California Bank of Commerce (OTCBB:CABC) announced unaudited
financial results for the quarter and nine months ended September
30, 2011. The Bank reached record levels of Loans, Deposits, Assets
and year-to-date Net Income at quarter end.
“The Bank is not yet five years old but it continues to make
steady progress in building the scale of its balance sheet, to keep
profits growing,” commented John Rossell, President and CEO.
The Bank reported year-to-date Net Income of $ 475,000 or $0.17
per share through September 30, 2011, compared with $356,000 or
$0.13 per share for the same period last year. Net Income for the
three months ended September 30, 2011 was $200,000 or $0.07 per
share.
Pre-tax Income for the nine months ended September 30, 2011 was
$921,000, up $564,000 or 158% over the like period of 2010. Pre-tax
Income for the three months ended September 30, 2011 was $379,000,
up 10% over the same period of last year.
Third Quarter 2011 versus Third Quarter
2010
- Total Loans of $201 million, increased
$35 million or 21%
- Total Deposits of $219 million,
increased $31 million or 17%
- Net Interest Income of $2.4 million,
increased $300,000 or 15%
Third Quarter 2011 versus Second Quarter
2011
- Total Loans increased $14 million or
8%
- Total Deposits increased $15 million or
8%
- Net Interest Income increased $174,000
or 8%
Total Deposits were an all time high of $219 million at
September 30, 2011, up $31 million or 17% over September 30, 2010.
Non-Interest bearing Deposits of $54 million on September 30, 2011,
constituted 25% of Total Deposits and were up 24% over the same
date last year.
Total Assets reached $277 million at September 30, 2011, up 10%
over September 30, 2010. At September 30th, 2011, the Bank’s
liquidity position remained strong, with $68 million in Cash and
Investments, or 25% of Total Assets.
The Bank has made steady progress reducing Non-Performing Assets
(NPA), which peaked in the Fourth Quarter of 2010. At September 30,
2011, the Bank’s NPAs to Total Assets was 0.40% compared to 0.85%
at December 31, 2010 and 0.42% at the end of the third quarter
2010. The Bank holds no foreclosed assets. The Bank concluded the
third Quarter 2011 with a Loan Loss Reserve equal to 1.99% of Total
Loans.
During the Third Quarter 2011, the Bank repaid in full its TARP
CPP obligations and placed $11 million of new preferred capital
from the US Treasury’s Small Business Lending Fund. At September
30, 2011, the Bank’s Tier I Leverage ratio was 12.27% compared to a
well capitalized standard of 8%. The Bank’s Total Risk Based
Capital ratio improved to 15.16% compared to a well capitalized
standard of 10%.
The Bank added two new lending groups, a dental and medical
practice group and an asset based lending group during the year.
“These new lending teams are already making a positive contribution
to both the volume and yield of the Bank’s commercial and
industrial loan portfolio,” said Rossell.
Reflecting steady loan growth, the Bank’s Net Interest Margin
improved to 3.69% for the quarter ended September 30, 2011,
compared to 3.55% for the same period last year.
About California Bank of
Commerce
California Bank of Commerce was designed and built to provide a
unique banking experience for its clients. The Bank offers a broad
range of commercial banking services to closely held businesses and
professionals throughout the San Francisco Bay Area. For more
information on California Bank of Commerce and our unique banking
experience, call us at 925-283-2265, or visit us at
www.californiabankofcommerce.com.
CALIFORNIA BANK OF COMMERCE UNAUDITED SUMMARY FINANCIAL STATEMENTS
INCOME STATEMENT ($ Thousands)
Three Months Ended Nine Months Ended 30-Sep-11
30-Sep-10 30-Sep-11 30-Sep-10 Interest income
$ 2,771 $ 2,472 $ 7,740 $ 6,861 Interest expense (410 )
(411 ) (1,138 ) (1,169 ) Net interest income
before provision $ 2,361 $ 2,061 $ 6,602 $ 5,692 Provision to the
Loan Loss Reserve (381 ) (585 ) (994 )
(1,283 ) Net interest income after provision $ 1,980 $ 1,476 $
5,608 $ 4,409 Non-interest income 199 263 619 429
Non-interest expense (1,800 ) (1,396 ) (5,306
) (4,481 ) Income before tax provision 379 343 921 357
Provision for income taxes (179 ) -
(446 ) (1 )
Net income (loss) - Period $
200 $ 343 $ 475
$ 356 Earnings Per
Share Income per Common share $ 0.073 $ 0.125 $ 0.173 $ 0.130
Basic Income (loss) per Common share $ 0.066 $ 0.105 $ 0.127 $
0.070 Weighted average shares outstanding 2,750,000
2,750,000 2,750,000 2,750,000 CALIFORNIA BANK OF COMMERCE
UNAUDITED SUMMARY FINANCIAL STATEMENTS
BALANCE SHEET ($ Thousands)
12 Month Assets
30-Sep-11 31-Dec-10 30-Sep-10 % Change
Total Cash and Investments $ 68,433 $ 60,583 $ 85,027 -20 % Loans,
net of deferred costs/fees 200,740 175,791 165,711 21 % Loan Loss
Reserve (3,990 ) (4,327 ) (3,785 ) 5 % Other 11,320
7,636 4,412 157 %
Total Assets $
276,503 $ 239,683 $ 251,365 10 %
Liabilities & Shareholders' Equity Non-interest Bearing
Deposits $ 54,339 $ 41,091 $ 44,003 23 % Interest Bearing Deposits
165,129 142,526 144,275
14 % Total Deposits $ 219,468 $ 183,617 $ 188,278 17 % Total
Borrowings and Other Liabilities 22,663 29,107
38,953 -42 % Total Liabilities $ 242,131 $
212,724 $ 227,231 7 % Shareholder's Equity $ 34,372 $
26,959 $ 24,134 42 %
Total Liabilities
& Shareholders' Equity $ 276,503 $ 239,683 $
251,365 10 % Book Value per Share $ 8.51 $
8.34 $ 7.32 16 % Net Interest Margin 3.69 % 3.45 % 3.55 %
Yield on Earning Assets 4.33 % 4.14 % 4.27 % Cost of Interest
Bearing Liabilities 0.90 % 0.94 % 0.98 % Loan Loss Provision
to Total Loans 1.99 % 2.46 % 2.28 % NPAs to Total Assets 0.40 %
0.85 % 0.42 % Leverage Ratio 12.27 % 10.73 % 10.14 % Tier 1
Risk Based Capital Ratio 13.90 % 10.80 % 10.80 % Total Risk Based
Capital Ratio 15.16 % 12.06 % 12.06 % Non Interest Expense
to Avg. Total Assets 2.69 % 2.52 % 2.36 % Efficiency Ratio 70.33 %
65.40 % 60.06 %