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California Community Bank Reports Seventh Consecutive Quarter of Net Profit.


ESCONDIDO, Calif. -- California Community Bank (OTCBB OTCBB

See OTC Bulletin Board (OTCBB).
: CABK CABK Central Association of Beekeepers (UK)
CABK Christelijke Academie voor Beeldende Kunsten (Dutch) 
), today released its unaudited first quarter 2007 financial performance results.

"With this quarter's results, California Community Bank has now recorded seven consecutive quarters of bottom line net profit," said Larry D. Hartwig, the Bank's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Hartwig continued, "During the first quarter of 2007, we achieved record loan growth - the primary revenue driver for the Bank. Equally important, driven by our disciplined approach toward building quality market share, we did not have a single delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent.


DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty.
 or past due loan as of quarter end. However, despite a 13% increase in net interest income, after-tax earnings for the quarter were down 4% versus the comparable period last year - principally due to an increase in non-interest expense driven by the December 2006 opening of our third full service de-novo branch. After just three months of operations, the Branch is aggressively building a pipeline of core commercial banking relationships within San Diego's strategically important business banking communities of Kearney Mesa and Mira Mesa, as well as the Miramar Road corridor and we are working hard to build it into a future profit contributor."

For the first quarter of 2007, the Bank reported a net profit of $110,000, or basic earnings per share of 5 cents, versus $115,000, or basic earnings per share of 6 cents, for the comparable period last year.

The Bank closed the first quarter of 2007 with an asset base of $123,891,000, an increase of $12,123,000, or 11%, from the end of March 2006. Total deposits were $100,486,000, up $10,606,000, or 12%, over the same period a year ago. As of March 31, 2007, total gross loans net of deferred fees stood at a record high of $95,882,000 compared to $75,869,000 at March 31, 2006, a significant increase of $20,013,000, or 26%.

Hartwig further commented, "Thanks to great results by an outstanding staff, strong customer loyalty, and the support of our shareholders, we have recorded another quarter of profitability. Although the Bank's first quarter earnings were softened soft·en  
v. soft·ened, soft·en·ing, soft·ens

v.tr.
1. To make soft or softer.

2. To undermine or reduce the strength, morale, or resistance of.

3.
 by fixed operating expenses Operating expenses

The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted.
 associated with the ramp-up of our third full service branch, we remain on plan. Our solid track record of profitability enabled us to also continue recognizing some of the tax benefits generated by the initial operating losses operating loss

The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income.
 we incurred after opening for business in August 2003. We are very pleased with our first quarter results, particularly when you consider that the industry experienced strong competition for core deposits and generally flat yields on earning assets Earning Assets

Any income-earning asset owned by a company.

Notes:
These assets are generally interest-bearing accounts, bonds, and securities available for sale.
See also: Asset, Asset Valuation, Earnings, Net Interest Margin
. We continue to be focused on strategically building a high quality franchise - following through on our reputation as a premier community bank that provides its customers with 'Real Solutions. Personally Delivered.' This remains our cornerstone for creating an exceptional community bank in San Diego's North County - plus we remain very excited about the opportunities presented in today's banking environment."

California Community Bank is headquartered at 1320 West Valley Parkway in Escondido and currently operates 3 branches - Escondido, San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , and Vista, CA. For more information on the Bank, please visit www.calcommunitybank.com or call 760-888-1000.

The numbers in this press release are unaudited. Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in 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). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance, regulatory matters and those discussed in filings by the Bank with the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. .
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Publication:Business Wire
Article Type:Financial report
Date:Apr 25, 2007
Words:648
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