Commercial Bank of California Announces Strong Financial Results for 2016
"While we remain committed to providing our clients with technology that is second to none, we will never forget that personalized, proactive, responsive service is the foundation of our success."
2016 was a year of achievement for Commercial Bank of California. We continued to demonstrate strong performance, registering a substantial gain in profits and growth in our assets, deposits and loans.
Our long-standing focus on high credit quality continues to serve us well. Non-performing assets net of federal guarantees totaled just $1.0 million at December 31, 2016, compared to reserves of $8.9 million.
In 2016, the Bank successfully completed a merger with National Bank of California, which included a comprehensive data processing conversion enabling all CBC offices to operate using the same system. As a result, customers can conduct business at any of the Bank’s six convenient regional offices throughout Southern California.
President & CEO
Statements of Condition (Unaudited)
December 31, 2016
|Cash and due from banks||$48,084|
|Interest bearing deposits with banks||132,749|
|Cash and cash equivalents||180,833|
|Premises and equipment - net||2,326|
|Other real estate owned||460|
|Accrued interest receivable|
|and other assets||29,866|
Liabilities and Capital:
|Non-interest bearing demand deposits||$304,988|
|Interest bearing demand deposits||25,564|
|Savings and money market deposits||353,444|
|Federal Home Loan Bank advances||0|
|Accrued interest payable and other liabilities||8,092|
|comprehensive income (loss)||-335|
|Total liabilities and capital||$810,695|