OAKLAND, CA--(Marketwired - Nov 10, 2015) - Community Bank of the Bay (
Third Quarter Financial Highlights
- Pre-tax operating income for the quarter ending September 30, 2015 totaled $765 thousand, a decrease of $28 thousand, or 3.5 percent, from $793 thousand reported in the same period a year ago. Net profit after tax totaled $446 thousand, or $0.10 earnings per common share, compared to $632 thousand reported in 2014.
- YTD pre-tax operating income as of September 30, 2015 totaled $2.1 million, an increase of $517 thousand, or 32.5 percent, from $1.6 million reported in the same period a year ago. Net profit after tax totaled $1.2 million, compared to $1.2 million reported in 2014. The YTD net profit decrease of $20 thousand was entirely due to a $537 thousand increase in estimated income taxes.
- Total assets at September 30, 2015 were $256.0 million, an increase of $64.0 million, or 33.3 percent from $192.0 million at September 30, 2014. Average earning assets for third quarter of 2015 reached $236.7 million, an increase of $56.4 million, or 31.3 percent, compared with $180.3 million in 2014.
- Deposits increased $5.8 million, or 2.6 percent to $232.6 million in the third quarter of 2015 compared to $226.8 million at June 30, 2015. Deposits increased $65.7 million or 39.0 percent from the third quarter of 2014.
- Loans increased $12.2 million, or 6.8 percent to $191.7 million in the third quarter of 2015 compared to $179.5 million at June 30, 2015. Loans increased $38.9 million or 25.5 percent from the third quarter of 2014.
- Non-performing assets increased $1.0 million to $3.4 million compared to the prior quarter, and increased by $1.1 million from $2.3 million from the same quarter a year ago. Non-performing assets now represent 1.77 percent of total loans.
- Net interest margin for the third quarter decreased 0.24 basis point to 4.05 percent, compared with 4.29 percent for the prior quarter and decreased 0.52 basis points from 4.58 percent for the 2014 third quarter.
- Capital levels remain well above FDIC "Well Capitalized" standards. September 30, 2015 Equity of $22.5 million increased 9.5 percent from the prior year and resulted in Tier 1 Leverage of 9.00 percent, and Tier 1 Capital and Total Capital ratios of 10.52 percent and 11.77 percent respectively.
"The Bank continued to show a number of important positive trends in the third quarter. Specifically, this is the fourth consecutive quarter where the Bank reported records in the three key balance sheet metrics of total assets, loans outstanding and deposits. These client driven increases reflect the market's acceptance of our relationship-oriented banking philosophy," said William S. Keller, President and Chief Executive Officer. "As further recognition of our efforts, 2015 marks the sixth consecutive year where we have earned the maximum Bank Enterprise Award granted by the US Treasury's CDFI Fund for the positive community development impacts associated with supplying credit to worthy small and medium sized businesses and non-profit organizations."
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 | Three Months Ended | |||||||||||||||||
2015 | 2015 | Qtr over Qtr | 2014 | Year over Year | ||||||||||||||
September 30 | June 30 | % Change | September 30 | % Change | ||||||||||||||
Interest income | $ | 2,617 | $ | 2,664 | -1.8 | % | $ | 2,244 | 16.6 | % | ||||||||
Interest expense | 199 | 205 | -2.9 | % | 166 | 19.9 | % | |||||||||||
Net interest income before provision | 2,418 | 2,459 | -1.7 | % | 2,078 | 16.4 | % | |||||||||||
Provision for Loan Loss Reserve | 50 | 150 | -66.7 | % | 100 | -50.0 | % | |||||||||||
Net interest income after provision | 2,368 | 2,309 | 2.6 | % | 1,978 | 19.7 | % | |||||||||||
Non-interest income | 436 | 305 | 43.0 | % | 565 | -22.8 | % | |||||||||||
Non-interest expense | 2,039 | 2,042 | -0.1 | % | 1,750 | 16.5 | % | |||||||||||
Income before provision for income taxes | 765 | 572 | 33.7 | % | 793 | -3.5 | % | |||||||||||
Provision for income taxes | 319 | 231 | 38.1 | % | 161 | 98.1 | % | |||||||||||
Net income | $ | 446 | $ | 341 | 30.8 | % | $ | 632 | -29.4 | % | ||||||||
Less: preferred dividends | 20 | 20 | 0.0 | % | 20 | 0.0 | % | |||||||||||
Net income available for common stockholders | $ | 426 | $ | 321 | 32.7 | % | $ | 612 | -30.4 | % | ||||||||
Basic earnings per common share | 0.10 | $ | 0.08 | 32.3 | % | $ | 0.15 | -31.1 | % | |||||||||
Common shares outstanding EP | 4,232,435 | 4,220,795 | 4,191,443 | |||||||||||||||
Return on average assets | 1.23 | % | 0.54 | % | 0.73 | % | ||||||||||||
Return on average common equity | 9.63 | % | 7.38 | % | 8.83 | % | ||||||||||||
COMMUNITY BANK OF THE BAY | ||||||||||||||||||
UNAUDITED SUMMARY FINANCIAL STATEMENTS | ||||||||||||||||||
(In thousands except earnings per share) | ||||||||||||||||||
BALANCE SHEET | Three Months Ended | |||||||||||||||||
2015 | 2015 | Qtr over Qtr | 2014 | Year over Year | ||||||||||||||
ASSETS | September 30 | June 30 | % Change | September 30 | % Change | |||||||||||||
Total cash and investments | $ | 59,523 | $ | 69,240 | -14.0 | % | $ | 33,541 | 77.5 | % | ||||||||
Loans, net of unearned income | 191,736 | 179,480 | 6.8 | % | 152,822 | 25.5 | % | |||||||||||
Loan loss reserve | (3,129 | ) | (3,000 | ) | 4.3 | % | (2,562 | ) | 22.1 | % | ||||||||
Other real estate owned | - | - | 0.0 | % | - | - | ||||||||||||
Other assets | 7,836 | 7,522 | 4.2 | % | 8,217 | -4.6 | % | |||||||||||
Total Assets | 255,966 | 253,242 | 1.1 | % | 192,018 | 33.3 | % | |||||||||||
LIABILITIES AND SHAREHOLDERS EQUITY | ||||||||||||||||||
Non-interest bearing deposits | 81,415 | 81,314 | 0.1 | % | 54,317 | 49.9 | % | |||||||||||
Interest bearing deposits | 151,225 | 145,472 | 4.0 | % | 112,551 | 34.4 | % | |||||||||||
Total deposits | 232,640 | 226,786 | 2.6 | % | 166,868 | 39.4 | % | |||||||||||
Total borrowings and other liabilities | 860 | 4,560 | -81.1 | % | 4,632 | -81.4 | % | |||||||||||
Total Liabilities | $ | 233,500 | $ | 231,346 | 0.9 | % | $ | 171,500 | 36.2 | % | ||||||||
Shareholders equity | 22,466 | 21,896.0 | 2.6 | % | 20,517 | 9.5 | % | |||||||||||
Total Liabilities and Shareholders Equity | $ | 255,966 | $ | 253,242 | 1.1 | % | $ | 192,017 | 33.3 | % | ||||||||
Book value per common share | $ | 4.35 | $ | 4.23 | 2.9 | % | $ | 3.85 | 13.0 | % | ||||||||
Contact Information:
Media Contact:
William Keller
President & CEO
510-433-5404
wkeller@bankcbb.com