Commercial Bank of California Announces Strong Financial Results for 2017
2017 represented another year of achievement for Commercial Bank of California.
The strengthening of our performance continued in 2017, as we recorded a significant increase in profitability and solid growth in our balance sheet.
While the primary driver of our profitability for the year was our prudent, controlled growth, our results also in part reflected factors that may not recur. We benefited from the collection of previously non-performing assets, and the successful resolution of legal matters. Results were adversely impacted by the cost of resolving an expensive facilities lease, and by the effect of the 2017 Tax Reform Act on certain tax-sensitive assets. On balance, however, the year was a most successful one, and our actions in 2017 positioned us for more progress in 2018 and beyond...
Ash Patel, President & CEO
STATEMENTS OF CONDITION (UNAUDITED)
December 31, 2017
December 31, 2016
Cash and due from banks
Interest bearing deposits with banks
Cash and cash equivalents
Premises and equipment - net
Other real estate owned
Accrued interest receivable and other assets
LIABILITIES AND CAPITAL:
Non-interest bearing demand deposits
Interest bearing demand deposits
Savings and money market deposits
Federal Home Loan Bank advances
Accrued interest payable and other liabilities
Accumulated other comprehensive income (loss)
Total liabilities and capital