Annual / Quarterly Report
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FCB BANCORP, INC. |
||
| 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 |
- |
- |
|
Series B preferred stock, $0.01 par value; authorized 465 shares; 0 shares issued and outstanding |
- |
- |
|
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 |
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FCB BANCORP, INC. |
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|---|---|---|
|
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 |
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FCB BANCORP, INC. |
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|---|---|---|
| 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 |


