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15.10.2013 23:13:00
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Greater Sacramento Bancorp Reports 3rd Quarter Earnings Up 23% from 3rd Quarter 2012
SACRAMENTO, Calif., Oct. 15, 2013 /PRNewswire/ -- GREATER SACRAMENTO BANCORP (OTC: GSCB.OB) – For the 3rd Quarter 2013 ended September 30, 2013 Greater Sacramento Bancorp (GSB), parent company of Bank of Sacramento (BOS), reported Net Income of $710,000 ($.27 per share diluted) representing a 23% increase over the $576,000 ($.22 per share diluted) reported in the 3rd Quarter 2012.
Compared to the 2nd Quarter 2013 Net Income of $886,000 ($.33 per share diluted) 3rd Quarter 2013 income was down 20%. This was primarily attributable to non-recurring expenses related to consideration of growth and strategic opportunities which may result in enhanced returns in the future.
For the nine months of 2013, GSB reported Net Income of $2,146,000 ($.80 per share diluted) up 8% from the $1,979,000 ($.75 per share diluted) reported for nine months of 2012. The Net Income for both the 3rd Quarter and the nine months was driven by improved Net Interest Income, the core revenue generator for GSB. For the 3rd Quarter 2013 Net Interest Income of $3,774,000 was 19% greater than the $3,171,000 reported for the 3rd Quarter 2012. And for nine months Net Interest Income was up 13% at $10,877,000 compared to $9,595,000 in 2012. Improved loan volume and slightly improved yields for both loans and securities all contributed to the Net Interest Income improvement.
As a result of fewer gains from the sale of securities and fewer extraordinary gains from recovered loan expenses incurred during the recession, total Non-Interest Income for the nine months of 2013 was down 43% at $1,142,000 from $2,014,000 for the nine months of 2012.
Non-Interest Expense for both the 3rd Quarter 2013 and the nine months of 2013 were up 7% over the comparative 2012 periods. Salary expenses for the 3rd Quarter 2013 were up slightly (3%) over 3rd Quarter 2012 with Other Operating Expenses in the 3rd Quarter 2013 up 22% over 3rd Quarter 2012 as a result of the aforementioned non-recurring expenses.
Net Interest Margin which has been under downward pressure because of the protracted period of low interest rates showed improvement in the 3rd Quarter and for the nine months. Net Interest Margin for 3rd Quarter 2013 was 3.58% compared to 3.37% for 3rd Quarter 2012. For the comparative nine months periods the Margin for 2013 was 3.54% representing a slight improvement over the 2012 Margin of 3.47%. Our ability to employ our funds into loans rather than lower yielding securities as well as slightly improved yields in our securities portfolio resulted in the improved Margin.
Regarding GSB's performance through nine months of 2013, CEO and Chairman William J. Martin commented, "We are very pleased that both our improved loan volume and our continued loan quality have resulted in improved earnings. It is also important to note that the loan and income growth have been achieved during a still lackluster local economy. The need to aggressively seek out quality lending relationships remains a priority."
GSB's Net Income over the past five quarters follows:
9/30/13 | 6/30/13 | 3/31/13 | 12/31/12 | 9/30/12 | |
Net Income | $710,000 | $886,000 | $550,000 | $1,072,000 | $576,000 |
$ Per Share Diluted | $.27 | $.33 | $.21 | $.40 | $.22 |
As of September 30, 2013 the Bank's Tier One Capital stood at $44,504,000 and GSB's Tier One Capital was $44,981,000. The Leverage Capital Ratio for BOS and GSB were 9.53% and 9.63%, respectively. By all regulatory measures the Bank and GSB are considered well capitalized.
Comparing balance sheets for the quarters ending September 30, 2013 and September 30, 2012, the following highlights are noted:
Total Loans | ||
9/30/13 | 9/30/12 | % Increase |
$271,308,000 | $234,213,000 | 16% |
Total Deposits | ||
9/30/13 | 9/30/12 | % (Decrease) |
$377,373,000 | $386,473,000 | (2%) |
Total Assets | ||
9/30/13 | 9/30/12 | % Increase |
$459,484,000 | $433,886,000 | 6% |
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.bankofsacramento.com under the title Investor Relations.
Contact: William J. Martin, CEO and Chairman, 916-648-2100
This report may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Company is conducting its operations, including the real estate market in California and other factors beyond the Company's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
Greater Sacramento Bancorp | ||||
Consolidated Statement of Condition | ||||
(IN THOUSANDS) | ||||
Unaudited | ||||
DOLLAR | PERCENT | |||
9/30/2013 | 9/30/2012 | CHANGE | CHANGE | |
ASSETS | ||||
Cash and due from banks | $ 6,874 | $ 23,864 | $ (16,990) | -71% |
Federal funds sold | - | - | - | - |
Securities, available-for-sale and held-to-maturity | 159,691 | 156,537 | 3,154 | 2% |
Loans | ||||
Construction | 4,374 | 7,118 | (2,744) | -39% |
Commercial Real Estate | 226,060 | 184,877 | 41,183 | 22% |
Commercial and Industrial | 38,489 | 40,107 | (1,618) | -4% |
Consumer | 2,385 | 2,111 | 274 | 13% |
Total Loans outstanding | 271,308 | 234,213 | 37,095 | 16% |
Less: Allowance for Loan Losses | 4,150 | 3,981 | 169 | 4% |
Loans, net | 267,158 | 230,232 | 36,926 | 16% |
Bank premises and equipment, net | 193 | 295 | (102) | -35% |
FHLB, FRB and PCBB restricted stock | 2,909 | 2,747 | 162 | 6% |
Other Real Estate Owned | 2,845 | 2,918 | (73) | -3% |
Bank Owned Life Insurance | 10,821 | 10,465 | 356 | 3% |
Accrued interest and other assets | 8,993 | 6,828 | 2,165 | 32% |
TOTAL ASSETS | $ 459,484 | $ 433,886 | $ 25,598 | 6% |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
LIABILITIES | ||||
Deposits | ||||
Noninterest bearing | $ 114,823 | $ 111,793 | $ 3,030 | 3% |
NOW Accounts | 19,890 | 20,467 | (577) | -3% |
Money Market and Savings | 139,068 | 142,230 | (3,162) | -2% |
Time Deposits | 103,592 | 111,983 | (8,391) | -7% |
Total Deposits | 377,373 | 386,473 | (9,100) | -2% |
FHLB borrowings | 35,000 | - | 35,000 | N.A. |
Accrued interest and other liabilities | 4,573 | 3,485 | 1,088 | 31% |
Junior subordinated debentures | 8,248 | 8,248 | - | 0% |
TOTAL LIABILITIES | 425,194 | 398,206 | 26,989 | 7% |
SHAREHOLDERS' EQUITY | ||||
Preferred convertible stock; Issued and outstanding, none in 2013 and 2012 | ||||
- | - | - | ||
Common stock; Issued and outstanding, 2,610,687 in 2013 and 2,600,731 in 2012 | ||||
22,551 | 22,514 | 37 | 0% | |
Paid in Capital | 506 | 326 | 180 | 55% |
Retained earnings | 14,289 | 11,071 | 3,218 | 29% |
Accumulated other comprehensive income (loss), net of tax | (3,056) | 1,769 | (4,825) | -273% |
TOTAL SHAREHOLDERS' EQUITY | 34,290 | 35,680 | (1,390) | -4% |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ 459,484 | $ 433,886 | $ 25,598 | 6% |
Book Value per common share | $ 13.13 | $ 13.72 | $ (0.59) | -4% |
Tier 1 Leverage ratio | 9.63% | 9.66% | ||
Allowance for Loan Losses coverage ratio | 1.53% | 1.70% | ||
Greater Sacramento Bancorp | |||||||
Consolidated Statement of Income | |||||||
(IN THOUSANDS) | |||||||
Unaudited | |||||||
Results of Operation | Results of Operation | ||||||
Three Months Ending | PERCENT | Year to Date | PERCENT | ||||
9/30/2013 | 9/30/2012 | CHANGE | 9/30/2013 | 9/30/2012 | CHANGE | ||
Interest Income | |||||||
Interest and fees on Loans | $ 3,255 | $ 2,926 | 11% | $ 9,584 | $ 8,750 | 10% | |
Interest on Investments | 909 | 742 | 23% | 2,519 | 2,277 | 11% | |
Total Interest Income | 4,164 | 3,668 | 14% | 12,103 | 11,027 | 10% | |
Interest Expense | |||||||
Interest on Deposits | 316 | 435 | -27% | 1,013 | 1,227 | -17% | |
Interest on Borrowed Funds | 74 | 62 | 19% | 213 | 205 | 4% | |
Total Interest Expense | 390 | 497 | -22% | 1,226 | 1,432 | -14% | |
Net Interest Income | 3,774 | 3,171 | 19% | 10,877 | 9,595 | 13% | |
Non-interest Income | |||||||
Service charges and other fees | 190 | 290 | -34% | 517 | 1,077 | -52% | |
Gain on the sale of securities | 6 | 328 | -98% | 625 | 937 | -33% | |
Total Non-interest Income | 196 | 618 | -68% | 1,142 | 2,014 | -43% | |
Total Revenue | 3,970 | 3,789 | 5% | 12,019 | 11,609 | 4% | |
Non-interest Expense | |||||||
Salaries and employee benefits | 1,748 | 1,695 | 3% | 5,370 | 4,883 | 10% | |
Occupancy expense | 205 | 225 | -9% | 664 | 718 | -8% | |
Furniture and equipment expense | 151 | 141 | 7% | 439 | 457 | -4% | |
Other Operating expense | 921 | 753 | 22% | 2,468 | 2,298 | 7% | |
Total Non-interest Expense | 3,025 | 2,814 | 7% | 8,941 | 8,356 | 7% | |
Income from Operations | 945 | 975 | -3% | 3,078 | 3,253 | -5% | |
Provision for possible loan losses | - | - | - | 120 | -100% | ||
OREO Expense and Valuation Allowance | 7 | 127 | -94% | 255 | 360 | -29% | |
Total Provision/OREO Expense | 7 | 127 | -94% | 255 | 480 | -47% | |
Income before taxes | 938 | 848 | 11% | 2,823 | 2,773 | 2% | |
Income taxes | 228 | 272 | -16% | 677 | 794 | -15% | |
NET INCOME | $ 710 | $ 576 | 23% | $ 2,146 | $ 1,979 | 8% | |
Earnings per share: basic | $ 0.27 | $ 0.22 | $ 0.82 | $ 0.76 | |||
Earnings per share: diluted | $ 0.27 | $ 0.22 | $ 0.80 | $ 0.75 | |||
Net Interest Margin (tax equivalent) | 3.58% | 3.37% | 3.54% | 3.47% | |||
Return on Average Assets | 0.60% | 0.53% | 0.62% | 0.64% | |||
Return on Average Equity | 7.60% | 6.83% | 7.92% | 8.04% | |||
SOURCE Greater Sacramento Bancorp
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