Financial Report 2018

Commercial Bank of California Announces Strong Financial Results for 2018

 
$35 M
Net Interest Income
70%
Net Income Growth
(Increase in 2018 over 2017)
$987 M
Assets
9.76%
Capital Strength
(Tier 1 Leverage Ratio)
photo of Ash Patel, president and CEO

President's Statement

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)

(000s omitted)

December 31, 2018

December 31, 2017

ASSETS:

  

Cash and due from banks

$ 26,991

$ 32,898

Fed funds sold

2,500

2,500

Interest bearing deposits with banks

141,555

104,781

Cash and cash equivalents

171,046

140,179

   

Investment securities

89,186

91,703

   

Loans, net

684,017

602,880

Premises and equipment - net

3,876

2,517

Accrued interest receivable and other assets

38,587

31,723

   

Total assets

$ 986,712

$ 869,002

   

LIABILITIES AND CAPITAL:

  

Non-interest bearing demand deposits

$ 342,164

$ 311,976

Interest bearing demand deposits

50,812

38,846

Savings and money market deposits

421,106

315,905

Time deposits

64,009

60,438

   

Total deposits

878,091

727,165

   

Federal Home Loan Bank advances

40,000

Accrued interest payable and other liabilities

12,436

12,194

   

Total liabilities

$ 890,527

$ 779,359

   

Stated capital

83,831

83,830

Retained earnings

13,578

6,209

Accumulated other comprehensive income (loss)

(1,224)

(396)

   

Total capital

$ 96,185

$ 89,643

   

Total liabilities and capital

$ 986,712

$ 869,002