OAKLAND, CA--(Marketwired - Oct 30, 2014) - Community Bank of the Bay (
2014 Third Quarter Financial Highlights
- Net income after tax for the 2014 Third Quarter totaled $632 thousand, or $0.14 earnings per common share, a 66% increase over the 2013 Third Quarter. Pre-tax operating income totaled $793 thousand, an increase of $474 thousand, or 149 percent, from $318 thousand reported in the 2013 Third Quarter.
- Total assets at September 30, 2014 were $192.0 million compared to $173.3 million at September 30, 2013. Average earning assets for the 2014 Third Quarter reached $180.3 million, an increase of $30.0 million, or 20.0 percent, compared with $150.3 the 2013 Third Quarter.
- Deposits decreased $2.6 million to $166.9 million from the prior quarter, and increased $16.3 million or 10.9 percent from the prior year.
- Loans increased $7.5 million to $152.8 million from the prior quarter, and increased $23.8 million or 18.5 percent from the prior year.
- Non-performing assets, including Other Real Estate Owned decreased $133 thousand to $3.3 million in the Third Quarter compared to Second Quarter, and represent 2.1 percent of total loans.
- Net interest margin increased fifty-three basis points to 4.58 percent, compared with 4.05 percent for the 2014 Second Quarter and decreased twenty-one basis points from 4.79 percent for the 2013 Third Quarter.
- Capital levels remain well above FDIC "Well Capitalized" standards. Third Quarter 2014 Equity of $20.5 million increased 11.7 percent from the prior year and resulted in Tier 1 Leverage of 10.92 percent and Tier 1 Risk-Based and Total Risk-Based Capital Ratios of 12.47 percent and 13.72 percent respectively.
"The year's strong loan growth and robust loan pipeline are contributing to recurring operating earnings and the goal of a record earnings year. Year to date pre tax operating income, excluding the Bank Enterprise Award, has increased 58% from 2013. We are also proud to announce that during the third quarter of 2014, Community Bank of the Bay was awarded a $355 thousand Bank Enterprise Award by the Community Development Financial Institution division of the U.S. Treasury Department. This is the sixth year in a row that Community Bank of the Bay has received the maximum award made available by the Fund, and is a testament to our commitment to our clients and communities," said William S. Keller, President and Chief Executive Officer. "With our continued improvement in profitability, we have been advised by our tax advisors that our bank has now fully utilized its deferred tax benefits relating to its net operating loss carryforwards and will begin incurring a tax obligation. They have recommended that we recast 2014 operating results using an estimated effective tax rate of 20% for the full year. The attached financial statements reflect this tax adjustment."
About Community Bank of the Bay
Community Bank of the Bay (
Forward-Looking Statements
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.
COMMUNITY BANK OF THE BAY | ||||||||||||||||||||
UNAUDITED SUMMARY FINANCIAL STATEMENTS | ||||||||||||||||||||
(In thousands except earnings per share) | ||||||||||||||||||||
INCOME STATEMENT |
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2014 Three Months Ended |
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2013 Three Months Ended |
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Year Over Year Change |
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September 30 | June 30 | March 31 | September 30 | % | ||||||||||||||||
Interest income | $ | 2,245 | $ | 2,006 | $ | 1,965 | $ | 1,935 | 16.0 | % | ||||||||||
Interest expense | 166 | 185 | 168 | 122 | 36.1 | % | ||||||||||||||
Net interest income before provision | 2,079 | 1,821 | 1,797 | 1,813 | 14.7 | % | ||||||||||||||
Provision for Loan Loss Reserve | 100 | 50 | 50 | 219 | -54.3 | % | ||||||||||||||
Net interest income after provision | 1,979 | 1,771 | 1,747 | 1,594 | 24.2 | % | ||||||||||||||
Non-interest income | 564 | 348 | 360 | 433 | 30.3 | % | ||||||||||||||
Non-interest expense | 1,750 | 1,770 | 1,661 | 1,709 | 2.4 | % | ||||||||||||||
Income before provision for income taxes | 793 | 349 | 446 | 318 | 149.4 | % | ||||||||||||||
Provision for income taxes | 161 | 71 | 90 | (63 | ) | -355.6 | % | |||||||||||||
Net income | $ | 632 | $ | 278 | $ | 356 | $ | 381 | 65.9 | % | ||||||||||
Less: preferred dividends | 32 | 32 | 32 | 32 | 0.0 | % | ||||||||||||||
Net income avaiable for common stockholders | $ | 600 | $ | 246 | $ | 324 | $ | 349 | 71.9 | % | ||||||||||
Basic earnigs per common share | $ | 0.14 | $ | 0.06 | $ | 0.08 | $ | 0.08 | 70.9 | % | ||||||||||
Weighted average common shares outstanding | 4,196,268 | 4,196,268 | 4,172,268 | 4,172,268 | ||||||||||||||||
Return on average assets | 1.31 | % | 0.54 | % | 0.70 | % | 0.85 | % | ||||||||||||
Return on average common equity | 15.3 | % | 6.4 | % | 8.5 | % | 10.3 | % | ||||||||||||
COMMUNITY BANK OF THE BAY | ||||||||||||||||||||
UNAUDITED SUMMARY FINANCIAL STATEMENTS | ||||||||||||||||||||
(In thousands except earnings per share) | ||||||||||||||||||||
BALANCE SHEET |
2014 Three Months Ended |
2013 Three Months Ended |
Year Over Year Change |
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ASSETS | September 30 | June 30 | March 31 | September 30 | % | |||||||||||||||
Total cash and investments | $ | 33,540 | $ | 41,687 | $ | 58,717 | $ | 39,989 | -16.1 | % | ||||||||||
Loans, net of unearned income | 152,822 | 145,338 | 130,230 | 128,984 | 18.5 | % | ||||||||||||||
Loan loss reserve | (2,562 | ) | (2,539 | ) | (2,505 | ) | (2,544 | ) | 0.7 | % | ||||||||||
Other real estate owned | 971 | - | - | - | ||||||||||||||||
Other assets | 7,246 | 6,916 | 6,847 | 6,897 | 5.1 | % | ||||||||||||||
Total Assets | 192,017 | 191,402 | 193,289 | 173,326 | 10.8 | % | ||||||||||||||
LIABILITIES AND SHAREHOLDERS EQUITY | ||||||||||||||||||||
Non-interest bearing deposits | 54,317 | 58,875 | 60,123 | 60,140 | -9.7 | % | ||||||||||||||
Intrest bearing deposits | 112,551 | 110,559 | 109,223 | 90,392 | 24.5 | % | ||||||||||||||
Total deposits | 166,868 | 169,434 | 169,346 | 150,532 | 10.9 | % | ||||||||||||||
Total borrowings and other liabilities | 4,632 | 2,082 | 4,493 | 4,427 | 4.6 | % | ||||||||||||||
Total Liabilities | $ | 171,500 | $ | 171,516 | $ | 173,839 | $ | 154,959 | 10.7 | % | ||||||||||
Shareholders equity | 20,517 | 19,886 | 19,449 | 18,367 | 11.7 | % | ||||||||||||||
Total Liabilities and Shareholders Equity | $ | 192,017 | $ | 191,402 | $ | 193,288 | $ | 173,326 | 10.8 | % | ||||||||||
Book value per common share | $ | 3.92 | $ | 3.77 | $ | 3.69 | $ | 3.43 | 14.4 | % | ||||||||||
Contact Information:
Media Contacts:
William S. Keller
President & CEO
510-433-5404
wkeller@BankCBB.com