WashingtonFirst Bankshares, Inc. Reports 28% Increase in Earnings for the First Nine Months of 2015
RESTON, Va.--(BUSINESS WIRE)--Today WashingtonFirst Bankshares, Inc. (NASDAQ: WFBI) (the "Company"), the parent company of WashingtonFirst Bank (the "Bank"), announced its consolidated earnings for the third quarter ended September30, 2015. For the three months ended September30, 2015, the Company reported unaudited consolidated net income available to common shareholders of $3.1million compared to $2.8million for the three months ended September30, 2014. For the nine months ended September30, 2015, the Company earned net income of $8.6million compared to $6.7million for the nine months ended September30, 2014, an increase of 28 percent. The growth in earnings is primarily the result of continued organic growth and the impact of the acquisition of 1st Portfolio Holding Corporation in July 2015. The Company incurred pre-tax merger expenses of $0.6million in connection with the acquisition, which impacted earnings.
Shaza Andersen, President & CEO of the Company, said, "Overall, this was our best quarter ever. We grew our loan portfolio by $75.9million. We successfully closed the acquisition of 1st Portfolio, with its mortgage and wealth management businesses. Although quarterly results include only two months' of 1st Portfolio's performance, the businesses are exceeding our earnings expectations. Asset quality remains strong, with non-performing assets to total assets dropping to 0.78 percent at September 30, 2015, from 0.84 percent at December 31, 2014. We continue to share our success with the Company's stockholders by declaring our 8th consecutive quarterly cash dividend of $0.05 per share. Throughout all of this activity, we have continued to grow our presence and our relationships in the community. Additionally, we are very excited about our two new branches expected to open in the first quarter of next year - Old Town Alexandria and Potomac."
For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Performance Ratios:
Return on average assets (1) 0.83 % 0.87 % 0.81 % 0.74 % Return on average shareholders' equity (1) 8.41 % 9.93 % 8.31 % 8.20 % Return on average common equity (1) 9.57 % 11.35 % 8.85 % 9.49 % Yield on average interest-earning assets (1) 4.37 % 4.48 % 4.35 % 4.42 % Rate on average interest-earning liabilities (1) 0.87 % 0.84 % 0.87 % 0.82 % Net interest spread (1) 3.50 % 3.64 % 3.48 % 3.60 % Net interest margin (1) 3.76 % 3.88 % 3.74 % 3.84 % Efficiency ratio 65.73 % 64.93 % 63.29 % 67.04 % Per Share Data:
Basic earnings per common share (2) $ 0.31 $ 0.34 $ 0.88 $ 0.83 Fully diluted earnings per common share (2) $ 0.31 $ 0.33 $ 0.87 $ 0.81 Weighted average basic shares outstanding (2) 10,218,290 8,118,122 9,797,340 8,085,517 Weighted average diluted shares outstanding (2) 10,406,760 8,346,793 9,970,041 8,310,592 (1) Annualized. (2) Retroactively adjusted for the nine months ended September 30, 2014 to reflect the effect of all stock dividends.
Balance Sheet and Capital
As of September30, 2015, the Company reported total assets of $1.6billion, compared to $1.3billion as of December31, 2014. Total loans held for investment, net of allowance, increased $188.9million from $1.1billion as of December31, 2014 to $1.2billion as of September30, 2015. Over that same period, total deposits increased $223.9million.
Total shareholders equity increased $20.1 million from $134.5million to $154.6million. Several factors contributed to this increase. The Company issued $15.6 million worth of common stock in connection with the acquisition of 1st Portfolio Holding Corporation. Retained earnings added $8.7million, and the exercise of stock options generated $0.3million. These increases were partially offset by the Company's redemption of $4.4million of its outstanding SBLF preferred stock in the first quarter and the payment of $1.5million in cash dividends during the first nine months of 2015.
The capital ratios below for September 30, 2015 have been modified in accordance with Basel III guidelines, which - in addition to the SBLF preferred stock redemption described above - contributed to the overall decrease in risk-based capital ratios. The Company remains "well-capitalized" under the new guidelines. The Company has elected to opt out of including other comprehensive income (loss) in the calculation of regulatory capital under the new Basel III guidelines.
September 30, 2015 December 31, 2014 Capital Ratios:
Total risk-based capital ratio 11.76 % 13.20 % Tier 1 risk-based capital ratio 10.73 % 12.14 % Common Equity Tier 1 risk-based capital ratio 9.66 % n/a Tier 1 leverage ratio 9.66 % 10.23 % Tangible common equity to tangible assets 8.34 % 8.60 % Per Share Capital Data:
Book value per common share $ 13.85 $ 12.67 Tangible book value per common share $ 12.57 $ 11.95 Common shares outstanding 10,518,601 9,565,637
The Company reported a total of $12.5million in non-performing assets as of September30, 2015, compared to $11.2million as of December31, 2014. The $1.3million increase is attributable to one real estate loan that became non-accrual during the quarter. As a percentage of total assets, however, non-performing assets have declined from 0.84 percent as of December31, 2014 to 0.78 percent as of September30, 2015. The Company reported net recoveries of $22,000 for the three months ended September 30, 2015, and net charge-offs of $0.2million for the nine months ended September 30, 2015, compared to net charge-offs of $0.3million and $1.8million for the three and nine months ended September 30, 2014, respectively.
September 30, 2015 December 31, 2014 (dollars in thousands) Non-accrual loans $ 8,379 $ 8,694 90+ days still accruing 73 Trouble debt restructurings still accruing 3,959 2,151 Other real estate owned 109 361 Total non-performing assets $ 12,520 $ 11,206 Allowance for loan losses to loans held for investment 0.92 % 0.87 % Non-GAAP adjusted allowance for loan losses to loans held for investment 1.31 % 1.46 % Allowance for loan losses to non-accrual loans 138.12 % 106.48 % Allowance for loan losses to non-performing assets 92.44 % 82.61 % Non-performing assets to total assets 0.78 % 0.84 %
In connection with the acquisition of Alliance Bankshares Corporation in December 2012 and the Millennium Transaction in March 2014, the Company recorded acquired loans at fair market value which consisted of pricing and credit marks. The credit marks are negative purchase marks which are comparable to an allowance for loan losses. Therefore, the non-GAAP adjusted allowance for loan losses to non-GAAP adjusted total loans held for investment, which considers these marks similar to allowance for loan losses, was 1.31 percent as of September30, 2015 compared to 1.46 percent as of December31, 2014. Below is a reconciliation of the allowance for loan losses and related ratios to the non-GAAP adjusted allowance for loan losses and related ratios as of September30, 2015 and December31, 2014:
Reconciliation of GAAP http://money.cnn.com/real_estate/ Allowance Ratio to Non-GAAP Allowance Ratio September 30, 2015 December 31, 2014 (dollars in thousands) GAAP allowance for loan losses $ 11,573 $ 9,257 GAAP loans held for investment, at amortized cost 1,256,114 1,065,058 GAAP allowance for loan losses to total loans 0.92 % 0.87 % GAAP allowance for loan losses $ 11,573 $ 9,257 Plus: Credit purchase accounting marks 4,965 6,336 Non-GAAP adjusted allowance for loan losses $ 16,538 $ 15,593 GAAP loans held for investment, at amortized cost $ 1,256,114 $ 1,065,058 Plus: Credit purchase accounting marks 4,965 6,336 Non-GAAP loans held for investment, at amortized cost $ 1,261,079 $ 1,071,394 Non-GAAP adjusted allowance for loan losses to total loans 1.31 % 1.46 %
About The Company
WashingtonFirst Bankshares, Inc., headquartered in Reston, Virginia, is the holding company for WashingtonFirst Bank, which operates 17 full-service banking offices throughout the Washington, DC, metropolitan area. In addition, the Company provides wealth management services through its subsidiary, 1st Portfolio Wealth Advisors, and mortgage banking services through the Bank's subsidiary, 1st Portfolio Lending Corporation. The Company's common stock is traded on the NASDAQ Stock Market under the quotation symbol "WFBI" and is included in the ABA NASDAQ Community Bank Index. For more information about the Company, please visit: www.wfbi.com.
Cautionary Statements About Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements of the goals, intentions, and expectations of the Company as to sims urban oasis showflat future trends, plans, events, results of operations and policies and regarding general economic conditions. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors which include, but are not limited to, factors discussed in our Annual Report on Form 10-K and in other documents we file with the Securities and Exchange Commission from time to time. In some cases, forward-looking statements can be identified by use of words such as may, will, anticipates, believes, expects, plans, estimates, potential, continue, should, and similar words or phrases. These statements are based upon the beliefs of the management of the Company as to the expected outcome of future events, current and anticipated economic conditions, nationally and in the Companys market, and their impact on the operations, assets and earnings of the Company, interest rates and interest rate policy, competitive factors, judgments about the ability of the Company to successfully integrate its operations following significant transactions including, but not limited to, mergers and acquisitions, the ability to avoid customer dislocation during the period leading up to and following such transactions, and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty. Readers are cautioned against placing undue reliance on such forward-looking statements. The Company assumes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.
Additional documents are available free of charge at the SECs website, www.sec.gov and on the Companys website at www.wfbi.com under the tab Investor Relations or by contacting the Companys Investor Relations Department at 11921 Freedom Drive, Suite 250, Reston, VA 20190. You may also read and copy any reports, statements and other information filed with the SEC at the SECs Public Reference Room at 100 F Street, NE, Washington, D.C. Information about the operation of the SEC Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330.
Information about the directors and executive officers of the Company is set forth in the Companys proxy statement dated March 18, 2015 available on the SECs website at www.sec.gov.
WashingtonFirst Bankshares, Inc. Consolidated Balance Sheets (unaudited)
September 30, 2015 December 31, 2014 (in thousands) Assets: Cash and cash equivalents: Cash and due from bank balances $ 3,973 $ 3,396 Federal funds sold 60,092 46,876 Interest bearing balances 12,034 Cash and cash equivalents 64,065 62,306 Investment securities, available-for-sale, at fair value 201,150 166,508 Restricted stocks 5,694 5,225 Loans held for sale, at lower of cost or fair value 28,495 1,068 Loans held for investment: Loans held for investment, at amortized cost 1,256,303 1,065,058 Allowance for loan losses (11,573 ) (9,257 ) Total loans held for investment, net of allowance 1,244,730 1,055,801 Premises and equipment, net 7,044 6,198 Goodwill 11,450 6,240 Identifiable intangibles 1,955 654 Deferred tax asset 10,542 9,586 Accrued interest receivable 4,283 3,852 Other real estate owned 109 361 Bank-owned life insurance 13,428 13,147 Other assets 5,944 4,364 Total Assets $ 1,598,889 $ 1,335,310 Liabilities and Shareholders' Equity: Liabilities: Non-interest bearing deposits $ 356,270 $ 278,051 Interest bearing deposits 953,715 808,012 Total deposits 1,309,985 1,086,063 Other borrowings 8,407 8,237 FHLB advances 99,952 86,047 Long-term borrowings 10,156 10,027 Deferred tax liability 3,696 1,920 Accrued interest payable 706 548 Other liabilities 11,428 7,930 Total Liabilities 1,444,330 1,200,772 Shareholders' Equity: Preferred stock: Series D, $5.00 par value, 8,898 and 13,347 shares issued and outstanding, respectively, 1% dividend 44 67 Additional paid-in capital - preferred 8,854 13,280 Common stock: Common Stock Voting, $0.01 par value, 50,000,000 shares authorized, 8,700,759 and 7,747,795 shares issued and outstanding, respectively 86 77 Common Stock Non-Voting, $0.01 par value, 10,000,000 shares authorized, 1,817,842 and 1,817,842 shares issued and outstanding, respectively 18 18 Additional paid-in capital - common 129,258 112,887 Accumulated earnings 14,931 7,775 Accumulated other comprehensive income related to available-for-sale securities 1,368 434 Total Shareholders' Equity 154,559 134,538 Total Liabilities and Shareholders' Equity $ 1,598,889 $ 1,335,310 WashingtonFirst Bankshares, Inc. Consolidated Statements of Income (unaudited)
For the Three Months Ended For the Nine Months Ended September September September September 30, 2015 30, 2014 30, 2015 30, 2014 (in thousands, except per share amounts) Interest and dividend income: Interest and fees on loans $ 15,504 $ 13,464 $ 43,258 $ 37,658 Interest and dividends on investments: Taxable 832 727 2,334 2,122 Tax-exempt 15 26 51 112 Dividends on other equity securities 69 36 186 106 Interest on Federal funds sold and other short-term investments 42 89 195 249 Total interest and dividend income 16,462 14,342 46,024 40,247 Interest expense: Interest on deposits 1,653 1,412 4,622 4,015 Interest on borrowings 647 466 1,762 1,242 Total interest expense 2,300 1,878 6,384 5,257 Net interest income 14,162 12,464 39,640 34,990 Provision for loan losses 925 900 2,475 2,205 Net interest income after provision for loan losses 13,237 11,564 37,165 32,785 Non-interest income: Service charges on deposit accounts 106 120 337 352 Earnings on bank-owned life insurance 92 98 281 266 Gain on sale of other real estate owned, net 14 131 69 Gain on sale http://www.dominorecordco.com/artists/real-estate/ of loans, net 2,017 168 2,183 241 Mortgage banking activities 289 289 Wealth management income 268 268 (Loss)/gain on sale of available-for-sale investment securities, net (12 ) 22 10 166 Other operating income 148 143 586 425 Total non-interest income 2,922 551 4,085 1,519 Non-interest expense: Compensation and employee benefits 6,803 4,793 15,506 13,390 Premises and equipment 1,641 1,417 4,630 4,342 Data processing 879 774 2,615 2,174 Professional fees 260 355 923 1,090 Merger expenses 313 554 186 Mortgage loan processing expenses 109 109 Other operating expenses 1,224 1,112 3,338 3,295 Total non-interest expense 11,229 8,451 27,675 24,477 Income before provision for income taxes 4,930 3,664 13,575 9,827 Provision for income taxes 1,774 833 4,862 2,958 Net income 3,156 2,831 8,713 6,869 Preferred stock dividends (22 ) (39 ) (73 ) (128 ) Net income available to common shareholders $ 3,134 $ 2,792 $ 8,640 $ 6,741 Earnings per common share: Basic earnings per common share (1) $ 0.31 $ 0.34 $ 0.88 $ 0.83 Diluted earnings per common share (1) $ 0.31 $ 0.33 $ 0.87 $ 0.81 (1) Retroactively adjusted to reflect the effect of all stock dividends.
Best Things to Buy in July
Last Updated Jul 1, 2011 3:27 PM EDT
With the summer in full swing, many retailers are eager to unload older items from floors and shelves, all to get ready for the back-to-school shopping rush next month. Many stores kick off their July sales starting around Independence Day and run them until quantities last.
Here are some of the products that tend to reach their lowest prices this month:
Patio and lawn furniture are hot sale items this month. Crate and Barrel, for example, is having its Summer Sale this month, offering select outdoor furniture for up to 50% off. Home Depot is offering up to 25% off patio furniture and Amazon.com is currently featuring outdoor furniture for as much as 40% off.
IKEA is running a kitchen appliance sale this month and into August that includes a 15% discount when you buy two major appliances - stoves, microwaves, etc. - for $199 each or higher. Buy more appliances with the same value and save 20% on your total purchase. Want to remodel your entire kitchen? IKEA is also offering 10% off when you spend at least $2,500 on an IKEA kitchen. For smaller kitchen appliances - blenders, toasters, coffee makers, etc. - check out Macy's, where you'll find big discounts this month on a wide variety.
Once the 4th of July barbecues are over, stores want to unload excess grills and grill accessories. At GrillsDirect.com find steep discounts on gas, charcoal and electric grills - plus best hammock get free shipping. PC Richard & Son is also also dropping prices on Char-Broil, Kitchen-Aid and Weber grills this month.
Lawn & Garden Items
We're midway through the summer, so sales of lawn and garden http://www.wayfair.com/Hammocks-C416215.html care items have slowed at this point. Amazon.com has several lawn mowers on sale for more than 50% off. Also, at Gardeners.com save up to 68% on gardening lawn care supplies.
Farnoosh Torabi is a personal finance journalist and commentator. She is the author of the new book Psych Yourself Rich, Get the Mindset and Discipline You Need to Build Your Financial Life. Follow her at www.farnoosh.tv and on Twitter/farnoosh
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Hair Straighteners on the Train – A Perfect Politics?
I straighten my hair, and take trains
This post is inspired by 2 things 1) Ive just been reading Angela McRobbies excellent commentary on the perfect and the workings of competitive femininity in neoliberal times, and, 2) once seeing a woman straightening her hair on a train.
As Angela McRobbie recounts in her example regarding women making up themselves on public transport:
Sitting on an early morning train from Essex into the City of London I am distracted by the number of young women, I guess heading for jobs as office, retail or personal service workers, who use the time of the journey to apply a full make up which includes a complicated array of brushes, blushers, mascara, eye liner, eye shadow, lipstick, lip gloss, etc. I cannot help myself from looking at the final effect which is usually indeed an impressive TV-style appearance as though the young woman was about to step on stage for Strictly Come Dancing. The feminist in me wonders at this enforcement of gender difference in the space of public transport and the workplace environment which expects or requires such displays of excessive femininity or post-feminist masquerade. (McRobbie, 2015:18)
In my example, I was taking the train to Birmingham (a rare treat to be able to get the fast train that always seems to faintly whiff of faeces because I had booked months in advance for once). A young woman sitting opposite me plugs in her hair straighteners, takes out a mirror, and proceeds to straighten her hair. What was perhaps most interesting for me about this act was the reactions of those around her. The other commuters, white middle-aged men, seemed affronted that this seemingly private (or what they presumed should be private) activity was taking place on their watch. A few glares emanated in the first 5 minutes or so, with their disgust culminating in one man tutting, rolling his eyes at another man, and flamboyantly turning his newspaper page, as if the hair straightening was causing a distinct nuisance to his http://www.folica.com/shop-by/top-10/flat-irons concentration (N.B. he was sat over the aisle from the woman). The woman ignored them and continued straightening (as an aside, as a feminist and queer writer I http://www.walmart.com/c/kp/hair-straighteners have wider issues with the idea of straightening something out to make it better but well save that for another post).
This got me thinking, while on the one hand this woman is perhaps perfecting her hair, being the perfect neoliberal, postfeminist subject who conforms to normative assumptions of how a young womans hair should look for the workplace, on the other hand, it is so very obviously a masquerade it is a performance of gender. Not only this, but it is an overtly and obviously public construction of gender. In this sense, perhaps her hair straightening can rather be read as perhaps a perfect political act?? Hair straightening on the train somewhat exposes how much work goes in to doing femininity something that is sometimes supposed to just come as a natural gift to middle class women. Further, in that moment, watching the mens distaste at her act and their horror of her excess of performing femininity spilling over into the commuting space, it certainly felt that there was something resistant about her command of public space and commuting time for this activity. Feminists have long noted mens privilege in the taking up of public space (for recent examples, see this post about men on trains 17th APR 2015, Nottingham, UK, is a corker). It is also a command of time, or a perhaps innovative use of time in an increasingly competitive, time-consuming and physically exhausting neoliberal working era in which commuting time very often becomes not a workers own time but rather an extension of work time (dont forget to reply to those emails on the train). It made me think that there was hair straightener something potentially resistant in that this woman had perhaps obtained an extra half an hours sleep by doing this beauty work (even though she is still doing the beauty work) required for her to look the part for her work role in that time.
Thus while as women we are commanded to self-police and self-regulate our bodies to fit in with societal norms regarding being correctly feminine, and this act was potentially an example of this, in that moment of troubling the men on the trains conception of what that space should be taken up for, hair straightening for me at least, became a small moment that was perfectly political.
Should Realtors Cut Commisions for Friends and Family?
What should Realtors do when friends or family members ask them to cut their commission when selling their house?
Fred Martens, a Realtor with Confederation GMAC Real Estate in Cornwall, P.E.I., points out, This is very much an individual decision. My first response would be would my cousin sign his next paycheque and let me deposit it to my account? This question goes to the heart of the profession of Realtors. Are we professionals offering our services for a fee? Do we treat our choice of work as a profession or not? We must make our family and friends aware that we are no different than them. Realtors have bills to pay. We have many duties to perform for our clients that cost us money out of our back pocket. This is the reality of the business and must be appreciated by the client though it may be your brother or sister.
Tim Snow, a Realtor with Royal LePage Cavagnal in Hudson, Quebec, has made sales for friends and relatives at a reduced commission rate. He explains, It is the choice of the agent on how much he wants to collect as commission. There is a big misconception that agents get the commission that is stated on a brokerage contract. Most of the commission is absorbed by the broker and his fees, the regional real-estate board, the provincial board where it applies and regulators that love to have all kinds of fees to charge.
If you do cut your commission for your cousin Johnny, will there be anything left after you pay brokerage fees, office overhead and expenses, the buying agent's cut, automobile costs, referral fees, advertising costs, secretarial support, insurance and the myriad of other expenses that crop up? Can you afford to offer reduced commissions?
Real Estate is Financially Driven
Like most professionals, Realtors are financially driven. Does anyone expect Johnny to cut his $300 an hour attorney rate? Do relatives lowball Aunt Jennies plumbing prices? Doctors get paid whether a patient lives or dies. The same is not true for Realtors who get nothing when a house is not sold. If your friend or brother decides to go with a lower commission Realtor, remind him that in most cases you get what you pay for. An agent earning a 3% commission may not have the same incentive to sell the house compared to a property they have listed at full commission. As Tim Snow points out, Agents make their income solely by commissions so it is common sense that agents will show the listing that gives the highest percentage first.
Kevin Muir, a Realtor with Sutton Group Heritage in Durham, Ontario, has offered a commission discount for family members. As to whether Realtors should reduce their commission to family or friends I think this is strictly an individual decision. The Realtor of today must treat real estate as a business complete with a business plan that includes forecasting and profit/loss margins. That said, family is family and I have reduced my commission by -1% for family in the past. My father was in the auto parts business and routinely gave discounts to family. He did not give product away any more than I can provide services free of charge. My family recognizes that I am in a business with many expenses and a profession where I essentially wake up every morning looking for a new job.
Geina Cutts, a Vancouver Realtor with Re/Max Masters Realty Inc. and a professional interior designer shares her thoughts. I am a professional interior designer and full time Realtor. Both professions involve considerable expertise based on sound knowledge, of which I pass along to my clients. I have just sold my http://botaniqueatbartley-uolgroup.com/botanique-at-bartley-site-plan/ sons home and he did not ask me to reduce my commission on his behalf. Why? Because he observed my advice on how to successfully market his home which resulted in a full price sale within thirty days of listing his home.
Help Friends and Family in Other Ways
Martens offers an alternative. There are many other ways that you can help your family and friends. This could be as simple as lending a hand to clean up the property before you start to show the home, help paint to refresh the home, or help with the moving exercise when the property sells. You will also have the opportunity to buy a new couch for a house warming present when they move into their new home. Lending a hand to loved ones in ways that dont affect your cash flow may be a solution.
Only you can decide whether to reduce your commission for friends and family, help them in other ways or leave them to fend for themselves.
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