Annual / Quarterly Report

FCB BANCORP, INC. 
Consolidated Balance Sheets
December 31, 2012 and 2011

ASSETS: 2012 2011
Cash and due from financial institutions $4,530,695 $5,163,996
Interest bearing deposits in other financial institutions 33,796,850 60,763,434
Federal funds sold 162,000 196,000

Cash and cash equivalents

38,489,545 66,123,430
Securities available for sale

65,728,807

70,831,003

Loans held for sale

10,232,145 5,135,164
Loans, net of allowance $3,400,000 and $3,100,000 317,506,003 292,420,674
Federal Home Loan Bank Stock, at cost 3,379,800 3,339,900
Premises and equipment, net 11,489,210 11,623,713
Bank-owned life insurance 5,593,607 5,377,401
Accrued interest receivable 1,112,071 1,237,598
Foreclosed assets, net 2,787,808 2,138,612
Prepaid FDIC Insurance expense 450,557 810,590
Securities settlement received - 1,782,976
Other assets 3,408,019 2,151,507

TOTAL ASSETS

460,177,572 462,972,568
     
LIABILITIES & STOCKHOLDERS' EQUITY:    
Deposits:    
Noninterest-bearing $31,177,390 $31,336,094
Interest-bearing: 334,272,969 321,893,724

TOTAL DEPOSITS

365,450,359 353,229,818
     
Securities sold under agreements to repurchase 2,672,000 760,500
Federal Home Loan Bank advances 44,549,669 62,746,538
Subordinated debentures 8,000,000 8,000,000
Accrued interest payable and other liabilities 4,922,889 3,846,402

TOTAL LIABILITIES

425,594,917 428,583,258
     
STOCKHOLDERS' EQUITY:    
Preferred stock, $0.01 per value; authorized 500,000 shares    

Series A preferred stock, $0.01 par value; authorized 500,000 shares; 0 shares issued and outstanding
at December 31, 2012 and 2011

-

-

Series B preferred stock, $0.01 par value; authorized 465 shares; 0 shares issued and outstanding 
at December 31, 2012 and 2011

-

-

Series C preferred stock; 9,759 shares and outstanding at December 31, 2012 and 2011;

9,731,737 9,733,762
Common stock, $1 par value; authorized 2,500,000 shares; 1,558,507 shares issued and outstanding 1,558,507 1,558,507
Additional paid-in capital 13,201,723 13,201,723
Retained earnings 10,305,910 9,380,746
Accumulated other comprehensive (loss) (215,222) 514,572
     

TOTAL STOCKHOLDERS' EQUITY

34,582,655 34,389,310
   

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

460,177,572 462,972,568
     

FCB BANCORP, INC.
Consolidated Statements of Income
December 31, 2012 and 2011

     

Interest and dividend income:

2012 2011
Loans, including fees

$17,735,892

$17,074,717

Securities

1,217,472

1,956,940

Federal funds sold 124 75
Interest-bearing deposits with other banks 156,826 108,687

TOTAL INTEREST INCOME

19,110,314 19,140,419
 
Interest Expense:    
Deposits 2,830,444 4,300,414
Federal Home Loan Bank advances 1,740,189 1,823,931
Subordinated debentures 404,092 600,454
Other 10 -

TOTAL INTEREST EXPENSE

4,974,735 6,724,799
 
NET INTEREST INCOME 14,135,579 12,415,620
Provision for loan losses 1,243,609 1,218,270
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 12,891,970 11,197,350
 
Noninterest Income:    
Service charges on deposit accounts 432,373 489,832
Net gain on sale of loans 1,852,097 930,984
Gain on the sale of securities 744,506 697,190
Loss on sale of fixed assets - (292,120)
Other 759,859 740,477

TOTAL NONINTEREST INCOME

3,788,835 2,566,363
 
Noninterest Expenses:    
Salaries and employee benefits 5,584,099 4,868,492
Net occupancy expense 1,424,153 1,515,636
Furniture and equipment expense 650,309 678,393
Data processing fees 517,231 462,651
Professional Fees 558,561 510,530
Expense related to administration of foreclosed assets 369,367 325,386
FDIC insurance expense 387,969 437,491
Loss on sale and writedown of foreclosed assets, net 423,722 237,630
Other 2,903,396 2,306,477

TOTAL NONINTEREST EXPENSES

12,818,807 11,342,686
Income Before Income Taxes 3,861,998 2,421,027
 
Income Tax Expense 1,054,939 420,000
NET INCOME 2,807,059 2,001,027
 
Preferred stock dividends and discount accretion 479,238 772,730
Net income available to common stockholders $2,327,821 $1,228,297
 
Net Income per Share:    
Basic $1.49 $0.79
Diluted 1.49 0.79

FCB BANCORP, INC.
Consolidated Statements of Comprehensive Income
Years ended December 31, 2012 and 2011

  2012 2011
Net income $2,807,059 $2,001,027
 
Other comprehensive income:    

Unrealized holding gains on available-for-sale securites

72,043 2,847,038

Reclassification adjustment for (losses (gains) included in net income

(744,506) (697,190)

Tax effect

228,637 (730,948)

Net of tax

(443,826) 1,418,900
 
Unrealized gain (loss) on cash flow hedge    

Unrealized holding gain (loss) during the period

   

Other comprehensive income, net-of-tax

(433,285) -

Tax effect

147,317 -

Net of tax

(285,968) -

Total other comprehensive income

(729,794) 1,418,900
Comprehensive income $2,077,265 $3,419,927