First Quarter Growth Sets Milestone for Canyon National Bank

Apr 24, 2001, 01:00 ET from Canyon National Bank

    PALM SPRINGS, Calif., April 24 /PRNewswire Interactive News Release/ --
 Canyon National Bank (OTC Bulletin Board:   CYNA) exceeded the $100 million mark
 in total assets during the first quarter of 2001, a significant feat for a
 bank less than three years old.
     For the quarter ended March 31, 2001, net income was $171,000, or
 $0.21 per diluted share, or 1% more than reported in the same quarter in the
 prior year.  The bank earned $169,000, or $0.21 per diluted share, for the
 quarter ended March 31, 2000.  Earnings before income taxes for the first
 quarter of 2001 were $291,000, or 70% higher than the first quarter of the
 prior year.  Income taxes were $120,000 for the quarter ended March 31, 2001
 compared to $2,000 for the quarter ended March 31, 2000.  Higher pre-tax
 earnings in the quarter ending March 31, 2001 are primarily attributable to a
 35% increase in net interest income and an 82% increase in non-interest income
 from the first quarter 2000 to the first quarter 2001.
     Total assets of $105.0 million at March 31, 2001, have increased
 $31.5 million and $19.1 million over the quarters ended March 31, 2000, and
 December 31, 2000, respectively.  Deposits reflect similar growth increases.
 Total deposits of $96.6 million at March 31, 2001, have increased
 $29.6 million from March 31, 2000, and $19.0 million from December 31, 2000.
     President and CEO Stephen G. Hoffmann states the bank's continued and
 steady growth results from a combination of factors, "particularly Canyon's
 relationship banking strategy combined with strong customer service."
     An increase in loan funding has contributed to Canyon National Bank's
 first quarter results.  Net loans of $61.5 million have grown $16.3 million,
 or 36.1%, from March 31, 2000.  Compared to December 31, 2000, net loans have
 grown $8.1 million, or 15.2%.
     Hoffmann states, "The Coachella Valley is one of the fastest growing areas
 in the state of California, with an influx of new commercial and residential
 growth.  Canyon National Bank is supporting this growth by its current funding
 of nearly 100 different construction projects.  Additionally, we're already
 expanding our newly established Mortgage Loan program to help local residents
 purchase or simply refinance their homes in view of the lower mortgage rates."
 
     Canyon National Bank is a full-service commercial bank and member of the
 FDIC.  The Palm Springs branch is located at 1711 East Palm Canyon Drive
 inside the Smoke Tree Village Shopping Center near the corner of Sunrise and
 Palm Canyon Drive in Palm Springs.  The Palm Desert branch is located at
 74-998 Country Club Drive, Suite 220 near the corner of Cook and Country Club.
 Shares of the bank's common stock are currently being traded on the Over the
 Counter Bulletin Board (OTC BB) under the symbol CYNA.   For more information,
 visit our website at www.CanyonNational.com, call 760-325-4442, or e-mail
 info@CanyonNational.com
 
     This release may contain certain forward-looking statements within the
 meaning of the Private Securities Litigation Reform Act of 1995.  Actual
 results could differ materially from those projected in such forward-looking
 statements.
 
 
                    Selected Financial Statement Information
 
     Balance As of          March 31, 2001   Dec 31, 2000     March 31, 2000
     (in millions)
 
     Total assets              $105.0            $85.9            $73.5
     Net loans                   61.5             53.4             45.2
     Deposits                    96.6             77.6             67.0
     Shareholders' equity         8.0              7.7              6.4
 
 
     For the Quarter ended             March 31, 2001    March 31, 2000
     (in thousands, expect for
      earnings per share)
 
     Net interest income                  $1,116              $828
     Earnings before income taxes            291               171
     Net income                              171               169
     Earnings per share:
     Basic and Diluted                      0.21              0.21
 
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SOURCE Canyon National Bank
    PALM SPRINGS, Calif., April 24 /PRNewswire Interactive News Release/ --
 Canyon National Bank (OTC Bulletin Board:   CYNA) exceeded the $100 million mark
 in total assets during the first quarter of 2001, a significant feat for a
 bank less than three years old.
     For the quarter ended March 31, 2001, net income was $171,000, or
 $0.21 per diluted share, or 1% more than reported in the same quarter in the
 prior year.  The bank earned $169,000, or $0.21 per diluted share, for the
 quarter ended March 31, 2000.  Earnings before income taxes for the first
 quarter of 2001 were $291,000, or 70% higher than the first quarter of the
 prior year.  Income taxes were $120,000 for the quarter ended March 31, 2001
 compared to $2,000 for the quarter ended March 31, 2000.  Higher pre-tax
 earnings in the quarter ending March 31, 2001 are primarily attributable to a
 35% increase in net interest income and an 82% increase in non-interest income
 from the first quarter 2000 to the first quarter 2001.
     Total assets of $105.0 million at March 31, 2001, have increased
 $31.5 million and $19.1 million over the quarters ended March 31, 2000, and
 December 31, 2000, respectively.  Deposits reflect similar growth increases.
 Total deposits of $96.6 million at March 31, 2001, have increased
 $29.6 million from March 31, 2000, and $19.0 million from December 31, 2000.
     President and CEO Stephen G. Hoffmann states the bank's continued and
 steady growth results from a combination of factors, "particularly Canyon's
 relationship banking strategy combined with strong customer service."
     An increase in loan funding has contributed to Canyon National Bank's
 first quarter results.  Net loans of $61.5 million have grown $16.3 million,
 or 36.1%, from March 31, 2000.  Compared to December 31, 2000, net loans have
 grown $8.1 million, or 15.2%.
     Hoffmann states, "The Coachella Valley is one of the fastest growing areas
 in the state of California, with an influx of new commercial and residential
 growth.  Canyon National Bank is supporting this growth by its current funding
 of nearly 100 different construction projects.  Additionally, we're already
 expanding our newly established Mortgage Loan program to help local residents
 purchase or simply refinance their homes in view of the lower mortgage rates."
 
     Canyon National Bank is a full-service commercial bank and member of the
 FDIC.  The Palm Springs branch is located at 1711 East Palm Canyon Drive
 inside the Smoke Tree Village Shopping Center near the corner of Sunrise and
 Palm Canyon Drive in Palm Springs.  The Palm Desert branch is located at
 74-998 Country Club Drive, Suite 220 near the corner of Cook and Country Club.
 Shares of the bank's common stock are currently being traded on the Over the
 Counter Bulletin Board (OTC BB) under the symbol CYNA.   For more information,
 visit our website at www.CanyonNational.com, call 760-325-4442, or e-mail
 info@CanyonNational.com
 
     This release may contain certain forward-looking statements within the
 meaning of the Private Securities Litigation Reform Act of 1995.  Actual
 results could differ materially from those projected in such forward-looking
 statements.
 
 
                    Selected Financial Statement Information
 
     Balance As of          March 31, 2001   Dec 31, 2000     March 31, 2000
     (in millions)
 
     Total assets              $105.0            $85.9            $73.5
     Net loans                   61.5             53.4             45.2
     Deposits                    96.6             77.6             67.0
     Shareholders' equity         8.0              7.7              6.4
 
 
     For the Quarter ended             March 31, 2001    March 31, 2000
     (in thousands, expect for
      earnings per share)
 
     Net interest income                  $1,116              $828
     Earnings before income taxes            291               171
     Net income                              171               169
     Earnings per share:
     Basic and Diluted                      0.21              0.21
 
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                http://tbutton.prnewswire.com/prn/11690X83887261
 
 SOURCE  Canyon National Bank