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Community Bank Reports 19% Increase in Record Level Earnings at $18.5 Million

Published on Tuesday, November 1, 2011 | 8:49 am
 

The Pasadena-based Community Bank, an independent business bank with 15 business centers in Los Angeles, San Bernardino, Riverside and Orange Counties, today reported a 12.2% increase in net income to $6.8 million for the third quarter of 2011 compared to $6.1 million for the similar quarter in 2010. For the nine months ended September 30, 2011, the Bank reported a net income of $18.5 million compared to $15.5 million for the same period last year.

David Malone, President and Chief Executive Officer, commented, “I am delighted with the Bank’s performance amidst the economic uncertainties that are present in today’s financial markets.

“Our commitment to operate under the core values that founded our business has allowed us to sustain a steady stream of earnings, preserve our capital and expand our presence throughout Southern California. We look forward to augmenting our market share in the months to come, while providing premier Partnership Banking® services to our existing client base.”

Net interest income for the third quarter of 2011 increased 2.4% over the prior year reached $23.4 million in 2011 versus $22.9 million in the prior year.

During the nine months ended September 30, 2011, net interest income increased 5.6% over the prior year, totalling $69.6 million in 2011 as compared to $65.9 million in 2010. The improvement recognized during 2011 can be attributed to lower funding costs combined with earning asset growth, resulting in net interest margins of 3.66% and 3.77% for the third quarter and nine months ended September 30, 2011 respectively, as compared to 3.67% and 3.65% for the third quarter and nine months ended September 30, 2010.

The Bank’s reserve for loan losses as of September 30, 2011 was $36.4 million or 2.06% of total loans compared to $37.3 million or 2.11% of total loans as of September 30, 2010. The provision for loan losses amounted to $0.3 million and $1.9 million for the third quarter and nine months ended September 30, 2011, respectively, compared to $2.5 million and $6.1 million for the third quarter and nine months ended September 30, 2010. Credit quality issues are stabilizing, as reflected in the decrease of nonperforming assets which totalled $66.6 million as of September 30, 2011 as compared to $74.2 million as of September 30, 2010.

Total loans as of September 30, 2011 were essentially unchanged from the prior year quarter at $1.77 billion. Total deposits as of September 30, 2011 increased to $1.99 billion as compared to $1.97 billion as of September 30, 2010. Community Bank’s capital ratios continue to exceed regulatory requirements with Tier 1 Leverage, Tier 1 Risk-based Capital and Total Risk-based Capital ratios of 9.22%, 11.81%, and 13.07%, respectively, as of September 30, 2011. Regulatory requirements for a “well-capitalized bank” are 5%, 6%, and 10%, respectively.

Community Bank, with assets exceeding $2.6 billion, was founded in 1945 and is headquartered in Pasadena. The Bank is a regional Southern California Bank with offices in Anaheim, Burbank, Commerce, Corona, Fontana, Glendale, Huntington Beach, Irvine, Ontario, Pasadena, Redlands, Santa Clarita, Santa Fe Springs, South Bay and Woodland Hills.

For more information, visit the Community Bank Website at www.cbank.com.

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