ONTARIO, Calif., July 20 /PRNewswire-FirstCall/ -- (BULLETIN BOARD: ICBN) -- Financial Performance highlights for the six months ended June 30, 2007 included:
-- Net income of $430,000 for the six months ended June 30 as compared to
$346,000 for the six months ended June 30, 2006, an increase of 24.3%.
-- Earnings per basic common share and fully diluted for the six months
ended June 30, 2007 were $0.08 compared to $0.06 for the same period in
2006, an increase of 24.3%.
-- Gross revenue of $7.9 million for the current six months compared to
$5.2 million for the six months ended June 30, 2006, an increase of
51%.
-- Return on average assets for the six months ended June 30, 2007 was
0.39% compared to 0.36% in 2006, an increase of 5.5%.
-- Efficiency ratio improved to 87.7% from 89.0% at year end 2006 but up
from 85.0% for the six months ended June 30, 2006 which represents an
increase of 3.2%.
-- Total asset growth of 21.6%, $230.8 million as of June 30, 2007
compared to $189.7 million a year earlier, an increase of
$41.1 million.
-- Total loan growth was $63.3 million, an increase of 57.5% in 2007 over
June 30, 2006.
-- Total deposit growth of 23.7% or $37.8 million in June 2006 over
June 30, 2006.
In 2006 ICB Financial was able to raise sufficient capital to finance its Strategic Growth Plan for the next three years. That plan is now being implemented with the focus on expanding into new markets and our existing markets. In 2006 we opened our Walnut Creek Loan Production office and in July of this year we expanded into San Bernardino opening a Loan and Deposit Production office; these offices are and will contribute to our continued loan and deposit growth over the next few years.
ICB Financial has the infrastructure, technology and people to grow and meet the needs of the business communities which we serve as demonstrated by our loan growth of 57.5% and deposit growth of 23.7%. Net interest margin increased from 4.31% for the period ended June 30, 2006 to 4.65% for the current period. And the efficiency ratio for the Company improved from 89.0% at year end 2006 to 87.7% at June 30, 2007, indicating that progress is starting to be made in controlling non-interest expenses.
All signs are positive for continued growth and we appreciate the support and cooperation of our Shareholders and Directors as we move into the last half of the year.
James S. Cooper
President and CEO
ICB Financial
Consolidated Balance Sheets
Unaudited - Internally Prepared
(in thousands)
As of As of Percentage
June 30, 2007 June 30, 2006 Change
Assets
Total cash and due from banks
Noninterest-bearing balances,
coin and currency $12,069 $13,693 -11.9%
Interest bearing balances 492 5,041 -90.2%
Held to maturity securities
- held to maturity 11,445 21,564 -46.9%
Available for sale securities - -
Federal funds sold 12,760 22,565 -43.5%
Loans and leases financing
receivables
Loans , net of unearned
income 173,314 110,030 57.5%
Less: Allowance for loan
losses (1,551) (1,604) -3.3%
Net loans 171,763 108,426 58.4%
Premises and fixed assets - net 10,423 9,756 6.8%
Intangible assets
Goodwill 2,280 1,550 47.1%
Core deposit intangibles 1,693 2,255 -24.9%
Other assets 7,854 4,878 61.0%
Total Assets $230,779 $189,728 21.6%
Liabilities and Capital
Deposits
Noninterest-bearing $64,168 $62,531 2.6%
Interest bearing 133,423 97,235 37.2%
Total deposits 197,591 159,766 23.7%
Other liabilities 1,450 975 48.7%
Total liabilities 199,041 160,741 23.8%
Equity capital
Common stock 5,423 5,418 0.1%
Surplus 23,141 21,230 9.0%
Retained earnings 3,181 2,339 36.0%
Accumulated other
comprehensive income (loss) (7) - 0.0%
Total Equity Capital 31,738 28,987 9.5%
Total Liabilities and Equity
Capital $230,779 $189,728 21.6%
ICB Financial
Consolidated Statements of Income
Unaudited - Internally Prepared
(in thousands)
6 Months 6 Months
ended ended
June 30, June 30, Percentage
2007 2006 Change
Interest Income on:
Total interest and fees on loans $6,518 $3,569 82.6%
Interest on investment securities 283 303 -6.6%
Interest on federal funds sold 289 491 -41.1%
Other interest income 88 87 1.1%
Total interest income 7,178 4,450 61.3%
Interest Expense:
Interest paid on deposits 1,858 856 117.1%
Total interest expense 1,858 856 117.1%
Net interest income 5,320 3,594 48.0%
Provision for Possible Loan
Losses and OBS reserve 75 15 400.0%
Net Interest Income after
ALLL Provision 5,245 3,579 46.5%
Total non-interest income 726 787 -7.8%
Total non-interest expense 5,300 3,722 42.4%
Income before income taxes 671 644 4.2%
Applicable income taxes 241 298 -19.1%
Net income $430 $346 24.3%
Per Common Share Data
Earnings per share - basic 0.08 0.06 24.3%
Earnings per share - diluted 0.08 0.06 24.3%
Shares outstanding (actual) 5,422,605 5,418,380
Selected Financial Ratios
Return on Average Assets 0.39% 0.36% 5.5%
Return on Average Equity (Note 1) 2.70% 4.73% -42.9%
Net interest margin 4.70% 3.61% 30.0%
Efficiency ratio 87.7% 85.0% 3.2%
Loan to deposit ratio 87.7% 68.9% 27.4%
ALLL as a percent of
Total Loans (Includes OBS reserve) 0.94% 1.46% -35.3%
Nonperforming loans - in
thousands $1,324 $93
Nonperforming loans as a
percent of total assets 0.57% 0.05%
Note 1 - A private placement raised $13.4 million additional capital
late in the 2nd quarter of 2006.
CONTACT: Tom Griel, Chief Financial Officer of ICB Financial, +1-909-481-8706, Ext. 271,
