Business Bank of California reports first quarter earnings.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 21, 1997-- 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. (BBNK) Monday Monday: see week. reported first quarter earnings of $151,000 equal to $0.10 per share on a total of 1,459,657 shares outstanding. Total assets rose to $108,211,000 while total deposits and loans increased to $93,834,000 and $62,062,000, respectively. "The bank exceeded its first quarter forecast in every category, including earnings," said President and Chief Executive Officer Frank Mercardante. "The bank's annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. internal rate of growth for the quarter was slightly better than projections at 24 percent," he added. "While earnings were below the prior year period, the reduction was fully anticipated. Start up costs of the bank's new Redlands Redlands, city (1990 pop. 60,394), San Bernardino co., S Calif., in the San Bernardino Valley; inc. 1888. Industries include software research and development and the manufacture of metal foil, furniture, and electrical equipment. facility and Real Estate Finance Division, both of which opened in late 1996, and technology costs incurred in the development of various new products were the primary reasons for the decline. "Each of these investments was necessary for the bank to successfully implement its strategic plan to become a regional, 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. bank," added Mercardante. On a year to year comparison, total deposits rose to $93,834,000 from $84,611,000, an increase of $9,223,000. Total assets increased by $9,801,000 from $98,410,000 to $108,211,000. Total loans were down slightly to $62,062,000 from $63,772,000, due to the sale of an approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. $7 million in loans late in 1996. Earnings for the prior year quarter were $363,000 or, $0.26 per share. The bank has seen an increase in business across all business lines, a trend which it expects to continue. At March 31, 1997, all of the bank's regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. capital ratios were 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 DESIGNATION, wills. The expression used by a testator, instead of the name of the person or the thing he is desirous to name; for example, a legacy to. the eldest son of such a person, would be a designation of the legatee. Vide 1 Rop. Leg. ch. 2. 2. under the regulations. Business Bank of California operates four branches in the Inland Empire, two in San Bernardino and one each in 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. and Redlands. -0-
BUSINESS BANK OF CALIFORNIA
Statements of Financial Condition
(Unaudited)
ASSETS March 31, 1997 March 31, 1996
Cash & Due from balances $12,937,000 $11,377,000
Investment securities 14,021,000 10,877,000
Fed Funds Sold 12,775,000 7,500,000
Gross loans 62,062,000 63,772,000
Loan & Lease Reserves (1,319,000) (1,355,000)
Net loans 60,743,000 62,417,000
Net Fixed Assets 3,131,000 2,692,000
Other Real Estate Owned 2,183,000 1,137,000
Other Assets 2,421,000 2,410,000
Total assets $108,211,000 $98,410,000
LIABILITIES
Demand accounts $53,127,000 $47,527,000
Savings & Money Market 28,876,000 26,219,000
Time Deposits less than
$100,000 8,519,000 7,908,000
Time Deposits more than
$100,000 3,312,000 2,957,000
Total deposits 93,834,000 84,611,000
Other liabilities 452,000 709,000
Total liabilities $94,286,000 $85,320,000
CAPITAL
Common stock $5,126,000 $4,897,000
Retained earnings 8,815,000 8,196,000
Net Unrealized +/-
securities (16,000) (3,000)
Total capital 13,925,000 13,090,000
Total liabilities
& capital $108,211,000 $98,410,000
Statements of Earnings
(Unaudited)
Three Months Ended March 31,
1997 1996
Interest income $2,041,000 $2,024,000
Interest expense 444,000 411,000
Net interest income 1,597,000 1,613,000
Provision for Loan Losses 55,000 96,000
Net Interest Income After
Provision 1,542,000 1,517,000
Non-Interest Income 335,000 345,000
Non-Interest Expense 1,707,000 1,328,000
Earnings Before Income Taxes 170,000 534,000
Income Taxes 19,000 171,000
Net earnings $151,000 $363,000
Earnings per share $0.10 $0.26
Shares outstanding 1,459,657 1,417,937
CONTACT: Business Bank of Calif., San Bernardino Frank J. Mercardante/Alan J. Lane 909/888-2265 |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion