Financial Report 2017

Commercial Bank of California Announces Strong Financial Results for 2017

 
$30M
Net Interest Income
44%
Net Income Growth
(Increase in 2017 over 2016)
$869 M
Assets
10.54%
Capital Strength
(Tier 1 Leverage Ratio)
photo of Ash Patel, president and CEO

President's Statement

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)

(000s omitted)

December 31, 2017

December 31, 2016

ASSETS:

  

Cash and due from banks

$ 32,922

$ 48,084

Interest bearing deposits with banks

103,297

132,749

Cash and cash equivalents

136,219

180,833

   

Investment securities

91,703

73,342

   

Loans, net

602,880

523,868

Premises and equipment - net

2,517

2,326

Other real estate owned

460

Accrued interest receivable and other assets

35,683

29,866

   

Total assets

$ 869,002

$ 810,695

   

LIABILITIES AND CAPITAL:

  

Non-interest bearing demand deposits

$ 252,988

$ 304,988

Interest bearing demand deposits

38,846

25,564

Savings and money market deposits

315,904

353,444

Time deposits

60,438

38,297

   

Total deposits

668,176

722,293

   

Federal Home Loan Bank advances

40,000

Accrued interest payable and other liabilities

71,183

8,092

   

Total liabilities

$ 779,359

$ 730,385

   

Stated capital

83,830

78,830

Retained earnings

6,209

1,815

Accumulated other comprehensive income (loss)

(396)

(335)

   

Total capital

$ 89,643

$ 80,310

   

Total liabilities and capital

$ 869,002

$ 810,695