Followers | 240 |
Posts | 12044 |
Boards Moderated | 1 |
Alias Born | 04/05/2009 |
Wednesday, May 09, 2012 10:58:51 PM
LAFAYETTE, Calif.--(BUSINESS WIRE)--California Bank of Commerce (OTCBB:CABC) capped its strongest quarterly performance to date by announcing unaudited financial results for the Quarter ending March 31, 2012. The Bank achieved new record levels for Gross Loans, Total Assets, and Pre-tax Income.
Highlights: First Quarter 2012 versus First Quarter 2011
•Total Loans grew $48 million or 28%, to $220 million
•Total Deposits grew $56 million or 30%, to $243 million
•Net Interest Income grew $560,000 or 27% to $2.6 million
•Pre-tax Income grew $345,000 or 136% to $599,000
Highlights: First Quarter 2012 versus Fourth Quarter 2011
•Total Loans grew $12 million or 6%
•Net Interest Income grew $81,000 or 3%
•Pre-tax Income grew $45,000 or 8%
First Quarter 2012 Earnings
Net Income for the Quarter was $334,000 or $0.122 per share, before preferred stock dividends of $0.01 per share, compared with $132,000 for the First Quarter of 2011, or $0.048 per share, before preferred stock dividends of $0.02 per share.
The Bank’s Net Interest Margin was 3.66% for the First Quarter 2012 versus 3.83% for the same period last year. Yield on Loans was 5.70% in the First Quarter 2012, up 3 basis points compared to 5.67% for the same period last year. Investment yields continued to decline from last year, negatively impacting the Bank’s margin. The Cost of Interest Bearing Deposits was 0.61% in the First Quarter of 2012 compared to 0.77% for the same period last year.
2012 Balance Sheet Growth
At Quarter-end, Total Loans reached a new record of $220 million at March 31, 2012. Commercial and industrial (C&I) loans, the Bank’s core strategic focus, grew 42% or $29 million over the same quarter last year. The Bank’s two newest business units, Asset Based Lending and Medical Practice Finance, were significant contributors to recent C&I loan growth. Non-Interest bearing (NIB) Deposits of $57 million at March 31, 2012 were up 34% or $15 million over the First Quarter of 2011. NIB accounts are comprised primarily of the operating accounts of the Bank’s growing roster of business clients.
“The first quarter has historically been slow, but in 2012, the Bank has made an unusually strong start to the year,” said John E. Rossell III, President and CEO.
Asset Quality and Capital
At March 31, 2012, Non-Performing Loans were 0.54% of Total Assets, down from 0.75% at March 31, 2011. The ratio increased slightly from 0.33% at December 31, 2011. “Our portfolio remains strong. In a challenging economy, we continue to monitor loan quality closely, to ensure the Bank’s health,” said Rossell.
The Bank’s Capital remains above the “well capitalized” standard. Tier I (T-1) leverage ratio was at 11.2% at March 31, 2012 compared to 11.0% a year ago. Total Risk Based (TRB) Capital was 15.0% at March 31, 2012 compared to 13.8% a year ago. The “well capitalized” standards for T-1 and TRB capital are 8%% and 10%, respectively.
Other News
President and CEO, John E. Rossell III announced his planned retirement, effective February 28, 2013. The Board will initiate a search for a new President and CEO. Mr. Rossell was the first President and CEO of the Bank and is a member of the Board of Directors.
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.
http://www.businesswire.com/news/home/20120419006934/en/CABC-Begins-2012-Record-Loans-Quarter
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent CALB News
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 02/28/2024 09:51:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/05/2024 09:30:34 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/05/2024 09:30:23 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/05/2024 09:30:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/05/2024 09:30:15 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/05/2024 09:30:14 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/05/2024 09:30:09 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/02/2024 11:23:31 PM
- Kuehn Law Encourages ICVX, CSTR, AVRO, and CALB Investors to Contact Law Firm • PR Newswire (US) • 02/01/2024 07:25:00 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 01/30/2024 09:51:15 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 01/30/2024 09:33:59 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 01/30/2024 09:32:49 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 01/30/2024 07:48:09 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 01/30/2024 07:48:09 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 01/30/2024 11:48:18 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/30/2024 11:30:36 AM
- California BanCorp Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2023 • GlobeNewswire Inc. • 01/30/2024 11:30:00 AM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 01/30/2024 11:06:54 AM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 01/30/2024 11:06:41 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/30/2024 11:04:05 AM
- Southern California Bancorp and California BanCorp Announce a Merger of Equals to Create a Premier California Business Bank • GlobeNewswire Inc. • 01/30/2024 11:00:00 AM
- SOUTHERN CALIFORNIA BANCORP AND CALIFORNIA BANCORP ANNOUNCE A MERGER OF EQUALS TO CREATE A PREMIER CALIFORNIA BUSINESS BANK • GlobeNewswire Inc. • 01/30/2024 11:00:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/27/2023 09:57:45 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/16/2023 09:30:54 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/09/2023 09:31:09 PM
FEATURED Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • Apr 25, 2024 8:52 AM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Kona Gold Beverages, Inc. Announces Name Change to NuVibe, Inc. and Initiation of Ticker Symbol Application Process • KGKG • Apr 25, 2024 8:30 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM