California Center Bank Announces Preliminary Second Quarter Earnings.Business Editors LOS ANGELES--(BUSINESS WIRE)--July 5, 2000 California Center Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CLFC CLFC Creating Lasting Family Connections (New Hampshire) CLFC Clear Lake Fencing Club (Texas) ) today announced its second quarter 2000 preliminary unaudited financial results. The final result will be released later this month. During the second quarter of 2000, the bank's net income after taxes was $2.1 million, 80.1% improvement compared with $1.2 million for the same period of 1999. The increase was primarily attributable to an increase of $1.7 million or 48.2% in net interest income. As of June 30, 2000, total assets were $403.4 million, an increase of $32.8 million or 8.8% compared with that of March 31, 2000. The increase was mainly due to the increase of net loan by $25.3 million or 10.5%. Return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) for the second quarter of 2000 rose to 2.3% compared with 1.6% for the corresponding quarter in 1999 and return on stockholders' equity (ROE) was 22.4% compared with 15.0% for the same quarter in the prior year. California Center Bank was founded in 1986 and has headquarters in Los Angeles, with five branch offices throughout Southern California. California Center Bank is a medium-sized community bank servicing multiethnic and small-business customers. It specializes in commercial, SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loans and trade finance. Further details about the bank are available at the company's Web site, www.calcenterbank.com Forward-Looking Statements The bank wishes to take advantage of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 as to "forward-looking" statements in this release that are not historical facts. The bank's actual results may differ materially from those included in the forward looking statements. |
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