Yesterday, California Community Bank released their unaudited third quarter 2010 financial results. They finished the third quarter of 2010 with an asset base of $226,837,000, an increase of $22,800,000, or 11 percent, from the end of September of 2009.
Total deposits for the Bank were $198,557,000, up $22,892,000, or 13 percent, over the same period in the prior year. As of September 30, 2010, total gross loans net of deferred fees, the primary revenue driver for California Community Bank, stood at $158,517,000 compared to $157,566,000 at September 30, 2009, an increase of $951,000, or 1 percent.
For the third quarter of 2010, the Bank reported a net profit of $528,000, or basic earnings per share of 26 cents. This is compared to a net profit of $21,000, or basic earnings per share of 1 cent, for the comparable period last year. The net profit for the first nine months of the year was $1,126,000, or basic earnings per share of 54 cents, versus a net loss of $317,000, or a basic loss per share of 15 cents, for the first nine months of 2009.
Mr. Larry D. Hartwig, President and CEO of California Community Bank, commented, “The Bank ended the quarter with substantial funds to lend to qualified borrowers, but new loan demand continued to be extremely sluggish. We are obviously pleased with our operating results for the quarter, and from a balance sheet standpoint our conservative underwriting has thus far proven durable during the continuing economic downturn. Asset quality metrics remain unchanged, overhead expenses continue to be held flat, funding costs have been reduced substantially, and net earnings have improved”
“We successfully continued to grow our core deposit base, a major contributor toward achievement of an overall 37% year-over-year reduction in interest expense. In summary, we ended the quarter with over $225 million in total assets and recorded a 25% increase in year-to-date net interest income, the principal driver of our return to profitability. All of this speaks well for responsibly building long-term shareholder and franchise value. Credit metrics are still difficult to predict in this economy, but we do know that our conservatively underwritten loan portfolio has continued to perform within acceptable parameters – resulting in only a modest increase to our reserves during the first three quarters of 2010. Management remains focused on normalized profitability and expense control. We are confident in the core strengths of our franchise and we continue to aggressively manage our loan portfolio with the expectation of positive economic growth at some point in the future.”
Mr. Hartwig further commented, “Capital ratios are strong and our conservative loan underwriting is allowing us to navigate through this current credit cycle. In this economy, we also know that loan growth must be driven by market share gains rather than by increased economic activity. Our focus is on our relationship style of banking targeted toward small-to-medium size businesses, professionals, and high net worth individuals within our market area. We have not wavered from generating local market deposits and continue to make loans as usual to qualified borrowers. We also fully recognize the valuable contributions of our highly professional staff in making California Community Bank an outstanding organization committed to providing our customers with ‘Real Solutions. Personally Delivered’.”
Headquartered at 1320 West Valley Parkway in Escondido, California, California Community Bank currently operates four branches. These bank branches are in Escondido, Encinitas, San Diego, and Vista, California. A locally owned community bank, their commitment is to knowing their clients’ banking needs and to knowing their clients’ by name. Their community bankers’ dedication is to take the time to get to know clients’ unique financial services needs, and all decisions are made locally.
For more information visit: www.calcommunitybank.com
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