Message #3 From:
NewsBot Date: November 16, 2006 07:54:00 AM
DVBC News Discovery Bancorp Earns $0.76 Per Share on Net Profit of $1.4 Million September YTD
SAN MARCOS, Calif.--(BUSINESS WIRE)--Net earnings for Discovery Bancorp (OTCBB:DVBC) through the first three
quarters of 2006 are $1.4 million, or $0.76 per share ($0.73 per share
fully diluted), compared to $223,000, or $0.20 per share ($0.19 per
share fully diluted) for the same period of 2005.
Figures for 2006 include the addition of Celtic Capital Corporation, a
commercial finance company acquired on Aug. 31, 2005. Figures for 2005
include one month’s operations of Celtic
Capital.
The holding company’s total assets grew to a
record high of $194.4 million at Sept. 30 this year, an increase of 22
percent from $160.0 million one year earlier. During the same period net
loans climbed 22 percent to $154.4 million from $126.7 million, and
total deposits rose 23 percent to $134.1 million from $109.2 million.
In tracking 2006’s growth since Dec. 31, 2005,
total assets have increased 18 percent from $164.7 million, net loans
have risen 15 percent from $134.3 million, and total deposits are up by
19 percent from $112.6 million.
“Our numbers for the first nine months of the
year reflect the favorable significance of bringing Celtic Capital into
the Discovery Bancorp family,” said James P.
Kelley, president and chief executive officer. “We’re
getting a clearer picture of just how good of a fit Celtic Capital has
turned out to be.”
Interest income, fueled by strong loan growth for Discovery Bank and
Celtic Capital, the company’s principal
operating subsidiaries, grew to $12.5 million for September 2006 YTD, or
95 percent higher than $6.4 million for September 2005 YTD.
Interest expense for the three quarters of 2006 is $4.5 million, a 114
percent increase from the same point in 2005. Net interest income rose
86 percent to $8.0 million through September 30, 2006, from $4.3 million
for the same period last year.
Non-interest income is $844,000 through Sept. 30, 2006, an increase of
54 percent from $549,000 for the same period in 2005. Kelley said that
in addition to growth in loan fees and charges, $235,000 of which can be
attributed to the acquisition of Celtic Capital and the benefit from
nine months of activity, 2006 includes a gain of 73 percent in income
from the sale of SBA loans.
Non-interest expenses totaled $6.0 million for the nine months of 2006,
a 56 percent increase from $3.8 million for the nine months of 2005.
Included in 2006 is a full nine months of operating expense for Celtic
Capital.
The provision for loan losses at Sept. 30, 2006, is $336,000, compared
with $633,000 for the same period in 2005. The higher provision is due
to the booking of $234,000 of reserves associated with the acquisition
of Celtic Capital’s loan portfolio in August
2005.
Pretax income for the nine months of 2006 is $2.5 million, or 546
percent more than $385,000 for September 2005 YTD. The company’s
tax expense is $1.1 million at Sept. 30, 2006, compared to $162,000 at
the same point in 2005.
Discovery Bancorp is a bank holding company serving the financial needs
of small to medium-sized businesses, professionals and individuals
through two principal subsidiaries –
Discovery Bank and Celtic Capital Corp. The bank has offices in San
Marcos and Poway, Calif., and Celtic Capital’s
offices are in Santa Monica, Calif., Phoenix, and Bellevue, Wash.
Company
Company
Company
As of
As of
As of
9/30/2006
9/30/2005
12/31/2005
ASSETS
Cash & Cash Equivalents
21,271
17,155
14,854
Investments
8,654
6,499
6,008
Loans, Net
154,437
126,684
134,326
Other Assets
10,025
9,374
9,518
TOTAL ASSETS
194,387
159,712
164,706
LIABILITIES
Total Deposits
134,064
109,216
112,585
Borrowings Under line of Credit
15,509
14,977
16,086
FHLB Advances
19,065
12,000
12,000
Other Liabilities
1,260
1,048
1,192
STOCKHOLDER'S EQUITY
24,489
22,471
22,843
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
194,387
159,712
164,706
Company
Company
Company
Sep-06
Sep-05
Dec-05
YTD
YTD
YTD
STATEMENT OF OPERATIONS
Interest Income
12,464
6,376
9,950
Interest Expense
4,492
2,060
3,132
NET INTEREST INCOME
7,972
4,316
6,818
PROVISION FOR LOAN LOSSES
336
633
786
Net interest Profit After Provision for Loan Losses
7,636
3,683
6,032
Non-Interest Income
844
549
921
Non-Interest Expense
5,992
3,847
5,998
PRE TAX INCOME
2,488
385
955
Taxes
1,070
162
402
Net Profit
1,418
223
553
Profit Per Share
0.76
0.20
0.42
Diluted Profit Per Share
0.73
0.19
0.40
Forward-Looking Statements –Statements
in this release that are not historical facts are forward-looking
statements based on management's current expectations and beliefs on
future developments and their potential effects on the bank. There is no
assurance that future developments affecting the bank will be those
anticipated by management. Forward-looking statements involve risks and
uncertainties, and actual results may differ from those projected in the
forward-looking statements due to credit, market, operational,
liquidity, interest rate and other risks.
