Annual / Quarterly Report
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FCB BANCORP, INC. AND SUBSIDIARY |
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| ASSETS: | 2009 | 2008 |
|---|---|---|
| Cash and due from banks | $21,940,246 | $4,989,895 |
| Interest bearing deposits in other banks | 1,177,098 | 3,267,248 |
| Federal funds sold | 212,000 | 3,297,000 |
| Securities available for sale at fair value (amortized cost of $38,200,906 and $89,151,028, in 2009 and 2008, respectively) |
37,843,609 |
88,602,052 |
| Securities held to maturity (fair value of $51,478,882 and $0 in 2009 and 2008, respectively) | 51,499,647 |
-- |
| Capital stock of Federal Home Loan Bank - at cost | 3,312,800 | 2,872,100 |
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Mortgage loans held for sale |
2,739,052 | 2,150,015 |
| Loans, net of allowance for loan losses of $1,750,000 and $1,475,000, in 2009 and 2008, respectively | 294,407,746 | 292,547,860 |
| Premises and equipment | 14,370,771 | 14,285,474 |
| Bank-owned life insurance | 4,963,789 | 4,745,458 |
| Accrued interest receivable and other assets | 5,783,821 | 3,712,541 |
| TOTAL ASSETS | $438,250,579 | $420,469,643 |
| LIABILITIES & STOCKHOLDERS' EQUITY: | ||
| Deposits: | ||
| Noninterest-bearing demand | $19,398,126 | $20,347,820 |
| Interest-bearing: | ||
| NOW and money market | 169,798,350 | 69,770,264 |
| Savings | 1,546,158 | 1,192,035 |
| Time deposits | 84,490,779 | 152,543,026 |
| TOTAL DEPOSITS | 275,233,413 | 243,853,145 |
| Securities sold under agreements to repurchase | 9,667,344 | 12,485,960 |
| Advances from the Federal Home Loan Bank | 108,113,996 | 119,753,394 |
| Subordinated debentures | 8,248,000 | 8,248,000 |
| Accrued interest payable and other liabilities | 3,385,673 | 2,766,188 |
| TOTAL LIABILITIES | 404,648,426 | 387,088,687 |
| STOCKHOLDERS' EQUITY: | ||
| Series A preferred stock, $.01 par value. Authorized 500,000 shares; 9,294 and 0 shares issued and outstanding at December 31, 2009 and 2008, respectively |
8,865,996 |
8,770,562 |
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Series B preferred stock,$.01 par value. 465 shares authorized; issued and outstanding at December 31, 2009 and 2008, respectively |
523,438 |
523,438 |
| Common stock, $1 par value. Authorized 2,500,000 shares; issued and outstanding 1,558,507 shares at December 31, 2009 and 2008, respectively | 1,558,507 | 1,558,507 |
| Additional paid-in capital | 13,201,723 | 13,201,723 |
| Retained earnings | 9,688,304 | 9,689,050 |
| Accumulated other comprehensive loss | (235,815) | (362,324) |
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TOTAL STOCKHOLDERS' EQUITY |
33,602,153 | 33,380,956 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$438,250,579 | $420,469,643 |
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FCB BANCORP, INC. AND SUBSIDIARY |
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|---|---|---|
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Interest Income: |
2009 | 2008 |
| Loans, including fees |
$16,898,681 |
$17,978,010 |
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Securities |
3,651,611 |
1,307,879 |
| Federal funds sold | 269 | 39,726 |
| Interest-bearing deposits with other banks | 154,095 | 11,151 |
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TOTAL INTEREST INCOME |
20,704,656 | 19,336,766 |
| Interest Expense: | ||
| Deposits | 6,950,335 | 7,709,869 |
| Securities sold under agreements to repurchase | 74,933 | 278,915 |
| Federal Home Loan Bank advances | 3,370,413 | 2,514,947 |
| Subordinated debentures | 585,443 | 610,462 |
| Other | 499 | 38,817 |
| TOTAL INTEREST EXPENSE | 10,981,623 | 11,153,010 |
| NET INTEREST INCOME | 9,723,033 | 8,183,756 |
| Provision for loan losses | 708,157 | 521,819 |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 9,014,876 | 7,661,937 |
| Noninterest Income: | ||
| Service charges on deposit accounts | 621,891 | 581,222 |
| Net gain on sale of loans | 502,415 | 320,734 |
| Gain on the sale of securities | 1,069,372 | 135,507 |
| Other | 905,527 | 941,079 |
| TOTAL NONINTEREST INCOME | 3,099,205 | 1,978,542 |
| Noninterest Expenses: | ||
| Salaries and employee benefits | 4,237,594 | 4,017,145 |
| Net occupancy expense | 1,546,427 | 1,188,205 |
| Furniture and equipment expense | 707,697 | 664,524 |
| Data processing fees | 397,184 | 347,715 |
| Loss (gain) on sale of repossessed assets, net | 43,962 | (8,999) |
| Expense related to administration of repossessed assets | 354,483 | 64,951 |
| FDIC insurance expense | 738,320 | 158,129 |
| Goodwill impairment | 285,315 | -- |
| Other | 2,096,620 | 1,968,837 |
| TOTAL NONINTEREST EXPENSES | 10,407,602 | 8,400,507 |
| Income Before Income Taxes | 1,706,479 | 1,239,972 |
| Income Tax Expense | 464,953 | 307,204 |
| NET INCOME | $1,241,526 | $932,768 |
| Net Income per Share: | ||
| Basic | $0.41 | $0.59 |
| Diluted | $0.40 | $0.59 |
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FCB BANCORP, INC. AND SUBSIDIARY |
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|---|---|---|
| 2009 | 2008 | |
| Net income | $1,241,526 | 932,768 |
| Other comprehensive income (Loss): |
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| Reclassification adjustment for net gain realized during the period, net of tax | (695,092) | (88,079) |
| Unrealized holding gain (loss) on securities available for sale arising during the period, net of tax | 821,601 | (224,263) |
| Other comprehensive income (loss) | 126,509 | (312,342) |
| Comprehensive income | $1,368,035 | 620,426 |


