California Bank of Commerce Growth Continues

The San Francisco Bay Area business bank, California Bank of Commerce, says its Q2 net income increased by $112,000 (18%) over Q1. Basic earnings per share were $0.18, up 3 cents over Q1. Loans increased by 10%.

The Bank’s Net interest income reached an all-time quarterly high, up 4% over Q1. Net interest income was $4.2 million, compared to $4.0 million in the prior quarter.

Compared with Q2 a year ago, the net income of $796,000 was down by $124,000. The bank says this was “primarily due to additions to staff supporting future growth and an asset sale gain in 2014.”

“We continue to focus on deploying our recently raised capital to facilitate growth, and in the second quarter 2015 we grew net loans by 10% over the first quarter and 26% over the same quarter in 2014,” said Terry Peterson, President and CEO. “As the San Francisco Bay Area business community has embraced our brand of delivering business banking services, we have responded by planning to open new production offices in both Oakland and San Jose by year end,” said Peterson.

California Bank of Commerce provides a unique banking experience for its business clients, with a broad range of commercial banking services to its target market, which is closely held businesses and professionals in the San Francisco Bay Area.

The bank issued a press release detailing its income statement and balance sheet.