Commercial Bank of California Announces Strong Financial Results for 2017
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
2017 Financials
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 |
