Commercial Bank of California Announces Strong Financial Results for 2018
2018 was a milestone year for Commercial Bank of California.
Our achievements were many. From a financial perspective, this was CBC’s strongest year ever. The year’s net income was the highest in our history, and we chalked up solid growth in total assets, net loans, and total deposits. At the same time, our capital position remained in the strongest category established by banking regulators, and despite our growth, our loan portfolio maintained the high credit qualify that has long been our hallmark.
Our 2018 accomplishments extend beyond mere financial performance, however. We bolstered our strong management team with four new executives: Market Presidents Claudia Bodan and Mike Helmuth (for our Los Angeles and Orange County markets, respectively), Growth and Strategy EVP Shahzad Khan in our Payments Division, and EVP/Chief Risk Officer Neel Pinge. We added three new CBC locations in 2018: new regional offices in Anaheim and downtown Los Angeles, and our Payments Solutions facility in North Hollywood. Lastly, we added a fintech component to the CBC corporate family. VeriCheck is a provider of ACH services based in Atlanta, which processes over 900,000 transactions each month for its payments clients....
Ash Patel, President & CEO
STATEMENTS OF CONDITION (UNAUDITED)
December 31, 2018
December 31, 2017
Cash and due from banks
Fed funds sold
Interest bearing deposits with banks
Cash and cash equivalents
Premises and equipment - net
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