Annual / Quarterly Report
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FCB BANCORP, INC. AND SUBSIDIARY |
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| ASSETS: | 2010 | 2009 |
|---|---|---|
| Cash and due from banks | $21,824,662 | $21,940,246 |
| Interest bearing deposits in other financial institutions | 667,262 | 1,177,098 |
| Federal funds sold | 122,000 | 212,000 |
| Cash and cash equivalents | 22,613,924 | 23,329,344 |
| Securities available for sale |
75,326,268 |
37,843,609 |
| Securities held to maturity (fair value 2010 - $0 and 2009 - $51,478,882) | -- |
51,499,647 |
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Loans held for sale |
1,701,600 | 2,739,052 |
| Loans, net of allowance $3,100,000 and $1,750,000 | 304,141,856 | 294,407,746 |
| Federal Home Loan Bank Stock, at cost | 3,339,900 | 3,312,800 |
| Premises and equipment, net | 13,921,358 | 14,370,771 |
| Bank-owned life insurance | 5,171,053 | 4,963,789 |
| Accrued interest receivable | 1,476,313 | 1,390,264 |
| Foreclosed assets, net | 3,222,778 | 1,114,531 |
| Prepaid FDIC Insurance expense | 1,213,480 | 1,721,613 |
| Other assets | 2,949,799 | 1,309,413 |
| TOTAL ASSETS | $435,078,329 | $438,002,579 |
| LIABILITIES & STOCKHOLDERS' EQUITY: | ||
| Deposits: | ||
| Noninterest-bearing demand | $30,311,146 | $19,398,126 |
| Interest-bearing: | 296,665,986 | 255,835,287 |
| TOTAL DEPOSITS | 326,977,132 | 275,233,413 |
| Securities sold under agreements to repurchase | 1,637,000 | 9,667,344 |
| Federal Home Loan Bank advances | 62,934,509 | 108,113,996 |
| Subordinated debentures | 8,000,000 | 8,000,000 |
| Accrued interest payable and other liabilities | 3,410,230 | 3,385,673 |
| TOTAL LIABILITIES | 402,958,871 | 404,400,426 |
| STOCKHOLDERS' EQUITY: | ||
| Series A preferred stock, $0.01 par value. authorized 500,000 shares; 9,294 shares issued and outstanding |
8,964,266 |
8,865,996 |
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Series B preferred stock,$0.01 par value. authorized 465 shares. 485 shares issued and outstanding |
523,438 |
523,438 |
| 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 | 8,775,852 | 9,688,304 |
| Accumulated other comprehensive loss | (904,328) | (235,815) |
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TOTAL STOCKHOLDERS' EQUITY |
32,119,458 | 33,602,153 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$435,078,329 | $438,002,579 |
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FCB BANCORP, INC. AND SUBSIDIARY |
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|---|---|---|
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Interest and dividend income: |
2010 | 2009 |
| Loans, including fees |
$17,362,627 |
$17,035,741 |
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Securities |
2,223,005 |
3,651,611 |
| Federal funds sold | 1,054 | 269 |
| Interest-bearing deposits with other banks | 111,089 | 154,095 |
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TOTAL INTEREST INCOME |
19,697,775 | 20,841,716 |
| Interest Expense: | ||
| Deposits | 5,229,816 | 6,950,335 |
| Securities sold under agreements to repurchase | 39,103 | 74,933 |
| Federal Home Loan Bank advances | 3,153,881 | 3,370,413 |
| Subordinated debentures | 600,454 | 585,443 |
| Other | 155 | 499 |
| TOTAL INTEREST EXPENSE | 9,023,409 | 10,981,623 |
| NET INTEREST INCOME | 10,674,366 | 9,860,093 |
| Provision for loan losses | 3,751,045 | 708,157 |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,923,321 | 9,151,936 |
| Noninterest Income: | ||
| Service charges on deposit accounts | 583,708 | 621,891 |
| Net gain on sale of loans | 779,002 | 502,415 |
| Gain on the sale of securities | 1,313,026 | 1,069,372 |
| Other | 826,665 | 768,467 |
| TOTAL NONINTEREST INCOME | 3,502,401 | 2,962,145 |
| Noninterest Expenses: | ||
| Salaries and employee benefits | 4,366,011 | 4,237,594 |
| Net occupancy expense | 1,477,158 | 1,546,427 |
| Furniture and equipment expense | 676,742 | 707,697 |
| Data processing fees | 430,629 | 397,184 |
| Loss on saleand writedown of foreclosed assets, net | 133,390 | 43,962 |
| Expense related to administration of foreclosed assets | 356,515 | 354,483 |
| FDIC insurance expense | 542,577 | 738,320 |
| Goodwill impairment | -- | 285,315 |
| Other | 2,353,787 | 2,096,620 |
| TOTAL NONINTEREST EXPENSES | 10,336,809 | 10,407,602 |
| Income Before Income Taxes | 88,913 | 1,706,479 |
| Income Tax Expense (benefit) | (226,858) | 464,953 |
| NET INCOME | $315,771 | $1,241,526 |
| Preferred stock dividends and discount accretion | 604,820 | 606,379 |
| Net income (loss) available to common stockholders | $(289,049) | $635,147 |
| Net Income (Loss) per Share: | ||
| Basic | $(0.19) | $0.41 |
| Diluted | $(0.19) | $0.40 |
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FCB BANCORP, INC. AND SUBSIDIARY |
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|---|---|---|
| 2009 | 2008 | |
| Net income | $315,771 | $1,241,526 |
| Other comprehensive income (Loss): |
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| Change in unrealized income (loss) on securities, net of reclassifications and taxes | (668,513) | 126,509 |
| Comprehensive income (loss) | $(352,742) | $1,368,035 |
