UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
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Quarterly report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended June 30, 2002 |
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Transition report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 |
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For the transition period from to |
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Commission File Number 000-32385
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Pacifica Bancorp, Inc. |
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(Name of small business issuer in its charter) |
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Washington |
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91-2094365 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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Skyline Tower, 10900 NE 4th Street, Suite 200, Bellevue, WA 98004 |
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(Address of principal executive offices) (Zip Code) |
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(425) 637-1188 |
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(Issuer’s telephone number, including area code) |
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(Former name, former address and former fiscal year, if changed since last report) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
The number of shares outstanding of the issuer’s classes of common equity as of July 31, 2002:
Common Stock - no par value, 3,260,368 shares outstanding
Table of Contents
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PACIFICA BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
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June 30, |
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December 31, |
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(Dollars in thousands) |
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(Unaudited) |
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(Audited) |
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ASSETS |
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Cash and due from banks |
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$ |
1,950 |
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$ |
2,559 |
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Interest-bearing cash |
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23,788 |
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25,497 |
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Federal funds sold |
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3,090 |
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3,300 |
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Total cash and cash equivalents |
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28,828 |
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31,356 |
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Interest-bearing deposits in other banks |
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807 |
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857 |
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Securities available-for-sale, at fair value |
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20,172 |
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33,177 |
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Federal Home Loan Bank stock, at cost |
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281 |
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273 |
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Total investments |
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21,260 |
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34,307 |
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Loans |
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111,547 |
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105,878 |
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Less allowance for loan losses |
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(3,996 |
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(3,530 |
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Total loans, net |
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107,551 |
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102,348 |
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Premises and equipment, net |
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2,609 |
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2,126 |
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Accrued interest receivable |
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747 |
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994 |
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Other |
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1,102 |
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233 |
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Total other assets |
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4,458 |
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3,353 |
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TOTAL ASSETS |
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$ |
162,097 |
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$ |
171,364 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Deposits |
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Noninterest-bearing |
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$ |
10,021 |
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$ |
13,187 |
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Interest-bearing |
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136,694 |
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142,782 |
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Total deposits |
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146,715 |
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155,969 |
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Accrued interest payable |
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1,503 |
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1,983 |
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Other accrued liabilities |
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162 |
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297 |
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Other borrowings |
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1,833 |
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1,318 |
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Total other liabilities |
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3,498 |
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3,598 |
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Total liabilities |
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150,213 |
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159,567 |
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SHAREHOLDERS’ EQUITY |
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Preferred stock, no par value, 3,000,000 shares authorized; none issued or outstanding |
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— |
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— |
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Common stock, no par value, 10,000,000 shares authorized, 3,260,368 shares issued and outstanding at June 30, 2002 and December 31, 2001 |
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16,054 |
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16,054 |
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Accumulated deficit |
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(4,143 |
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(4,365 |
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Accumulated other comprehensive income, net of tax |
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(27 |
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108 |
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Total shareholders’ equity |
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11,884 |
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11,797 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
162,097 |
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$ |
171,364 |
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See accompanying notes to these financial statements.
1
PACIFICA BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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(Dollars in thousands, except for per share data) |
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2002 |
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2001 |
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2002 |
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2001 |
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INTEREST INCOME |
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Loans, including fees |
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$ |
2,121 |
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$ |
2,686 |
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$ |
4,147 |
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$ |
5,460 |
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Investments and interest-bearing deposits |
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477 |
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455 |
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903 |
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942 |
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Federal funds sold |
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14 |
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37 |
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27 |
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88 |
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Total interest income |
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2,612 |
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3,178 |
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5,077 |
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6,490 |
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INTEREST EXPENSE |
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Deposits |
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1,092 |
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1,858 |
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2,306 |
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3,661 |
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Borrowings |
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28 |
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2 |
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49 |
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6 |
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Total interest expense |
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1,120 |
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1,860 |
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2,355 |
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3,667 |
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NET INTEREST INCOME |
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1,492 |
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1,318 |
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2,722 |
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2,823 |
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PROVISION FOR LOAN LOSSES |
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