UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2005
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 00-30747
FIRST COMMUNITY BANCORP
(Exact name of registrant as specified in its charter)
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CALIFORNIA |
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33-0885320 |
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(State or other jurisdiction |
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(I.R.S. Employer Identification Number) |
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6110
El Tordo, P.O. Box 2388, |
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92067 |
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(Address of principal executive offices) |
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(Zip Code) |
(858) 756-3023
(Registrant’s telephone number, including area code)
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, as amended 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 x No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes x No o
As of April 28, 2005 there were 15,961,653 shares of the registrant’s common stock outstanding, excluding 456,916 shares of unvested restricted stock.
2
ITEM 1. Unaudited Consolidated Financial Statements
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
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March 31, |
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December 31, |
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(Dollars in thousands, except |
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Assets: |
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|
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|
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Cash and due from banks |
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$ |
82,152 |
|
|
$ |
72,581 |
|
|
|
Federal funds sold |
|
6,600 |
|
|
246,700 |
|
|
||
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Total cash and cash equivalents |
|
88,752 |
|
|
319,281 |
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||
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Interest-bearing deposits in financial institutions |
|
185 |
|
|
702 |
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||
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Investments: |
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|
|
|
|
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||
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Federal Reserve Bank and Federal Home Loan Bank stock, at cost |
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24,848 |
|
|
24,112 |
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Securities available-for-sale (amortized cost of $234,343 at March 31, 2005 and $247,930 at December 31, 2004) |
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230,354 |
|
|
245,395 |
|
|
||
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Total investments |
|
255,202 |
|
|
269,507 |
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|
||
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Loans, net of fees |
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2,128,333 |
|
|
2,118,171 |
|
|
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Less: allowance for loan losses |
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(28,064 |
) |
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(26,682 |
) |
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Net loans |
|
2,100,269 |
|
|
2,091,489 |
|
|
||
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Premises and equipment, net |
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14,945 |
|
|
14,919 |
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|
||
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Accrued interest receivable |
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9,882 |
|
|
9,058 |
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|
||
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Goodwill |
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234,360 |
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|
234,360 |
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Core deposit and customer relationship intangibles |
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21,781 |
|
|
22,595 |
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|
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Cash surrender value of life insurance |
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52,735 |
|
|
52,283 |
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|
||
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Other assets |
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32,724 |
|
|
32,660 |
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|
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Total assets |
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$ |
2,810,835 |
|
|
$ |
3,046,854 |
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Liabilities and Shareholders’ Equity: |
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Liabilities: |
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Noninterest-bearing deposits |
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$ |
975,053 |
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$ |
941,716 |
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|
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Interest-bearing deposits |
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1,188,519 |
|
|
1,490,674 |
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Total deposits |
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2,163,572 |
|
|
2,432,390 |
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Accrued interest payable and other liabilities |
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27,842 |
|
|
28,934 |
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|
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Borrowings |
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114,800 |
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|
90,000 |
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|
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Subordinated debentures |
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121,654 |
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|
121,654 |
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|
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Total liabilities |
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2,427,868 |
|
|
2,672,978 |
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Shareholders’ equity: |
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|
|
|
|
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Preferred stock, no par value; Authorized 5,000,000 shares; none issued and outstanding |
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— |
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— |
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Common stock, no par value; Authorized 30,000,000 shares; issued and outstanding 16,419,717 and 16,267,862 at March 31, 2005 and December 31, 2004 (includes 460,916 and 585,416 shares of unvested restricted stock, respectively) |
|
321,210 |
|
|
318,880 |
|
|
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Unearned equity compensation |
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(10,636 |
) |
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(11,445 |
) |
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Retained earnings |
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74,707 |
|
|
67,911 |
|
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Accumulated other comprehensive income: |
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|
|
|
|
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Unrealized losses on securities available-for-sale, net |
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(2,314 |
) |
|
(1,470 |
) |
|
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Total shareholders’ equity |
|
382,967 |
|
|
373,876 |
|
|
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Total liabilities and shareholders’ equity |
|
$ |
2,810,835 |
|
|
$ |
3,046,854 |
|
|
See “Notes to Unaudited Condensed Consolidated Financial Statements.”
3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
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Quarter Ended |
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2005 |
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2004 |
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(Dollars in thousands, |
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Interest income: |
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|
|
|
|
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|
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Interest and fees on loans |
|
|
$ |
37,938 |
|
|
|
$ |
26,225 |
|
|
|
Interest on federal funds sold |
|
|
251 |
|
|
|
74 |
|
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||
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Interest on interest-bearing deposits in financial institutions |
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|
2 |
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|
|
2 |
|
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Interest on investment securities |
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2,063 |
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