News 
Market Data 
Discover
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
|
Followers
|
1
|
Posters
|
|
|
Posts (Today)
|
0
|
Posts (Total)
|
1
|
|
Created
|
10/20/08
|
Type
|
Free
|
| Moderators | |||
InvestSource, Inc.: 2nd Quarter Results Announced by California Bank of Commerce
Jul 21, 2008 (M2 PRESSWIRE via COMTEX) -- Stocks in the News: California Bank of Commerce (OTCBB: CABC), Bank of Marin Bancorp (NASDAQ: BMRC), Santa Cruz County Bank (OTC BB: SCZC), City Bank (NASDAQ: CTBK)
Jul 17, 2008 -- California Bank of Commerce (OTCBB: CABC), a unique commercial bank in the San Francisco Bay Area targeting middle market businesses and professionals, today announced financial results for the quarter end June 30, 2008, with strong growth in all key business lines. At the end of the second quarter, Total Assets were up by 29% over the end of the first quarter, 2008. Total Loans grew 64% and Total Deposits grew 44% over the same period. "As we release our results for the Second Quarter of 2008 we celebrate our one year anniversary. The Bank has a strong pipeline of business loan and deposit prospects. We have lots of capital. Our liquidity is ample. We are appropriately positioned for healthy, prudent growth," said John E. Rossell III, president and CEO, California Bank of Commerce. "Our reputation as a uniquely competent bank for business is working its way throughout the Bay Area, so we see more good things ahead," added Rossell. Total Assets at June 30, 2008 stood at $103.2 million, up $23 million from $80.0 million at March 31, 2008. During the same period, Total Loans reached $53.5 million, up $20.8 million from $32.7 million at March 31, 2008. Commercial & Industrial (C&I) loans grew 31% reaching $27.4 million on June 30, 2008 versus $20.9 million at March 31, 2008. C&I loans are the Bank's core credit product, but the Bank also makes Commercial Real Estate, construction and Small Business Administration Guaranteed Loans. The Bank has no residential mortgage loans on its books. The Bank reported no delinquent or non performing loans as of June 30, 2008.
Total deposits reached $80.1 million at June 30, 2008, up $25.3 million from $55.7 million on March 31, 2008. The increase in deposits was due to a combination of new clients and the continued success of the Bank's Digital Remote Check Deposit technology. During the quarter just ended, the Bank grew non-interest bearing deposits by 44% to $13.5 million compared to $9.4 million at March 31, 2008. The Bank's capital ratios remain well above regulatory requirements for a "well capitalized" bank. At June 30, 2008, the Bank had $25.3 million of cash and cash equivalents on its balance sheet and had in place back-up credit facilities totaling more than $19 million. In addition, the Bank has been granted access by the Federal Reserve Bank of San Francisco to its discount window credit facility. Despite a challenging rate and margin environment, the Bank remains on plan with regard to the execution of its strategic plan.
Jul 18, 2008 -- Bank of Marin Bancorp (NASDAQ: BMRC) President and CEO Russell A. Colombo announced second quarter 2008 earnings for Bank of Marin Bancorp (Bancorp) of $3.4 million, up $483 thousand, or 16.6%, from the same period in 2007. Diluted earnings per share were $0.65 in the second quarter of 2008, compared to $0.54 in the second quarter of 2007, up 11 cents, or 20.4%. Earnings for the six-month period ended June 30, 2008 totaled $6.7 million, an increase of $785 thousand, or 13.4% over the same period a year ago. Diluted earnings per share for the six-month period totaled $1.27, an increase of 18 cents per share, or 16.5%, over the same period a year ago.
"Higher earnings were driven by an expanded net interest margin and improved efficiencies. The strong results demonstrate the ability of our Bank to effectively navigate through difficult economic times," said Colombo. Net income for the first six months of 2008 includes a pre-tax non-recurring gain of $457 thousand recorded in the first quarter related to the mandatory redemption of a portion of Bank of Marin's (the Bank) shares in Visa Inc., which became a public company through an initial public offering (IPO) on March 19, 2008. In addition, in the first six months of 2008, Bancorp reversed a pre-tax charge of $242 thousand that was originally recorded in the fourth quarter of 2007, for the potential obligation to Visa Inc. in connection with certain litigation indemnifications provided to Visa Inc. by Visa member banks. Subsequent to its IPO, Visa Inc. established an escrow account from which it plans to pay any potential settlements. Net income for the second quarter and first six months of 2007 included pre-tax non-recurring gains of $190 thousand and $710 thousand, respectively, related to the Bank's second-quarter 2007 sale of its $77 million indirect auto portfolio. The proceeds from the sale provided a source of funding for more desirable relationship loans.
Jul 18, 2008 -- Santa Cruz County Bank (OTC BB: SCZC), a locally owned and operated full-service community bank headquartered in Santa Cruz County, today announced financial results for the quarter ended June 30, 2008. For the Bank's quarter ended June 30, 2008 compared to the previous quarter March 31, 2008: total deposits increased by $4.2 million, 3%, to $170.5 million, gross loans increased by $5.5 million, 4%, to $129.9 million, and total assets increased by $3.9 million, 2%, to $191.8 million. David V. Heald, President and Chief Executive Officer stated, "As we enter our third quarter of operations, we are pleased with our progress and steady growth, especially in this period of economic uncertainty. In the second quarter of this year, the impact of the Federal Reserve's year to date 225 basis point interest rate cuts impacted our net income; however positive growth in the Bank's non-interest income provides stable revenues despite interest rate cuts. Santa Cruz County Bank does not originate residential mortgage loans and does not engage in subprime lending. The Bank's loan portfolio is sound and well reserved and our loan to deposit ratio is conservative. The Bank meets the lending needs of Santa Cruz County with safe and sound lending practices and through government guaranteed loan programs. Recently, we successfully opened our new "green" banking facility in a prime location in downtown Santa Cruz and look forward to serving those individuals and businesses that have been missing the level of service that only a local community bank can provide." We believe this new "green" location will add to the Bank's market share in Santa Cruz County."
Jul 18, 2008 -- City Bank (NASDAQ: CTBK) today announced earnings of $15.00 million for the six months ended June 30, 2008, reflecting a decrease of 28.32% from $20.93 million for the same period in 2007. The Bank's diluted net income per share reflects a decrease of 28.03% to $.95 from $1.32 for the same period in 2007. City Bank's President and CEO Conrad Hanson noted, "The banking industry as a whole is in a period of extreme financial stress that may be the worst period in my 34 years of banking. City Bank, despite being impacted by these industry wide problems, is well positioned with one of the highest levels of capital for a bank our size. We are a bank that has focused on the residential real estate construction lending market for our entire history, and believe that we do a better job of underwriting loans and managing the risk during periods like this where certain of our borrowers are unable to perform under the terms of their loans." Net interest income after provision for credit losses was $30.42 million for the six months of 2008 compared to $40.65 million for the prior period in 2007, reflecting a decrease of 25.17%. Continued weakness in the housing markets, combined with a general slowdown in the local economy, has resulted in the decline in City Bank's 2008 earnings. The Bank has experienced increases in nonperforming loans, charge-offs and loan loss provision. Contributing to the decline in net interest income was the increase in loans being placed on non-accrual status for which interest accrued in the amount of $1.84 million had been reversed from income. During the first six months of 2008, the Bank recorded a provision for credit losses of $5.10 million as compared to $150 thousand for the same period in the prior year. The increase in the allowance for credit losses was in response to specific real estate construction loans that were placed on non-accrual status, as well as declines in the quality of the Bank's overall portfolio. The Bank's net charge-offs for the six months ended June 30, 2008 were $1.84 million compared to $157 thousand in the prior year. In spite of the difficult market conditions, the Bank maintains an outstanding efficiency ratio of 26.33%. Conrad Hanson also commented on the banks credit quality, "Over the five year period from 2003 to 2007, City Bank has managed its loan portfolio with only $2.82 million of actual net charge-offs or a loss ratio of .08% while the industry incurred a loss ratio of .62%. We expect that our net charge-offs coming from the current problems will be significantly higher than we have experienced in the past, but will continue to be at levels that are below the industry averages. This is the City Bank difference that we have demonstrated for 34 years."
Market Wrap for July 18th, 2008
Wall Street did not do much on Friday, other than see a drop in the tech sector, which was exactly what optimistic investors hoped for. But even that was an improvement over past, recent history. The rally-killing sell-offs that have marked nearly every rebound over the past several months never materialized, as the Dow finished the day up 50 points, or 0.4%, to 11,497, locking in a 3.6% five-day gain. With an unchanged day that ended at 1,261 Friday the S&P 500 gained 1.8% for the week, while the Nasdaq picked up 2.0%, even after falling 30 points, or 1.3%, to 2,283 on the session. A furious rally in the sector marked the week's trading, coming off a five-day span when it seemed like the market was far from a bottom. Now investors may wonder if they missed their opportunity to get in on the ground floor, after Citigroup gained 19.5% and JPMorgan Chase picked up 20.7% for the week. Looking ahead, investors are bracing for reports from more regional banks, with Wachovia among the headliners. The North Carolina-based bank could become the latest to announce it's raising capital or slashing its dividend, two types of announcement this week blissfully avoided. Shares of the company fell 47 cents, or 3.5%, to $12.97 Friday, but still showed a 12.4% gain for the week. Market watchers will also keep an eye on oil prices, after a precipitous drop. Crude fell $1.30 to $128.88 a barrel Friday, after settling Monday at $145.18. The rapid decline is most likely to the first signs of legitimate demand destruction in the U.S., as consumers are more frugal with driving habits due to the struggling economy. United States Oil Fund, an exchange-traded vehicle that invests in crude and other products, lost 1.0% Friday and fell 11.0% for the week.
ABOUT INVESTSOURCE, INC.: WIN an 8 day 7 nights Caribbean Getaway, GO TO: www.investsourceinc.com.
To hear "The Fastest 60 Seconds in the Small-Cap Market," please go to www.ceo-corner.com This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation to buy or sell securities. InvestSource, Inc. has prepared all material herein based upon information believed to be reliable. The information contained herein is not guaranteed by InvestSource, Inc. to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this release have not given an opinion or approved the statements made in this release.
InvestSource, Inc. is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. InvestSource, Inc. affiliates, officers, directors and employees may also have bought, or may buy the shares discussed in this opinion and may profit in the event of a rise in value. InvestSource, Inc. will not advise as to when it decides to sell and does not, and will not, offer any opinion as to when others should buy or sell; each investor must make that decision based on his or her judgment of the market. Please consult your broker before purchasing or selling any securities mentioned herein. To view full disclaimers, please go to http://investsourceinc.com/php/disclaimer.php (disclaimers).
CONTACT: InvestSource, Inc e-mail: info@investsourceinc.com WWW: http://www.investsourceinc.com
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
(C)1994-2008 M2 COMMUNICATIONS LTD
