http://www.businesswire.com/news/home/20091106005152/en
CHULA VISTA, Calif.--(Business Wire)--
First PacTrust Bancorp, Inc. (Nasdaq:FPTB), the holding company for Pacific
Trust Bank, announced third quarter and nine months results for 2009.
First PacTrust Bancorp reported net income of $1.5 million for the quarter ended
September 30, 2009 and a net loss of $398 thousand for the nine month period
ended September 30, 2009, compared to net income of $1.4 million and $814
thousand for the three and nine month periods of the prior year. The Company
reported basic and diluted earnings per share of $.30 for the three months ended
September 30, 2009 and basic and diluted net loss of ($.28) for the nine months
ended September 30, 2009 compared to basic and diluted net earnings of $.35 and
$.20 for the three and nine month periods ended September 30, 2008,
respectively.
Hans Ganz, President and Chief Executive Officer, stated, "The Company is
pleased to report increased earnings for two consecutive quarters. The results
are in line with expectations despite the continued challenging economic
environment."
For the three and nine months ended September 30, 2009, net interest income
before provision for loan losses was $7.3 million and $21.4 million,
respectively, compared to $6.0 million and $16.8 million for the same periods in
the prior year. The increases in net interest income before provision for loan
losses for the three and nine months ended September 30, 2009 are primarily
attributable to increases in the Company`s interest earning assets and a decline
in the Company`s average cost of funds. For the three and nine months ended
September 30, 2009, the Company`s average balance of interest earning assets
increased $44.3 million and $73.7 million, respectively, while the Company`s
average cost of funds decreased 88 and 84 basis points, respectively. As a
result, the Company`s net interest margin continues to improve increasing 45
basis points to 3.45% for the quarter ended September 30, 2009 compared to the
prior year`s quarter, and increasing 48 basis points to 3.38% for the nine
months ended September 30, 2009 compared to same period of the prior year.
A $2.7 million provision for loan losses was made during the third quarter ended
September 30, 2009 compared to a $1.5 million provision in the same period of
the prior year. Provisions for loan losses totaled $12.4 million for the nine
months ended September 30, 2009, compared to $7.4 million for the same period of
the prior year. Non-performing loans, which are those loans on nonaccrual
status, loans that have been restructured resulting in a troubled debt
classification and impaired loans, were $47.2 million at September 30, 2009
compared to $46.8 million at December 31, 2008. Other real estate owned acquired
in settlement of loans declined $2.9 million during the quarter ended September
30, 2009 to $5.3 million as the bank sold all properties owned with the
exception of one participation construction property.
For the three months ended September 30, 2009, non-interest expense increased
$138 thousand compared to the prior year`s quarter to $3.4 million primarily due
to an increase in FDIC deposit insurance premiums. For the nine months ended
September 30, 2009, non-interest expense increased $1.1 million to $11.2 million
also primarily due to increases in FDIC fees comprised of increased quarterly
assessments as well as an emergency special assessment imposed on all depository
institutions in the second quarter.
Net loan charge-offs for the nine month period ended September 30, 2009 totaled
$19.5 million compared to $950 thousand for the same period of the prior year.
Net loan charge-offs for the three months ended September 30, 2009 totaled $6.1
million compared to $208 thousand for the same period of the prior year. The
allowance for loan losses as a percentage of loans outstanding was 1.44% at
September 30, 2009 compared to 2.26% at December 31, 2008. The decline in the
percentage of allowance to loans outstanding was a direct result of charge-offs
of specific reserves that had been previously provided.
Total assets increased $17.9 million from $876.5 million at December 31, 2008 to
$894.5 million at September 30, 2009, primarily due to securities purchased
during the period. Total deposits increased by $38.9 million, or 6.5%, to $637.1
million at September 30, 2009 from $598.2 million at December 31, 2008 due
mainly to growth in savings and certificate of deposit accounts.
Equity decreased $1.7 million to $97.0 million at September 30, 2009 from $98.7
million at December 31, 2008 primarily due to a year to date net loss of $398
thousand, the payment of dividends on common stock in the amount of $773
thousand and the payment of dividends on preferred stock in the amount of $722
thousand during the nine months ended September 30, 2009. Equity was increased
by ESOP shares earned of $231 thousand and stock awards earned of $71 thousand.
As of September 30, 2009, the Bank exceeded all regulatory capital requirements
of the Office of Thrift Supervision. The Bank`s regulatory capital ratios at
September 30, 2009 were as follows: core capital 9.27%, tier 1 risk-based
capital 12.22%; and total risk-based capital 13.13%. The regulatory capital
requirements to be considered well capitalized are 5.0%, 6.0% and 10.0%,
respectively.
First PacTrust Bancorp, Inc. is headquartered in Chula Vista, California with
nine banking offices serving primarily San Diego and Riverside Counties in
California. Financial highlights of the Company are attached.
Statements contained in this news release that are not historical facts may
constitute forward-looking statements (within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended), which involve significant risks
and uncertainties. The Company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995, and is including this
statement for purposes of invoking these safe harbor provisions. The Company`s
ability to predict results or the actual effect of future plans or strategies is
inherently uncertain. Factors which could have a material adverse effect on the
operations and future prospects of the Company and the subsidiaries include, but
are not limited to, changes in interest rates, general economic conditions,
legislative/regulatory changes, monetary and fiscal policies of the U.S.
Government, including the U.S. Treasury and the Federal Reserve Board, the
quality or composition of the Company`s loan or investment portfolios, demand
for loan products, deposit flows, competition, demand for financial services in
the Company`s market area, the possible short-term dilutive effect of potential
acquisitions and accounting principles, policies and guidelines. These risks and
uncertainties should be considered in evaluating forward-looking statements and
undue reliance should not be placed on such statements.
FIRST PACTRUST BANCORP, INC.
SELECTED FINANCIAL INFORMATION
Three Months Ended Nine Months Ended
September 30 September 30
2009 2008 2009 2008
(In thousands) (In thousands)
Selected Operations Data
Total interest income $ 11,515 $11,645 $ 35,673 $ 34,214
Total interest expense 4,248 5,661 14,234 17,398
Net interest income 7,267 5,984 21,439 16,816
Provision for loan losses 2,709 1,479 12,395 7,370
Net interest income after provision for loan losses 4,558 4,505 9,044 9,446
Noninterest income 452 585 1,345 1,728
Noninterest expense 3,444 3,306 11,239 10,157
Income/(loss) before taxes 1,566 1,784 (850 ) 1,017
Income tax provision/(benefit) 71 340 (452 ) 203
Net income/(loss) $ 1,495 $1,444 $ (398 ) $ 814
Earnings/(Loss) per share
Basic $ .30 $.35 $ (.28 ) $ .20
Diluted $ .30 $.35 $ (.28 ) $ .20
September 30, December 31,
2009 2008
(In thousands)
Selected Financial Condition Data
Total assets $ 894,453 $ 876,520
Cash and cash equivalents 25,390 19,237
Loans receivable, net 767,970 793,045
Securities available-for-sale 48.751 17,565
Deposits 637,125 598,177
Bank owned life insurance investment 17,846 17,565
Advances from Federal Home Loan Bank 150,000 175,000
Shareholders` equity 97,014 98,723
Actual Minimum Capital Minimum Required
Requirements to Be Well
Capitalized Under
Prompt Corrective
Action Provisions
Amount Ratio Amount Ratio Amount Ratio
September 30, 2009
Total capital (to risk- weighted assets) $ 89,066 13.13 % $ 54,175 8.00 % $ 67,719 10.00 %
Tier 1 capital (to risk- weighted assets) 82,865 12.22 27,087 4.00 40,631 6.00
Tier 1 (core) capital (to adjusted tangible assets) 82,865 9.27 35,506 4.00 44,383 5.00
Three months ended Nine months ended
September 30, September 30,
2009 2008 2009 2008
Selected Financial and Capital Ratios (1)
Return on average assets .67 % .69 % (.06 )% .13 %
Return on average equity 6.20 7.03 (.55 ) 1.30
General and administrative expenses to average assets 1.54 1.58 1.68 1.67
Efficiency ratio (2) 44.62 50.33 49.33 54.77
Net interest margin 3.45 3.00 3.38 2.90
September 30, December 31,
2009 2008
Allowance for loan losses as % of loans 1.44 2.26
Non-performing assets to total assets (3) 5.91 5.36
Book Value per common share (4) $18.14 $18.59
(1) All applicable quarterly ratios reflect annualized figures.
(2) Represents noninterest expense divided by net interest income plus
noninterest income.
(3) Consists of assets 90 days past due, nonaccrual loans, troubled debt
restructured loans, and real estate owned assets.
(4) Represents total equity divided by total shares outstanding ( including
treasury stock ) and excluding unearned ESOP shares, unearned stock awards and
preferred stock.
First PacTrust Bancorp, Inc.
Hans Ganz, President and CEO
619-691-1519 ext 4000
Copyright Business Wire 2009
