Business Bank of California Reports Record First Quarter.SAN BERNARDINO San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. , Calif.--(BUSINESS WIRE)--April 14, 1998--Business Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BBNK) Tuesday reported record first quarter 1998 earnings of $453,000, or 30 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. compared with $151,000, or 10 cents per share earned in the first quarter of 1997. Total assets increased 55 percent to a record $167,350,000 at March 31, 1998, compared with $108,211,000 one year earlier. Total deposits reached $150,584,000 as of March 31, 1998, a 61 percent increase over the same quarter in 1997, and total loans stood at $98,429,000 at March 31, 1998, a 59 percent increase over the first quarter of 1997. Alan J. Lane, president and chief executive officer of Business Bank of California, said: "We are extremely pleased with the results posted in the first quarter of 1998. Net income for the quarter represents the second consecutive quarter of record profitability, and the bank posted record totals for assets and deposits at quarter-end as well." While the fourth quarter, 1997 acquisition of the High Desert locations contributed significantly to the bank's totals, the bank continues to grow internally at a rate in excess of 15 percent. "The significant growth the bank has been experiencing is a result of our enhanced product line, a focused business development strategy, and the gradually improving economy in the markets we serve," Lane added. As of March 31, 1998, all of the Bank's capital ratios continued to be well in excess of those required for a "Well Capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. " designation under banking regulations. Asset quality continues to improve, as the dollar amount of non-performing assets declined by $525,000 from the same quarter last year, and represents just 1.6 percent of total assets at March 31, 1998. Business Bank of California has served the Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. since 1984 and operates branches in the cities of San Bernardino, Corona Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. , Redlands, Hesperia and Phelan. The Bank is strongly focused on providing high quality, personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. services to small businesses, professionals and consumers. Visit Business Bank of California on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.businessbank.com. -0-
BUSINESS BANK OF CALIFORNIA
Financial Highlights
(Unaudited)
3/31/98 3/31/97
1st Quarter Net Income $453,000 $151,000
Total Assets 167,350,000 108,211,000
Total Deposits 150,584,000 93,834,000
Total Loans 98,429,000 62,062,000
Total Capital 15,515,000 13,925,000
Loan Loss Reserve 1,729,000 1,319,000
Non Performing Loans 1,385,000 1,025,000
Other Real Estate Owned 1,298,000 2,183,000
Total Non Performing Assets 2,683,000 3,208,000
Non Perf Assets/Total Assets 1.6% 3.0%
Tier 1 Leverage Ratio (est.) 8.17% 13.04%
Regulatory minimum 4.00% 4.00%
Shares Outstanding 1,538,294 1,459,657
CONTACT: Business Bank of California Alan J. Lane or Cynthia Schneider 909/888-2265 |
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