Capital Crossing Bank (NASDAQ:CAPX) (the "Bank") reported
consolidated net income of $16.4 million, or $2.41 per diluted
share, for the year ended December 31, 2005, compared to
consolidated net income of $17.8 million, or $2.31 per diluted
share, for the year ended December 31, 2004. The Bank also reported
consolidated net income of $4.1 million, or $0.63 per diluted
share, for the three months ended December 31, 2005, compared to
consolidated net income of $3.9 million, or $0.53 per diluted
share, for the same period in 2004. Total transactional income for
the three months ended December 31, 2005 amounted to $11.2 million,
compared to the three months ended December 31, 2004 when the Bank
recognized $10.7 million of transactional income. Nicholas W.
Lazares, the Bank's Chairman and Co-Chief Executive Officer,
stated, "We are pleased to report another strong year at Capital
Crossing Bank." Mr. Lazares further stated, "A significant portion
of the Bank's revenue arises from the recognition of
"transactional" income. In 2005, the Bank recognized $38.7 million
of transactional income, including $27.2 million of accelerated
interest income associated with loan and lease payoffs, $10.5
million in net gain on sales of other real estate owned and assets
in possession and $939,000 in net gain on sales of loans. By
contrast, in 2004 the Bank recognized a total of $35.0 million of
transactional income. Since the level of transactional income is
unpredictable from quarter to quarter and year to year, the Bank's
earnings may fluctuate significantly in the future." Mr. Lazares
also stated that, "We continue to focus on our business of
acquiring and managing loans. As we've previously disclosed, the
volume of our loan acquisitions can be unpredictable from
quarter-to-quarter and from year-to-year. During the fourth quarter
of 2005, we purchased loans with outstanding principal balances of
$121.2 million for a purchase price of $96.0 million, compared to
the same period in 2004 when we purchased loans with outstanding
principal balances of $90.8 million for a purchase price of $79.9
million. For the year ended December 31, 2005, we purchased loans
with outstanding principal balances of $252.5 million for a
purchase price of $207.9 million, compared to 2004 when we
purchased loans with outstanding principal balances of $294.8
million for a purchase price of $263.4 million. Included in our
loan acquisitions for 2004, were $114.5 million of high quality
residential loans that were acquired for a purchase price of $113.0
million. In 2005, we purchased $6.5 million of such loans at a
purchase price of $6.5 million. Although other residential loan
portfolios were available during 2005, management elected not to
bid on or purchase such loans at the offered pricing levels. "
Richard Wayne, the Bank's President and Co-Chief Executive Officer,
reiterated that, "During the course of our review of available loan
portfolios, we will, in some cases, decline to bid on a portfolio
after analyzing the results of our due diligence review, or, in
other instances, be outbid by other purchasers. We simply cannot
predict how often we will successfully acquire a loan portfolio."
Mr. Wayne further stated, "Our total non-performing assets
increased $2.8 million from $39.7 million at December 31, 2004 to
$42.5 million at December 31, 2005. While a substantial majority of
the loan and leases we have acquired in recent years have been
performing, we have also acquired appropriately priced
non-performing loans and leases. At December 31, 2005, we held
loans and leases with net investment balances of $14.1 million
which were acquired as non-performing, compared to $21.2 million at
December 31, 2004. Additionally, the balance of other real estate
owned increased from $7.6 million at December 31, 2004 to $14.0
million at December 31, 2005. The primary source of other real
estate owned is purchased loans that are or become non-performing.
In the past, our pricing strategy and the level of discount we
obtain on such loans and leases has enabled us to, over time,
realize significant levels of transactional income from these
assets" During 2005, the Bank's leasing subsidiary, Dolphin Capital
Corp., originated leases with an aggregate investment balance of
$62.2 million, compared to 2004 when it originated or acquired
leases with an aggregate investment balance of $57.2 million.
Dolphin Capital Corp.'s net income was $1.8 million for the year
ended 2005 compared to $2.6 million in 2004. The Bank continued to
repurchase shares of its common stock under its common stock
repurchase program during the fourth quarter of 2005. On November
28, 2005, the Bank announced that it had increased the amount of
the repurchase program by $5.0 million. As of December 31, 2005,
the Bank had repurchased 6,954,683 shares under its current
repurchase program and previous repurchase programs at an average
purchase price of $12.94 per share, and had an additional $7.0
million to invest under its current repurchase program. The Bank
initiated its first repurchase program in August 2000. Lastly, the
Bank's Shareholder Rights Agreement expires in 2006. The Bank's
Board of Directors has determined not to renew the agreement upon
its expiration. Investors and interested parties will have the
opportunity to listen to management's discussion of the Bank's
quarterly and annual results in a conference call to be held on
Wednesday, January 25th at 11:00 a.m., Eastern Time. The conference
call will be broadcast over the investor relations page of the
Bank's website at www.capitalcrossing.com. For those who cannot
listen to the live broadcast, an audio replay of the call will be
available on the website or via telephone at 888-203-1112, access
code #3409329. A replay of the call will be available beginning at
approximately 3:00 p.m. on January 25, 2006 through midnight on
February 1, 2006. This press release contains a number of
forward-looking statements concerning the Bank's current
expectations as to future growth and its results of operations. Any
statements that are not statements of historical fact (including
statements containing the words "believes," "plans," "anticipates,"
"expects," "estimates," "intends," "may," "projects," "will,"
"would," and similar expressions) should also be considered to be
forward-looking statements. There are a number of important factors
that could cause actual results or events to differ materially from
those indicated by such forward-looking statements, including: the
Bank's ability to successfully acquire loans at the same volume and
the same yields as it has historically, changes in interest rates
that adversely affect its business, the level of transactional
income realized by the Bank as a result of loan and lease payoffs
and the sale of real estate and loans, the Bank's ability to
successfully diversify its asset base, the level of the Bank's
non-performing assets, the Bank's ability to successfully conduct
its leasing business, general economic conditions in the Bank's
markets, as well as those other factors detailed under the caption
"Certain Factors That May Affect Future Results" in the Bank's
Quarterly Report on Form 10-Q for the period ended September 30,
2005, which important factors are incorporated herein by this
reference. The Bank disclaims any intention or obligation to update
any forward-looking statements as a result of developments
occurring after the date of this press release. Capital Crossing
Bank is a Massachusetts-chartered, FDIC-insured trust company with
$1.1 billion in assets as of December 31, 2005. The Bank operates
as a commercial bank, providing financial products and services to
customers through its executive and main offices in Boston, its
website at www.capitalcrossing.com, and through its leasing
subsidiary Dolphin Capital Corp., located in Moberly, Missouri. The
Bank is a value oriented investor in whole loans and loan
portfolios generally secured by commercial, multi-family and
one-to-four family residential real estate and other business
assets. -0- *T Capital Crossing Bank and Subsidiaries Consolidated
Financial Highlights (Unaudited) December 31,
------------------------- 2005 2004 ------------ ------------
(dollars in thousands, except per share data) Total assets
$1,106,158 $1,082,224 Loans and leases: 1,004,120 1,005,665
Non-accretable discount (53,407) (47,042) Accretable discount
(84,894) (80,399) Allowance for loan and lease losses (15,585)
(21,037) Net deferred loan and lease income (18,396) (16,326)
----------- ----------- Loans and leases, net 831,838 840,861
----------- ----------- Short-term investments 120,807 60,353
Securities available for sale 84,645 115,417 Deposits 723,388
727,874 Borrowed funds 218,849 176,079 REIT preferred stock 64,758
64,761 Stockholders' equity 76,499 91,355 Non-performing assets:
Other real estate owned, net 14,003 7,567 Other assets in
possession, net 506 1,163 Non-performing loans and leases: Loans
and leases acquired as non- performing 14,078 21,213 Loans and
leases that became non- performing subsequent to acquisition 13,880
9,761 ----------- ----------- Total non-performing assets, net
42,467 39,704 ----------- ----------- Total non-performing assets,
net as a percent to total assets 3.84 % 3.67 % Allowance for loan
and lease losses as a percent of loans and leases, net of discount
and deferred income 1.84 2.44 Allowance for loan and lease losses
as a percent of net non-performing loans and leases 55.74 67.92
Book value per common share $14.52 $14.96 Tangible book value per
common share 13.69 14.24 Shares outstanding, net 5,269,184
6,108,114 Capital Crossing Bank and Subsidiaries Consolidated
Operating Results and Related Financial Data (Unaudited) Three
Months Ended Years Ended December 31, December 31,
----------------- ----------------- 2005 2004 2005 2004 --------
-------- -------- -------- (in thousands, except per share data)
Interest income - regularly scheduled $19,894 $17,871 $75,019
$69,333 Interest income - accelerated 8,215 9,791 27,246 30,603
-------- -------- -------- -------- Total interest income 28,109
27,662 102,265 99,936 Interest expense (10,817) (8,373) (37,482)
(31,062) -------- -------- -------- -------- Net interest income
17,292 19,289 64,783 68,874 Credit (provision) for loan and lease
losses 432 694 2,670 2,797 -------- -------- -------- -------- Net
interest income, after credit (provision) for loan and lease losses
17,724 19,983 67,453 71,671 Gain on sales of loans, net 939 926 939
3,098 Other income 396 553 1,613 2,051 Operating expenses: Other
real estate owned and assets in possession income (expense), net
1,750 (467) 9,574 271 Other operating expenses (11,372) (12,273)
(42,624) (40,302) -------- -------- -------- -------- Total
operating expenses (9,622) (12,740) (33,050) (40,031) --------
-------- -------- -------- Income before income taxes, minority
interest and dividends on REIT preferred stock 9,437 8,722 36,955
36,789 Provision for income taxes (4,420) (3,860) (16,639) (15,768)
Minority interest, net of taxes (33) (26) (187) (133) Dividends on
REIT preferred stock, net of taxes (927) (926) (3,708) (3,052)
-------- -------- -------- -------- Net income $4,057 $3,910
$16,421 $17,836 ======== ======== ======== ======== Weighted
average shares outstanding: Basic 5,289 6,225 5,641 6,530 Diluted
6,444 7,398 6,810 7,721 Earnings per share: Basic $0.77 $0.63 $2.91
$2.73 Diluted 0.63 0.53 2.41 2.31 Financial ratios (annualized):
Return on average assets 1.44% 1.48% 1.56% 1.72% Return on average
stockholders' equity 21.50% 16.84% 19.88% 18.91% Transactional
income: Interest and fee income on loan and lease pay-offs
Non-accretable discount $2,236 $5,744 $9,972 $15,005 Accretable
discount 3,202 3,389 10,532 11,750 Other interest income 2,777 658
6,742 3,848 -------- -------- -------- -------- Total interest and
fee income on loan and lease pay-offs 8,215 9,791 27,246 30,603
Gain on sale of loans, net 939 926 939 3,098 Gain on sale of other
real estate owned and assets in possesion, net 2,057 (6) 10,525
1,290 -------- -------- -------- -------- Total transactional
income $11,211 $10,711 $38,710 $34,991 ======== ======== ========
======== Capital Crossing Bank and Subsidiaries Interest Rate and
Loan and Lease Volume Analysis (Unaudited) Three Months Ended Years
Ended December 31, December 31, -------------------
--------------------- 2005 2004 2005 2004 -------------------
---------- ---------- (dollars in thousands) Weighted average
yield/rate (annualized): Short-term investments 4.03 % 2.04 % 3.41
% 1.36 % Securities available for sale 4.73 4.55 4.69 3.80 Loan and
lease portfolio, net 12.46 12.95 11.63 12.21 Total interest-
earning assets 10.71 % 11.11 % 10.30 % 10.09 % Interest bearing
liabilities 4.52 % 3.86 % 4.25 % 3.58 % Interest rate spread 6.19 %
7.25 % 6.05 % 6.51 % Net interest margin 6.59 % 7.75 % 6.53 % 6.95
% Loan and lease volume: Loan originations $9,383 $1,600 $9,891
$2,600 Loan acquisitions Loan balances 121,184 90,771 252,532
294,793 (Discount) premium, net (25,155) (10,857) (44,632) (31,354)
--------- -------- --------- --------- Loan acquisitions, net
96,029 79,914 207,900 263,439 --------- -------- ---------
--------- Total loan volume 105,412 81,514 217,791 266,039
--------- -------- --------- --------- Lease originations 16,587
14,207 62,187 48,909 Lease acquisitions, net - 1,327 - 8,287
--------- -------- --------- --------- Total lease volume 16,587
15,534 62,187 57,196 --------- -------- --------- --------- Total
loan and lease volume, net $121,999 $97,048 $279,978 $323,235
========= ======== ========= ========= *T
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