- Net income increased substantially for the quarter and by over 42% year-over-year
- Total assets, total deposits, and net loans all increased from the prior year
- Capital strength remains well in excess of all “Well Capitalized” standards
IRVINE, CALIF. (November 9, 2018) – Commercial Bank of California (CBC), a BauerFinancial Five-Star Superior Bank, today reported net income of $2,207,000 for the third quarter ended September 30, 2018, an increase from the $1,957,000 earned in the the third quarter of 2017. Net income for the first nine months of 2018 was $6,072,000, a sharp increase over earnings of $4,268,000 in the same period in 2017. Revenue from earning assets rose to $29.1 million for the first nine months of 2018 from $23.7 million for the comparable period of 2017.
At September 30, 2018, the Bank’s total assets were $916.8 million, compared to $800.5 million at September 30, 2017. Total deposits were $810.5 million at the end of 2018’s third quarter, versus $627.8 million a year ago, Net loans experienced significant growth, rising to $642.5 million in 2018 from a September 30, 2017 total of $581.2 million. Total capital at September 30, 2018 was $94.3 million, an increase from $89.8 million on the comparable date in 2017.
Ash Patel, President and CEO of Commercial Bank of California, commented: “This year has been one of substantial growth for Commercial Bank of California. Since the close of 2017, CBC’s total assets have grown approximately 5.5 percent, and net loans have increased by 6.6 percent. These favorable trends were evident in our operating performance in the third quarter of 2018. We recorded a sharp increase in profits, and growth in our assets, deposits, and net loans. Our achievements thus far in 2018 are providing a basis for future success.
“While the growth in our balance sheet and profitability have been impressive, preserving our high credit quality remains an important objective. Non-performing loans net of federal guarantees totaled just $4.0 million at the end of the third quarter, compared to reserves of $10.0 million. The Bank again had no Other Real Estate Owned (generally real estate acquired through foreclosure) as of September 30, 2018.”
Mr. Patel concluded: “CBC’s purpose-driven approach to banking, and our creation of innovative products and partnerships, are redefining the standards of what a bank can offer its clients. The recent appointment of our two new Market Presidents, Claudia Bodan and Michael Helmuth, underscores our drive to provide solutions to businesses in the region beyond the service offerings of a traditional bank. Moreover, thus far in 2018 the bank has hired more than 35 employees across Southern California to respond to the increasing demand for holistic banking services. Our message of “Our Solutions, Your Success” embodies our commitment to making a meaningful contribution to the success of our clients, and continues to resonate with clients and prospects alike. Our current performance trends and increasing acceptance in the marketplace bolster our confidence in the future of Commercial Bank of California.”