56Chevy
10 years ago
California Bank of Commerce Reports Record Earnings for 2Q 2014
Date : 07/22/2014 @ 11:33AM
Source : Business Wire
Stock : California Bank Of Commerce (ca) (QB) (CABC)
Quote : $11.45 0.0 (0.00%) @ 9:30AM
California Bank of Commerce (OTCBB: CABC) reported net income of $920 thousand, or $0.32 per share, for the second quarter 2014, up from $597 thousand, or $0.21 per share, for the second quarter of 2013. For the first six month of 2014, net income was $1.7 million, or $0.58 per share, up from $1.2 million, or $0.40 per share, for the same period in 2013.
On June 30, 2014, the Bank announced the successful completion of its $16 million public stock offering. “Our Bank is growing and this new capital will help open up additional growth opportunities. We were very pleased and gratified that our existing and new shareholders were not only able to participate in our capital raise but supported it beyond our expectations,” said Steve Cortese, Chairman of California Bank of Commerce.
“Our strong results for the second quarter and first six months of 2014 reflects a continuing story of quality balance sheet growth and accelerating earnings, driven by an experienced team of banking professionals,” said Terry A. Peterson President and CEO. “With our successful capital raise behind us, we are also accelerating our search for additional experienced bankers to join our team and further fuel our growth,” said Peterson.
Continued strong quarterly financial results versus 2013:
• Net income of $920 thousand, up 54% from 2Q 2013
• Earnings per share of $0.32, up 55%
• Net interest income of $3.6 million up 17%
• Net interest margin improved to 4.17%, up from 3.88% last year
• Return on average assets reached 1% versus 0.71% last year
Strong loan and deposit growth:
• Total loans of $302 million, up $43 million or 16% from 2Q 2013
• Total deposits of $334 million, up $53 million or 19%
• Total noninterest bearing deposits of $125 million, up $36 million or 40%
Continued strong credit quality:
• Total nonperforming assets declined to 0.97% of assets, from 1.31% last year
• Loan loss reserve of $5.4 million increased 9% over last year
•Reserve ratio fell to 1.80% of total loans from 1.92% as a result of improvement in credit performance
Improved book value and stronger capital ratio:
• Tangible book value per share $10.62, up $1.02 or 11% from last year
• Capital ratios improved on stronger earnings and additional equity capital
[....]
Net Income
Net income reached $920 thousand for the second quarter 2014, increasing $323 thousand or 54% compared to the same period in 2013. Net income improved for the quarter on increased average earning assets and an improved net interest margin. Return on average assets was 1.00% during the second quarter of 2014, compared to 0.71% for the same period in 2013, while return on average common equity reached 12.12% during the second quarter of 2014 compared to 8.97% for the second quarter of 2013.
Balance Sheet
As of June 30, 2014, Total Assets were up by $73 million or 21% to $422 million with loans up by $43 million or 16% year over year to $302 million compared to June 30, 2013. Commercial and Industrial (C&I) loans were the primary driver of loan growth, increasing $26 million over the second quarter of 2013 to $151 million. “We remain focused on our core business banking strategy exemplified by C&I loans comprising 50% of our total loan portfolio. The majority of our C&I portfolio floats with the Prime Rate making us well positioned for an eventual rising interest rate environment,” said Peterson.
For the quarter ended June, 2014, total asset growth was funded primarily with deposits, which were up by $53 million or 19%, with non-interest bearing deposits increasing by $36 million or 40% over the quarter ended June 30, 2013. Non-interest bearing deposits represented 38% of total deposits at June 30, 2014 compared to 32% at June 30, 2013.
[....]
http://ih.advfn.com/p.php?pid=nmona&article=62987309
*This was a fantastic report for the qtr. The bank is currently selling at a P/B ratio of 107.82%
56Chevy
10 years ago
California Bank of Commerce Completes $16MM Common Equity Offering
June 30, 2014 10:00 AM
LAFAYETTE, Calif.--(BUSINESS WIRE)--California Bank of Commerce (OTCQB:CABC) announced today it completed its capital offering of $16 million in common equity.
“The new capital will allow the Bank to expand relationships with our existing clients, and allows us to meet the loan and deposit needs of larger commercial companies”
“We reached our maximum raise of $16 million five weeks after launching our public offering,” said Stephen Cortese, Chairman of the Board. The public offering attracted both existing shareholders and new shareholders, including a number of institutional investors. The Bank’s board and management also invested significantly in the capital raise. “It has been awhile since a Northern California bank has raised capital in a public offering to execute a growth strategy, and we are proud of our accomplishment,” said Cortese.
The Bank’s public offering was oversubscribed. “The new capital will allow the Bank to expand relationships with our existing clients, and allows us to meet the loan and deposit needs of larger commercial companies,” said Terry Peterson, President and CEO. Peterson added, “Our growth strategy also includes providing accelerated career opportunities for our existing bankers and sets a course to commence hiring additional business bankers, including credit and treasury management professionals.”
The Bank’s counsel for this offering were Ernie Panasci and Ryan Behrman of Stinson Leonard Street LLP. Robert Rogowski and Joey Warmenhoven of McAdams Wright Ragen, Inc. acted as financial advisors to California Bank of Commerce, and a portion of the offering was placed by Joey Warmenhoven of McAdams Wright Ragen, Inc.
http://www.businesswire.com/news/home/20140630005290/en/California-Bank-Commerce-Completes-16MM-Common-Equity
*CABC is one of the banks that replaced their $11MM TARP loan from the Treasury with a loan from the Small Business Administration (SBLF fund).
You can read about that program here:
http://online.wsj.com/news/articles/SB10001424052970204138204576603100469929700
Marker:
California Bank Of C (CABC)
$10.75 up 0.2 (1.90%)
Volume: 600
FD: I do not own shares of CABC at this time.
56Chevy
10 years ago
CABC and TARP
California Bank of Commerce
Lafayette, CA
TARP Transactions
Original TARP investment amount: $4,000,000.00 (on Feb. 27, 2009)
Outstanding investment $0.00 (Footnote 8) (Footnote 14) (Footnote 44)
Total cash back: $4,755,899.67 (May include dividends and interest payments not shown below)
Investment status: Redeemed, in full; warrants not outstanding
?Warrant proceeds of $200,000.00 on Sept. 15, 2011
?Repayment of $4,000,000.00 on Sept. 15, 2011
Data current as of Oct. 16, 2013
Footnotes
(8) Privately-held qualified financial institution; Treasury received a warrant to purchase additional shares of preferred stock (unless the institution is a CDFI), which it exercised immediately.
(14) The proceeds associated with the disposition of this investment do not include accrued and unpaid dividends.
(44) Repayment pursuant to Title VII, Section 7001(g) of the American Recovery and Reinvestment Act of 2009 using proceeds received in connection with the institution's participation in the Small Business Lending Fund.
* Fees Include: (i) placement fees in private auctions of a cash purchase program issuer’s securities where Treasury pays placement fees to the placement agents in an amount equal to a minimum of $50,000 (per issuer) or 1.00% of gross aggregate proceeds for each security and (ii) unreimbursed underwriting fees in public offerings. Placement fees in private auctions are paid approximately one month after settlement.
Not all transactions are shown; dividend and interest payments are omitted.
Small Business Lending Fund Transactions ?Advance of $11,000,000 on Sept. 15, 2011
http://banktracker.investigativereportingworkshop.org/tarp/california/lafayette/california-bank-of-commerce/
56Chevy
10 years ago
California Bank of Commerce Announces New Capital Raise to Fund Growth
Tue May 27, 2014 10:00am EDT
California Bank of Commerce Announces New Capital Raise to Fund Growth
California Bank of Commerce (OTCQB:CABC) announced today its secondary public stock offering to raise $12 million in additional equity capital to fuel the Bank’s loan and deposit growth. The Bank has received approval from the California Department of Business Oversight (DBO) to raise additional capital.
CABC earned a record profit after tax of $2.6 million in 2013 and continued its impressive earnings growth during the first quarter of 2014 with record quarterly operating earnings. The Bank continues to attract quality clients and maintains a strong and healthy loan portfolio. “We are excited about the opportunities we see in our market and look forward to expanding our capacity to bank middle market businesses in Northern California,” said Terry A. Peterson, President and Chief Executive Officer.
The permit from the DBO enables the Bank, through its Offering Circular, to raise from $12 million to $16 million in additional common equity. The new equity will further enhance the Bank’s healthy capital ratios and thus enable additional lending and investment activity in order to support the Bank’s continued growth strategy.
“Nearly seven years ago we raised $27.5 million in capital and launched California Bank of Commerce. We grew during a very challenging economy and today we are thriving by attracting quality business clients and quality bankers. We are proud of the service we provide to our clients and look forward to the next chapter in our growth story,” said Stephen A. Cortese, Chairman of the Board of Directors.
The offering for shares of California Bank of Commerce is only made through the Offering Circular and this press release is not to be construed as an offer for shares of California Bank of Commerce. If you are interested in investing in CABC, please request an Offering Circular at www.californiabankofcommerce.com/offering or call Mark DeVincenzi, EVP Investor Relations at 925 283 2265.
California Bank of Commerce
Terry A. Peterson, 925-283-2265
President and CEO
Mark DeVincenzi, 925-283-2265
EVP Shareholder Relations & CMO
http://www.reuters.com/article/2014/05/27/ca-bank-of-commerce-idUSnBw275323a+100+BSW20140527
Enterprising Investor
12 years ago
CABC Begins 2012 with Record Loans in First Quarter (4/19/12)
LAFAYETTE, Calif.--(BUSINESS WIRE)--California Bank of Commerce (OTCBB:CABC) capped its strongest quarterly performance to date by announcing unaudited financial results for the Quarter ending March 31, 2012. The Bank achieved new record levels for Gross Loans, Total Assets, and Pre-tax Income.
Highlights: First Quarter 2012 versus First Quarter 2011
•Total Loans grew $48 million or 28%, to $220 million
•Total Deposits grew $56 million or 30%, to $243 million
•Net Interest Income grew $560,000 or 27% to $2.6 million
•Pre-tax Income grew $345,000 or 136% to $599,000
Highlights: First Quarter 2012 versus Fourth Quarter 2011
•Total Loans grew $12 million or 6%
•Net Interest Income grew $81,000 or 3%
•Pre-tax Income grew $45,000 or 8%
First Quarter 2012 Earnings
Net Income for the Quarter was $334,000 or $0.122 per share, before preferred stock dividends of $0.01 per share, compared with $132,000 for the First Quarter of 2011, or $0.048 per share, before preferred stock dividends of $0.02 per share.
The Bank’s Net Interest Margin was 3.66% for the First Quarter 2012 versus 3.83% for the same period last year. Yield on Loans was 5.70% in the First Quarter 2012, up 3 basis points compared to 5.67% for the same period last year. Investment yields continued to decline from last year, negatively impacting the Bank’s margin. The Cost of Interest Bearing Deposits was 0.61% in the First Quarter of 2012 compared to 0.77% for the same period last year.
2012 Balance Sheet Growth
At Quarter-end, Total Loans reached a new record of $220 million at March 31, 2012. Commercial and industrial (C&I) loans, the Bank’s core strategic focus, grew 42% or $29 million over the same quarter last year. The Bank’s two newest business units, Asset Based Lending and Medical Practice Finance, were significant contributors to recent C&I loan growth. Non-Interest bearing (NIB) Deposits of $57 million at March 31, 2012 were up 34% or $15 million over the First Quarter of 2011. NIB accounts are comprised primarily of the operating accounts of the Bank’s growing roster of business clients.
“The first quarter has historically been slow, but in 2012, the Bank has made an unusually strong start to the year,” said John E. Rossell III, President and CEO.
Asset Quality and Capital
At March 31, 2012, Non-Performing Loans were 0.54% of Total Assets, down from 0.75% at March 31, 2011. The ratio increased slightly from 0.33% at December 31, 2011. “Our portfolio remains strong. In a challenging economy, we continue to monitor loan quality closely, to ensure the Bank’s health,” said Rossell.
The Bank’s Capital remains above the “well capitalized” standard. Tier I (T-1) leverage ratio was at 11.2% at March 31, 2012 compared to 11.0% a year ago. Total Risk Based (TRB) Capital was 15.0% at March 31, 2012 compared to 13.8% a year ago. The “well capitalized” standards for T-1 and TRB capital are 8%% and 10%, respectively.
Other News
President and CEO, John E. Rossell III announced his planned retirement, effective February 28, 2013. The Board will initiate a search for a new President and CEO. Mr. Rossell was the first President and CEO of the Bank and is a member of the Board of Directors.
About California Bank of Commerce
California Bank of Commerce was designed and built to provide a unique banking experience for its clients. The Bank offers a broad range of commercial banking services to closely held businesses and professionals throughout the San Francisco Bay Area. For more information on California Bank of Commerce and our unique banking experience, call us at 925-283-2265, or visit us at www.californiabankofcommerce.com.
http://www.businesswire.com/news/home/20120419006934/en/CABC-Begins-2012-Record-Loans-Quarter
56Chevy
12 years ago
CABC Pre-tax Income Reaches Record High for 4Q and Full Year
Highlights: 2011 versus 2010
• Total Loans grew $32 million or 18%, to $208 million
• Total Deposits grew $60 million or 33%, to $244 million
• Net Interest Income grew $1.5 million or 20%, to $9.1 million
• Net Interest Margin improved by 16 basis points to 3.73% from 3.57%
• Pre-tax Income grew $1.2 million or 368% to $1.5 million
Capital
During the course of 2011, the Bank added $11 million of new preferred stock at a dividend rate of 1%, from the Government’s Small Business Loan Fund (SBLF). These proceeds were used to permanently retire $4.2 million of TARP preferred stock, which had borne a dividend rate of 5%, and to strengthen the Bank’s Tier-1 Capital position to allow for continued growth.
The Bank’s overall capital position remains strong, with all regulatory capital ratios in excess of the regulatory “well capitalized” standards. Tier-1 Leverage ratio was 11.4% at December 31, 2011 compared to 10.7% on the same date last year. Total Risk Based Capital was 15.2% at December 31, 2011 compared to 12.1% last year.
http://ih.advfn.com/p.php?pid=nmona&article=50875121
* I do not own any shares of CABC nor do I plan to anytime soon 4/8/2012.
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Renee
4 years ago
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