Greater Sacramento Bancorp Reports 3rd Quarter Earnings Up 23% from 3rd Quarter 2012
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SOURCE Greater Sacramento Bancorp
SACRAMENTO, Calif., Oct. 15, 2013 /PRNewswire/ -- GREATER SACRAMENTO BANCORP (OTC: GSCB.OB) – For the 3rd Quarter 2013 ended September 30, 2013 Greater Sacramento Bancorp (GSB), parent company of Bank of Sacramento (BOS), reported Net Income of $710,000 ($.27 per share diluted) representing a 23% increase over the $576,000 ($.22 per share diluted) reported in the 3rd Quarter 2012.
Compared to the 2nd Quarter 2013 Net Income of $886,000 ($.33 per share diluted) 3rd Quarter 2013 income was down 20%. This was primarily attributable to non-recurring expenses related to consideration of growth and strategic opportunities which may result in enhanced returns in the future.
For the nine months of 2013, GSB reported Net Income of $2,146,000 ($.80 per share diluted) up 8% from the $1,979,000 ($.75 per share diluted) reported for nine months of 2012. The Net Income for both the 3rd Quarter and the nine months was driven by improved Net Interest Income, the core revenue generator for GSB. For the 3rd Quarter 2013 Net Interest Income of $3,774,000 was 19% greater than the $3,171,000 reported for the 3rd Quarter 2012. And for nine months Net Interest Income was up 13% at $10,877,000 compared to $9,595,000 in 2012. Improved loan volume and slightly improved yields for both loans and securities all contributed to the Net Interest Income improvement.
As a result of fewer gains from the sale of securities and fewer extraordinary gains from recovered loan expenses incurred during the recession, total Non-Interest Income for the nine months of 2013 was down 43% at $1,142,000 from $2,014,000 for the nine months of 2012.
Non-Interest Expense for both the 3rd Quarter 2013 and the nine months of 2013 were up 7% over the comparative 2012 periods. Salary expenses for the 3rd Quarter 2013 were up slightly (3%) over 3rd Quarter 2012 with Other Operating Expenses in the 3rd Quarter 2013 up 22% over 3rd Quarter 2012 as a result of the aforementioned non-recurring expenses.
Net Interest Margin which has been under downward pressure because of the protracted period of low interest rates showed improvement in the 3rd Quarter and for the nine months. Net Interest Margin for 3rd Quarter 2013 was 3.58% compared to 3.37% for 3rd Quarter 2012. For the comparative nine months periods the Margin for 2013 was 3.54% representing a slight improvement over the 2012 Margin of 3.47%. Our ability to employ our funds into loans rather than lower yielding securities as well as slightly improved yields in our securities portfolio resulted in the improved Margin.
Regarding GSB's performance through nine months of 2013, CEO and Chairman William J. Martin commented, "We are very pleased that both our improved loan volume and our continued loan quality have resulted in improved earnings. It is also important to note that the loan and income growth have been achieved during a still lackluster local economy. The need to aggressively seek out quality lending relationships remains a priority."
GSB's Net Income over the past five quarters follows:
$ Per Share Diluted
As of September 30, 2013 the Bank's Tier One Capital stood at $44,504,000 and GSB's Tier One Capital was $44,981,000. The Leverage Capital Ratio for BOS and GSB were 9.53% and 9.63%, respectively. By all regulatory measures the Bank and GSB are considered well capitalized.
Comparing balance sheets for the quarters ending September 30, 2013 and September 30, 2012, the following highlights are noted:
A copy of the company's information and disclosure statement pursuant to Securities and Exchange Commission Rule 15c2-11 can be found on the home page of the company's website at www.bankofsacramento.com under the title Investor Relations.
Contact: William J. Martin, CEO and Chairman, 916-648-2100
This report may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Company is conducting its operations, including the real estate market in California and other factors beyond the Company's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
Greater Sacramento Bancorp
Consolidated Statement of Condition
Cash and due from banks
Federal funds sold
Securities, available-for-sale and held-to-maturity
Commercial Real Estate
Commercial and Industrial
Total Loans outstanding
Less: Allowance for Loan Losses
Bank premises and equipment, net
FHLB, FRB and PCBB restricted stock
Other Real Estate Owned
Bank Owned Life Insurance
Accrued interest and other assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Money Market and Savings
Accrued interest and other liabilities
Junior subordinated debentures
Preferred convertible stock; Issued and outstanding, none in 2013 and 2012
Common stock; Issued and outstanding, 2,610,687 in 2013 and 2,600,731 in 2012
Paid in Capital
Accumulated other comprehensive income (loss), net of tax
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