Bank of Los Angeles holds annual meeting.WEST HOLLYWOOD West Hollywood A community of southern California northeast of Beverly Hills. It is mainly residential. Population: 36,600. , Calif.--(BUSINESS WIRE)--June 11, 1996--Bank of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. (BKLA) held its annual meeting of shareholders on May 29, 1996. The shareholders elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. incumbent Refers to an entity that is currently in power. For example, in politics, the "incumbent senator" is the person who holds that office today. An "incumbent company" is an organization that has been providing goods and services for some time. See ILEC. directors Morry J. Burford Burford ([ˈbɜːfəd] or [ˈbɝː-] in the IPA) is a Cotswold town in Oxfordshire, England. , chairman of the board and chief executive officer of Bank of Los Angeles; Mary Mary, the mother of Jesus Mary, in the Bible, mother of Jesus. Christian tradition reckons her the principal saint, naming her variously the Blessed Virgin Mary, Our Lady, and Mother of God (Gr., theotokos). Her name is the Hebrew Miriam. Anne Anne, British princess Anne (Anne Elizabeth Alice Louise), 1950–, British princess, only daughter of Queen Elizabeth II and Prince Philip, duke of Edinburgh. She was educated at Benenden School. Chalker, president, LFC LFC Liverpool Football Club LFC Lake Forest College (Lake Forest, IL) LFC Level of Free Convection (meteorology) LFC Large Format Camera LFC Load Frequency Control Insurance Agents and Brokers; James V James V, king of Scotland James V, 1512–42, king of Scotland (1513–42), son and successor of James IV. His mother, Margaret Tudor, held the regency until her marriage in 1514 to Archibald Douglas, 6th earl of Angus, when she lost it to John . Reimann Reimann, Reiman, and Riemann are names of German origin. Reiman may refer to:
Burford was pleased to announced net income for the three months ended March 31, 1996 of $322,000, or 13 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . This is compared with a loss of $62,000, or 25 cents per share, for the same period of 1995. "We are very pleased with our results. Our cost control measures are working, loan growth has been steady and core deposits are increasing," stated Burford. "The employees are the key to our success. They have responded enthusiastically to the new sales and referral incentive program. This has resulted in the development of valuable relationships with new customers and continuing close relationships with existing customers." Bank of Los Angeles is a $127 million community bank with headquarters at 8901 Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. Blvd Blvd abbr (= boulevard) → Bd . in West Hollywood with two branches in Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. . Detailed financial data follows. -0-
Bank of Los Angeles
(dollars in thousands except share data)
For the three months
Ended March 31,
1996 1995
Operations Data and Ratios: (Unaudited)
Interest income $ 2,655 $ 1,520
Interest expense 788 424
Net interest income before provision
for credit losses 1,867 1,096
Provision for loan losses 30 --
Service charges and fees 251 174
Non-interest expense 1,766 1,332
Income tax expense -- --
Net income (loss) 322 (62)
Net income (loss) per share $ 0.13 $ (0.25)
Weighted average shares outstanding 2,447,282 269,801
Net income (loss) to average total
shareholders equity, annualized 2,195,232 1,196,665
Net income (loss) to average
total assets, annualized 10.7% (5.7%)
1.0% (0.3%)
For the three months
Ended March 31,
1996 1995
Financial Condition Data: (Unaudited)
Month end balance:
Trial assets $ 124,950 $ 76,940
Deposits 110,018 67,349
Loans receivable, net 63,256 33,993
Shareholders' equity 12,020 7,354
Shareholders' equity per share $ 5.48 $ 6.15
Average balances:
Total assets $ 126,958 $ 78,705
Deposits 111,291 69,317
Loans receivable 66,453 37,280
Shareholders' equity 12,006 4,332
For the Three Months
Ended March 31,
1996 1995
Non-performing Assets Data and Ratios:
Past due loans - 90 plus days (non-accrual) $ 2,205 $ 202 Other real estate owned 519 512
Total non-performing assets $ 2,724 $ 714
Non-performing assets to total loans and other real estate owned 4.9% 2.0% Non-performing loans to total loans 3.4% 0.6% Allowance for credit losses to non-performing loans 84.9% 847.5% Non-performing assets to total shareholders' equity and allowance for credit losses 19.6% 7.9% Allowance for Credit Losses Activity and Ratios: Balance at beginning of period $ 2,358 $ 1,633
Charge-offs (568) (38)
Recoveries 51 117
Provision for loan losses 31 --
Balance at end of period 1,871 1,712 Allowance for credit losses to total loans 2.9% 4.8% Net charge-offs (recoveries) to average total loans 0.8% (0.2%) Capital Ratios: Total shareholders' equity to total assets
Tier 1 capital to total average assets
(also known as leverage capital ratio) 7.4% 7.3%
Tier 1 capital to total risk-weighted assets 11.8% 13.9%
Total capital to total risk-weighted assets 13.1% (15.2%) CONTACT: Bank of Los Angeles Morry Burford, 310/843-1455 |
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