Commercial Capital Bancorp Inc
Commercial Capital Bancorp — Q4 2005 Earnings Presentation
31 slides from Commercial Capital Bancorp's earnings presentation, Jan 23, 2006
Slide 1: Fourth Quarter 2005 Earnings Call
Fourth Quarter 2005 Earnings Call NASDAQ: CCBI January 23, 2006
Slide 2: Regulation FD
Regulation FD This presentation may include forward-looking statements related to the plans, beliefs and goals of the Company, its subsidiaries, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks
Slide 3: 4th Quarter Highlights
4 TH QUARTER HIGHTLIGHTS Earnings of $0.26 per diluted share “Non-GAAP” earnings of $0.29 per diluted share Net income totaled $15.1 million Net income totaled $16.4 million, excluding costs of Commercial Banking Division Total revenues were a record $75.2 million Total asset grew to $5.5 billion Lo
Slide 4: Earnings Performance: Diluted Earnings Per Share
Earnings Performance Diluted Earnings Per Share $0.29 $0.36 $0.29 $0.40 $0.26 $0.34 $- $0.10 $0.20 $0.30 $0.40 $0.50 12/05 * * Excluding costs associated with the Bank’s Commercial Banking Division of $2.3 million, of which $1.2 million is associated with professional expense and $1.1 million is ass
Slide 5: Earnings Performance: Quarterly Net Income
Earnings Performance Quarterly Net Income $16.4 $20.2 $15.1 $19.3 $23.1 $16.8 $0 $10 $20 $30 12/05 * ($ in millions) * Excluding costs associated with the Bank’s Commercial Banking Division of approximately $2.3 million.
Slide 6: Operating Performance: Total Revenues
Operating Performance Total Revenues $71.6 $67.1 $73.3 $66.0 $75.2 $0 $20 $40 $60 $80 ($ in millions) * * The Company defines total revenues is defined as interest income and noninterest income.
Slide 7: Operating Performance: Net Interest Income
Operating Performance Net Interest Income $38.5 $38.3 $38.9 $38.3 $37.4 $0 $10 $20 $30 $40 $50 ($ in millions)
Slide 8: Net Interest Margin
Net Interest Margin 3.28% 3.31% 3.21% 3.38% 3.27% 0% 1% 2% 3% 4%
Slide 9: Net Interest Margin Excluding Hawthorne Purchase Accounting Adjustments
Net Interest Margin Excluding Hawthorne Purchase Accounting Adjustments 3.17% 3.22% 3.13% 3.08% 3.04% 0% 1% 2% 3% 4%
Slide 10: Interest Yields and Costs
Interest Yields and Costs Q4 2005 Q3 2005 Q2 2005 Q1 2005 Q4 2004 Interest Earning Assets Loans 6.10% 5.88% 5.61% 5.46% 5.47% Securities 4.40% 4.39% 4.37% 4.33% 4.29% FHLB Stock 4.75% 4.23% 4.42% 4.28% 3.72% Cash and Cash Equivalents 3.37% 3.46% 2.69% 2.37% 2.21% Total Yield on Interest Earning Asse
Slide 11: Operating Performance: Noninterest Income
Operating Performance Noninterest Income $6.7 $3.7 $6.9 $6.1 $7.4 $0 $2 $4 $6 $8 ($ in millions)
Slide 12: Operating Performance Ratios: Efficiency Ratio
Operating Performance Ratios Efficiency Ratio 42.0% 47.2% 30.1% 33.3% 43.5% 28.1% 0% 10% 20% 30% 40% 50% 12/05 * * Excluding costs associated with the Bank’s Commercial Banking Division of approximately $2.3 million.
Slide 13: Operating Performance Ratios: G&A to Average Assets
Operating Performance Ratios G&A to Average Assets 1.16% 1.53% 1.39% 1.56% 1.01% 0.98% 0.00% 0.50% 1.00% 1.50% 2.00% 12/05 * * Excluding costs associated with the Bank’s Commercial Banking Division of approximately $2.3 million.
Slide 14: Balance Sheet: Total Assets
Balance Sheet Total Assets $5.02 $5.33 $5.46 $5.18 $5.24 $0 $1 $2 $3 $4 $5 $6 ($ in billions)
Slide 15: Strong Loan Fundings
Strong Loan Fundings Total Loan Fundings $716.0 $609.9 $624.7 $607.8 $540.8 $0 $100 $200 $300 $400 $500 $600 $700 $800 ($ in millions)
Slide 16: Loan Funding Composition
Loan Funding Composition Q4 2005 Q3 2005 Q2 2005 Q1 2005 Q4 2004 Multifamily 334,190 $ 298,613 $ 319,569 $ 338,313 $ 320,383 $ Commercial Real Estate 104,256 54,277 109,495 45,435 18,706 Total Income Property 438,446 352,890 429,064 383,748 339,089 Single Family Residential 81,884 96,644 122,669 146
Slide 17: Historical and Forecasted 12-MAT
Historical and Forecasted 12-MAT **12 MAT Calculation and Forecast Based upon Estimated Current Month Average of the 1yr CMT Forecast Assumption: January Month Average of CMT is 4.40 as of 1/20/2006 Commercial Capital Bank 12 MAT Calculation and Forecast Month 1yr CMT Oct-05 Nov-05 Dec-05 Jan-06 Feb
Slide 18: Focus on Transaction Accounts
Focus on Transaction Accounts Expand transaction deposit accounts in the existing branch system $40 million increase in the fourth quarter over the third quarter Acquire branches and deposits that enhance the existing network. Acquisition of Calnet will result in $153 million of additional deposits
Slide 19: Transaction Account Balances
Transaction Account Balances Dec. 31, 2005 Sept. 30, 2005 June 30, 2005 Mar. 31, 2005 Dec. 31, 2004 Demand Deposits, Noninterst-Bearing 141,597 $ 140,185 $ 127,300 $ 110,741 $ 97,931 $ Demand Deposits, Interest-Bearing 71,386 74,063 74,941 78,611 78,003 Money Market 720,367 650,950 556,495 512,514 7
Slide 20: Changing Deposit Mix
Changing Deposit Mix Bank Deposits 59% 61% 56% 55% 62% $2.88 $2.76 $2.70 $2.40 $2.27 $0 $1 $2 $3 Transaction Accounts Time Deposits ($ in billions)
Slide 21: Bank Deposit Composition
Bank Deposit Composition DDA 9% Savings 5% CD 41% Money Market 45% At December 31, 2005
Slide 22: Wholesale Funding Mix
Wholesale Funding Mix $1.8 $1.7 $1.7 $2.2 $2.1 $0 $1 $2 $3 FHLB Advances Junior Debentures Other Borrowings ($ in billions)
Slide 23: Profitability Ratios: Return on Average Assets
Profitability Ratios Return on Average Assets 1.61% 1.25% 1.78% 1.30% 1.15% 1.47% 0.0% 0.5% 1.0% 1.5% 2.0% 12/05 * * Excluding costs associated with the Bank’s Commercial Banking Division of approximately $2.3 million.
Slide 24: Profitability Ratios: Return on Average Tangible Assets
Profitability Ratios Return on Average Tangible Assets 1.73% 1.92% 1.59% 1.41% 1.24% 1.35% 0.0% 0.5% 1.0% 1.5% 2.0% 12/05 * * Excluding costs associated with the Bank’s Commercial Banking Division of approximately $2.3 million.
Slide 25: Profitability Ratios: Return on Average Equity
Profitability Ratios Return on Average Equity 9.9% 9.5% 8.7% 14.4% 13.1% 11.6% 0% 5% 10% 15% 20% 12/05 * * Excluding costs associated with the Bank’s Commercial Banking Division of approximately $2.3 million.
Slide 26: Profitability Ratios: Return on Average Tangible Equity
Profitability Ratios Return on Average Tangible Equity 22.4% 20.6% 23.9% 28.1% 34.5% 31.6% 0% 5% 10% 15% 20% 25% 30% 35% 12/05 * * Excluding costs associated with the Bank’s Commercial Banking Division of approximately $2.3 million.
Slide 27: Per Share Data: Book Value Per Share
Per Share Data Book Value Per Share $12.23 $11.47 $11.78 $12.07 $12.36 $0 $2 $4 $6 $8 $10 $12 $14
Slide 28: Per Share Data: Tangible Book Value Per Share
Per Share Data Tangible Book Value Per Share $4.80 $4.85 $4.86 $5.23 $5.05 $0 $1 $2 $3 $4 $5 $6
Slide 29: Capital Ratios: Tangible Equity to Tangible Assets
Capital Ratios Tangible Equity to Tangible Assets 5.44% 5.62% 5.82% 5.84% 5.62% 0% 2% 4% 6% 8%
Slide 30: Bank Capital Ratio
Bank Capital Ratio Tier 1 Core Capital Ratio 8.05% 8.01% 8.70% 8.91% 8.75% 0% 2% 4% 6% 8% 10%
Slide 31: Fourth Quarter 2005 Earnings Call
Fourth Quarter 2005 Earnings Call NASDAQ: CCBI January 23, 2006
Commercial Capital Bancorp — Q4 2005 Earnings Presentation on 6ix