PACW » Topics » Noninterest expense includes the following noncash items for the periods indicated:

This excerpt taken from the PACW 8-K filed Jan 26, 2006.

Noninterest expense includes the following noncash items for the periods indicated:

 

 

 

Fourth
Quarter 2005

 

Fourth
Quarter 2004

 

Fiscal 2005

 

Fiscal 2004

 

Intangible asset amortization

 

$

1,066,000

 

$

837,000

 

$

3,607,000

 

$

3,253,000

 

Restricted and performance stock amortization

 

1,245,000

 

3,109,000

 

4,308,000

 

7,518,000

 

Total

 

$

2,311,000

 

$

3,946,000

 

$

7,915,000

 

$

10,771,000

 

 

6



 

On January 3, 2006, the Company’s Compensation, Nomination and Governance Committee, or CNG Committee, of the Board of Directors awarded 285,000 shares of performance stock.  Such performance stock will vest in full on the earlier of the date on which the CNG Committee certifies that First Community achieved the financial performance target tied to the performance stock grant, there occurs a change in control of the Company, or the death of the grantee occurs.  Amortization expense for all restricted and performance stock awards is estimated to be $6.6 million for 2006.  Intangible asset amortization is estimated to be $4.2 million for 2006, excluding any effect from the Cedars acquisition and announced Foothill acquisition.  These estimates are, however, subject to change.

 

On January 1, 2006, we adopted Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment.  Given that all of our outstanding stock options have already vested, the impact of adopting the new standard is not expected to have a material impact on our results of operations.

 

This excerpt taken from the PACW 8-K filed Oct 20, 2005.

Noninterest expense includes the following noncash items for the periods indicated:

 

 

 

Third Quarter
2005

 

Third Quarter
2004

 

Nine Months
Ended
September 30, 2005

 

Nine Months
Ended
September 30, 2004

 

Intangible asset amortization

 

$

915,000

 

$

899,000

 

$

2,541,000

 

$

2,416,000

 

Restricted and performance stock amortization

 

1,149,000

 

2,494,000

 

2,793,000

 

4,409,000

 

Total

 

$

2,064,000

 

$

3,393,000

 

$

5,334,000

 

$

6,825,000

 

 

Intangible asset amortization is estimated to be $3.6 million for 2005, excluding any effect from the Pacific Liberty Bank acquisition.  Restricted and performance stock award amortization is estimated to be $4.0 million for 2005.  These estimates are, however, subject to change.

 

This excerpt taken from the PACW 8-K filed Jul 19, 2005.

Noninterest expense includes the following noncash items for the periods indicated:

 

 

 

Second Quarter
2005

 

Second Quarter
2004

 

Six Months
Ended
June 30, 2005

 

Six Months
Ended
June 30, 2004

 

Intangible asset amortization

 

$

813,000

 

$

826,000

 

$

1,626,000

 

$

1,517,000

 

Restricted and performance stock amortization

 

646,000

 

1,300,000

 

1,644,000

 

1,915,000

 

Total

 

$

1,459,000

 

$

2,126,000

 

$

3,270,000

 

$

3,432,000

 

 

Intangible asset amortization is estimated to be $3.3 million for 2005, excluding any effect from the announced First American Bank and Pacific Liberty Bank acquisitions.  Restricted and performance stock award amortization is estimated to be $4.0 million for 2005.  These estimates are, however, subject to change.

 

This excerpt taken from the PACW 8-K filed Apr 14, 2005.

Noninterest expense includes the following noncash items for the periods indicated:

 

 

 

First Quarter
2005

 

First Quarter
2004

 

Fourth Quarter
2004

 

Intangible asset amortization

 

$

813,000

 

$

691,000

 

$

837,000

 

Restricted and performance stock amortization

 

997,000

 

654,000

 

3,109,000

 

Total

 

$

1,810,000

 

$

1,345,000

 

$

3,946,000

 

 

For 2005, intangible asset amortization is estimated to be $3.3 million.  Restricted and performance stock award amortization is estimated to be $4.5 million for 2005.  These estimates are, however, subject to change.

 

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