- Net income increased substantially for the quarter and by 80.2% year-over-year
- Total assets, net loans, and total deposits all increased from the prior year
- Capital position remains well in excess of all “Well Capitalized” standards
IRVINE, CALIF. (July 31, 2017) – Commercial Bank of California (CBC), a BauerFinancial Five-Star Superior Bank, today reported net income for the second quarter ended June 30, 2017 of $1,405,000. Net income for the first six months of 2017 was $2,312,000, an increase of $1,030,000 from the same period of the prior year. Revenue from earning assets for the first six months of 2017 was $15.5 million, compared to $13.8 million for the first six months of 2016.
At June 30, 2017, the Bank’s total assets were $826.3 million, compared to $788.0 million at June 30, 2016. Total deposits rose to $730.4 million from $662.8 million a year ago. Loans also experienced significant growth, rising to $536.0 million versus a June 30, 2016 total of $510.7 million. Total capital at June 30, 2017 was $87.9 million, an increase from $77.5 million on the comparable date in 2016.
Ash Patel, President and CEO of Commercial Bank of California, commented: “Commercial Bank of California’s positive momentum increased in the second quarter of 2017, and our operating performance continues to strengthen. We again registered substantial profits and growth in our assets, deposits, and net loans.
“Our continued emphasis on high credit quality resulted in non-performing loans totaling just $5.2 million at June 30, 2017, compared to reserves of $9.2 million. The Bank also had no Other Real Estate Owned (generally real estate acquired through foreclosure) as of June 30, 2017.”
Mr. Patel concluded: “Since our founding, our objective has been to build a quality institution like no other, with a commitment to top-quality, individualized service and the financial strength to make a real contribution to the success of our clients. That commitment, coupled with our focus on innovative technology and the creative expertise of the CBC team, has resulted in a powerful combination that is contributing to our growth in the marketplace. Moreover, we are achieving profitable growth without compromising our credit quality and lending standards. We believe that our current performance trends justify our confidence in the future.”
About Commercial Bank of California
CBC is a full-service bank serving the business and professional communities of Los Angeles and Orange counties. Recognized as a BauerFinancial, Inc. “Five-Star Bank” for its financial strength and stability, CBC provides the financial expertise of a major bank while maintaining a commitment to personalized service for every CBC client. More information about CBC’s custom solutions for your
business is available at www.cbcal.com.