- Quarterly net income again increased year-over-year
- Total assets, deposits and loans all increased from the prior year
- New capital further strengthened robust capital position
IRVINE, CALIF. (May 2, 2017) – Commercial Bank of California (CBC), a BauerFinancial Five-Star Superior Bank, reported net income for the first quarter of 2017 of $906.6 thousand Net interest income for the quarter was $6.7 million, which reflected growth in earning assets.
As of March 31, 2017, CBC’s total assets were $788.4 million. Compared to the levels of the prior year, total deposits rose to $695.3 million, while net loans advanced to $537.5 million. Total capital at March 31, 2017 totaled $85.3 million.
Ash Patel, President and Chief Executive Officer, stated, “Commercial Bank of California is off to an excellent start in 2017, building on the achievements and momentum from last year. We continue to demonstrate strong performance, with solid growth in assets, deposits and loans and a substantial increase in profits.
“Of particular note, our growth in net loans was achieved without sacrificing credit quality. Non-performing assets net of federal guarantees totaled just $4.1 million at March 31, 2017, compared to reserves of $9.1 million, or 1.66% of total loans.”
CBC’s capital ratios continue to significantly exceed regulatory requirements, with Tier 1 Leverage, Tier 1 Risk-based Capital, and Total Risk-based Capital Ratios of 10.52%, 14.30%, and 15.55%, respectively, as of March 31, 2017.
“CBC’s unique combination of financial strength, advanced technology and customized service is what is making us the bank of choice for Southern California businesses and professionals. Our team of experienced bankers continues to compete successfully for new business by providing the personalized, proactive and responsive service that has long been our hallmark,” added Patel.
“The present operating environment for financial companies remains challenging. Numerous local and regional banks are either struggling or being sold. But with challenges come opportunities, and we see this as an opportunity for CBC to attract new customers who seek a business bank with a history of financial stability and the flexibility to provide custom business solutions. We remain committed to profitable growth without compromising our lending standards and credit quality, and believe that adhering to proven strategies will enhance our success now and in the years ahead,” concluded Patel.
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 customer. More information about CBC’s custom solutions for your business is available at www.cbcal.com.