Epic Bancorp (the �Company") (NASDAQ:EPIK), the parent company for
Tamalpais Bank and Epic Wealth Management, today reported net
income for the quarter ended March 31, 2007 of $1,018,000, a 14.2%
increase over net earnings of $892,000 for the same quarter in
2006. Diluted earnings per share for the quarter ended March 31,
2007 was $0.25, an 11.5% increase over $0.22 for the same quarter
in 2006. Per share results for 2006 have been restated for the 7%
stock dividend paid February 14, 2007. Separately, the Company
today announced that its Board of Directors has declared a cash
dividend of $0.045 per share, which is 20% higher than the $0.0374
dividend declared in each of the four quarters of 2006. The
dividend will be paid on May 31, 2007 to shareholders of record as
of May 15, 2007. The Company had previously declared dividends of
$0.028 in each of the four quarters of 2005 and $0.0233 in each of
the four quarters of 2004. Dividends per share results for 2006 and
prior have been restated for the 7% stock dividend paid February
14, 2007. The total assets of the Company as of March 31, 2007 were
$500.2 million, down $3.3 million (0.7%) from $503.5 million as of
December 31, 2006. During the first quarter of 2007 net loans
receivable decreased by 1.9% to $413.5 million, deposits of $369.7
million remained flat, investment securities increased 0.9% to
$48.8 million, and stockholders� equity increased 4.1% to $32.1
million from December 31, 2006. �Our asset quality remains very
strong, with nonperforming loans at 0.13% of total assets. We have
also had no loan losses for 41 consecutive quarters,� said Mark
Garwood, CEO/president of the Company. The Company's net interest
income before its provision for loan losses was $4,290,000 in the
first quarter of 2007, compared to $4,390,000 in the same quarter
of 2006. The decrease in net interest income was primarily
attributable to a decrease in the net interest margin partially
offset by an increase in the earning asset base. During the first
quarter of 2007 loan payoffs exceeded their historical levels and
loan originations were lower than previous quarters. The provision
for loan losses in the first quarter of 2007 was a recovery of
$86,000 as compared to a provision of $143,000 in the first quarter
of 2006. The recovery recorded in the first quarter of 2007 was
necessitated by the quarterly decrease in the loan portfolio
coupled with continued strong asset quality. Noninterest income in
the first quarter of 2007 was $500,000, compared to $494,000 in the
same period in 2006. The increase in noninterest income in the
first quarter was primarily due to an increase in service charges
and other income, partially offset by a decrease in the volume of
Small Business Administration (SBA) loans sold. The net interest
margin on earning assets for the first quarter of 2007 was 3.58%,
versus 3.93% in the first quarter of 2006 and 3.59% in the fourth
quarter of 2006. Total noninterest expense in the first quarter of
2007 was $3,275,000, a 2.0% decrease compared to $3,341,000 for the
same period in 2006. This decrease was primarily due to $104,000
decrease in personnel expenses, partially offset by a $20,000
increase in other administrative expenses. The income tax provision
in the first quarter of 2007 totaled $583,000 as compared to
$508,000 in the first quarter of 2006. �We had a challenging
quarter growing loans and deposits. We made a strategic decision to
not fund loans at rates that were too low to profitably retain on
our balance sheet, or compromise our pristine credit quality,�
Garwood said. �We also chose not to match the high deposit rates
paid by some of our competitors. Nevertheless, we were able to grow
noninterest checking accounts by 4.1% in the quarter and continued
to control operating expenses, as noninterest expense decreased
2.0% from the prior year. Our net interest margin decreased one
basis point from the fourth quarter of 2006 and we believe most of
the compression of our net interest margin is behind us. �We were
also able to increase our dividend. Our dividend program, which
began in 2004 has steadily increased each year, we are pleased to
share our success with our shareholders," he said. About Epic
Bancorp Epic Bancorp (www.epicbancorp.com) based in San Rafael, CA,
is the parent company of Tamalpais Bank and Epic Wealth Management.
The Company had $500 million in assets and $370 million in deposits
as of March 31, 2007. Shares of the Company's common stock are
traded on the NASDAQ Capital Market System under the symbol EPIK.
For additional information, please contact Mark Garwood at
415-526-6400. About Tamalpais Bank Tamalpais Bank, a wholly owned
subsidiary of Epic Bancorp, operates seven branches in Marin County
and a loan production office in Santa Rosa. The branches are
located in Corte Madera, Greenbrae, Mill Valley, San Anselmo, San
Rafael, Terra Linda, and Tiburon/Belvedere. About Epic Wealth
Management Epic Wealth Management specializes in helping clients of
Tamalpais Bank and other high net worth families reach their
lifetime financial goals through a collaborative, comprehensive and
education-oriented approach to investment management. Epic Wealth
Management is located at 851 Irwin Street in San Rafael. For
additional information about Epic Wealth Management, please call
415-526-4300. This news release contains forward-looking statements
with respect to the financial condition, results of operation and
business of Epic Bancorp and its subsidiaries. These include, but
are not limited to, statements that relate to or are dependent on
estimates or assumptions relating to the prospects of loan growth,
credit quality, changes in securities or financial markets, and
certain operating efficiencies resulting from the operations of
Tamalpais Bank and Epic Wealth Management . These forward-looking
statements involve certain risks and uncertainties. Factors that
may cause actual results to differ materially from those
contemplated by such forward-looking statements include, among
others, the following possibilities: (1) competitive pressure among
financial services companies increases significantly; (2) changes
in the interest rate environment reduce interest margins; (3)
general economic conditions, internationally, nationally or in the
State of California are less favorable than expected; (4)
legislation or regulatory requirements or changes adversely affect
the businesses in which the consolidated organization is or will be
engaged;(5) the ability to satisfy the requirements of the
Sarbanes-Oxley Act and other regulations governing internal
controls; (6) volatility or significant changes in the equity and
bond markets which can affect overall growth and profitability of
our wealth management business and; (7) other risks detailed in the
Epic Bancorp filings with the Securities and Exchange Commission.
When relying on forward-looking statements to make decisions with
respect to Epic Bancorp, investors and others are cautioned to
consider these and other risks and uncertainties. Epic Bancorp
disclaims any obligation to update any such factors or to publicly
announce the results of any revisions to any of the forward-looking
statements contained herein to reflect future events or
developments. EPIC BANCORP AND SUBSIDIARIESConsolidated Balance
Sheets � � March 312007 December 31,2006 $ Change� % Change�
(unaudited) Assets Cash and cash equivalents: Cash and due from
banks $ 4,234,467� $ 3,750,262� $ 484,205� 12.9% Federal funds sold
� 13,061,582� � 8,525,772� � 4,535,810� 53.2% Total Cash and Cash
Equivalents 17,296,049� 12,276,034� 5,020,015� 40.9%
Interest-bearing time deposits in other financial institutions
998,561� 987,305� 11,256� 1.1% � Investment securities
Available-for-sale 28,750,434� 26,515,887� 2,234,547� 8.4%
Held-to-maturity, at cost 20,039,831� 21,823,305� (1,783,474) -8.2%
Federal Home Loan Bank restricted stock, at cost 4,988,000�
5,891,900� (903,900) -15.3% Pacific Coast Banker's Bank restricted
stock, at cost 50,000� 50,000� -� 0.0% Loans receivable
418,113,391� 426,006,504� (7,893,113) -1.9% Less: Allowance for
loan losses � (4,585,307) � (4,671,596) � 86,289� -1.8%
413,528,084� 421,334,908� (7,806,824) -1.9% Bank premises and
equipment, net 5,111,014� 5,274,915� (163,901) -3.1% Accrued
interest receivable 3,067,718� 3,297,170� (229,452) -7.0% Other
assets � 6,387,095� � 6,062,952� � 324,143� 5.3% Total Assets $
500,216,786� $ 503,514,376� $ (3,297,590) -0.7% � Liabilities and
Stockholders' Equity Liabilities Deposits Noninterest-bearing
deposits $ 18,884,185� $ 18,134,565� $ 749,620� 4.1%
Interest-bearing checking deposits 7,854,554� 8,432,730� (578,176)
-6.9% Money market and saving deposits 160,435,888� 150,011,698�
10,424,190� 6.9% Certificates of deposit greater than or equal to
$100,000 121,182,713� 129,011,093� (7,828,380) -6.1% Certificates
of deposit less than $100,000 � 61,337,573� � 64,214,598� �
(2,877,025) -4.5% Total Deposits 369,694,913� 369,804,684�
(109,771) 0.0% Federal Home Loan Bank Advances 81,141,933�
86,250,777� (5,108,844) -5.9% Junior Subordinated Debentures
13,403,000� 13,403,000� -� 0.0% Accrued interest payable and other
liabilities � 3,839,497� � 3,175,055� � 664,442� 20.9% Total
Liabilities � 468,079,343� � 472,633,516� � (4,554,174) -1.0% �
Commitment and Contingencies -� -� -� 0.0% � Stockholders' Equity
Common stock, no par value; 10,000,000 shares authorized; 3,966,271
and 3,960,852 shares issued and outstanding at March 31, 2007 and
December 31, 2006, respectively 10,446,922� 10,384,816� 62,106�
0.6% Paid-In-Capital 490,110� 381,993� 108,117� 28.3% Retained
earnings 21,253,339� 20,236,571� 1,016,768� 5.0% Accumulated other
comprehensive income/loss � (52,928) � (122,520) � 69,592� -56.8%
Total Stockholders' Equity � 32,137,443� � 30,880,860� � 1,256,583�
4.1% Total Liabilities and Stockholders' Equity $ 500,216,786� $
503,514,376� $ (3,297,590) -0.7% EPIC BANCORP AND
SUBSIDIARIESConsolidated Statements of IncomeFor the Periods Ended
March 31, 2007 and 2006 � Three Months EndedMarch 31, � 2007� �
2006� $ Change� % Change� (Unaudited) Interest Income Interest and
fees on loans $ 8,813,046� $ 7,451,525� $ 1,361,521� 18.3% Interest
on investment securities 566,859� 424,282� 142,577� 33.6% Interest
on Federal funds sold 45,398� 76,103� (30,705) -40.3% Interest on
other investments 80,021� 72,041� 7,980� 11.1% Interest on deposits
in other financial institutions � 11,256� � 10,742� � 514� 4.8%
Total Interest Income � 9,516,580� � 8,034,693� � 1,481,887� 18.4%
� Interest Expense Interest expense on deposits 4,093,507�
2,670,139� 1,423,368� 53.3% Interest expense on borrowed funds
843,970� 760,259� 83,711� 11.0% Interest expense on Junior
Subordinated Debentures � 289,274� � 214,659� � 74,615� 34.8% Total
Interest Expense � 5,226,751� � 3,645,057� � 1,581,694� 43.4% Net
Interest Income Before Provision for Loan Losses 4,289,829�
4,389,636� (99,807) -2.3% � Provision for Loan Losses � (86,289) �
142,788� � (229,077) -160.4% Net Interest Income After Provision
for Loan Losses � 4,376,118� � 4,246,848� � 129,270� 3.0% �
Noninterest Income Gain on sale of loans, net 158,438� 209,230�
(50,792) -24.3% Loan servicing 27,027� 32,313� (5,286) -16.4%
Registered Investment Advisory Services fee income 159,993�
128,626� 31,367� 24.4% Other income � 154,299� � 123,633� � 30,666�
24.8% Total Noninterest Income � 499,757� � 493,802� � 5,955� 1.2%
� Noninterest Expenses Salaries and benefits 1,903,043� 2,007,198�
(104,155) -5.2% Occupancy 348,347� 340,975� 7,372� 2.2% Advertising
136,631� 138,531� (1,900) -1.4% Professional 114,390� 118,799�
(4,409) -3.7% Data processing 111,325� 106,980� 4,345� 4.1%
Equipment and depreciation 199,270� 186,867� 12,403� 6.6% Other
administrative � 461,876� � 441,616� � 20,260� 4.6% Total
Noninterest Expense � 3,274,882� � 3,340,966� � (66,084) -2.0% �
Income Before Income Taxes 1,600,993� 1,399,684� 201,309� 14.4%
Provision for Income Taxes � 583,064� � 508,076� � 74,988� 14.8%
Net Income $ 1,017,929� $ 891,608� $ 126,321� 14.2% Earnings Per
Share Basic $ 0.26� $ 0.22� $ 0.04� 15.9% � Diluted $ 0.25� $ 0.22�
$ 0.03� 11.5% EPIC BANCORP AND SUBSIDIARIESSelected Ratios and
Other DataUnaudited(Dollars in Thousands Except Per Share Amounts)
� At or For theThree Months EndedMarch 31, 2007� 2006�
Profitability Ratios: Return on average assets 0.82% 0.77% Return
on average equity 12.91% 12.94% Net Interest Margin 3.58% 3.93%
Efficiency ratio 68.4% 68.4% � Other Information: Average total
assets $ 498,973� $ 464,901� Average interest earning assets $
486,627� $ 452,676� Average equity $ 31,547� $ 27,568� Average
Basic Shares Outstanding 3,963,581� 3,945,377� Average Diluted
Shares Outstanding 4,153,390� 3,960,036� Basic earnings per share $
0.26� $ 0.22� Diluted earnings per share $ 0.25� $ 0.22� � At March
31,2007 At December 31,2006 Share Information: Book value per share
$ 8.10� $ 7.80� Shares outstanding 3,966,271� 3,960,852� � Asset
Quality Information: Non-performing loans $ 531� $ -� Other real
estate owned $ -� $ -� Allowance for loan losses $ 4,585� $ 4,672�
Non-performing loans / total loans 0.13% 0.00% Non-performing
assets / total assets 0.11% 0.00% Allowance for loan losses / loans
outstanding 1.10% 1.10% Allowance for loan losses / non-accrual
loans 863.52% N/A� � Tamalpais Bank Capital Ratios: Tier 1 leverage
ratio 8.89% 8.62% Tier 1 risk based capital ratio 10.17% 9.70%
Total risk based capital ratio 11.23% 10.75% EPIC BANCORP AND
SUBSIDIARIESAverage Balance Sheets (Unaudited) � For the Three
Months Ended (dollars in thousands) 3/31/07� 3/31/06�
AverageBalance InterestIncome/Expense YieldsEarned/Paid
AverageBalance InterestIncome/Expense YieldsEarned/Paid Assets
Investment securities - taxable (1) $ 49,896� $ 567� 4.61% $
45,407� $ 424� 3.79% Other investments 5,274� 80� 6.15% 6,105� 72�
4.78% Interest bearing deposits in other financial institutions
1,025� 11� 4.35% 1,121� 11� 3.98% Federal funds sold 3,563� 45�
5.12% 7,019� 76� 4.39% Loans (2) � 426,869� � 8,813� 8.37% �
393,024� � 7,452� 7.69% Total Interest Earning Assets 486,627�
9,516� 7.93% 452,676� 8,035� 7.20% Allowance for loan losses
(4,683) (4,278) Cash and due from banks 4,840� 6,020� Net premises,
furniture and equipment 5,097� 4,838� Other assets � 7,092� �
5,645� Total Assets $ 498,973� $ 464,901� � Liabilities and
Shareholders' Equity Interest bearing checking $ 7,919� 12� 0.61% $
7,096� 11� 0.63% Savings deposits (3) 151,706� 1,691� 4.52%
160,498� 1,364� 3.45% Time deposits 188,348� 2,390� 5.15% 138,314�
1,295� 3.80% Other borrowings 84,100� 844� 4.07% 100,017� 760�
3.08% Junior Subordinated Debentures � 13,403� � 289� 8.74% �
10,310� � 215� 8.46% Total Interest Bearing Liabilities 445,476�
5,226� 4.76% 416,235� 3,645� 3.55% Noninterest deposits 17,985�
17,591� Other liabilities � 3,965� � 3,507� Total Liabilities
467,426� 437,333� Shareholders' Equity � 31,547� � 27,568� Total
Liabilities and Share-holders' Equity $ 498,973� $ 464,901� � � Net
interest income $ 4,290� $ 4,390� Net interest spread (4) 3.17%
3.65% Net interest margin (5) 3.58% 3.93% � (1)��The yields for
securities were computed using the average amortized cost and
therefore do not give effect for changes in fair value. �
(2)��Loans, net of unearned income, include non-accrual loans but
do not reflect average reserves for possible loan losses. �
(3)��Savings deposits include Money Market accounts. � (4)��Net
interest spread is the interest differential between total interest
earning assets and total interest-bearing liabilities. � (5)��Net
interest margin is the net yield on average interest earning
assets.
Epic Bancorp (MM) (NASDAQ:EPIK)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Epic Bancorp (MM) (NASDAQ:EPIK)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024