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| Coastal Bancorp, Inc. Announces Fourth Quarter Results of $0.60 Per Share And Annual Results of $2.22 Per Share |
| COASTAL BANCORP LOGO
Coastal Bancorp logo. (PRNewsFoto)[DM TC] HOUSTON, TX USA | |||
HOUSTON, Jan. 15 /PRNewswire-FirstCall/ -- Coastal Bancorp, Inc. (Nasdaq: CBSA) and subsidiaries ("Coastal") today reported net income available to common stockholders of $3.3 million for the quarter ended December 31, 2003, compared to $5.7 million for the same period in 2002. The $2.4 million decrease in net income available to common stockholders was largely due to the following: a $4.7 million decrease in noninterest income (a $4.4 million gain had been recorded in December 2002 in connection with the sale of five Central Texas branches), and a $2.1 million decrease in net interest income, offset by a $2.5 million decrease in the provision for loan losses, a $1.1 million decrease in the provision for Federal income taxes and a $99,000 decrease in noninterest expense. In addition, dividends on preferred stock decreased $627,000 due to the July 31, 2003 redemption of the 9.12% Series A Cumulative Preferred Stock of Coastal Bancorp, Inc. ("Bancorp"). Diluted earnings per share for the quarter ended December 31, 2003 were $0.60, compared to $1.05 for the same period in 2002. The weighted average common shares outstanding used in the diluted earnings per share calculations for the periods were 5,455,044 and 5,394,484, respectively. Basic earnings per share for the quarter ended December 31, 2003 were $0.62 compared to $1.10 for the same period in 2002. On December 2, 2003 Coastal announced that it had signed a definitive agreement with Hibernia Corporation (NYSE: HIB) pursuant to which Hibernia would acquire Coastal by means of a merger and pay cash in the amount of $41.50 per share for each share of Coastal common stock issued and outstanding and $41.50 less the exercise price for each option to acquire a share of Coastal common stock. The merger transaction is subject to regulatory approvals, the approval of Coastal's stockholders and other customary conditions to closing. It is expected to close in the second quarter of 2004. Comparison for the Three Months ended December 31, 2003 and 2002 Noninterest Income The $4.7 million decrease in noninterest income was primarily due to the sale of five branches in Central Texas that resulted in a gain of $4.4 million in December of 2002. Other decreases included a $359,000 decrease in the gain on sale of loans due to the December 2002 sale of a group of loans with servicing rights retained and a $254,000 decrease in other noninterest income due to a $229,000 gain recorded on the sale of branch real estate properties. These decreases were somewhat offset by increases of $237,000 and $191,000 in the gain on sale of real estate owned and mortgage-backed securities available for sale, respectively, resulting from sales in the fourth quarter of 2003. Net Interest Income Net interest income decreased $2.1 million as a result of a 0.41% decrease in net interest margin. Net interest margin decreased from 2.87% to 2.46% when comparing the fourth quarter of 2003 to the same period in 2002. This decrease was due primarily to principal paydowns on mortgage-backed securities and single-family mortgage loans receivable, amortization of the related premiums and the replacement of assets at lower yields (interest rates). The decrease in net interest margin was comprised of a decrease in the average yield on interest-earning assets from 5.25% to 4.33%, offset somewhat by a decrease in the average rate on interest-bearing liabilities from 2.64% to 2.09%. During 2003, Coastal experienced significant principal paydowns on its mortgage-backed securities and single-family mortgage loans receivable portfolios (on an annualized basis, approximately 38% on mortgage-backed securities and approximately 39% on single-family mortgage loans) due to the continuing low market rates of interest and the resulting refinancing of mortgage assets. Because the majority of Coastal's single-family mortgage assets were acquired through bulk purchases at a premium, the significant paydowns Coastal experienced resulted in greater premium amortization (and therefore a lower yield) on those purchased assets. When comparing the fourth quarter of 2003 to the same period in 2002, the average yield on loans decreased from 5.74% to 4.88% and the average yield on mortgage-backed securities decreased from 3.46% to 2.64%. Provision for Loan Losses During the quarter ended December 31, 2003, Coastal recorded a provision for loan losses of $600,000 compared to $3.1 million for the same period in 2002. The $600,000 provision recorded in the fourth quarter of 2003 is $300,000 less than the previous three quarters based upon the current level of unallocated reserves. The provision recorded in 2002 was due to management's reevaluation of the overall allowance for loan losses and the changes in the mix of Coastal's loan portfolio, in addition to certain specific loans in the portfolio that warranted greater attention and specific allocations of the allowance for loan losses. While management believes that it has adequately provided for loan losses, it will continue to monitor the loan portfolio and make adjustments to the allowance for loan losses as it considers necessary. Noninterest Expense and Provision for Federal Income Taxes When comparing the fourth quarter of 2003 to the same period a year earlier, the $99,000 decrease in noninterest expense was due primarily to a decrease in advertising expense of $214,000, offset by smaller changes in other expense categories. The provision for Federal income taxes decreased $1.1 million primarily due to the lower amount of income before Federal income taxes, with the effective tax rate being approximately 35% for the quarter ended December 31, 2003 and 31% for the same period in 2002. The provision for Federal income taxes for the quarter ended December 31, 2002 includes a tax benefit of $219,000 received from the dividends on the Series A Preferred Stock of Coastal Bancorp, Inc. This benefit ceased upon redemption of the Bancorp Preferred Stock on July 31, 2003. Asset Quality As shown in the "Other Financial Data" table attached, at December 31, 2003, Coastal had nonperforming loans totaling $20.3 million, which was a $1.7 million, or 9.3%, increase when compared to December 31, 2002. Nonperforming loans are those loans on nonaccrual status as well as those loans greater than ninety (90) days delinquent and still accruing interest. At December 31, 2003, nonperforming assets (which include nonperforming loans, real estate owned and repossessed assets) were $22.8 million and the ratio of nonperforming assets to total assets was 0.85%. At December 31, 2002, nonperforming assets were $23.0 million and the ratio of nonperforming assets to total assets was 0.91%. At December 31, 2003, $10.3 million, or 51%, of the nonperforming loans were first lien residential (single-family) mortgage loans, $6.0 million, or 29%, were acquisition and development loans, $902,000, or 4%, were commercial real estate loans, $2.9 million, or 14%, were commercial, financial and industrial loans, with the balance in other loan categories. Of the nonperforming acquisition and development loans outstanding at December 31, 2003 and December 31, 2002, two loans to the same borrower made up $5.4 million of the total at December 31, 2003 and $5.5 million of the total at December 31, 2002. At December 31, 2003, the allowance for loan losses as a percentage of nonperforming loans (excluding nonperforming loans held for sale which are recorded at the lower of cost or fair value) was 95.7% compared to 97.7% at December 31, 2002. Trust Preferred Securities On June 23, 2003, Bancorp, through Coastal Capital Trust II ("CCTII"), issued to a private institutional investor, 10,000 floating rate trust preferred securities ("Trust Preferred Securities II") with a liquidation preference of $1,000 per security. The Trust Preferred Securities II represent an interest in the related junior subordinated notes of Bancorp, which were purchased by CCTII and have substantially the same payment terms as the Trust Preferred Securities II. The junior subordinated notes are the only assets of CCTII and interest payments from the notes finance the distributions paid on the Trust Preferred Securities II. Distributions on the securities are payable quarterly at a variable interest rate, reset quarterly, equal to LIBOR plus 3.05%. On December 31, 2003, the Company retroactively implemented FASB Interpretation No. 46R, Consolidation of Variable Interest Entities, an interpretation of ARB No. 51, resulting in the deconsolidation of CCTII as well as Coastal Capital Trust I established in 2002, both of which were created for the sole purpose of issuing trust preferred securities. The implementation of this Interpretation resulted in Bancorp's $1.9 million investment in the common equity of the two trusts being included in the consolidated balance sheets as other assets, and the interest income and interest expense received from and paid to the trusts, respectively, being included in the consolidated statements of income as interest income and interest expense. The increase to other interest income and interest expense totaled $146,000 for the year ended December 31, 2003 and $74,000 for the year ended December 31, 2002. Redemption of Bancorp Series A Preferred Stock On July 31, 2003, Bancorp redeemed all of its 9.12% Series A Cumulative Preferred Stock (1,100,000 shares) from stockholders of record on July 31, 2003 at par plus accrued but unpaid dividends to the redemption date. Redemption of Senior Notes On February 1, 2002, Bancorp redeemed all of its 10.0% Senior Notes ($43.9 million) outstanding, at par plus accrued interest to the redemption date. Comparison for the Years ended December 31, 2003 and 2002 Net income available to common stockholders for the year ended December 31, 2003 was $12.0 million compared to $17.2 million for 2002. Diluted earnings per share for the year ended December 31, 2003 were $2.22 compared to $2.99 for 2002. The weighted average common shares outstanding used in the diluted earnings per share calculations for the periods were 5,406,697 and 5,750,531, respectively. Basic earnings per share for the year ended December 31, 2003 were $2.31 compared to $3.13 for 2002. When comparing the year ended December 31, 2003 to the year ended December 31, 2002, the primary contributor to the decrease in net income available to common stockholders was decreased net interest income. Net interest income decreased $11.9 million from 2002 to 2003 as a result of a 0.52% decrease in net interest margin. When comparing the two periods, net interest margin decreased from 3.04% to 2.52%. The decrease in net interest margin was comprised of a decrease in the average yield on interest-earning assets from 5.60% to 4.58%, offset somewhat by a decrease in the average rate on interest-bearing liabilities from 2.86% to 2.30%. As noted earlier, during 2003 Coastal experienced significant principal paydowns on its mortgage-backed securities and single-family mortgage loans receivable portfolios due to the continuing low market rates of interest and the resulting refinancing of mortgage assets. These paydowns were approximately 43% on Coastal's mortgage- backed securities and 48% on Coastal's single-family mortgage loans during the year ended December 31, 2003. Since the majority of Coastal's single-family mortgage assets had been acquired primarily through bulk purchases at a premium, the significant paydowns Coastal experienced resulted in greater premium amortization (and therefore a lower yield) on those purchased assets. When comparing the year ended December 31, 2003 to the year ended December 31, 2002, the average yield on loans decreased from 6.16% to 5.13% and the average yield on mortgage-backed securities decreased from 3.66% to 2.78%. In addition to the $11.9 million decrease in net interest income, noninterest income decreased by $1.8 million. These decreases were somewhat offset by a $2.5 million decrease in the provision for loan losses, a $2.6 million decrease in the provision for Federal income taxes, a $1.5 million decrease in the expense for minority interest (related to preferred stock of Coastal Banc ssb which was redeemed on July 15, 2002) and an $824,000 decrease in noninterest expense. As previously noted, dividends on preferred stock decreased $1.0 million due to the redemption of the 9.12% Series A Cumulative Preferred Stock on July 31, 2003. The $1.8 million decrease in noninterest income was comprised of the gains recorded in 2002 of $4.4 million from the sale of the five Central Texas branches, $359,000 from the loans sold with servicing rights retained and $229,000 from the sale of branch real estate properties. These decreases were somewhat offset by a $2.1 million increase in service charges on deposit accounts, an $802,000 increase in the gain on sale of mortgage loans held for sale and a $493,000 increase in the gain on sale of mortgage-backed securities available for sale. The increased income from service charges on deposit accounts is due to Coastal's continued focus on increasing transaction-type accounts and the related fee income, including Coastal's Free Checking and Bounce Protection features on retail checking accounts introduced during August 2002. The increase in the gain on sale of mortgage loans held for sale was due to routine sales transactions in 2003 by Coastal Banc ssb (the "Bank"), which were facilitated by Coastal Banc Mortgage Corp. ("CBMC"), an affiliate of the Bank. The loans sold were purchased by the Bank in packages with the intention to resell all or part of the loans in the packages to third parties. CBMC was formed during the third quarter of 2002 for the purpose of facilitating the purchase and sale of whole loans and participations to third parties. The $824,000 decrease in noninterest expense was due to decreases of $1.1 million in compensation, payroll taxes and other benefits, $705,000 in advertising and $398,000 in office occupancy, offset by a $1.3 million increase in other noninterest expense. The $1.1 million decrease in compensation related expenses is primarily comprised of the following: a $571,000 decrease due to the sale of the five Hill Country branches in December of 2002, a $437,000 decrease due to the outsourcing of the internal audit department in September of 2002 and decreases of $129,000, $112,000 and $84,000 in group insurance, hiring expense and contract labor, respectively. These decreases were partially offset by a $288,000 increase in compensation paid to CBMC employees including brokerage commissions related to the loan sales mentioned previously. The decrease in advertising expense was due to management's decision to reduce this spending in 2003 and the decrease in office occupancy was due to the sale of the five Hill Country branches in December of 2002 and to various assets becoming fully depreciated in 2002 and in 2003. The increase in other noninterest expense was primarily comprised of the following: a $337,000 increase in audit and accounting fees due to the outsourcing of internal audit, a $409,000 increase in legal fees and insurance premiums and a $561,000 increase in expenses related to loans, repossessed assets and real estate owned. The provision for Federal income taxes decreased $2.6 million due to the lower amount of income before Federal income taxes and minority interest, with the effective tax rate being approximately 33% for 2003 and 32% for the same period in 2002 (when taking into account the tax benefit for the minority interest expense in 2002). The provision for Federal income taxes includes the tax benefit received from the dividends on the Series A Preferred Stock of Coastal Bancorp, Inc. of $514,000 and $878,000 for the years ended December 31, 2003 and 2002, respectively. This benefit ceased upon redemption of the Bancorp Preferred Stock on July 31, 2003. Common Stock Repurchase As of December 31, 2003, a total of 2,746,110 shares of common stock were held in treasury at an average price of $19.53 per share for a total cost of $53.6 million. The Company At December 31, 2003, Coastal had total assets of approximately $2.7 billion, deposits of approximately $1.7 billion and common stockholders' equity of approximately $133.7 million. Coastal Bancorp, Inc. owns, through its wholly-owned subsidiary, Coastal Banc Holding Company, Inc., 100 percent of the voting stock of Coastal Banc ssb, a Texas-chartered FDIC insured, state savings bank headquartered in Houston. Coastal Banc ssb operates 43 branch offices in metropolitan Houston, Austin, Corpus Christi, the Rio Grande Valley and small cities in the southeast quadrant of Texas. You can visit our website at http://www.coastalbanc.com (which is not part of this release). Notice under the Private Securities Litigation Reform Act of 1995 "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts contain forward looking statements with respect to plans, projections or future performance of Coastal, the occurrence of which involve certain risks and uncertainties. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in Coastal Bancorp, Inc.'s Securities and Exchange Commission filings. Investors are cautioned that any such forward looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward looking statements. Furthermore, Coastal does not intend (and is not obligated) to update publicly any forward-looking statement. COASTAL BANCORP, INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars In Thousands, except per share data) (unaudited) For the For the Three Months Ended Year Ended December 31, December 31, 2003 2002 2003 2002 Basic earnings per share $0.62 $1.10 $2.31 $3.13 Diluted earnings per share $0.60 $1.05 $2.22 $2.99 Return (before minority interest) on average assets 0.48% 0.96% 0.52% 0.83% Return on average common equity 9.82% 18.44% 9.30% 13.71% Net interest margin 2.46% 2.87% 2.52% 3.04% Noninterest expense to average total assets 2.12% 2.20% 2.13% 2.19% Charge-offs of loans receivable(A) $509 $1,093 $2,881 $3,878 Net charge-offs of loans receivable $277 $986 $2,029 $3,067 Ratio of net charge-offs to average loans receivable 0.01% 0.05% 0.11% 0.16% (A) $1.8 million of the charge-offs during 2002 were due to the write- down of certain under-performing single-family mortgage loans that were either sold or reclassified to the held-for-sale category. COASTAL BANCORP, INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA (In Thousands) (unaudited) For the Three Months Ended For the Year Ended December 31, December 31, 2003 2002 2003 2002 Average balance sheet information Assets: Interest-earning assets: Loans receivable $1,989,780 $1,987,865 $1,935,814 $1,931,931 Mortgage-backed securities 536,659 468,931 502,581 467,744 Other 72,010 55,289 58,225 60,698 Total interest-earning assets 2,598,449 2,512,085 2,496,620 2,460,373 Noninterest-earning assets 88,400 95,219 89,406 90,900 Total assets $2,686,849 $2,607,304 $2,586,026 $2,551,273 Liabilities and stockholders' equity: Interest-bearing deposits $1,464,755 $1,470,521 $1,437,200 $1,477,648 Borrowings 810,973 730,842 741,378 683,454 Subordinated debentures 61,856 51,546 56,970 27,821 Senior notes payable --- --- --- 3,726 Total interest-bearing liabilities 2,337,584 2,252,909 2,235,548 2,192,649 Noninterest-bearing deposits 203,451 181,706 190,425 169,857 Other noninterest-bearing liabilities 14,395 23,015 15,283 20,420 Preferred stock of Coastal Banc ssb --- --- --- 15,359 Preferred stockholders' equity --- 27,500 15,897 27,500 Common stockholders' equity 131,419 122,174 128,873 125,488 Total liabilities and stockholders' equity $2,686,849 $2,607,304 $2,586,026 $2,551,273 COASTAL BANCORP, INC. AND SUBSIDIARIES OTHER FINANCIAL DATA (Dollars in Thousands, except per share data) (unaudited) December 31, December 31, 2003 2002 Nonaccrual loans receivable: First lien residential $10,312 $9,184 Residential construction --- 49 Commercial real estate 714 1,323 Acquisition and development 5,497 5,485 Commercial, financial and industrial 1,111 1,609 Consumer and other 68 128 17,702 17,778 Loans greater than 90 days delinquent and still accruing: Residential construction 136 83 Multifamily real estate --- 282 Acquisition and development 454 59 Commercial real estate 188 302 Commercial, financial and industrial 1,789 43 2,567 769 Total nonperforming loans 20,269 18,547 Real estate owned and repossessed assets 2,524 4,433 Total nonperforming assets $22,793 $22,980 Allowance for loan losses $19,389 $18,118 Ratio of nonperforming loans to total loans receivable and loans receivable held for sale 1.02% 1.00% Ratio of nonperforming assets to total assets 0.85% 0.91% Ratio of allowance for loan losses to nonperforming loans receivable (excluding nonperforming loans held for sale) 95.66% 97.69% Ratio of allowance for loan losses to loans receivable (excluding loans receivable held for sale) 0.98% 1.00% Book value per common share $24.78 $23.47 Tangible book value per common share $20.71 $19.74 Regulatory capital ratios of Coastal Banc ssb: Tier 1 (Core) 6.26% 6.88% Tier 1 risk-based 9.23% 10.32% Total risk-based 10.31% 11.38% COASTAL BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In Thousands, except share data) ASSETS December 31, December 31, 2003 2002 (unaudited) Cash and cash equivalents $40,814 $39,766 Federal funds sold 10,440 27,755 Loans receivable held for sale 8,078 49,886 Loans receivable 1,981,924 1,812,785 Mortgage-backed securities available-for-sale, at fair value 504,402 475,022 Other securities available-for-sale, at fair value 6,787 1,788 Accrued interest receivable 9,198 9,781 Property and equipment 32,563 27,341 Stock in the Federal Home Loan Bank of Dallas (FHLB) 45,471 41,221 Goodwill 21,429 21,429 Prepaid expenses and other assets 21,884 20,990 $2,682,990 $2,527,764 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits $1,676,131 $1,614,442 Advances from the FHLB 799,875 696,085 Subordinated debentures 61,856 51,546 Advances from borrowers for taxes and insurance 2,482 2,407 Other liabilities and accrued expenses 8,954 10,399 Total liabilities 2,549,298 2,374,879 Commitments and contingencies Stockholders' equity Preferred stock, no par value; authorized shares 5,000,000; 9.12% Cumulative, Series A 1,100,000 shares issued and outstanding at December 31, 2002 --- 27,500 Common stock, $0.01 par value; authorized shares 30,000,000; 7,981,434 shares issued and 5,235,324 shares outstanding at December 31, 2003; 7,867,029 shares issued and 5,141,010 shares outstanding at December 31, 2002 80 79 Additional paid-in capital 37,179 35,736 Retained earnings 151,167 141,986 Accumulated other comprehensive income (loss) - unrealized gain (loss) on securities available-for-sale (1,104) 619 Treasury stock, at cost (2,746,110 shares in 2003 and 2,726,019 shares in 2002) (53,630) (53,035) Total stockholders' equity 133,692 152,885 $2,682,990 $2,527,764 COASTAL BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In Thousands, except per share data) Three Months Ended December 31, 2003 2002 (Unaudited) Interest income: Loans receivable $24,421 $28,613 Mortgage-backed securities 3,548 4,054 FHLB stock, federal funds sold and other interest-earning assets 338 371 28,307 33,038 Interest expense: Deposits 6,979 8,966 Advances from the FHLB 4,089 4,870 Subordinated debentures 1,270 1,160 12,338 14,996 Net interest income 15,969 18,042 Provision for loan losses 600 3,100 Net interest income after provision for loan losses 15,369 14,942 Noninterest income: Service charges on deposit accounts 3,112 3,162 Loan fees 186 260 Gain on sale of branch offices --- 4,395 Gain on sale of loans receivable --- 359 Gain on sale of loans receivable held for sale 128 84 Gain on sale of mortgage-backed securities available for sale 191 --- Gain on derivative instruments --- 6 Gain (loss) on sale of real estate owned, net 147 (90) Other 262 516 4,026 8,692 Noninterest expense: Compensation, payroll taxes and other benefits 8,120 8,093 Office occupancy 2,421 2,415 Data processing 510 456 Advertising 343 557 Postage and delivery 385 448 Other 2,600 2,509 14,379 14,478 Income before provision for Federal income taxes 5,016 9,156 Provision for Federal income taxes 1,763 2,851 Net income $3,253 $6,305 Net income available to common stockholders $3,253 $5,678 Basic earnings per share $0.62 $1.10 Diluted earnings per share $0.60 $1.05 COASTAL BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In Thousands, except per share data) Year Ended December 31, 2003 2002 (Unaudited) Interest income: Loans receivable $99,301 $118,970 Mortgage-backed securities 13,951 17,114 FHLB stock, federal funds sold and other interest-earning assets 1,275 1,613 114,527 137,697 Interest expense: Deposits 29,913 39,825 Advances from the FHLB 16,838 20,173 Senior notes payable --- 378 Subordinated debentures 4,865 2,474 51,616 62,850 Net interest income 62,911 74,847 Provision for loan losses 3,300 5,800 Net interest income after provision for loan losses 59,611 69,047 Noninterest income: Service charges on deposit accounts 11,971 9,894 Loan fees 867 1,148 Gain on sale of branch offices --- 4,395 Gain on sale of loans receivable --- 359 Gain on sale of loans receivable held for sale 926 124 Gain on sale mortgage-backed securities available for sale 493 --- Gain (loss) on derivative instruments 15 (12) Gain on sale of real estate owned, net 124 117 Other 1,010 1,184 15,406 17,209 Noninterest expense: Compensation, payroll taxes and other benefits 30,819 31,914 Office occupancy 9,646 10,044 Data processing 1,865 1,691 Advertising 1,248 1,953 Postage and delivery 1,548 1,654 Other 9,943 8,637 55,069 55,893 Income before provision for Federal income taxes and minority interest 19,948 30,363 Provision for Federal income taxes 6,498 9,140 Income before minority interest 13,450 21,223 Minority interest - preferred stock dividends of Coastal Banc ssb --- 1,507 Net income $13,450 $19,716 Net income available to common stockholders $11,980 $17,208 Basic earnings per share $2.31 $3.13 Diluted earnings per share $2.22 $2.99SOURCE Coastal Bancorp, Inc.
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CONTACT:
Manuel J. Mehos, CEO, or Catherine N. Wylie,
CFO, both of Coastal Bancorp, Inc., +1-713-435-5327, or fax,
+1-713-435-5106
