Annual / Quarterly Report

FCB BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
December 31, 2009 and 2008
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

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

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)
     

TOTAL STOCKHOLDERS' EQUITY

33,602,153 33,380,956
   

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 $438,250,579 $420,469,643

FCB BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
December 31, 2009 and 2008
     

Interest Income:

 2009 2008
Loans, including fees

$16,898,681

$17,978,010

Securities

3,651,611

1,307,879
Federal funds sold 269 39,726
Interest-bearing deposits with other banks 154,095 11,151

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

FCB BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
Years ended December 31, 2009 and 2008
  2009 2008
Net income $1,241,526 932,768
 
Other comprehensive income (Loss):

 
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