Business & Finance
Business and Finance
Business and Finance
Wed, April 27, 2011
Tue, April 26, 2011 California Bank of Commerce Reports Strong Earning Asset Growth and Net Income for the First Quarter of 2011
LAFAYETTE, Calif.--([ BUSINESS WIRE ])--California Bank of Commerce (OTCBB:[ CABC ]), a unique commercial bank in the San Francisco Bay Area targeting closely held businesses, today reported Net Income after taxes of $132,000 for the first quarter ended March 31, 2011, compared to a loss of ($215,000) for the first quarter of 2010.
"With continued growth in earning assets, the Bank has now achieved positive net income over four consecutive quarters. We continue to attract deposits and quality loans at an impressive rate, particularly given a difficult economy and in comparison with our peers"
Reflecting on-going success in attracting middle market commercial relationships, total assets reached $234 million at the end of the first quarter 2011, up $37 million or 19% from the first quarter 2010. Total deposits reached $187 million increasing $27 million or 17%, and total loans reached $172 million, increasing by $24 million or 16%, over the same period.
Driven by strong year-over-year growth in average earning assets of 18% or $34 million, operating income (pre-tax income excluding loan related provisions and stock option expense) was $772,000 for the first quarter of 2011, compared to $467,000 for the first quarter 2010. aWith continued growth in earning assets, the Bank has now achieved positive net income over four consecutive quarters. We continue to attract deposits and quality loans at an impressive rate, particularly given a difficult economy and in comparison with our peers,a said John E. Rossell, President and CEO.
Total equity at March 31, 2011 was $27.1 million, up by $3.8 million in comparison with March 31, 2010. Including current net income and recognition of the Banka™s tax loss carry-forward at the end of 2010, tangible book value per common share was $8.38 at March 31, 2011, an increase of $1.37 per common share over the prior year quarter. The Banka™s capital ratios continue to exceed the regulatory definition of well capitalized.
First Quarter 2011 versus First Quarter 2010
- Total Loans of $172 million, up 16%
- Total Deposits of $187 million, up 17%
- Net Interest Income of $2.1 million, up 17%
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 | ||||||||||||
| 1Q 11 | 4Q 10 | 1Q 10 | ||||||||||
| Interest income | $ | 2,405 | $ | 2,336 | $ | 2,105 | ||||||
| Interest expense | (351 | ) | (387 | ) | (345 | ) | ||||||
| Net interest income before provision | $ | 2,054 | $ | 1,949 | $ | 1,760 | ||||||
| Provision to the Loan Loss Reserve | (300 | ) | (812 | ) | (507 | ) | ||||||
| Net interest income after provision | $ | 1,754 | $ | 1,137 | $ | 1,253 | ||||||
| Non-interest income | 323 | 278 | 79 | |||||||||
| Non-interest expense | (1,823 | ) | (1,456 | ) | (1,546 | ) | ||||||
| Income (loss) before tax provision | 254 | (41 | ) | (214 | ) | |||||||
| (Benefit) provision for income taxes | 122 | (3,051 | ) | 1 | ||||||||
| Net income (loss) - Period | $ | 132 | $ | 3,010 | $ | (215 | ) | |||||
| Operating Income* | $ | 772 | $ | 835 | $ | 467 | ||||||
| Earnings (Loss) Per Share | ||||||||||||
| Income (loss) per Common share | $ | 0.048 | $ | 1.095 | $ | (0.078 | ) | |||||
| Basic Income (loss) per Common share | $ | 0.028 | $ | 1.075 | $ | (0.098 | ) | |||||
| Weighted average shares outstanding | 2,750,000 | 2,750,000 | 2,750,000 | |||||||||
* Pre-tax Income (loss) excluding Provisions for Loan Losses and Unfunded Commitments, and Option Expense. | ||||||||||||
CALIFORNIA BANK OF COMMERCE | ||||||||||||
| Assets | 3/31/2011 | 12/31/2010 | 3/31/2010 | |||||||||
| Total Cash and Investments | $ | 59,380 | $ | 61,669 | $ | 48,999 | ||||||
| Loans, net of deferred costs/fees | 171,518 | 175,791 | 147,574 | |||||||||
| Loan Loss Reserve | (3,555 | ) | (4,327 | ) | (2,930 | ) | ||||||
| Other | 6,305 | 6,550 | 3,416 | |||||||||
| Total Assets | $ | 233,648 | $ | 239,683 | $ | 197,059 | ||||||
| Liabilities & Shareholders' Equity | ||||||||||||
| Non-interest Bearing Deposits | $ | 43,086 | $ | 41,091 | $ | 37,696 | ||||||
| Interest Bearing Deposits | 144,378 | 142,526 | 123,217 | |||||||||
| Total Deposits | $ | 187,464 | $ | 183,617 | $ | 160,913 | ||||||
| Total Borrowings and Other Liabilities | 19,099 | 29,107 | 12,855 | |||||||||
| Total Liabilities | $ | 206,563 | $ | 212,724 | $ | 173,768 | ||||||
| Shareholder's Equity | $ | 27,085 | $ | 26,959 | $ | 23,291 | ||||||
| Total Liabilities & Shareholders' Equity | $ | 233,648 | $ | 239,683 | $ | 197,059 | ||||||
