California Bank of Commerce Reports Strong Quarter
California Bank of Commerce based in the San Francisco Bay Area targets closely held businesses, reports $254 million in Total Assets. Total deposits reached $204 million of which more than $50 million were non-interest bearing operating accounts. Total Loans reached $186 million.
The Bank is just days shy of four years in operation, and certainly a happy birthdays being able to say Total Loans and Total Deposits were both up by 9% over the previous quarter.
“California Bank of Commerce continues to attract successful closely held businesses from throughout the San Francisco Bay Area and this is very much evidenced by our steady commercial and industrial (C&I) loan growth as well as by a more than 32% year-over-year pace of growth in non-interest bearing demand deposits.”
– John E. Rossell, President and CEO, California Bank of Commerce
Net Interest Income, the bank’s most significant source of revenue, was $2.2 million for the second quarter of 2011, up $318,000 or 17% over the second quarter of 2010.
Operating income was $740,000 for the second quarter of 2011, up just over 18% compared to $624,000 for the second quarter of 2010 (operating income is pre-tax income excluding loan related provisions and stock option expense).
Net income after taxes was $143,400 for the second quarter of 2011, up by 9% over the previous quarter. Year to date net income after taxes was $275,100, up from $12,400 for the first half of 2010.
The Bank’s tangible book value per common share was $8.49 at June 30, 2011, an increase of $1.27 per common share, or 17% over the prior year’s quarter-end. The increase included twelve months of cumulative net income and recognition of the Bank’s deferred tax benefit as of December 31, 2011.The Bank’s capital ratios continue to exceed the regulatory definition of well capitalized.
The bank reported slowly improving Business cash flows, as operating accounts increased over the past quarter. Rossel says healthy local businesses are turn to the bank because it remains actively engaged in lending for business operating purposes and for relationship centered commercial real estate.
Second Quarter 2011 versus Second Quarter 2010
- Total Loans of $186 million, increased $26 million or 17%
- Total Deposits of $204 million, increased $2 million or 1%
- Net Interest Income of $2.2 million, increased $318,000 or 17%
Second Quarter 2011 versus First Quarter 2011
- Total Loans increased $15 million or 9%
- Total Deposits increased $17 million or 9%
- Net Interest Income increased $133,000 or 7%
About California Bank of Commerce
| CALIFORNIA BANK OF COMMERCE | ||||||||||||||||||
| UNAUDITED SUMMARY FINANCIAL STATEMENTS | ||||||||||||||||||
| INCOME STATEMENT | ||||||||||||||||||
| ($ Thousands) | ||||||||||||||||||
| 2Q 11 | 1Q 11 | 2Q 10 | ||||||||||||||||
| Interest income | $ | 2,564 | $ | 2,405 | $ | 2,282 | ||||||||||||
| Interest expense | (377 | ) | (351 | ) | (413 | ) | ||||||||||||
| Net interest income before provision | $ | 2,187 | $ | 2,054 | $ | 1,869 | ||||||||||||
| Provision to the Loan Loss Reserve | (313 | ) | (300 | ) | (190 | ) | ||||||||||||
| Net interest income after provision | $ | 1,874 | $ | 1,754 | $ | 1,679 | ||||||||||||
| Non-interest income | 97 | 323 | 86 | |||||||||||||||
| Non-interest expense | (1,682 | ) | (1,823 | ) | (1,538 | ) | ||||||||||||
| Income (loss) before tax provision | 289 | 254 | 227 | |||||||||||||||
| (Benefit) provision for income taxes | 146 | 122 | – | |||||||||||||||
| Net income (loss) – Period | $ | 143 | $ | 132 | $ | 227 | ||||||||||||
| Operating Income* | $ | 740 | $ | 772 | $ | 624 | ||||||||||||
| Earnings (Loss) Per Share | ||||||||||||||||||
| Income (loss) per Common share | $ | 0.052 | $ | 0.048 | $ | 0.083 | ||||||||||||
| Basic Income (loss) per Common share | $ | 0.032 | $ | 0.028 | $ | 0.063 | ||||||||||||
| 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 | ||||||||||||||||||
| UNAUDITED SUMMARY FINANCIAL STATEMENTS | ||||||||||||||||||
| BALANCE SHEET | ||||||||||||||||||
| ($ Thousands) | ||||||||||||||||||
| Assets | 6/30/2011 | 3/31/2011 | 6/30/2010 | |||||||||||||||
| Total Cash and Investments | $ | 64,730 | $ | 59,380 | $ | 84,791 | ||||||||||||
| Loans, net of deferred costs/fees | 186,435 | 171,518 | 159,834 | |||||||||||||||
| Loan Loss Reserve | (3,600 | ) | (3,555 | ) | (3,200 | ) | ||||||||||||
| Other | 6,431 | 6,305 | 3,377 | |||||||||||||||
| Total Assets | $ | 253,996 | $ | 233,648 | $ | 244,802 | ||||||||||||
| Liabilities & Shareholders’ Equity | ||||||||||||||||||
| Non-interest Bearing Deposits | $ | 50,985 | $ | 43,086 | $ | 38,421 | ||||||||||||
| Interest Bearing Deposits | 153,114 | 144,378 | 163,453 | |||||||||||||||
| Total Deposits | $ | 204,099 | $ | 187,464 | $ | 201,874 | ||||||||||||
| Total Borrowings and Other Liabilities | 22,521 | 19,099 | 19,074 | |||||||||||||||
| Total Liabilities | $ | 226,620 | $ | 206,563 | $ | 220,948 | ||||||||||||
| Shareholder’s Equity | $ | 27,376 | $ | 27,085 | $ | 23,854 | ||||||||||||
| Total Liabilities & Shareholders’ Equity | $ | 253,996 | $ | 233,648 | $ | 244,802 | ||||||||||||
