Commercial Bank of California Reports Continued Success in the Third Quarter and First Nine Months of 2017

IRVINE, Calif., Nov. 1, 2017 /PRNewswire/ --

Highlights Include:

• Net income increased substantially for the quarter and by over 200% year-over-year
• Total assets and net loans increased from the prior year
• Capital strength remains well in excess of all "Well Capitalized" standards

Commercial Bank of California (CBC), a BauerFinancial Five-Star Superior Bank, today reported net income of $1,956,000 for the third quarter ended September 30, 2017.  Net income for the first nine months of 2017 was $4,268,000, an increase of $2,446,000 from the $2,022,000 earned in the same period of the prior year. Revenue from earning assets for the first nine months of 2017 was approximately $23.7 million, compared to $20.9 million for the first nine months of 2016.

At September 30, 2017, the Bank's total assets were $800.5 million, compared to $790.6 million at September 30, 2016. Total deposits were $627.8 million versus $704.3 million a year ago, in large part reflecting the impact of accounting rules relating to business combinations. Loans experienced significant growth, rising to $581.2 million from a September 30, 2016 total of $507.7 million. Total capital at September 30, 2017 was $89.8 million, an increase from $78.1 million on the comparable date in 2016. 

Ash Patel, President and CEO of Commercial Bank of California, commented: "Commercial Bank of California's operating performance strengthened yet again in the third quarter of 2017.  We recorded a sharp increase in profits, and growth in our assets and net loans.  While results for the period in part reflected factors that may not recur, we built on the achievements of prior periods, and are establishing a foundation for future success.

"Maintaining our high credit quality remains a primary objective, and this emphasis resulted in non-performing loans totaling just $5.4 million at the end of the third quarter, compared to reserves of $9.2 million. The Bank again had no Other Real Estate Owned (generally real estate acquired through foreclosure) as of September 30, 2017."

Mr. Patel concluded: "We are making steady progress towards our objective of building a unique institution with the financial strength and responsive service needed to make a meaningful contribution to the success of our clients. Our message of "Our Solutions, Your Success" is resonating with clients and prospects alike, resulting in our increasing growth and acceptance in the market. Our emphasis on client success, combined with the creative expertise of the CBC team and our continued focus on innovative technology, continues to serve us well. Based on our current performance and future trends, we remain highly confident in the future of Commercial Bank of California." 

About Commercial Bank of California

CBC is a full-service bank serving the business and professional communities of Los Angeles and Orange counties. Recognized as a BauerFinancial, Inc. "Five-Star Superior Bank" for its financial strength and stability, CBC provides the financial expertise of a major bank while maintaining a commitment to personalized service for every CBC client. More information about CBC's custom solutions for your business is available at www.cbcal.com.

This report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements, other than statements of historical fact, included herein may constitute forward-looking statements.  Although Commercial Bank of California believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.  Important factors that could cause actual results to differ materially from Commercial Bank of California's expectations include fluctuations in interest rates, inflation, government regulations, and economic conditions and competition in the geographic and business areas in which Commercial Bank of California conducts its operations.

Financial results for prior periods have been adjusted to reflect the April 30, 2016 merger of Commercial Bank of California and National Bank of California.

Member FDIC

Media Contacts
Ash Patel, CEO
[email protected]
Thomas McCullough, EVP
[email protected]
310.882.4834

SOURCE Commercial Bank of California

Related Links

http://www.cbcal.com