CABC Pre-tax Income Reaches Record High for 4Q and Full Year
Highlights: 2011 versus 2010
• Total Loans grew $32 million or 18%, to $208 million • Total Deposits grew $60 million or 33%, to $244 million • Net Interest Income grew $1.5 million or 20%, to $9.1 million • Net Interest Margin improved by 16 basis points to 3.73% from 3.57% • Pre-tax Income grew $1.2 million or 368% to $1.5 million
Capital
During the course of 2011, the Bank added $11 million of new preferred stock at a dividend rate of 1%, from the Government’s Small Business Loan Fund (SBLF). These proceeds were used to permanently retire $4.2 million of TARP preferred stock, which had borne a dividend rate of 5%, and to strengthen the Bank’s Tier-1 Capital position to allow for continued growth.
The Bank’s overall capital position remains strong, with all regulatory capital ratios in excess of the regulatory “well capitalized” standards. Tier-1 Leverage ratio was 11.4% at December 31, 2011 compared to 10.7% on the same date last year. Total Risk Based Capital was 15.2% at December 31, 2011 compared to 12.1% last year.
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