Message #1 From:
Stock News Bot Date: February 22, 2007 06:49:00 AM
NCLC News NorCal Community Bancorp Announces Results for the Year and Fourth Quarter
ALAMEDA, Calif.--(BUSINESS WIRE)--NorCal Community Bancorp (the “Company”) (OTCBB:NCLC), parent company for Bank of Alameda, today announced results for the fourth quarter and year ended December 31, 2006. Net income for the three months ended December 31, 2006 increased $58,000 or 7% to $936,000, compared to net income of $878,000 in the fourth quarter of 2005. Earnings per diluted share increased to $0.30 in the fourth quarter of 2006 compared to $0.29 for the same period in 2005, a 3% increase. Net income for the year ended December 31, 2006 was $3.3 million, an increase of $445,000 or 15%, compared to net income of $2.9 million for the year ended December 31, 2005. Earnings per diluted share increased to $1.07 for 2006 compared to earnings per diluted share of $0.97 in 2005, an increase of 10%.
The return on average assets for the fourth quarter of 2006 was 1.48% and the return on average equity was 17.14%, compared to 1.47% and 21.57%, respectively in the fourth quarter of 2005. The return on average assets and return on average equity for the year ended December 31, 2006 were 1.36% and 16.97%, respectively, compared to 1.28% and 19.28% for year ended December 31, 2005.
At December 31, 2006, the Company’s total assets were $260.8 million, an increase of $30.7 million or 13% compared to December 31, 2005. Total loans were $214.3 million at December 31, 2006, an increase of $26 million or 14% compared to December 31, 2005. Total deposits were $227.0 million at December 31, 2006, an increase of $18.8 million or 9% compared to December 31, 2004. Included in total deposits at December 31, 2006 were temporary deposits totaling approximately $15 million. Management does not anticipate that these funds will remain on deposit past the first quarter of 2007.
President and CEO, Stephen G. Andrews stated, “Our operating results represent a solid performance by the Company in 2006. On behalf of the Board of Directors we would like to thank our shareholders, customers and most importantly our dedicated and talented staff for a very successful year.” During the last quarter of 2006 the Company made major investments in expanding its Customer Service Center and opening a new 7,500 square foot downtown Oakland Commercial Banking Center. Andrews further stated, “As we enter the New Year we anticipate that investments made in the latter part of 2006 may create an initial drag on earnings before benefiting future periods. This investment was planned and we look forward to 2007 as a year to expand our name recognition in the East Bay and continue to invest and build upon our infrastructure.”
A copy of the Company’s information and disclosure statement pursuant to Securities and Exchange Commission Rule 15c2-11 can be found on the home page of the Company’s website at www.bankofalameda.com under the Investor Relations section.
Cautionary Statement: This release may contain certain forward-looking statements that are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated herein. Words such as “anticipate,”“believe,”“estimate,”“expect,”“should,”“intend,”“project,” and words or phrases of similar meaning are intended to identify forward-looking statements. Management’s assumptions and projections are based on their anticipation of future events and actual performance may differ materially from that projected.
NorCal Community Bancorp
FINANCIAL HIGHLIGHTS
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended
Year Ended
FOR THE PERIOD:
Dec. 31,
Dec. 31,
%
Dec. 31,
Dec. 31,
%
2006
2005(1)
Change
2006
2005(1)
Change
Net interest income
$ 3,540
$ 3,254
9%
$ 13,711
$ 11,788
16%
Provision for loan and lease losses
40
120
-67%
390
490
-20%
Noninterest income
182
213
-15%
766
984
-22%
Noninterest expense
2,138
1,835
17%
8,553
7,440
15%
Income before provision for income taxes
1,544
1,512
2%
5,534
4,842
14%
Provision for income taxes
608
634
-4%
2,191
1,944
13%
Net income
$ 936
$ 878
7%
$ 3,343
$ 2,898
15%
Net income per basic share
$ 0.33
$ 0.34
-3%
$ 1.20
$ 1.12
7%
Net income per diluted share
$ 0.30
$ 0.29
3%
$ 1.07
$ 0.97
10%
Average shares outstanding
2,856,032
2,587,803
2,781,996
2,587,447
Diluted average shares
3,158,117
2,994,830
3,124,072
2,983,051
SELECTED FINANCIAL RATIOS (Annualized):
Return on average assets
1.48%
1.47%
1.36%
1.28%
Return on average equity
17.14%
21.57%
16.97%
19.28%
Average shareholders' equity to average assets
8.64%
6.81%
8.03%
6.63%
Net interest margin
5.90%
5.74%
5.89%
5.50%
Efficiency ratio
57.45%
52.91%
59.08%
58.25%
AT PERIOD END:
Loans and leases
$ 214,263
$ 188,287
Allowance for loan and lease losses
$ 2,885
$ 2,472
Assets
$ 260,813
$ 230,105
Shareholders' equity
$ 22,034
$ 16,444
Deposits
$ 227,005
$ 208,209
Total risk-based capital ratio
13.77%
11.17%
Allowance for loan and lease losses to total loans and leases
1.35%
1.31%
Shares outstanding
2,923,251
2,587,803
(1) All share and per share data have been retroactively restated to reflect a 3-for-2 stock split distributed on December 7, 2006.
