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Classified
Ads----Help Wanted
Current Openings
Accounting
 Accounting: PricewaterhouseCoopers seeks executives with experience in equipment leasing to help clients improve their leasing businesses by assessing "as is" conditions and designing and implementing solutions to operational issues. PwC also seeks CPA's with a broad based knowledge of FAS13 and familiarity with accounting for leases with simple and complex transaction structures. Email: anthony.g.anderson@us.pwc.com About the Company: PricewaterhouseCoopers, New York, NY. |
Credit and Documentation Administrator
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About the Company: www.leasingpartnerscapital.com |
Marketing Indirect Originator
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Middle Market Sales Representative
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About the Company: A rapidly expanding Middle Market Leasing / Finance Company located in CT. Equilease Financial Services, Inc |
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Syndicator
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Title Clerk
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About the Company: A rapidly expanding Middle Market Leasing / Finance Company located in CT. Equilease Financial Services, Inc |
Headlines---
ORIX
promotes Fite to Group President
March
12,2003 Fite Press Release
Cartoon----Cash
Flow Problem Discovered
Archives-Mike Bennie,Marlin April 26,2000
Marlin “Off to
Great Start in 2004” Says Prez Dan Dyer
Drop
in Repos Continued in Q1 2004
Pacific
Capital Reports 18% Increase
in First Quarter
Capital
Data, Inc. has added five new employees
######## surrounding the article denotes it is a “press
release”
-------------------------------------------------------------------------
http://www.angelfire.com/weird/wavs/midi/Hawaii_Five-0.mid
Editor Notes:
Many readers evidently did not read my note last Friday,
April 16.
Properly, they were at the bottom. In eMail correspondence,
perhaps internet editions the “editor notes” should at
the beginning:
“Leaving tomorrow for Kauai, Hawaii, otherwise known
as Don Myerson Country (the
BSB’s leaders home away from home.)
I am going to try and write Leasing News during my vacation,
so if the news is more intermittent than usual, blame it on the Mai
Tai’s.
Aloha.”
http://www.leasingnews.org/archives/April%202004/4-16-04.htm#note
It
has been difficult to not only get the time to write, research, and
put together,
Kit Menkin
http://www.geocities.com/Colosseum/Court/1826/sounds/sounds/bookdano.wav
Classified
Ads----Credit
Credit:
Atlanta, GA. VP Credit/Operations/Sr. Credit Officer.
15yrs
exp. in equipment leasing. Strong financial analysis and
management
skills. Experience developing and maintaining profitable
customer/vendor
relationships. Email:credops@msn.com
Credit:
Atlanta, GA.
Senior
Credit Officer in middle-market equip. finance, vendor,
3rd
party, specialty, flow credit to the fortune 1000. Team builder, originations
capable, strong work ethic, ability to multi-task.
Email:
kyletrust@hotmail.com
Credit:
Atlanta, GA.
10
yrs experience in credit/collections/recovery/documentation in the leasing
industry. P&L responsibility, team builder & strong portfolio
mgnt skills.
email:
mortimerga@adelphia.net
Credit:
Boston Ma.
Challenging
position where my skills, professional experience, organization, leadership,
strategic thinking, creativity, energy, passion, competitive nature
will enable me to define opportunities and personal development.
Email:
bernd.janet@verizon.net
Credit:
Corona, CA.
VP
credit Consumer Credit prime/sub prime Auto lending/leasing/mortgages.
20+yrs exp. If you are looking for someone to affect the bottom line
I am that person. Will relocate. Email:amosca2000@yahoo.com
Credit:
Danbury, CT.
Skilled
in team building, management & training. Seasoned credit, portfolio
and risk management professional. Experienced in developing, implementing
underwriting, portfolio management policies & procedures.
email:
vgjmoro@aol.com
Credit/Documentation:
Fort Lee NJ
3
Years Experience. Looking in NJ/NY. Email: angitravis@mail.com
Credit:
Long Beach, NY. Credit officer w/more than 20 years of experience. Seeking
position in which I can utilize my credit-collections, communication
& management skills. Email:michaelschaubeck@webtv.net
Credit:
Los Angeles, CA
Over
15 years experience in Credit/Operations with Small Ticket and transactions
up to $500,000.00. CLP, with excellent relationships with most major
lenders. Email:jonbh123@earthlink.net
Credit:
Mill Valley, CA
Senior
corporate officer with financial services credit background. M and A,
fund raising and workout expertise. Email:nywb@aol.com
Credit:
New Jersey, NJ
Credit
Analyst with 10+ years experience in small-ticket lending up to $500,000.
Experience with both vendor-direct and with brokers.
Email:
b.leavy@worldnet.att.net
Credit:
New York, NY
3+
years of leasing credit / contracts experience. Currently in the leasing
industry and moving to NY! Exp. working at both funding source and broker.
Email:
lease4you@mail.com
Credit:
New York, NY.
V.P.
Credit & Collections w/23 years exp.looking for a situation where
I can utilize my varied & extensive knowledge of credit/collections/risk-management
& leasing. Email:rcouzzi@yahoo.com
Credit:
New York, NY Credit officer with banking and leasing background; strong
analytical and communication/PC skills with lending and portfolio management
experience. Email: michaelschaubeck@webtv.net
Credit:
Phoenix, AZ.
Credit/Leasing
Manager- 8 years underwriting. Proven performer,strong negotiator and
sales support. Worked with the best- Randy
Schiell,
Chuck Brazier, Jim Lahti. Contact: Elizabeth Rose (480)510-7434
Email:
ravenfinance@aol.com
Credit:
San Francisco, CA. 10+ years Credit Analyst experience underwriting
for a direct lessor, regional bank and vendor leasing company. Have
CLP and will make decisions ( won't rely on a FICO score for enlightenment.)
Email: pmtorres1@yahoo.com
Credit
Manager:
Westlake, OH
7+
years Credit/Underwriting experience Comp lit. Please email me for copy
of job description at mgallo@comfingrp.com
full post of all job wanted ads at:
http://64.125.68.90/LeasingNews/JobPostings.htm
---------------------------------------------------------------------------------------------------
Economics This Week
Monday
April
26
New House Sales:March
New House Prices: March
Tuesday
April
27
Consumer
Confidence: April
House
Resales: March
April 29
Thursday
G.D.P.1st QUARTER
Weekly Jobless Claims
April 30
Friday
Personal
Income: March
-----------------------------------------------------------------------------------------------
###
Press Release ###########################
ORIX
Financial Services Promotes Fite to Group President, Equipment Finance
Group
Gary
Corr, president and COO of ORIX Financial Services, Inc. (OFS) announced
the promotion of Bill G. Fite to group president of ORIX’s equipment
finance group (EFG).
Corr
states “Bill’s broad background in equipment finance, along with his
proven track record of building motivated, focused teams, is ideally
suited to execute EFG’s strategic initiatives in the future, and achieve
success”. Fite has more than 23 years of experience in the equipment
finance and leasing industry and joined OFS in January 2001 as EVP &
director of sales and marketing for the EFG.
Prior
to joining ORIX, Fite served as senior vice president and senior executive
of the equipment finance and leasing division of ABN AMRO’s Lease Plan
USA unit. He previously held positions at Citizens and Southern National
Bank, and Citicorp Industrial Credit.
ORIX
Financial Services offers an array of financing products through its
four groups: the Equipment Finance Group, the Public Finance Group,
the Business Credit Group, and the Structured Finance Group. The Equipment
Finance Group provides lease and loan financing to middle market companies
on a tax and non tax oriented basis through its direct and vendor sales
teams, with focus within select vertical industries. The Business Credit
Group offers asset and cash flow based loans to companies that need
funds for acquisitions, growth, working capital, capital expenditures,
recapitalization and other unique situations. The Public Finance Group
offers equipment, real estate and project financing for state and local
governments as well as for federal agencies. Lastly, the Structured
Finance Group provides capital equipment financing, “turnkey” financing
and other non-tax operating lease products for businesses serving the
medium-to-large ticket market.
ORIX
Financial Services is an indirect wholly owned operating subsidiary
of ORIX Corporation, a leading diversified financial services organization
with assets in excess of $50 billion. ORIX Corporation is based in Tokyo,
Japan with operations in 23 global markets. ORIX is a publicly traded
company listed on the Tokyo, Osaka, Nagoya and New York Stock Exchanges
(Ticker: IX).
####
Press Release ################################
March
12,2003 Fite Press Release
http://www.comnet.ca/~rina/tide.mid
http://www.geocities.com/Colosseum/Court/1826/sounds/sounds/bookdano.wav
ORIX
FINANCIAL SERVICES, INC.
NAMES
BILL G. FITE
EXECUTIVE
VICE PRESIDENT/ GROUP MANAGER
ATLANTA,
GA, March 12, 2003—ORIX Financial Services, Inc. (OFS) is pleased to
announce that Bill Fite has been named Executive Vice President/Group
Manager, Equipment Finance. In his new role, Fite will lead the Equipment
Finance Group (EFG) in generating quality new business within the construction,
transportation, and general manufacturing and production equipment segments
of the organization. He will also oversee operations and credit management
for EFG.
As
Executive Vice President/ Group Manager for EFG, Fite will report to
Jay Holmes, Chairman and CEO of ORIX Financial Services, Inc. “Bill’s
outstanding performance with OFS provides a strong foundation for his
future success,” says Holmes.
“His proven track record of building motivated,
focused teams is ideally suited to his new position, as he works closely
with all levels of the organization to develop and implement strategic
business initiatives.”
Fite
joined OFS in January 2001 as Executive Vice President/Director of Marketing
and Sales. He brought a wealth of talent and hands-on leadership to
the company, with over 23 years of senior managerial experience in the
equipment finance and leasing industry.
Prior
to joining OFS, Fite worked for ABN AMRO’s Lease Plan USA unit, serving
as Senior Vice President and Senior Executive of the Equipment Finance
and Leasing Division. He has also held various sales and sales management
roles with Citizens and Southern National Bank, Citicorp Industrial
Credit, and Westinghouse Credit Corporation.
(
Readers have sent in information that we could not get confirmation
or denial,
so
at this time we will not print them as they have not been fully confirmed.
It
appears
no “official” at Orix Financial will communicate with Leasing News.
http://www.hamienet.com/267.mid
For more information on the travails of this
company, please go to:.
http://www.leasingnews.org/Conscious-Top%20Stories/Orix.htm
####
Press Release ##########################
------------------------------------------------
-------------------------------------------------------------------------------------------
From
the Archives...April 26,2000—Mike Bennie,Marlin Leasing
Mike Bennie,
Marlin Leasing, sets the record straight: Marlin did not buy the Imperial
Business portfolio. They hired the employees of Imperial's defunct Atlanta
office, establishing a Southeast office for Marlin.
Marlin
has being going direct to vendors for three years. Two years ago they
started to work with brokers.
I should
add, there are many fundors who have a program for vendors and one for
brokers. This is not uncommon in the leasing industry.
Mike adds,
" Brokers should consider high quality, stable companies that have
a strong track record when it comes to supporting the broker community.
In choosing a funding source, choose one that is growing, even when
other sources are pulling out of the broker marketplace. Ask your funding
sources about their commitment to broker business, and get them to prove
it."
---------------------------------------------------------------------------------------------------
###
Press Release ##########################
Marlin
Business Services “Off to Great Start in 2004” Says Prez Dan Dyer
MOUNT
LAUREL, N.J.----Marlin Business Services Corp. (NASDAQ:MRLN) reported net income of $3.2 million, or $0.27
per diluted share, for the quarter ended March 31, 2004 compared with
net income of $275,000 in the same quarter of 2003.
"We are off to a great start in 2004,"
said Dan Dyer, Chairman and CEO of the company. "We again delivered
solid earnings growth and strong asset quality. March set a company
record for one month of lease production at $24.8 million. We also set
a quarterly record for net interest and fee margin of 11.87%. Our market
presence as a leading national provider of small-ticket lease financing
solutions to businesses continues to grow."
Marlin completed its initial public offering
of common stock (IPO) on November 12, 2003. Certain non-recurring expenses
and preferred dividends were recorded in 2003 and in prior periods which
reduced net income attributable to common shareholders. A reconciliation
between net income attributable to common shareholders on a GAAP basis
and pro forma net income for 2003 is provided in a table immediately
following the 2003 Supplemental Quarterly Data included with this release.
These charges ended in conjunction with the November IPO and associated
corporate reorganization and therefore will not affect future reporting
periods beginning in 2004. As a result, we believe the pro forma numbers
for 2003 present a clearer and more comparable basis to review the company's
fundamental financial performance. On a pro forma basis, net income
for the quarter ended March 31, 2003 was $2.0 million.
Highlights for the quarter ended March 31,
2004 include:
-- For
the quarter ended March 31, 2004, net income was $3.2 million, a 54.7% increase over the pro forma
net income of $2.0 million for
the quarter ended March 31, 2003.
-- Diluted
earnings per share were $0.27 per diluted share in the first quarter
of 2004, compared to $0.26 per diluted share for pro forma earnings in the quarter ended March
31, 2003. Growth in EPS was achieved despite the significant growth
in outstanding shares following our November 2003 IPO.
-- Net
interest and fee margin as a percentage of net investment in direct financing leases set a new quarterly
record at 11.87%.
-- Annualized
Returns on average equity and assets were 16.4% and 2.7%, respectively, in the first quarter of
2004.
-- Our
fourth regional sales office opened in Chicago, Illinois.
Asset Origination
-- Based
on initial equipment cost, lease production was $66.1 million in the first quarter of 2004 compared
with $66.6 million in the fourth
quarter of 2003. Lease production in the first quarter of 2003 was $51.0
million. Net investment in leases
grew to $440.4 million at March 31, 2004, an increase of 4.4% in the
quarter.
-- Our
end user customer base grew to more than 69,000 at March 31, 2004 compared with 66,000 as of year-end
2003 and 53,500 at year-end
2002.
Credit Quality
-- Net
charge-offs totaled $2.1 million for the quarter ended March 31, 2004
compared with $1.8 million for fourth quarter of 2003. The provision
for credit losses was $2.3 million for
the first quarter of 2004 and $2.1 million for the fourth quarter of 2003.
-- On
an annualized basis, net charge-offs were 1.98% of net investment in
leases during the first quarter of 2004 compared to 1.82% for the fourth quarter of 2003.
-- As
of March 31, 2004, 0.66% of our total lease portfolio was 60 or more
days delinquent, compared to 0.74% as of December 31, 2003 and 0.64% as of March 31, 2003.
-- Allowance
for credit losses was $5.3 million as of March 31, 2004, an approximate
$300,000 increase from $5.0 million as of December 31, 2003. Allowance
for credit losses as a percentage of net investment in leases was 1.22%
at March 31, 2004 and December
31, 2003.
-- In
conjunction with this release, static pool loss statistics have been
updated as supplemental information on the investor relations section of our website at www.marlincorp.com. Our last
three years of production have been trending favorably year over year
and are tracking well below our expected loss
curve.
Net Interest and Fee Margin and Cost of Funds
-- The
net interest and fee margin was 11.87% for the quarter ended March 31, 2004, an improvement of 116
basis points compared to 10.71%
for the quarter ended December 31, 2003.
-- The
average implicit yield on new business was 13.75% for the quarter ended
March 31, 2004 compared to 13.68% for the quarter ended December 31, 2003.
-- Fee
income as a percentage of average net investment in leases was 3.32%
for the quarter ended March 31, 2004 compared to 3.09% for the quarter ended December 31, 2003. All of the major fee categories trended higher in the
quarter consistent with the
growth in the lease portfolio.
-- The
average cost of funds as a percentage of net investment in leases was 3.74% for the quarter ended March
31, 2004. This was a 107 basis point improvement from the 4.81% for
thequarter ended December 31, 2003. The company retired its 11% subordinated debt in the fourth quarter of 2003 and recognized
a one-time expense of $446,000 pre-tax related to the
recapture of discount associated with the issue. Higher capital
levels following our November 2003 IPO also reduced
borrowing levels as a percentage of net investment in direct financing leases during the first quarter of
2004.
Operating Expenses
-- Salaries
and benefits expense was $3.2 million in the first quarter of 2004 compared
to $2.8 million in the fourth quarter of 2003. Employee headcount increased by 11 to 248 at March 31,
2004 from 237 at December 31, 2003. Our sales team increased from 84 at year end 2003 to 90 at March 31, 2004. Salaries and benefits expense was 3.1%
and 2.8% as an annualized percentage
of average net investment in leases for the first quarter of 2004 and fourth quarter of 2003, respectively.
-- Other
general and administrative expenses were $2.3 million for the first
quarter of 2004, a decrease of $160,000 from $2.5 million for the fourth quarter of 2003. Other general and
administrative expenses as an annualized percentage of average
net investment in leases were 2.18% for the first quarter of
2004, an decrease of 28 basis points from 2.46% for the fourth quarter
of 2003.
Insurance and other Income
-- Insurance
and other income was $1.1 million for the first quarter of 2004, an
increase of 39% from $780,000 for the same period in 2003.
Funding and Liquidity
-- In
March of 2004 we increased the size of one of our two commercial paper
conduit warehouse lines to $100 million from $75 million. The company now has a total of $265 million in warehouse capacity from its bank group and
two commercial per conduits.
In
conjunction with its November 2003 IPO, Marlin's capital structure was
simplified into one class of outstanding common stock. All previously
outstanding warrants and convertible preferred stock were exercised
and converted to common stock. Following the completion of the IPO,
the company had 11,213,610 shares of common stock outstanding. Prior
to the IPO, warrants outstanding were recorded as a liability and periodically
marked to their fair market value with increases in value causing current
period expense. This non-cash expense was $5.7 million for the year
ended 2003. Upon the exercise of the warrants to common stock, the warrant
liability was reclassified to shareholders equity. Similarly, all outstanding
convertible preferred stock converted to common stock at the time of
the IPO. The pro forma adjustments above reflect the exercise of the
warrants and conversion of the preferred stock and the add back of the
expenses and dividends associated with each in the pre-IPO periods.
Pursuant to GAAP, these adjustments are anti-dilutive and, therefore,
not reported in diluted earnings per share calculations.
CONTACT:
Marlin Business Services Corp., Inc., Mount Laurel Bruce Sickel, 888-479-9111
ext. 4108
SOURCE:
Marlin Business Services Corp., Inc.
About
Marlin Business Services Corp.
Marlin Business Services Corp. is a nationwide
provider of equipment leasing solutions primarily to small businesses.
The company's principal operating subsidiary, Marlin Leasing Corporation,
finances over 60 equipment categories in a segment of the market generally
referred to as "small-ticket " leasing (i.e. leasing transactions
less than $250,000). The company was founded in 1997 and completed its
initial public offering of common stock on November 12, 2003. Headquartered
in Mount Laurel, NJ, Marlin has regional offices in or near Atlanta,
Chicago, Denver and Philadelphia. For more information, visit www.marlincorp.com
or call toll free at (888) 479-9111.
###
Press Release ##############################
Drop
in Repos Continued in Q1 2004
However,
Exceptions to the Rule, Recent Pick-Up in Activity, May Signal Changes
in Q2
ROSLYN
HEIGHTS, NY.,-- Repossessions of most types of equipment dropped in
the first quarter of 2004 as they did throughout 2003, according to
Nassau Asset Management’s NasTrac Quarterly Index (NQI).
However, repossessions of wood-working machinery increased during
the same time frame. Ed Castagna,
Nassau’s senior executive vice president, also has noted a recent pick-up
in repo activity that will be interesting to track over the second quarter.
“Our
data shows continued improvements in the overall number of equipment
repossessions from businesses. However,
we have been very busy lately, perhaps due to the uneven economic recovery
of various industries,” Castagna says.
“For example, while repossessions of construction equipment and
trucks are down compared with first quarter 2003, they have increased
significantly in the past few months since fourth quarter 2003.”
Nassau
Asset Management has tracked equipment values for several decades as
a function of its nationwide remarketing operation, which recaptures
and resells all types of assets including construction equipment, printing
presses, machine tools, and buses.
Recognizing the value its historic and current data holds for
the equipment leasing and finance industry, the company in 2003 launched
NQI, which reports on equipment types generating the greatest volume
of liquidations. Nassau clients
can obtain more detailed information as part of the NQI service, including
customized data on specific types of equipment.
Castagna
says NQI gives equipment leasing and finance companies a tool to help
mitigate risk. It provides a
snapshot of recent recovery and sales activity, helping equipment leasing
and finance companies forecast current market conditions so they can
make decisions regarding their portfolios if they are heavy in the types
of assets experiencing the most repossessions as tracked by NQI.
“Nassau’s
NQI also can be used as one of several components to help gauge the
economic health of individual industry sectors,” Castagna adds. “Viewed over time, NQI’s quarterly data on
repossessions can be compared with data from the previous year to help
identify which industry sectors may be experiencing financial downturns,
upturns, or cyclical changes.”
Top
Repossessions in Q1 2004
The
current NQI reports on construction equipment, trucks/trailers, medical
devices, machine tools, and wood-working equipment. These were the top
five repossessed capital assets in the first quarter (Q1) of 2004, according
to Nassau’s internal records on liquidations.
Castagna
says the Q1 data, when compared with the same quarter a year ago, shows
there was a 27 percent decrease in repossessions of construction equipment,
and a 61 percent drop in repossessions of trucks and trailers. Repossessions
of medical devices and machine tools plummeted 43 percent and 53 percent,
respectively. However, the wood-working sector suffered in Q1 2004. Repossessions of woodworking equipment increased by 18 percent compared
with the same quarter last year.
Readers
should keep in mind that the assets NQI covers may change from quarter
to quarter since Nassau plans to feature only the largest asset groups
in its multimillion dollar portfolio. Additionally, results must be
viewed over several quarters to establish reliable trends since all
industries experience cyclical changes.
To
view NQI charts on repossessions as they are available, please visit
the Web sites of equipment leasing and finance industry trade journals
or contact Nassau.
About
Nassau
Nassau
Asset Management of Roslyn Heights, NY, has been providing full-service
asset management, including asset recovery, collections, remarketing,
full plant liquidations, and appraisals for more than 25 years to the
equipment leasing and finance industry. For more information, please
visit www.nasset.com or call 1-800-4.NASSAU.
Media Contacts:
Edward
Castagna
Nassau
Asset Management
Senior
Executive Vice President
1-800.4.NASSAU,
ext. 301
ecast@nasset.com
Carla Young Harrington
PR
Agent for Nassau
540-899-3913
###
Press Release #################################
Pacific
Capital Bancorp Reports 18% Increase in First Quarter Earnings Per Share
SANTA
BARBARA, Calif.--(BUSINESS WIRE)--04/23/2004--Pacific Capital Bancorp
(Nasdaq:PCBC):
Highlights
-- Earnings
per share of $1.24, up 18% over Q1 2003 EPS
-- 18%
reduction in non-performing loans
-- Trust
fees increase 15%
-- Completed
acquisition of Pacific Crest Capital, Inc.
Pacific Capital Bancorp (Nasdaq:PCBC), a community
bank holding company with $5.6 billion in assets, today announced financial
results for the first quarter ended March 31, 2004.
Net income for the first quarter was $42.6
million, a 17% increase from $36.4 million in net income reported for
the first quarter of 2003. Earnings per share for the first quarter
of 2004 were $1.24, an 18% increase from earnings per share of $1.05
reported for the first quarter 2003. The acquisition of Pacific Crest
Capital, Inc. (PCCI) in March contributed between one and two cents
per diluted share in the first quarter of 2004.
Pacific Capital Bancorp's return on average
equity (ROE) and return on average assets (ROA) for the first quarter
of 2004 were 42.15% and 3.09%, respectively, compared to 39.25% and
3.13%, respectively, for the first quarter of 2003. Exclusive of the
impact of the Refund Anticipation Loan (RAL) and Refund Transfer (RT)
programs in both periods, ROE and ROA for the first quarter of 2004
were 18.39% and 1.54%, respectively, compared to 13.73% and 1.19%, respectively,
for the first quarter of 2003.
"In the first quarter, we saw a continuation
of many of the positive trends that we experienced at the end of 2003,"
said William S. Thomas, Jr., President and Chief Executive Officer of
Pacific Capital Bancorp. "The economic conditions in our markets
continue to improve, and the diversity of our lending and fee-generating
businesses provides us with numerous vehicles for capitalizing on the
economic growth we are seeing. Our performance reflects a steady stream
of quality lending opportunities, further improvement in credit quality,
strong demand for our new checking products, and a solid contribution
from our Trust Division.
"These positive trends, as well as the
accretive impact of our acquisition of PCCI, drove strong year-over-year
growth in earnings, and compensated for a slightly lower contribution
than we expected from the RAL and RT programs," said Thomas.
RAL/RT Programs
The Company's RAL and RT programs generated
$41.4 million in pre-tax income during the first quarter of 2004, up
from $40.9 million during the same period in 2003. Total volume for
these programs was 4.6 million transactions, a 12% increase over the
4.1 million transactions processed in the first quarter of the prior
year. RTs accounted for 69% of the transactions, and RALs comprised
the remaining 31% in the first quarter of 2004, which compares to a
mix of 64% RTs and 36% RALs in 2003.
Pre-tax income for the 2004 RAL/RT programs
increased over the prior season, but was less than anticipated due to
a lower rate of growth in the number of overall transactions, a shift
in product mix towards the lower margin RT product, and a lower pricing
structure put in place with the Company's major partners as part of
new, multi-year contracts. The Company expects that pricing on the RAL
and RT products will remain relatively stable in the next few years
due to these contracts.
As it has in previous years, the Company sold
a portion of its 2004 RALs through a securitization and recorded a gain
on sale of $2.9 million, compared to a gain on sale of $8.0 million
in 2003. The pre-tax income figures reported for the RAL/RT programs
in each year include the gain on sale. The Company was able to make
greater use of other, less expensive sources of funding for the RAL
program in 2004, which resulted in a smaller securitization this year
and more RAL income being recognized as interest income.
Throughout this press release, the Company
has presented certain amounts and ratios that are computed both with
and without the impact of the Company's RAL and RT programs. The Company's
management utilizes the non-RAL/RT information in the evaluation of
its core banking operations and believes that the investment community
also finds this information valuable. The information that excludes
balances and results of the RAL/RT programs is reconciled to the consolidated
information prepared in accordance with Generally Accepted Accounting
Principles in several tables at the end of this release.
During the first quarter, total interest income
was $100.8 million, compared with $89.2 million in the same quarter
of 2003. Exclusive of the impact of the RAL program, total interest
income was $65.7 million in the first quarter of 2004, compared with
$59.2 million in the same period of the previous year. The increase
in total interest income is primarily attributable to increased securities
holdings and higher loan balances, which is partially offset by a lower
yield on earning assets.
Total interest expense for the first quarter
of 2004 was $14.9 million, compared with $14.2 million for the first
quarter of 2003. Approximately $735,000 of total interest expense in
the first quarter of 2004 was attributable to the funding used for the
RAL program, compared with $752,000 in the previous year. Excluding
the interest expense related to the funding for the RAL program in each
period, the increase in total interest expense was primarily attributable
to the higher borrowings incurred to support the purchase of securities
in connection with the Company's leveraging strategy, as discussed in
earnings releases for prior quarters.
Net interest margin for the first quarter
of 2004 was 6.77%, which compares with 7.03% in the first quarter of
2003. Exclusive of RALs in both periods, net interest margin in the
first quarter of 2004 was 4.63%, which compares with 4.86% in the first
quarter of 2003. This also compares with a net interest margin of 4.53%
in the fourth quarter of 2003.
Non-interest revenue was $36.6 million, compared
with $38.9 million in the first quarter of 2003. Excluding all RAL and
RT-related revenues in both years, non-interest revenue increased 7.4%
to $13.0 million in the first quarter of 2004, from $12.1 million in
the same period of the prior year.
Non-interest revenue included the following
items:
Service charges on deposit accounts increased
during the first quarter of 2004 to $4.0 million, up 8.4% over the first
quarter of 2003.
Fees generated by the Company's Trust &
Investment Services Division in first quarter 2004 were $4.1 million,
a 15% increase from $3.5 million in the first quarter of 2003. This
increase is primarily due to a 15% increase in assets under administration
in the Trust & Investment Services Division over the first quarter
of 2003, resulting from a combination of net account growth and favorable
conditions in the equity markets.
Income from other service charges, commissions
and fees (excluding all RAL and RT-related non-interest revenue) for
the quarter ended March 31, 2004, was $5.8 million, compared with $5.5
million recorded in the same period for the previous year.
The Company's operating efficiency ratio for
the first quarter of 2004 was 37.95%, compared with 38.49% in the same
period last year. Excluding the impact of the RAL/RT programs in these
periods, the Company's operating efficiency ratio for the first quarter
of 2004 was 59.73%, compared with 61.40% in the same period last year
and 62.85% in the fourth quarter of 2003. Increases in salaries and
benefits for the quarter reflect annual merit salary adjustments in
March as well as the addition of PCCI's payroll.
Balance Sheet
Total gross loans were $3.69 billion at March
31, 2004, compared to $3.18 billion at December 31, 2003. Total loans
increased 22% from $3.02 billion at March 31, 2003. Approximately $418
million of the increase in total loans during the first quarter of 2004
is attributable to the acquisition of PCCI.
"The diversity of our lending activities
is allowing us to capitalize on rising demand in a variety of areas,"
said Thomas. "During the quarter, we saw particularly strong growth
in our small business, home equity, and commercial equipment leasing
segments."
Total deposits were $4.29 billion at March
31, 2004, compared to $3.85 billion at December 31, 2003. Total deposits
at March 31, 2004, included $90 million in short-term CDs added to fund
the 2004 RAL/RT programs. Excluding RAL-related deposits in both periods,
total deposits at March 31, 2004, increased 18%, from $3.55 billion
at March 31, 2003. Demand deposits, including NOW and MMDA, increased
15% over the previous year. Approximately $282 million of the increase
in total deposits during the first quarter of 2004 is attributable to
the acquisition of PCCI. In the first quarter, the Company added 6,000
new deposit accounts representing $62 million through the High Performance
Checking account line of products introduced in October 2003.
Asset Quality and Capital Ratios
During the first quarter of 2004, the Company
recorded a negative provision for credit losses of approximately $1.4
million for loans other than RALs. A provision of $9.0 million was recorded
for RALs in the quarter.
At March 31, 2004, the allowance for credit
losses, excluding RALs, was $51.6 million, or 1.42% of total loans,
compared to $49.6 million, or 1.56% of total loans, at December 31,
2003. This compares with the industry average of 1.65% of total loans
for the Company's peer group. All peer group comparisons are based on
data provided as of December 31, 2003.
Total non-performing loans (excluding RALs)
decreased $7.9 million, or 18%, to $35.3 million at March 31, 2004,
from $43.2 million at December 31, 2003. Total non-performing loans
represented 0.97% of total loans at March 31, 2004, down from 1.36%
at December 31, 2003, and 2.06% at March 31, 2003. This compares with
the industry average of 0.95% of total loans for the Company's peer
group. Approximately $286,000 of total non-performing loans at March
31, 2004, was attributable to the addition of PCCI's loan portfolio.
The Company's ratio of allowance to non-performing
loans was 146% at March 31, 2004, compared to 115% at December 31, 2003,
and to the peer group average of 173%.
"As economic conditions improve in our
markets, we continue to see a reduction in problem loans," said
Thomas. "We are moving forward with a satisfactory resolution on
one of our larger non-performing relationships. During the first quarter,
the borrower provided us with real estate to satisfy one of the loans
in this relationship, eliminating the need for the allowance we had
previously allocated to this loan. This resulted in the negative provision
for non-RAL loans in the quarter. The outstanding balance of this loan
still shows as non-performing at the end of first quarter. In April,
we took possession of this real estate in the amount of $2.9 million,
which we plan to dispose of in a timely manner. If that does not happen
in the second quarter, the balance will appear as OREO in our second
quarter financial statements."
Total non-performing assets at the end of
the first quarter of 2004 represented 0.67% of total assets (excluding
RALs), a decrease from 0.89% of total assets at the end of the prior
quarter. This compares with the Company's peer group average of 0.65%
of total assets.
Net charge-offs (excluding RALs) were $2.7
million for the three months ended March 31, 2004, compared with $5.8
million for the three months ended December 31, 2003. There were no
charge-offs attributable to PCCI.
Annualized net charge-offs to total average
loans (both excluding RALs) were 0.33% for the three months ended March
31, 2004, compared with 0.74% for the three months ended December 31,
2003. This compares with the Company's peer group average of 0.70%.
The Company's capital ratios continue to be
above the well-capitalized guidelines established by bank regulatory
agencies.
CONTACT:Pacific
Capital Bancorp Deborah Whiteley, 805-884-6680 whiteley@pcbancorp.com
SOURCE:
Pacific Capital Bancorp
###
Press Release ################################
Capital
Data, Inc. has added five new employees to their growing staff and anticipates
record revenues in 2004:
John
Steindorf joined the Capital Data Management Team as the Executive Vice
President of Finance and Leasing. Mr.
Steindorf brings over 22 years of financial and IT related expertise
to Capital Data. Prior to joining
Capital Data, Mr. Steindorf was a founding partner of Allegiant Partners
Inc. where he was responsible for marketing and syndications.
Gary
Zarko became a Senior Account Manager of Capital Data’s Sales Team.
Mr. Zarko brings 20 years of experience in the Technology Industry. He will be primarily responsible for the development
and management of existing and new accounts in Southwestern Wisconsin,
Northern Illinois and Iowa.
Tim
Tarpey has been added to Capital Data’s Sales Team as an Account Manager. Mr. Tarpey has over nine years experience in
the Technology Industry and will be responsible for developing and managing
new accounts primarily in the metropolitan Milwaukee area.
Bridgid
Roark was hired to the Administrative Staff of Capital Data to support
the significant growth in the sales force of Capital Data. Ms. Roark has spent the last eight years with
the School District of Elmbrook as an Instructional Technology Integration
Specialist.
Joe
Hildebrand is the latest addition to the Professional Services Team
as a Senior Systems Engineer. Mr.
Hildebrand will be responsible for management and development of Storage
platforms and Professional Services.
Mr. Hildebrand brings Capital Data over 18 years as an IT professional,
including technical support, engineering pre-sales and managerial positions.
Started in 1989, Capital Data, Inc. is a computer sales and leasing company that offers a wide variety of services to meet the highest level of customer satisfaction.
Capital
Data has been Listed in Inc. Magazines’ 500 Fastest Growing Small Businesses
and was distinguished by the Milwaukee Area Chamber of Commerce as a
Future 50 Company. Capital Data is headquartered in the Historic Third Ward of Milwaukee,
Wisconsin.
####
Press Release ##########################
-------------------------------------------------------------------------------------------------
http://www.hamienet.com/cat1011.html
This Day in American History
1785-birthday of John James Audubon,
American artist and naturalist, best known for his Birds of America,
born at Haiti. Died Jan 27, 1851, at New York, NY. http://www.haleysteele.com/jjaudubon/index.cfm
1798-birthday of Jim Beckwourth, black American
mountain man, born at Virginia and died in 1867(?) at Denver, Colorado
Territory. Marrying a series of Indian women, Beckwourth lived with
the Crow Indians for about six years. He went further west, establishing
a route through the Sierras to the newly discovered gold fields of California,
where he was immortalized by journalist Thomas Bonner. He later served
as a guide and interpreter for US troops in the Cheyenne War of 1864.
He died mysteriously during a return visit to the Crow. http://www.beckwourth.org/
1819-one of the most popular “groups”
started as Washington Lodge 1, Odd Fellows Lodge, in Baltimore, MD. It was organized by Thomas Wildey and acted
under a charter obtained from the Duke of York Lodge of England. In
1821, Wildey organized the Grand Lodge of Maryland, of which he became
grand master, and the Grand Lodge of the United States, of which, he
became grand sire. At the time of his death in 1861, there were more
than 200,000 members of the Independent Order of Odd Fellows in 42 states.
http://memory.loc.gov/ammem/today/apr26.html
1882-Jessie Redmon Fauset, the birthday
of this important African-American poet, editor and novelist, born at
Fredericksville, NJ, who died in 1961 Fauset, as literary editor of Crisis (a publication of the NAACP),
she was a patron to so many writers of the Harlem Renaissance that her
efforts prompted Langston Hughes to dub her the ‘midwife of the so-called
New Negro Literature.” Along with WEB. Du Bois, Fauset also published
and edited the children’s magazine The Brownie Book. Her novels about
the African-American middle-class experience dealt with issues of identity,
autonomy and struggles for fulfillment. Her most recognized works include
The Chinaberry Tree (1931) and Comedy, American Style (1933). http://voices.cla.umn.edu/authors/JessieFauset.html
http://www.nku.edu/~diesmanj/fauset.html
1895—birthday of pianist Charles
“Cow Cow” Davenport, Anniston, AL http://www.redhotjazz.com/cowcow.html
1886-blues singer Ma Rainey ( Gertrude
Pridgett) born Columbus, GA. During her heyday in the 1920's, she was
billed as the "Mother of the Blues" and served as a model
for the more famous Bessie Smith. The best known of her 90-odd recordings
is "See See Rider Blues" made in 1925 with Louis Armstrong
on cornet. The song has been revived countless times by blues, jazz
and rock musicians. Ma Rainey died in 1939 at the age of 53. Her life
inspired the 1985 Broadway musical "Ma Rainey's Black Bottom."
http://www.lambda.net/~maximum/rainey.html
http://www.blueflamecafe.com/index.html
http://www.redhotjazz.com/Rainey.html
1893-birthday of Anita Loos, American
author and playwright, born at Sisson, CA. She is best remembered for
her book Gentlemen Prefer Blondes, published in 1925. Loos, a
brunette, died at New York, NY, Aug 18, 1981. http://women.eb.com/women/articles/Loos_Anita.html
http://www.catharton.com/authors/230.htm
1908-drummer Dave Tough born Oak
Park, IL. http://www.angelfire.com/mac/keepitlive/drummers/Tough/tough.htm
http://www.drummerworld.com/drummers/Dave%20Tough.html
1921- flutist Jimmy Giuffre Birthday
http://users.bestweb.net/~msnyder/clarinet/giuffre.htm
http://www.allaboutjazz.com/REVIEWS/R1299_27.HTM
http://www.mosaicrecords.com/DisplaySelectionDetail.asp?SelectionId=31
http://www.retards.org/jazz/giuffre/ ( listen to the “Train and the River”
1921-birthday of pianist Dave “Fat
Man” Williams, New Orleans, LA
http://www.amazon.com/exec/obidos/tg/stores/artist/glance/-
/50054/ref=m_art_dp/103-6620160-9563023
1921-birthdayof alto saxophonist
Preston Love, Omaha, NE. http://www.nebrocks.org/preston.htm
1922—birthday of pianist Dorothy
Donegan, Chicago, IL http://www.iaje.org/bio.asp?ArtistID=29
http://www.jazzhouse.org/library/index.php3?read=dobie4
http://www.jazzhall.org/jazz.cgi?@DONEGAND
http://elvispelvis.com/ddonegan.htm
1924-birthday of tenor saxophonist
Teddy Edwards, Jackson, MS http://www.jevivent.com/teddyE.html
http://home.earthlink.net/~tededge/
http://www.batnet.com/portrayals/teddy.html
1931 - NBC radio presented "Lum
and Abner" for the first time. The popular program continued for
24 years on the air, not all of them on NBC. In fact, all four networks
(CBS, ABC, Mutual and NBC) carried the program for a period of time.
"Lum and Abner" hailed from the fictitious town of Pine Ridge.
Fictitious, that is, before 1936, when Waters, Arkansas, changed its
name to Pine Ridge
1932 - The Texaco fire chief, Ed
Wynn, was heard on radio’s "Texaco Star Theater" for the first
time. Wynn, a popular vaudeville performer, demanded a live audience
to react to his humor if he was to make the switch to radio. The network
consented and Wynn became radio’s first true superstar. He would later
make the switch to TV.
http://www.shokus.com/wynn.html
1938-birthday of singer/guitarist
Duane Eddy, Chicago, IL. Scores of young musicians took up the guitar
after hearing his distinctive "twangy" sound, which came from
playing the melody on the bass string of his instrument. Beginning in
1958, he had 25 hits on the Billboard Hot 100 chart. Among the most
popular were "Rebel Rouser," "Because They're Young"
and "Dance With the Guitar Man," all three of which sold more
than a million copies. Duane Eddy had not had a record on the charts
in North America since 1964, but in 1986 he returned as a guest artist
on the Art of Noise's Grammy-Award-winning hit, "Peter Gunn."
Eddy had first recorded, and had a hit with the TV theme, in 1960. His
sound influenced countless rock guitarists, and opened the door to the
electric guitar-dominated bands of the '60s and '70s
http://www.history-of-rock.com/duane_eddy.htm
http://members.tripod.com/~Tony50/deddy-1.html
http://rcs.law.emory.edu/rcs/artists/e/eddy1000.htm
1941-the Chicago Cubs became the first major league team
to install an organ in their ballpark. Roy Nelson played a pre-game
program.
1942-birthdayof singer Bobby Rydell,
Philadelphia, PA. (real name is Robert Lewis Ridarelli), . At the age
of eight he won an amateur contest run by bandleader Paul Whiteman,
and it was Whiteman who gave him his stage name. He was just 17 when
he had his first of two dozen chart records, "Kissin' Time,"
in 1959. Rydell's other hits included "Wild One" and "Volare."
He starred in the movie "Bye Bye Birdie" in 1963.
1944-Montgomery Ward Chairman Sewell
Avery was physically removed from his office when federal troops seized
Ward's Chicago offices after the company refused to obey President Franklin
D. Roosevelt's order to recognize a CIO union. Government control ended
May 9, shortly before the National Labor Relations Board announced the
United Mail Order Warehouse and Retail Employees Union had won an election
to represent the company's workers.
1956---Top Hits
Heartbreak Hotel/I Was the One - Elvis Presley
The Poor People of Paris - Les Baxter
Ivory Tower - Cathy Carr
Blue Suede Shoes - Carl Perkins
1961-Roger Maris of the New York
Yankees hit his first home run of the season against Paul Foytrack of
the Detroit Tigers. Maris went onto hit 60more homers, breaking Babe
Ruth’s record for the most home runs in a season.
http://www.ndrogermaris.com/
1962-Ranger IV impacted the moon
at 5,963 miles per hour. It
was launched on April23fromthe Atlantic Missile Range, Cape Canaveral
and traveled an estimated 229,541 miles.
http://www.friends-partners.org/mwade/craft/raner345.htm
1964---Top Hits
Can’t Buy Me Love - The Beatles
Twist and Shout - The Beatles
Do You Want to Know a Secret - The Beatles
Understand Your Man - Johnny Cash
1965-in the third round of the NBA
draft, the New York Knicks selected Dick Van Arsdale. With the next
pick, the Detroit Pistons drafted Dick’s twin brother, Tom. Both went
on to distinguished careers.
1972---Top Hits
The First Time Ever I Saw Your Face - Roberta Flack
Rockin’ Robin - Michael Jackson
I Gotcha - Joe Tex
Chantilly Lace - Jerry Lee Lewis
1980---Top Hits
Call Me - Blondie
Ride like the Wind - Christopher Cross
With You I’m Born Again - Billy Preston & Syreeta
A Lesson in Leavin’ - Dottie West
1987 - Tennis star Chris Evert won
her 150th career tennis tournament. She beat Martina Navratilova in
Houston, Texas.
1984-the great Count Bill Basie passes away
at the age of 79, Hollywood, FL. I
took my three kids to his last concert at the Circle Star in San Carlos,
California. After leaving the
revolving bandstand in his electric “cart,” I introduced the three of
them to one of my favorite jazz musicians.
I hope they never forget the moment, as I have not. Kit Menkin
http://www.nw-cybermall.com/jazzworld/c-basie.htm
http://www.pbs.org/jazz/biography/artist_id_basie_count.htm
http://www.nytimes.com/learning/general/onthisday/bday/0821.html
http://www.theatlantic.com/unbound/jazz/dbasie.htm
1988---Top Hits
Where Do Broken Hearts Go - Whitney Houston
Devil Inside - INXS
Wishing Well - Terence Trent D’Arby
I’ll Always Come Back - K.T. Oslin
1988-“China Beach” premiered on TV.
The stories revolved around the lives of the women serving at a Da Nang
armed forces hospital during the Vietnam War. The theme and background
music of the series evoked plenty of nostalgia from the turbulent era.
The ABC drama was created by William Boyles, Jr, and John Sacret Young.
The cast featured Dana Delany, Michael Boatman, Nancy Giles, Jeff Kober,
Robert Picardo, Concetta Tomei, Brian Wimmer, Marg Helgenberger, Chloe
Webb, Nan Woods, Megan Gallagher, Ned Vaughn and Ricki Lake.
1988-the Boston Bruins snapped a
string of 18 straight Stanley Cup playoff series losses to the Montreal
Canadiens, dating back to 1943, by ousting the Habs, four games to one.
Boston used two goals each from Cam Neely and Steve Kasper and strong
goaltending from Rejean Lemelin to defeat Montreal,4-1.
2000- The St. Louis Cardinals set a major league record by hitting 50
home runs in April. Homers by pitcher Rick Ankiel, Jim Edmonds and Fernando
Tatis in the 7-0 victory over the Brewers help to break the mark established
by the 1997 Indians with 49.
2001- Hideo Nomo just misses becoming the fifth pitcher since 1900 to
hurl two no-hitters in a single season as former Gold Glove right fielder
Darren Lewis just misses catching Torii Hunter's blooper in the top
of the seventh inning. The hit, which many consider a questionable call
by the scorer, is the only hit given up by the Red Sox right-hander
in the 2-0 victory over the Twins.
2001 -After 2 1/2-years
in the post, Kevin Malone resigns as the general manager of the Dodgers.
Despite having the league's largest payroll, Los Angeles has failed
to make the playoffs during his tenure.
NBA Finals Champions This Date
1964
Boston Celtics
Baseball Poem
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