· Net income increased substantially for the quarter and by over 200% year-over-year
· Total assets and net loans increased from the prior year
· Capital strength remains well in excess of all “Well Capitalized” standards
IRVINE, CALIF. (October 31, 2017) – Commercial Bank of California (CBC), a BauerFinancial Five-Star Superior Bank, today reported net income of $1,956,000 for the third quarter ended September 30, 2017. Net income for the first nine months of 2017 was $4,268,000, an increase of $2,446,000 from the $2,022,000 earned in the same period of the prior year. Revenue from earning assets for the first nine months of 2017 was approximately $23.7 million, compared to $20.9 million for the first nine months of 2016.
At September 30, 2017, the Bank’s total assets were $800.5 million, compared to $790.6 million at September 30, 2016. Total deposits were $627.8 million versus $704.3 million a year ago, in large part reflecting the impact of accounting rules relating to business combinations. Loans experienced significant growth, rising to $581.2 million from a September 30, 2016 total of $507.7 million. Total capital at September 30, 2017 was $89.8 million, an increase from $78.1 million on the comparable date in 2016.
Ash Patel, President and CEO of Commercial Bank of California, commented: “Commercial Bank of California’s operating performance strengthened yet again in the third quarter of 2017. We recorded a sharp increase in profits, and growth in our assets and net loans. While results for the period in part reflected factors that may not recur, we built on the achievements of prior periods, and are establishing a foundation for future success.
“Maintaining our high credit quality remains a primary objective, and this emphasis resulted in non-performing loans totaling just $5.4 million at the end of the third quarter, compared to reserves of $9.2 million. The Bank again had no Other Real Estate Owned (generally real estate acquired through foreclosure) as of September 30, 2017.”
Mr. Patel concluded: “We are making steady progress towards our objective of building a unique institution with the financial strength and responsive service needed to make a meaningful contribution to the success of our clients. Our message of “Our Solutions, Your Success” is resonating with clients and prospects alike, resulting in our increasing growth and acceptance in the market. Our emphasis on client success, combined with the creative expertise of the CBC team and our continued focus on innovative technology, continues to serve us well. Based on our current performance and future trends, we remain highly confident in the future of Commercial Bank of California.”
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 Superior 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.