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WESTLAKE VILLAGE, CA -- (MARKET WIRE) -- 11/11/09 -- First California Financial Group, Inc. (NASDAQ: FCAL), the holding company of First California Bank, today reported financial results for its third quarter and nine-month period ended September 30, 2009, reflecting a strengthened liquidity and balance sheet position.
"During the third quarter, prudent actions were taken to enhance First California's ability to capitalize on opportunities ahead when the economy improves and business activity increases," said C. G. Kum, President and Chief Executive Officer. "We continued to build up our liquidity position with the full expectation that this will translate to greater earning assets. We aggressively addressed problem credits, increasing our loan loss reserve and promptly realizing write-downs to non-accrual loans. To better align our operations in the weakened economy, we reduced our workforce by ten percent and closed one branch. We maintained a strong capital position and continue to focus on proactively managing our relationships. Despite the difficult economic environment and a nominal operating loss for the quarter, we are confident that these actions will produce results in 2010 and beyond."
2009 Third Quarter Financial Highlights:
-- Total deposits, exclusive of brokered deposits, increased by $51.3
million in the third quarter and $374.4 million year-to-date as First
California continues to increase its market share;
-- The bank remained well capitalized with a total risk-based capital
ratio at 11.62% and the company's total risk-based capital ratio at 12.47%
as of September 30, 2009;
-- Net interest income increased 10.1% to $11.4 million for the 2009
third quarter from $10.3 million in the prior-year period;
-- The company reduced its risk exposure by shifting the composition of
its securities portfolio to safer, shorter-term investments; posts $1.6
million gain on sale of securities in Q3 2009;
-- The company reduced its operational expense structure with a reduction
in workforce and closure of one branch;
-- Q3 provision for loan losses increased to $4.1 million, increasing the
allowance for loan losses to 1.29% of total loans;
-- The company incurred a net loss of $136,000, compared with net income
of $1.8 million for its 2008 third quarter.
Kum continued: "We are now seeing tangible benefits from our 1st Centennial transaction by way of a strong, stable and growing deposit base, as well as a high quality asset base. The significant core deposit growth from assumed and legacy branches is a strong testament to our ability to capitalize on valued customer relationships. At the same time, our customers' business operations are being adversely impacted by the difficult economic conditions and this is demonstrated by the increased levels of nonperforming assets. Nevertheless, we believe our strong liquidity, balance sheet and capital position equips us well to navigate the challenging economy and play a major role in Southern California banking when the economy improves."
Asset Quality
Nonaccrual loans at September 30, 2009 totaled $39.3 million, compared with $27.0 million as of June 30, 2009. The change largely reflects the addition of two relationships that previously had not been delinquent but were heavily impacted by the downturn in the real estate sector. One relationship, which includes two loans with a total balance of $7.4 million before charge offs of $3.1 million, abruptly discontinued operations during the 2009 third quarter. The second relationship includes two single family residential construction loans to a developer for which construction has been completed. Both loans aggregating $7.6 million were placed on nonaccrual status.
The company's residential 1-4 construction portfolio now includes only six projects and is down to $24.7 million, due primarily to the successful efforts to reduce this portfolio. The residential 5+ construction portfolio is down to three projects with a balance of $11.2 million. The land portfolio has been reduced to $18.3 million. The two largest categories of First California's loan portfolio, commercial real estate and commercial loans, continue to perform well, and the company is not experiencing widespread problems in these portfolios.
Nonaccrual loans and loans past due 90 days and accruing amounted to $42.3 million as of September 30, 2009, compared with $27.3 million as of June 30, 2009. These non-performing loans represented 4.5% of total loans at September 30, 2009, compared with 2.9% at the close of the preceding second quarter. Total foreclosed property at the close of the 2009 third quarter decreased to $6.1 million from $6.8 million at June 30, 2009 and consists of two properties.
"In this challenging credit environment, we aggressively addressed our nonperforming relationships, promptly realizing charge-offs and establishing additional reserves where necessary," Kum said. "We remain confident that our conservative underwriting and proactive administration of our portfolio will produce positive results during the remainder of this economic downturn."
Net loan charge-offs totaled $3.9 million for the 2009 third quarter, including charge offs of $3.1 million for the one above-mentioned relationship. The company's 2009 third quarter provision for loan losses of $4.1 million exceeded net charge-offs and increased the allowance for loan losses as a percentage of total loans to 1.29% at September 30, 2009 from 1.27% at June 30, 2009.
Results of Operations
Net interest income before provision for loan losses increased 10.1% to $11.4 million for the 2009 third quarter from $10.3 million in the prior-year period. The selective expansion of the company's loan portfolio as part of the 1st Centennial transaction in February 2009 contributed to increased levels of interest income on loans in the 2009 third quarter, versus the prior-year period. In addition, the stability of core deposits assumed in the transaction, along with new and expanded deposit relationships, enabled First California to continue reducing its borrowings, resulting in lower levels of interest expense in the 2009 third quarter compared with a year ago.
Net interest margin for the 2009 third quarter was 3.50%, down 25 basis points from the immediately preceding quarter. In addition to lost interest income of $676,000 from loans in nonaccrual status, the company attributed the sequential decline in net interest margin to a shift in the composition of its securities portfolio. This shift to safer, shorter-term investments reduces the overall risk exposure of the company's securities portfolio, but yields lower interest income. Compared with the third quarter a year ago, net interest margin declined by 67 basis points due to significant reductions in the prime rate versus a year ago, as well as the adverse impact from higher levels of nonaccrual loans, a higher percentage of earning assets in lower-yielding federal funds sold and a shift in the composition of the company's securities portfolio. These were partially offset by a continued reduction in the cost of interest-bearing liabilities, which equaled 1.93% for the 2009 third quarter, compared with 2.09% for the preceding quarter and 2.65% in the a year-ago period.
Noninterest income for the 2009 third quarter increased nearly three fold to $2.9 million from $1.0 million in the prior-year period. The increase is attributed to a $1.6 million net gain on sale of securities posted in the 2009 third quarter and a $382,000 increase in deposit-related service charges as a benefit from an expanded deposit customer base.
Noninterest expense for the 2009 third quarter totaled $11.3 million, reflecting a 38.0% increase over $8.2 million in the third quarter a year ago. The increase largely reflects an expanded franchise from the 1st Centennial transaction, increased FDIC insurance rates on higher deposit balances, industry-wide special insurance assessments and higher expenses associated with other real estate owned. However, when compared with the preceding second quarter, noninterest expense was down 12.3%. During the 2009 third quarter, the company reduced its workforce by approximately 10%, incurring $235,000 in separation costs, and closed one branch. First California said this down sizing better aligns the organization with current business activity levels and is expected to result in an annualized savings exceeding $2.0 million. The company's 2009 third quarter efficiency ratio was 85.73%, compared with 98.60% for the preceding second quarter and 69.72% for the year-ago third quarter.
The company incurred a net loss for the 2009 third quarter of $136,000, equal to $0.04 per common share, after a dividend payment of $312,500 to the U.S. Treasury Department. This compares with net income of $1.8 million, or $0.15 per common diluted share, posted in the 2008 third quarter. Year-to-date, the company incurred a net loss of $1.8 million, equal to $0.23 per common share, after dividend payments of $819,000. This compares with net income of $5.2 million, or $0.45 per common diluted share, recorded in the 2008 nine-month period.
Loans at September 30, 2009 totaled $940.9 million, up 19.4% from $787.9 million at year-end 2008, principally reflecting the selective addition of 1st Centennial loans and the reclassification of loans held-for-sale to the loan portfolio. Deposits as of September 30, 2009 totaled $1.13 billion, compared with $817.6 million as of December 31, 2008. The sharp increase is predominantly attributed to the addition and retention of approximately $270 million in non-brokered deposits from the 1st Centennial Bank transaction. In addition, the company noted an increase in deposit relationships attributed to continued increases in core deposits. Total assets at September 30, 2009 equaled $1.47 billion, compared with $1.18 billion at December 31, 2008.
Liquidity and Capital Resources
Core deposits continue to be First California's primary source of funds and increased to $802.0 million as of September 30, 2009 from $746.8 million as of June 30, 2009. The company also has access to alternate funding sources that are available typically at a lower cost than current market prices on time deposits. Accordingly, First California continued to utilize strategic levels of brokered deposits, FHLB borrowings and State of California time deposits during the third quarter. With the company's strong liquidity position and the growth in deposit relationships, First California continued to reduce its brokered deposits to $48.0 million at September 30, 2009 from $115.0 million at December 31, 2008. Deposits, excluding brokered deposits and the initial impact of the 1st Centennial transaction, increased $104.4 million year-to-date. The shift in the mix of funding liabilities and the repricing of liabilities to current market rates during the quarter effectively lowered the cost of interest-bearing deposits to 1.43% for the third quarter of 2009 from 1.61% for the preceding second quarter.
At September 30, 2009, First California had available total unsecured Federal Funds facilities with other financial institutions of $27.0 million. In addition, the company has a $13.4 million secured borrowing facility with the Federal Reserve Bank of San Francisco. Also, the unused and available borrowing capacity on the company's secured FHLB borrowing facility was in excess of $156.0 million at September 30, 2009.
At September 30, 2009, First California had ample liquidity with $61.4 million of Federal Funds sold and $302.4 million of securities. The securities portfolio is comprised mainly of Agency Notes, Treasury Bills, municipal and mortgage-related securities. During the 2009 third quarter, the company shifted the composition of its securities portfolio to include more lower-risk, shorter-term investments, and sold a portion of its U.S. government agency mortgage-backed securities and U.S. government agency and private-label collateralized mortgage obligations, aggregating $47.8 million, and posted a net gain on sale of securities of $1.6 million. First California said the restructuring of the securities portfolio reduced risk, shortened the duration of the portfolio and increased the liquidity of the portfolio, enhancing its ability to increase interest-earning assets in future periods.
Total shareholders' equity rose to $161.1 million at September 30, 2009 from $158.9 million at December 31, 2008. The company's net book value per common share was $11.78 at September 30, 2009, compared with $11.65 at year-end 2008. These increases are primarily due to the decrease in the unrealized loss on our available-for-sale securities portfolio in the year-to-date period. Tangible book value per common share was $5.53 at September 30, 2009, compared with $6.54 at December 31, 2008. The decline is attributed to a higher number of outstanding common shares versus the year-end count and an increase in intangible assets as a result of the 1st Centennial transaction.
First California's total risk-based and leverage capital ratios at September 30, 2009 were 12.47% and 8.81%, respectively. First California's tangible common equity as a percentage of tangible assets declined to 4.60% as of September 30, 2009 from 6.67% as of year-end 2008, primarily due to the increase in intangible assets as a result of the 1st Centennial transaction.
Kum concluded: "We continue to effect appropriate actions that we believe strengthen our ability to endure the challenging landscape and better position First California for accelerated growth when the economy eventually rebounds. With a deep bench of experienced bankers, we look forward to enhancing the value of the First California franchise for our customer, employee and shareholder base."
Use of Non-GAAP Financial Measures
This news release includes "non-GAAP financial measures" within the meaning of the Securities and Exchange Commission rules. Tangible common equity as a percentage of tangible assets is non-GAAP financial measure. Tangible common equity to tangible assets represents tangible common equity, calculated as total shareholders' equity less preferred stock and related dividend and accretion of preferred stock discount, goodwill and intangible assets, net, divided by total assets less goodwill and other intangible assets, net. Management believes that this measure is useful when comparing banks with preferred stock due to TARP funding to banks without preferred stock on their balance sheet and for evaluating a company's capital levels. This information is being provided in response to market participant interest in this financial metric. This information is not intended to be considered in isolation or as a substitute for the relevant measures calculated in accordance with U.S. GAAP. The reconciliation of this non-GAAP financial measure to GAAP financial measure is provided as an attachment to the financial tables.
Conference Call and Webcast
First California will hold a conference call on Thursday, November 12, 2009 at 9 a.m. Pacific (12 noon Eastern) to discuss the company's third quarter financial performance. Shareowners, members of the media and other interested parties may participate in the call by dialing 800-860-2442 (domestic), 866-605-3852 (Canada) or 412-858-4600 (international) and request the First California conference call. This call is being webcast and can be accessed at www.fcalgroup.com where it will be archived for one year. An audio replay of the conference call is available through November 20, 2009 by dialing 877-344-7529 (domestic) or 412-317-0088 (international) and entering replay passcode 435661.
About First California
First California Financial Group, Inc. (NASDAQ: FCAL) is the holding company of First California Bank. Celebrating 30 years of business in 2009, First California is a regional force of strength and stability in Southern California banking with assets of $1.47 billion and led by an experienced team of bankers. The company specializes in serving the comprehensive financial needs of the commercial market, particularly small- and middle-sized businesses, professional firms and commercial real estate development and construction companies. Committed to providing the best client service available in its markets, First California offers a full line of quality commercial banking products through 17 full-service branch offices in Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties. The holding company's Web site can be accessed at www.fcalgroup.com. For additional information on First California Bank's products and services, visit www.fcbank.com.
Forward-Looking Information
This press release contains certain forward-looking information about First California that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, and include statements related to the maintenance of First California's asset quality and capital position, the successful integration of the 1st Centennial Bank acquisition, the company's ability to enhance efficiencies and manage costs and the expected continued progress in consolidating operations and the benefits of those activities, the monitoring of and management of risks in First California's loan portfolio, the adequacy of sources of liquidity to support First California's operations and strategic plans, the monitoring of and response to changing market conditions, and the status of the economy in the Southern California communities served by First California. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of First California. First California cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to, revenues are lower than expected, credit quality deterioration which could cause an increase in the provision for credit losses, First California's ability to complete future acquisitions, successfully integrate such acquired entities, or achieve expected beneficial synergies and/or operating efficiencies within expected time-frames or at all, changes in consumer spending, borrowing and savings habits, technological changes, the cost of additional capital is more than expected, a change in the interest rate environment reduces interest margins, asset/liability repricing risks and liquidity risks, general economic conditions, particularly those affecting real estate values, either nationally or in the market areas in which First California does or anticipates doing business are less favorable than expected, a slowdown in construction activity, recent volatility in the credit or equity markets and its effect on the general economy, loan delinquency rates, the ability of First California to retain customers, demographic changes, demand for the products or services of First California, as well as their ability to attract and retain qualified people, competition with other banks and financial institutions, and other factors. If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, First California's results could differ materially from those expressed in, or implied or projected by such forward-looking statements. First California assumes no obligation to update such forward-looking statements. For a more complete discussion of risks and uncertainties, investors and security holders are urged to read the section titled "Risk Factors" in First California's Annual Report on Form 10-K and any other reports filed by it with the Securities and Exchange Commission ("SEC"). The documents filed by First California with the SEC may be obtained at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from First California by directing a request to: First California Financial Group, Inc., 3027 Townsgate Road, Suite 300, Westlake Village, CA 91361. Attention: Investor Relations. Telephone (805) 322-9655.
(Financial Tables Follow)
First California Financial Group
Unaudited Quarterly Financial Results
(in thousands except for
share data and ratios)
As of or for the
quarter ended 30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08 30-Sep-08
---------- ---------- ---------- ---------- ----------
Income statement
summary
Net interest
income $ 11,396 $ 11,897 $ 10,670 $ 9,836 $ 10,348
Service charges,
fees & other income 1,269 1,260 1,235 1,146 1,043
Loan commissions &
sales 22 44 9 69 143
Operating expenses 10,684 10,826 10,401 9,370 8,041
Provision for
loan losses 4,117 1,110 5,069 200 300
Foreclosed property
loss & expense 193 249 - 28 -
Amortization of
intangible assets 417 417 376 298 298
Gain (loss) on
securities
transactions 1,639 2,000 671 (9) (13)
Impairment loss
on securities - 565 - - -
Market loss on loans
held-for-sale - 709 - - -
FDIC special
assessment - 675 - - -
Gain (loss) on
derivatives - - - 186 (1)
---------- ---------- ---------- ---------- ----------
Income (loss)
before tax (1,085) 650 (3,261) 1,332 2,881
Tax expense
(benefit) (949) 433 (1,383) 200 1,120
---------- ---------- ---------- ---------- ----------
Net income
(loss) $ (136) $ 217 $ (1,878) $ 1,132 $ 1,761
========== ========== ========== ========== ==========
Balance sheet data
Total assets $1,469,628 $1,448,456 $1,458,841 $1,183,401 $1,125,294
Shareholders'
equity 161,058 159,116 158,181 158,923 136,680
Common shareholders'
equity 137,002 135,174 134,355 133,553 135,680
Earning assets 1,304,625 1,282,497 1,285,060 1,057,198 994,212
Loans 940,852 940,209 897,723 787,920 783,496
Loans - held for
sale - - 31,309 31,401 -
Securities 302,378 245,858 271,743 202,462 209,736
Federal funds
sold & other 61,395 96,430 84,285 35,415 980
Interest-bearing
funds 1,002,776 987,048 1,005,012 822,285 784,452
Interest-bearing
deposits 827,036 804,071 815,799 628,584 563,244
Borrowings 149,000 156,250 162,500 167,000 194,520
Junior
subordinated
debt 26,740 26,727 26,713 26,701 26,688
Goodwill and
other intangibles 72,717 73,134 73,545 58,551 58,848
Deposits 1,125,031 1,096,679 1,103,578 817,595 757,765
Asset quality
data & ratios
Loans past due
30 to 89 days
& accruing $ 7,314 $ 8,203 $ 6,395 $ 2,644 $ 6,560
Loans past due
90 days &
accruing 2,970 299 65 429 947
Nonaccruing
loans 39,330 26,957 8,380 8,475 8,636
---------- ---------- ---------- ---------- ----------
Total past due
& nonaccrual
loans $ 49,614 $ 35,459 $ 14,840 $ 11,548 $ 16,143
========== ========== ========== ========== ==========
Repossessed
personal
property $ - $ 61 $ 76 $ 107 $ 154
Other real
estate owned 6,120 6,767 993 220 120
---------- ---------- ---------- ---------- ----------
Total
foreclosed
property $ 6,120 $ 6,828 $ 1,069 $ 327 $ 274
========== ========== ========== ========== ==========
Net loan
charge-offs $ 3,935 $ 430 $ 1,842 $ 151 $ 194
Allowance for
loan losses $ 12,137 $ 11,955 $ 11,275 $ 8,048 $ 7,999
Allowance for
loan losses to
loans 1.29% 1.27% 1.26% 1.02% 1.02%
Common shareholder
data
Basic earnings
(loss) per
common share $ (0.04) $ (0.01) $ (0.18) $ 0.10 $ 0.15
Diluted
earnings
(loss) per
common share $ (0.04) $ (0.01) $ (0.18) $ 0.10 $ 0.15
Book value per
common share $ 11.78 $ 11.62 $ 11.55 $ 11.65 $ 11.84
Tangible book
value per
common share $ 5.53 $ 5.33 $ 5.23 $ 6.69 $ 6.71
Shares
outstanding 11,626,213 11,633,289 11,633,289 11,462,964 11,456,464
Basic weighted
average shares 11,630,928 11,633,289 11,527,629 11,436,152 11,466,375
Diluted
weighted
average shares 11,979,165 11,976,738 11,813,629 11,727,614 11,744,823
Selected ratios
Return on
average assets -0.04% 0.06% -0.55% 0.39% 0.63%
Return on
average equity -0.34% 0.54% -4.76% 3.22% 5.14%
Equity to
assets 10.96% 10.99% 10.84% 13.43% 12.15%
Tangible equity
to tangible
assets 6.32% 6.25% 6.11% 8.92% 7.29%
Tangible common
equity to tangible
assets 4.60% 4.51% 4.39% 6.82% 7.20%
Efficiency
ratio 85.73% 98.60% 87.30% 83.63% 69.72%
Net interest
margin (tax
equivalent) 3.50% 3.75% 3.60% 3.90% 4.17%
Total
risk-based
capital ratio:
First California
Bank 11.62% 11.54% 11.56% 12.27% 12.89%
First California
Financial
Group, Inc. 12.47% 12.48% 12.73% 16.62% 14.01%
First California Financial Group
Unaudited Quarterly Financial Results
Three months ended Nine months ended
Sept. 30, Sept. 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- ---------
(in thousands, except per share
data)
Interest income:
Interest and fees on loans $ 13,331 $ 12,674 $ 39,144 $ 39,391
Interest on securities 2,819 2,870 9,847 8,827
Interest on federal funds sold
and interest bearing deposits 78 4 368 18
-------- -------- -------- ---------
Total interest income 16,228 15,548 49,359 48,236
-------- -------- -------- ---------
Interest expense:
Interest on deposits 2,938 2,960 9,519 10,375
Interest on borrowings 1,455 1,801 4,512 5,599
Interest on junior subordinated
debentures 439 439 1,365 1,316
-------- -------- -------- ---------
Total interest expense 4,832 5,200 15,396 17,290
-------- -------- -------- ---------
Net interest income before
provision for loan losses 11,396 10,348 33,963 30,946
Provision for loan losses 4,117 300 10,296 950
-------- -------- -------- ---------
Net interest income after
provision for loan losses 7,279 10,048 23,667 29,996
-------- -------- -------- ---------
Noninterest income:
Service charges on deposit
accounts 1,111 729 3,199 1,885
Loan sales and commissions 22 143 76 382
Net gain on sale of securities 1,639 - 4,310 -
Impairment loss on securities - - (565) -
Net gain (loss) on derivatives - (1) - 857
Other income 158 146 565 865
-------- -------- -------- ---------
Total noninterest income 2,930 1,017 7,585 3,989
-------- -------- -------- ---------
Noninterest expense:
Salaries and employee benefits 5,011 4,076 16,032 13,423
Premises and equipment 1,558 1,117 4,871 3,322
Data processing 862 293 1,812 1,008
Legal, audit and other
professional services 541 530 1,758 1,386
Printing, stationary and
supplies 197 160 600 492
Telephone 237 203 764 540
Directors' fees 142 112 398 322
Advertising, marketing and
business development 245 286 1,144 939
Postage 39 36 190 151
Insurance and assessments 849 364 2,504 932
Loss on and expense of
foreclosed property 193 - 442 -
Amortization of intangible
assets 417 298 1,210 893
Market loss on loans
held-for-sale - - 709 -
Other expenses 1,003 709 2,513 2,001
-------- -------- -------- ---------
Total noninterest expense 11,294 8,184 34,947 25,409
-------- -------- -------- ---------
Income (loss) before provision for
income taxes (1,085) 2,881 (3,695) 8,576
Provision (benefit) for income
taxes (949) 1,120 (1,898) 3,342
-------- -------- -------- ---------
Net income (loss) $ (136) $ 1,761 $ (1,797) $ 5,234
======== ======== ======== =========
Earnings (loss) per common share:
Basic $ (0.04) $ 0.15 $ (0.23) $ 0.46
Diluted $ (0.04) $ 0.15 $ (0.23) $ 0.45
First California Financial Group
Unaudited Quarterly Financial Results
September 30, December 31,
(in thousands) 2009 2008
------------- -------------
Cash and due from banks $ 42,753 $ 13,712
Federal funds sold 61,395 35,415
Securities available-for-sale, at fair value 302,378 202,462
Loans held for sale - 31,401
Loans, net 928,714 780,373
Premises and equipment, net 20,702 20,693
Goodwill 60,720 50,098
Other intangibles, net 11,997 8,452
Deferred tax assets, net 514 2,572
Cash surrender value of life insurance 11,682 11,355
Foreclosed property 6,120 327
Accrued interest receivable and other assets 22,653 21,185
------------- -------------
Total assets $ 1,469,628 $ 1,178,045
============= =============
Non-interest checking $ 297,995 $ 189,011
Interest checking 83,717 22,577
Money market and savings 320,816 198,606
Certificates of deposit, under $100,000 140,046 191,888
Certificates of deposit, $100,000 and over 282,457 215,513
------------- -------------
Total deposits 1,125,031 817,595
Securities sold under agreements to repurchase 45,000 45,000
Federal Home Loan Bank advances 104,000 122,000
Junior subordinated debentures 26,740 26,701
Accrued interest payable and other liabilities 7,799 7,826
------------- -------------
Total liabilities 1,308,570 1,019,122
Total shareholders' equity 161,058 158,923
------------- -------------
Total liabilities and shareholders' equity $ 1,469,628 $ 1,178,045
============= =============
FIRST CALIFORNIA FINANCIAL GROUP
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON - GAAP FINANCIAL MEASURES
(unaudited)
(in thousands except for share data and ratios) 9/30/2009 12/31/2008
----------- -----------
Total shareholders' equity $ 161,058 $ 158,923
Less: Goodwill and intangible assets (72,717) (58,551)
----------- -----------
Tangible equity 88,341 100,372
Less: Preferred stock (24,056) (23,713)
----------- -----------
Tangible common equity 64,285 76,659
=========== ===========
Total assets $ 1,469,628 $ 1,183,401
Less: Goodwill and intangible assets (72,717) (58,551)
----------- -----------
Tangible assets 1,396,911 1,124,850
=========== ===========
Common shares outstanding 11,626,213 11,462,964
Tangible equity to tangible assets 6.32% 8.92%
Tangible common equity to tangible assets 4.60% 6.82%
Tangible book value per common share $ 5.53 $ 6.69
At the Company: Ron Santarosa 805-322-9333 At PondelWilkinson: Angie Yang 310-279-5980 Corporate Headquarters Address: 3027 Townsgate Road, Suite 300 Westlake Village, CA 91361
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