First California Financial Group (FCAL)

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First California Continues Earnings Momentum With 2011 Third Quarter Net Income of $2.5 Million
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First California Financial Grp., Inc. (MM) (NASDAQ:FCAL)
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Today : Thursday 27 October 2011

First California Financial Group, Inc. (NASDAQ: FCAL), the holding company of First California Bank, today reported third quarter net income of $2.5 million compared with $64,000 for the same quarter a year ago. Net income available to common shareholders was $900,000, or $0.03 per diluted share, which was after dividends of $1,615,500 on the preferred stock series B and series C shares. A year ago, the Company had a third quarter net loss available to common shareholders of $249,000, or $0.01 per share, which was after a $312,500 cash dividend on the series B preferred shares.

"Our strong earnings were the result of successful implementation of initiatives designed to leverage the capital that we raised in 2010 by acquiring strategic assets and expanding our operating platform," said C. G. Kum, president and chief executive officer of First California Financial Group. "These initiatives, which included the acquisition and integration of two FDIC assisted transactions and the EPS division as well as the addition of new lending teams, contributed to improvement in our top-line revenues, growth in core earnings, higher net interest margin and lower efficiency ratio. Moreover, with our ongoing success in improving asset quality, we continue to lower our exposure to problem assets."