losses to loans 1.80% 1.80% 1.85% 1.70% 1.76% Covered assets: Loans past due 30 to 89 days & accruing $ 4,877 $ - $ - $ - $ - Loans past due 90 days & accruing 400 - - - - Nonaccruing loans 4,325 - - - - ---------- ---------- ---------- ---------- ---------- Total past due & nonaccrual loans $ 9,602 $ - $ - $ - $ - ========== ========== ========== ========== ========== Foreclosed property $ 977 $ - $ - $ - $ - Loans $ 53,829 $ - $ - $ - $ - 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 Twelve months ended December 31, December 31, ------------------ ------------------ 2010 2009 2010 2009 -------- -------- -------- -------- (in thousands, except per share data) Interest income: Interest and fees on loans $ 14,359 $ 13,295 $ 53,240 $ 52,439 Interest on securities 1,288 2,239 5,914 12,086 Interest on federal funds sold and interest bearing deposits 47 48 196 416 -------- -------- -------- -------- Total interest income 15,694 15,582 59,350 64,941 -------- -------- -------- -------- Interest expense: Interest on deposits 2,021 2,612 7,973 12,131 Interest on borrowings 1,145 1,412 4,945 5,924 Interest on junior subordinated debentures 420 467 1,736 1,832 -------- -------- -------- -------- Total interest expense 3,586 4,491 14,654 19,887 -------- -------- -------- -------- Net interest income before provision for loan losses 12,108 11,091 44,696 45,054 Provision for loan losses 1,199 6,350 8,337 16,646 -------- -------- -------- -------- Net interest income after provision for loan losses 10,909 4,741 36,359 28,408 -------- -------- -------- -------- Noninterest income: Service charges on deposit accounts 850 840 3,225 3,516 Loan sales and commissions 28 (6) 55 70 Net gain on sale of securities 548 2,159 2,014 6,469 Impairment loss on securities (708) (942) (749) (1,507) Market gain on foreclosed assets - - 691 - Gain on acquisition 2,312 - 2,312 - Other income 321 398 1,248 1,486 -------- -------- -------- -------- Total noninterest income 3,351 2,449 8,796 10,034 -------- -------- -------- -------- Noninterest expense: Salaries and employee benefits 4,735 4,832 19,014 20,867 Premises and equipment 1,638 1,667 6,268 6,538 Data processing 764 591 2,564 2,403 Legal, audit and other professional services 817 961 2,033 2,719 Printing, stationery and supplies 64 157 258 757 Telephone 211 222 841 986 Directors' fees 93 123 428 521 Advertising, marketing and business development 212 200 918 1,380 Postage 53 55 212 245 Insurance and assessments 567 872 2,944 3,376 Loss on and expense of foreclosed property 2,224 1,121 2,954 1,563 Amortization of intangible assets 416 416 1,666 1,626 Market loss on loans held-for-sale - - - 709 Other expenses 659 692 2,705 3,166 -------- -------- -------- -------- Total noninterest expense 12,453 11,909 42,805 46,856 -------- -------- -------- -------- Income (loss) before provision for income taxes 1,807 (4,719) 2,350 (8,414) Provision (benefit) for income taxes 727 (1,855) 940 (3,753) -------- -------- -------- -------- Net income (loss) $ 1,080 $ (2,864) $ 1,410 $ (4,661) ======== ======== ======== ======== Net income (loss) available to common shareholders $ 767 $ (3,177) $ 160 $ (5,793) ======== ======== ======== ======== First California Financial Group Unaudited Quarterly Financial Results December 31, December 31, (in thousands) 2010 2009 ----------- ----------- Cash and due from banks $ 25,487 $ 26,757 Interest bearing deposits with other banks 62,516 19,737 Securities available-for-sale, at fair value 272,439 349,645 Loans, net 984,582 922,741 Premises and equipment, net 19,710 20,286 Goodwill 60,720 60,720 Other intangibles, net 9,915 11,581 Deferred tax assets, net 4,563 6,046 Cash surrender value of life insurance 12,232 11,791 Foreclosed property 26,988 4,893 FDIC loss-share indemnification asset 16,725 - Accrued interest receivable and other assets 25,457 25,624 ----------- ----------- Total assets $ 1,521,334 $ 1,459,821 =========== =========== Non-interest checking $ 331,648 $ 317,610 Interest checking 88,638 82,806 Money market and savings 388,289 339,750 Certificates of deposit, under $100,000 84,133 116,012 Certificates of deposit, $100,000 and over 263,580 268,537 ----------- ----------- Total deposits 1,156,288 1,124,715 Securities sold under agreements to repurchase 45,000 45,000 Federal Home Loan Bank advances 86,500 98,500 Junior subordinated debentures 26,805 26,753 Accrued interest payable and other liabilities 8,700 7,627 ----------- ----------- Total liabilities 1,323,293 1,302,595 Total shareholders' equity 198,041 157,226 ----------- ----------- Total liabilities and shareholders' equity $ 1,521,334 $ 1,459,821 =========== =========== FIRST CALIFORNIA FINANCIAL GROUP, INC. RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON - GAAP FINANCIAL MEASURES (unaudited) (in thousands except for share data and ratios) 12/31/2010 12/31/2009 ----------- ----------- Total shareholders' equity $ 198,041 $ 157,226 Less: Goodwill and intangible assets (70,635) (72,301) ----------- ----------- Tangible equity 127,406 84,925 Less: Preferred stock (24,628) (24,170) ----------- ----------- Tangible common equity $ 102,778 $ 60,755 =========== =========== Total assets $ 1,521,334 $ 1,459,821 Less: Goodwill and intangible assets (70,635) (72,301) ----------- ----------- Tangible assets $ 1,450,699 $ 1,387,520 =========== =========== Common shares outstanding 28,170,760 11,622,893 Tangible equity to tangible assets 8.78% 6.12% Tangible common equity to tangible assets 7.08% 4.38% Tangible book value per common share $ 3.65 $ 5.23 Three months ended ------------------------ 12/31/2010 9/30/2010 ----------- ----------- Net income (loss) available to common shares $ 767 $ (249) Less: amortization of intangible assets, net of tax 241 241 ----------- ----------- Net income (loss) available to tangible common shares $ 1,008 $ (8) =========== =========== Three months ended Twelve months ended ------------------------ ------------------------ 12/31/2010 9/30/2010 12/31/2010 12/31/2009 ----------- ----------- ----------- ----------- Noninterest expense $ 12,453 $ 9,684 $ 42,805 $ 46,856 Less: amortization of intangible assets (416) (416) (1,666) (1,626) Less: loss on and expense of foreclosed property (2,224) (185) (2,954) (1,563) Less: integration/conversion expenses (430) - (430) (774) Less: market loss on loans held-for-sale - - - (709) Less: FDIC special insurance assessment - - - (675) ----------- ----------- ----------- ----------- Operating expenses $ 9,383 $ 9,083 $ 37,755 $ 41,509 =========== =========== =========== =========== Three months ended Twelve months ended ------------------------ ------------------------ 12/31/2010 9/30/2010 12/31/2010 12/31/2009 ----------- ----------- ----------- ----------- Income (loss) before provision for income taxes $ 1,807 $ 102 $ 2,350 $ (8,414) Add back: provision for loan losses 1,199 3,618 8,337 16,646 Add back: impairment loss on securities 708 23 749 1,507 Add back: loss on and expense of foreclosed property 2,224 185 2,954 1,563 Less: gain on acquisition (2,312) - (2,312) - Less: net gain on sale of securities (548) (1,204) (2,014) (6,469) ----------- ----------- ----------- ----------- Pre-tax, pre-provision income $ 3,078 $ 2,724 $ 10,064 $ 4,833 =========== =========== =========== ===========