This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

First PacTrust Bancorp, Inc. Announces 3rd Quarter 2012 Results

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by First PacTrust with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and the Company undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.

       
 
First PacTrust Bancorp, Inc.
Consolidated Statements of Financial Condition
(In thousands of dollars except share and per share data)
(Unaudited)
 
       
September 30, December 31,
2012     2011
 
ASSETS
Cash and due from banks $ 8,867 $ 6,755
Interest-bearing deposits 104,638 37,720
Federal funds sold   8,555          
Total cash and cash equivalents 122,060 44,475
Time deposits in financial institutions 5,621
Securities available for sale 122,271 101,616
Federal Home Loan Bank and Other Bank stock, at cost 8,842 6,972
Loans receivable, net of allowance of $12,379 at September 30, 2012 and $12,780 at December 31, 2011 1,202,995 775,609
Loans held for sale 110,291
Servicing rights, net 2,170
Accrued interest receivable 5,312 3,569
Other real estate owned (OREO), net 8,704 14,692
Premises and equipment, net 15,492 10,585
Bank owned life insurance investment 18,649 18,451
Prepaid FDIC assessment 1,622 2,405
Deferred income tax 7,441 7,643
Goodwill 7,039
Other intangible assets, net 5,841
Other assets   25,382         13,024  
Total assets $ 1,669,732       $ 999,041  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Noninterest-bearing demand $ 88,616 $ 20,039
Interest-bearing demand 183,516 68,578
Money market accounts 253,557 188,658
Savings accounts 162,979 39,176
Certificates of deposit   639,553         469,883  
Total deposits 1,328,221 786,334
Advances from Federal Home Loan Bank 86,000 20,000
Notes payable, net 34,018
Reserve for loss reimbursements on sold loans 2,665
Accrued expenses and other liabilities   27,089         8,212  
Total liabilities 1,477,993 814,546
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY
Preferred stock, $.01 par value per share, $1,000 per share liquidation preference for a total of $32,000; 50,000,000 shares authorized, 32,000 shares issued and outstanding at September 30, 2012 and December 31, 2011 31,925 31,934
Common stock, $.01 par value per share, 196,863,844 shares authorized; 0 shares issued and 0 shares outstanding at September 30, 2012; 11,756,636 shares issued and 10,581,704 shares outstanding at December 31, 2011 119 117
Class B non-voting non-convertible Common stock, $.01 par value per share, 3,136,156 shares authorized; 0 shares issued and outstanding at September 30, 2012 and 1,054,991 shares issued and outstanding at December 31, 2011 11 11
Additional paid-in capital 153,467 150,786
Retained earnings 31,477 27,623
Treasury stock, at cost (September 30, 2012-0 shares, December 31, 2011-1,174,932 shares) (25,638 ) (25,037 )
Accumulated other comprehensive income/(loss), net   378         (939 )
Total shareholders’ equity   191,739         184,495  
Total liabilities and shareholders’ equity $ 1,669,732       $ 999,041  
 
 
               
 
First PacTrust Bancorp, Inc.
Consolidated Statements of Income and Comprehensive Income/(Loss)
(In thousands of dollars except share and per share data)
(Unaudited)                
Three months ended Nine months ended
September 30, September 30,
  2012         2011     2012         2011  
Interest and dividend income
Loans, including fees $ 15,928 $ 7,757 $ 35,060 $ 22,936
Securities 708 1,017 2,139 3,263
Dividends and other interest-earning assets 86 49 226 155
Federal funds sold
Total interest and dividend income   16,722         8,823     37,425         26,354  
Interest expense
Savings 211 95 233 283
NOW 102 18 162 50
Money market 166 62 557 189
Certificates of deposit 1,099 1,072 3,333 3,225
Federal Home Loan Bank advances 74 92 266 960
Capital leases 2 4
Notes payable   660             1,155          
Total interest expense   2,314         1,339     5,710         4,707  
Net interest income 14,408 7,484 31,715 21,647
Provision for loan and lease losses   1,031         823     2,001         1,274  
Net interest income after provision for loan and lease losses 13,377 6,661 29,714 20,373
Noninterest income
Customer service fees 543 396 1,282 1,107
Mortgage loan prepayment penalties 46 54 62 80
Loan servicing income 146 146
Income from bank owned life insurance 69 77 198 221
Net gain/(loss) on sales of securities available for sale (12 ) 1,450 (83 ) 2,887
Net gains on mortgage banking activities 5,546 5,546
Net gain on sales of loans 59 204
Bargain purchase gain 12,055 12,055
Other   1,060         35     1,244         119  
Total noninterest income 19,512 2,012 20,654 4,414
Noninterest expense
Salaries and employee benefits 13,613 3,251 23,657 9,488
Occupancy and equipment 2,473 730 4,793 1,926
Advertising 395 71 848 182
Professional fees 3,788 667 5,318 1,416
Stationery paper, supplies, and postage 286 105 582 336
Data processing 1,037 356 1,946 972
ATM costs 93 81 277 223
FDIC assessments 291 222 971 997
Provision for loss reimbursements on sold loans 172 172
Loan servicing and foreclosure expense 83 327 788 783
Operating loss on equity investment 76 79 229 235
OREO valuation allowance 36 1,329 205 1,887
Net (gain)/loss on sales of other real estate owned 42 105 (466 ) 924
Amortization of intangible assets 329 329
Other general and administrative   1,742         338     2,968         1,107  
Total noninterest expense   24,456         7,661     42,617         20,476  
Income before income taxes 8,433 1,012 7,751 4,311
Income tax expense/(benefit)   (1,110 )       368     (1,430 )       1,425  
Net income $ 9,543       $ 644   $ 9,181       $ 2,886  
Preferred stock dividends   328         138     1,042         138  
Net income available to common shareholders $ 9,215       $ 506   $ 8,139       $ 2,748  
Basic earnings per common share $ 0.79 $ 0.04 $ 0.70 $ 0.27
Diluted earnings per common share $ 0.79 $ 0.04 $ 0.70 $ 0.27
Other comprehensive income, before tax:
Change in net unrealized gains on securities:
Net unrealized holding gains arising during the period 817 (932 ) 2,155 (2,408 )
Less: reclassification adjustment for (gains)/losses included in net income   12         (1,450 )   83         (2,887 )
Net unrealized gains, net of reclassification adjustments 829 (2,382 ) 2,238 (5,295 )
Income tax expense/(benefit) related to items of other comprehensive income   341         (978 )   921         (2,179 )
Total other comprehensive income/(loss), net of tax   488         (1,404 )   1,317         (3,116 )
Comprehensive income/(loss) $ 10,031       $ (760 ) $ 10,498       $ (230 )
 
 
             
 
FIRST PACTRUST BANCORP, INC.
SELECTED QUARTERLY FINANCIAL DATA
(Amounts in thousands, except share and per share data)
September June March December September June
2012 2012 2012 2011 2011 2011
Balance sheet data, at quarter end:
Total assets $ 1,669,732 $ 1,115,120 $ 1,083,082 $ 999,041 $ 928,977 $ 882,266
Total gross loans 1,215,374 839,931 838,409 787,280 703,454 678,777
Allowance for loan losses (12,379 ) (11,448 ) (11,173 ) (12,780 ) (8,993 ) (8,431 )
Securities available for sale 122,271 117,008 101,452 101,616 64,926 74,613
Noninterest-bearing deposits 88,616 26,594 24,961 20,039 20,934 21,702
Total deposits 1,328,221 852,331 853,843 786,334 711,609 685,934
FHLB advances and other borrowings 120,018 66,883 35,000 20,000 20,000 30,000
Total shareholders’ equity 191,739 182,295 184,002 184,495 191,488 160,475
Balance sheet data, quarterly averages:
Total assets $ 1,533,497 $ 1,108,120 $ 1,048,033 $ 964,321 $ 904,738 $ 851,038
Total loans 1,185,277 829,592 806,648 708,598 679,199 665,516
Securities available for sale 136,307 107,910 105,254 92,231 90,454 74,585
Total interest earning assets 1,432,443 1,030,259 973,400 887,799 829,000 786,960
Total deposits 1,207,610 857,856 814,115 743,610 702,780 660,645
Advances from FHLB and other borrowings 99,002 60,163 37,802 20,000 20,326 48,737
Total shareholders’ equity 205,336 182,260 186,041 191,824 173,495 137,149
Statement of operations data, for the three months ended:
Interest income $ 16,722 $ 10,378 $ 10,325 $ 8,823 $ 8,823 $ 8,582
Interest expense   2,314     1,947     1,449     1,330     1,339     1,574  
 
Net interest income 14,408 8,431 8,876 7,493 7,484 7,008
Provision for loan losses   1,031     279     691     4,114     823     451  
Net interest income after provision for loan losses 13,377 8,152 8,185 3,379 6,661 6,557
Noninterest income 19,512 639 503 499 2,012 1,635
Noninterest expense   24,456     9,943     8,218     11,213     7,661     5,999  
 
Income/(loss) before income taxes 8,433 (1,152 ) 470 (7,335 ) 1,012 2,193
Income tax expense/(benefit) (1,110 ) (413 ) 93 (1,721 ) 368 644
Preferred stock dividends and discount accretion   328     314     400     396     138      
Net income/(loss) available to common stockholders $ 9,215   $ (1,053 ) $ (23 ) $ (6,010 ) $ 506   $ 1,549  
Profitability and other ratios:
Return on avg. assets (1) 2.49 % (0.27 %) 0.14 % (2.33 %) 0.28 % 0.73 %
Return on avg. equity (1) 18.59 (1.61 ) 0.81 (11.71 ) 1.48 4.52
Net interest margin (1) 4.02 3.27 3.65 3.38 3.61 3.56
Noninterest income to total revenue (2) 57.52 5.88 5.36 6.24 21.19 18.92
Noninterest income to avg. assets (1) 5.09 0.19 0.19 0.21 0.89 0.77
Noninterest exp. to avg. assets (1) 6.38 3.59 3.14 4.65 3.39 2.82
Efficiency ratio (3) 72.08 111.01 87.62 140.30 80.68 69.41
Avg. loans to average deposits 98.15 96.71 98.08 95.29 96.64 100.74
Securities available for sale to total assets 7.32 10.49 9.37 10.17 6.99 8.46
Average interest-earning assets to average interest-bearing liabilities 110.21 % 112.72 % 114.26 % 116.26 % 114.64 % 110.94 %
Asset quality information and ratios:
Nonaccrual Loans $ 16,181 $ 16,878 $ 18,343 $ 19,254 $ 0.00 $ 0.00
90+ delinquent loans and OREO (4):
90+ delinquent loans (5) 1,479 1,985 2,557 7,790 9,151 14,518
Other real estate owned (OREO)   8,704     9,239     12,843     14,692     20,551     15,019  
Totals $ 10,183   $ 11,224   $ 15,400   $ 22,482   $ 29,702   $ 29,537  
Net loan charge-offs $ 226.00 $ 0.00 $ 2,298.00 $ 327.00 $ 261.00 $ 3,925.00
Allowance for loan losses to nonaccrual loans, net 84.41 % 74.80 % 65.24 % 78.43 % 82.38 % 38.21 %
Allowance for loan losses to total loans 1.02 1.36 1.33 1.62 1.28 1.24
90+ delinquent loans and OREO to total loans and OREO 0.83 1.42 1.81 2.80 4.10 4.26
90+ delinquent loans and OREO to total assets 0.61 % 1.07 % 1.42 % 2.25 % 3.20 % 3.35 %
 
(1) Ratios are presented on an annualized basis
(2) Total revenue is equal to the sum of net interest income before provision and noninterest expense
(3) Efficiency ratios are calculated by dividing noninterest expense by the sum of net interest income before provision for loan losses and noninterest income
 




Stock quotes in this article: BANC 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs