• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • Sponsored Placement
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

ICB Financial First Quarter 2011 Financial Performance

TANGIBLE BOOK VALUE PER SHARE INCREASES

LOAN LOSS RESERVE INCREASES AS PERCENT OF LOANS


News provided by

ICB Financial

Apr 25, 2011, 06:00 ET

Share this article

Share this article


ONTARIO, Calif., April 25, 2011 /PRNewswire/ -- ICB Financial (OTC Bulletin Board: ICBN)

Letter to Our Customers and Shareholders

Although the business climate in the Inland Empire is showing signs of improving, community banking in the area is still recovering slowly from the business downturn that began in 2007. ICB Financial (ICBF) and its subsidiary, Inland Community Bank, N.A. (ICB), have started off the first quarter of 2011 with a focus on consolidation, strategic retrenchment, and emphasis on the sound business principles that have been the foundation of our success during the past 21 years.

While first quarter results reflect both a slow economic recovery and our diligent loan portfolio management to control asset quality, we remain competitive and driven to develop new business based on prudent and responsible lending practices. In an economy where interest rates have continued to drop, ICB's yield on earning assets is still a healthy 4.95% and is beginning to show signs of improving. Our cost of funds has also remained low at well under 1.0%, due in part to an increase in noninterest-bearing deposits of 5.5%. Total deposits, however, fell 10.8% due in part to a drop in high rate brokered funds that matured and were not renewed during the first quarter of 2011.

Although non-performing assets have increased slightly, we plan to continue to reduce problem assets as the year progresses. Meanwhile, the provision for loan losses has not only held stable but has dropped compared to the first quarter of 2010 due to the hard work of our loan administration department and its special assets group. Our dedicated team of loan professionals also helped ICB achieve an almost 50% reduction in other real estate owned (OREO) since March 2010.

The loan loss reserve now stands at 2.61% of total loans and we are committed to maintaining the reserve at a level that we consider adequate to absorb any further potential losses in our loan portfolio. We continue to emphasize a strong governance and risk framework for disciplined risk management of our loan exposures as we continue to make ongoing progress in our credit risk exposure.

Management remains diligent in controlling non-interest expenses and even with FDIC insurance expense of just over $400M per year and the amortization of a core deposit intangible of over $450M per year, we were able to show a decrease in non-interest expense for the quarter. We will continue to monitor these expenses and work toward further reductions for the remainder of the year.

ICB is situated in one of the most economically hard hit, yet vibrant economic landscapes in California, positioned on the major shipping line from the Ports of Los Angeles and Long Beach. As business increases at these hubs, the opportunities to provide financial services for the businesses facilitating the movement of goods and the necessary services will also grow, and we expect to increase our market share from these businesses.  

Our conservative approach to capital and liquidity, as well as maintaining ample loan loss reserves, places ICB in a position to pursue opportunities for growth in earnings and loans as the economy improves.

We remain committed to creating long-term value for the ICB franchise and to serving as a valuable and trusted financial resource for the business community in the Inland Empire. As always, we deeply appreciate the dedication of our employees and recognize the valuable and ongoing support of our customers and shareholders.

James S. Cooper  

President and Chief Executive Officer

Financial Performance benchmarks for the quarter ended March 31, 2011 include:

  • Total loans including Available for Sale were $162.7 million in 2011, down 12% compared to $185.4 million for the same period in 2010.
  • Non-interest bearing deposits were up were up 5.5% or $3.4 million while total deposits in 2011 were down 10.8% or $26.9 million compared to the same period in 2010. (The drop in total deposits was due in part to a run-off of brokered funds that were not replaced, and our continuing effort to rebalance the deposit portfolio.)
  • The Efficiency ratio for the first quarter of 2011 was 86.1% compared to 76.4% in the first quarter of 2010. This increase was due in part to an increased core deposit intangible amortization over $100M in the first three months of 2011.
  • Non-performing assets increased to 5.03% of total assets at March 31, 2011 compared to 3.35% at March 31, 2010.
  • Provision for loan and lease losses was reduced to $150,000 for the first quarter of 2011 compared to $263,000 for the first quarter of 2010.
  • Net earnings per common share for 2011 were $0.01 compared to net earnings of $0.04 in the same quarter of 2010.
  • Gross interest revenue of $2.9 million for 2011 was down from $3.3 million in 2010, a decrease of 13.2%.
  • Tangible book value per share increased from $4.78 in the first quarter of 2010 to $4.83 in the first quarter of 2011, an increase of 1.0%.
  • Total Risk-based capital ratio at March 31, 2011 is 18.75%, compared to 15.25% at year-end 2010 (the minimum well-capitalized designated ratio under regulatory guidelines is 10.00%).

Forward-looking statements

Certain statements in this press release constitute forward-looking statements that are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Often, they include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."  Forward-looking statements are effective only as of the date that they are made, and ICB Financial assumes no obligation to update this information to reflect occurrences or unanticipated events or circumstances after the date of such statements.

Contact:
Mr. James S. Cooper
President and CEO
ICB Financial
3999 Inland Empire Blvd.
Ontario, CA
91764
909-481-8706, Ext. 280

Consolidated Balance Sheets

Unaudited - Internally Prepared

(in thousands)







Mar 2010








to








Mar 2011






As of

As of

Percentage

As of





Mar 31, 2011

Mar 31, 2010

Change

Dec 31, 2010

Assets








Total cash and due from banks








Noninterest-bearing balances, coin and currency


$         5,514

$         5,356

2.9%

$         6,531



Interest bearing balances


32,031

40,373

-20.7%

31,126


Available for sale securities


36,327

28,474

27.6%

42,161


Loans held for sale (at the lower of cost or market)


-

4,469

100.0%

-


Loans , net of unearned income


162,696

180,943

-10.1%

168,545



Less: Allowance for loan  losses


(4,240)

(4,228)

0.3%

(4,348)


Net loans


158,456

181,184

-12.5%

164,197










Premises and fixed assets - net


9,429

9,741

-3.2%

9,521


Other real estate owned and investments in OREO


1,973

3,923

-49.7%

1,183


Core deposit intangibles


738

959

-23.0%

867


Other assets


11,562

13,505

-14.4%

12,087

Total Assets


$     256,030

$     283,515

-9.7%

$     267,673









Liabilities and Capital







Deposits








Noninterest-bearing


$       64,852

$       61,452

5.5%

$       66,804



Interest bearing


158,306

188,621

-16.1%

168,157


Total deposits


223,158

250,073

-10.8%

234,961










Other liabilities


1,114

1,697

-34.4%

1,013

Total liabilities


224,272

251,770

-10.9%

235,974









Equity capital







Preferred Stock


6,300

6,300

0.0%

6,300


Common stock


5,123

5,121

0.0%

5,123


Surplus


21,644

21,641

0.0%

21,644


Retained earnings


(649)

(1,398)

-53.6%

(699)


Accumulated other comprehensive income (loss)


(660)

81

-914.8%

(669)

Total Equity Capital


31,758

31,745

0.0%

31,699









Total Liabilities and Equity Capital


$     256,030

$     283,515

-9.7%

$     267,673

Consolidated Income Statements

Unaudited - Internally Prepared

(in thousands)




1st Quarter

Ended

1st Quarter

Ended

Percentage

4th Quarter




Mar 31, 2011

Mar 31, 2010

Change

2010

Interest Income on:







Total interest and fees on loans


$               2,570

$               3,097

-17.0%

$               2,678


Interest on investment securities


290

164

76.8%

248


Interest on federal funds sold


-

-

-

10


Other interest income


35

73

-52.1%

26


  Total interest income


2,895

3,334

-13.2%

2,962

Interest Expense:







Interest paid on deposits


468

799

-41.4%

525


Interest paid on borrowed funds


-

-


4


  Total interest expense


468

799

-41.4%

529








Net interest income


$               2,427

$               2,535

-4.3%

2,433








Provision for Possible Loan Losses


150

263

-43.0%

185








Net Interest Income after ALLL Provision


2,277

2,272

0.2%

2,248








Total non-interest income


355

566

-37.3%

398








Total non-interest expense


2,396

2,412

-0.7%

2,359








Income before income taxes


236

426

-44.6%

287


Applicable income taxes expense (benefit)


90

143

-37.1%

318

Net Income (loss) before preferred dividend


146

283

-48.4%

(31)


Preferred stock dividend expense


(96)

(96)

0.0%

(96)

Net income


$                    50

$                  187

-73.3%

$                (127)

















SELECTED FINANCIAL RATIOS AND PER SHARE DATA

Per Common Share Data







Earnings per share - basic


0.01

0.04

-73.3%

(0.02)


Earnings per share - diluted


0.01

0.04

-73.3%

(0.02)


Actual shares outstanding


5,122,646

5,120,861

0.0%

5,122,646


Weighted Average Shares Outstanding


5,122,646

5,114,296

0.2%

5,121,825


Shares outstanding - (fully diluted)


5,124,646

5,116,296

0.2%

5,123,825








Financial Ratios







Return on Average Assets


0.08%

0.26%

-70.52%

-0.18%


Return on Average Equity


0.63%

2.19%

-71.10%

-1.57%


Yield on Earning Assets


4.95%

5.50%

-9.98%

4.78%


Efficiency ratio


86.1%

76.4%

-12.7%

83.3%


Loan to deposit ratio


72.9%

71.0%

2.7%

71.7%


ALLL as a percent of Total Loans (Includes OBS reserve)


2.61%

2.34%

11.37%

2.58%


Nonperforming assets  - in thousands


$             12,877

$               9,491

35.7%

$             11,687


Nonperforming assets as a percent of total assets


5.03%

3.35%

50.24%

4.40%


Book value per share


$                 4.97

$                 4.92

1.1%

$                 4.96


Tangible book value per share


$                 4.83

$                 4.78

0.9%

$                 4.79






















SOURCE ICB Financial

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.