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First California Q3 net income up Comtex News Network "Datamonitor"
Nov 07, 2012 (Datamonitor via COMTEX) -- First California Financial Group, Inc. , the holding company of First California Bank , has reported a net income available to common stockholders of $3.15 million , or $0.11 per diluted share, for the third quarter ended September 30, 2012 , compared to $900,000 , or $0.03 per diluted share, for the same quarter ended September 30, 2011 .
Net interest income after provision for loan losses for the third quarter ended September 30, 2012 was $16.51 million , compared to $14.07 million for the same quarter ended September 30, 2011 .
Net income available to common stockholders for the nine months ended September 30, 2012 was $8.30 million , compared to $18.28 million for the same period ended September 30, 2011 .
Net interest income after provision for loan losses for the nine months ended September 30, 2012 was $48.91 million , compared to $39.35 million for the same period ended September 30, 2011 .
C G Kum, president and CEO of First California Financial Group , said: "Earnings for the 2012 third quarter grew significantly over the same period last year and return on average tangible common equity improved to 10.25 percent from 4.25%. Moreover, we were able to grow net interest income and fee income, as well as our loan portfolio and deposits. Our solid financial performance continues to demonstrate the successful strategies we implemented to enhance profitability, despite economic headwinds and the added expense and challenges related to ongoing shareholder matters.
"We remain focused on improving our performance, while keeping an eye on expenses and providing the highest quality service to our loyal customers. More than ever, we appreciate the hard work and dedication of our employees who help make First California the business bank of choice in our markets."
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