VENTURA, Calif.--(BUSINESS WIRE)--County Commerce Bank (OTCBB:CNYB), the only community bank headquartered in Ventura County recognized by The Findley Reports as a “Super Premier Performing Bank” based on 2011 operating results, reported strong earnings for the second quarter 2012.
“The bank’s high quality balance sheet enabled us to open the new branch and further supplement our established network in Ventura County. We can better serve our existing customers and introduce new customers in Camarillo to the many benefits of banking with the highest rated local, community bank.”
Earnings for the first six months of 2012 were $845,000 compared to $703,000 for the first six months of 2011; an increase of 20.20%. Total assets were $183,971,000, a 3.68% increase from second quarter of 2011. Total deposits were $160,055,000, a 1.64% increase from second quarter of 2011. Shareholders’ Equity improved by $905,000 for the six months of 2012 to $17,061,000, a 5.60% increase compared to a 5.32% increase from the same period of 2011.
The Bank’s loan portfolio increased to $108,304,000 at quarter end, compared to $102,118,000 for the same period 2011, an increase of 6.06%. A primary focus of the bank is building and maintaining a quality loan portfolio. The Bank’s excellent liquidity and strong capital position allows it to continue lending to local businesses and individuals, which strengthens the local community and its economy. County Commerce Bank is known for its skill in structuring loans that will give its clients the most credit possible with realistic repayment terms. This philosophy of lending has been a critical element that has kept the bank from having to recapitalize and dilute the Bank’s shareholders’ equity.
Based on 2011 financial results, Ventura County’s award winning and locally owned County Commerce Bank has been recognized by financial industry ratings organizations as one of the nation’s best performing banks and one of the highest rated banks on California’s central coast. Financial Management Consulting Group, a financial industry rating company that publishes bank performance reports, rated County Commerce Bank as the top rated bank in the tri-counties and 20th best performing bank in all of California. The report’s rankings for 230 banks headquartered in the state are based on earnings, asset quality, efficiency, margin management, and fee analysis.
For the 29th consecutive quarter, the bank earned BauerFinancial’s Five Star “Superior” rating which indicates that County Commerce Bank is one of strongest financial institutions in the nation. County Commerce Bank was the only bank in the tri-counties to earn a “Superior” rating for the first quarter 2012.
County Commerce Bank expanded their service area and staff in May 2012 by opening a third branch at 2357-B Pickwick Drive in Camarillo, California. President and Chief Executive Officer Joseph D. Kreutz stated, “The bank’s high quality balance sheet enabled us to open the new branch and further supplement our established network in Ventura County. We can better serve our existing customers and introduce new customers in Camarillo to the many benefits of banking with the highest rated local, community bank.”
Selected Financial Highlights and Awards as of June 30, 2012:
- Return on average equity (annualized) at 12.30%.
- Allowance for Loan and Lease Losses at 2.77% of total loans.
- Tier 1 Leverage Ratio at 9.21%; above 5.00% is deemed “Well Capitalized” by FDIC.
- Super Premier Performing Bank or Premier Performing Bank by The Findley Reports for the past eight consecutive years.
- Five-Star “Superior” rating by BauerFinancial Inc., for more than 29 consecutive quarters.
- Recognized by U.S. Banker’s magazine as one of the Top 200 Community Banks out of 8,000 banks in the nation based on three year average ROE.
ABOUT COUNTY COMMERCE BANK
County Commerce Bank was founded by local professionals and business leaders in Ventura County. The Bank opened for business at 3260 Telegraph Road, Ventura, California in February, 2003 and opened its second branch located at 2400 E. Gonzales Road, Oxnard in April, 2007. County Commerce Bank opened a third branch in May 2012 at 2357-B Pickwick Drive in Camarillo. County Commerce Bank provides financial solutions for local professionals and small businesses, offering its customers state of the art technology along with a traditional, personalized banking experience. County Commerce Bank stock is traded on the Over the Counter Bulletin Board (OTCBB); our Ticker Symbol is CNYB.
|County Commerce Bank’s stock is traded through Market Maker:|
|Crowell, Weedon & Co.|
|Community Bank Group|
|Michael R. Natzic, Senior Vice President/Branch Manager|
|Member FINRA - Member SIPC|
|P.O. Box 1688|
|Big Bear Lake, CA 92315|
The Bank's web site is www.CountyCommerceBank.com.
Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States government, and general economic conditions.
Selected Financial Data
|Six months ended June 30,|
Income statement summary
|Net interest income||$||3,205,000||$||3,215,000|
|Provision for loan losses||1,000||149,000|
|Income before income tax||1,435,000||1,194,000|
Balance sheet summary
|Allowance for loan losses||3,004,000||2,816,000|
Common stockholders' data
|Basic earnings per share (annualized)||$||1.40||$||1.18|
|Book value per share||$||14.06||$||12.76|
|Tier 1 leverage ratio||9.21||%||8.74||%|
|Tier 1 risk-based capital ratio||14.79||%||13.62||%|
|Total risk-based capital ratio||16.05||%||14.90||%|
Financial ratios (annualized)
|Return on average assets||1.14||%||0.81||%|
|Return on average equity||12.30||%||9.48||%|
|Net interest margin||3.55||%||3.88||%|