California State Bank reports 1996 first quarter results.COVINA Covina (kōvē`nə), city (1990 pop. 43,207), Los Angeles co., S Calif.; inc. 1901. The area was settled in 1842, citrus crops were introduced in 1886, and the citrus industry reached its peak in the 1930s when Covina was one of the world's , Calif.--(BUSINESS WIRE)--April 26, 1996--California State Bank (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CSTB CSTB Centre Scientifique et Technique du Batiment (France) CSTB Computer Science and Telecommunications Board (NRC) CSTB Computer Science and Technology Board CSTB Computer Science and Telecommunication Board ) released its financial results for the 1996 first quarter. Net earnings for the 1996 first quarter increased by 14% to $1,174,000 or 31 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 $1,029,000 or 28 cents per share for the 1995 first quarter. This improvement resulted primarily from an increase in noninterest income and a slight reduction in noninterest expenses. Total assets at March 31, 1996 were $492.4 million, compared with $457.3 million at March 31, 1995. Net loans increased to $294.6 million from $268.1 million during the past year and deposits were $422.3 million at March 31, 1996, and $387.5 million a year ago. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. grew to $53.6 million at March 31, 1996, compared with $49.0 million at March 31, 1995. The allowance for credit losses was $5.1 million or 1.68% of total loans at March 31, 1996, compared with $4.2 million or 1.51% of total loans at March 31, 1995. Non-performing assets, defined as non-accrual loans, foreclosed properties and renegotiated debt, were reduced to $4.0 million or .81% of total assets at March 31, 1996, from $6.3 million or 1.37% a year ago. "We are pleased with our first quarter results which followed a record year in 1995 in terms of earnings and growth," stated President Eugene Eugene, city (1990 pop. 112,669), seat of Lane co., W Oregon, on the Willamette River; inc. 1862. A processing and shipping center in a farming area, the "Emerald City" has lumbering, food-processing, and microchip and other electronics industries. D. Bishop. "With this month's acquisition of Landmark A structure that has significant historical, architectural, or cultural meaning and that has been given legal protection from alteration and destruction. Although landmark preservation laws vary by city and state, they have the same basic purpose: to keep landmarks as close Bank, we are well positioned for another record year in 1996." At the close of business April 12, 1996, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). State Bank completed the acquisition of Landmark Bancorp and Landmark Bank and their six branch offices located in Orange County. Following the merger, the bank reported over $730 million in total assets, $430 million in total loans and $625 million in total deposits. California State Bank now serves 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. , Orange, Riverside Riverside. 1 City (1990 pop. 226,505), seat of Riverside co., S Calif.; inc. 1883. One of the fastest growing U.S. cities in the late 20th cent., it is famous for its orange industry. and 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. counties through a 20 branch office network. -0-
California State Bank
Financial Highlights
For the quarter ended
March 31,
1996 1995
Net earnings $1,174,000 $1,029,000 Earnings per share 31 cents 28 cents Weighted average common shares outstanding and common share equivalents 3,813,154 3,636,822
As of March 31,
1996 1995
Total assets $492,420,000 $457,258,000 Net loans 294,552,000 268,140,000 Total deposits 422,302,000 387,518,000 Stockholders' equity 53,579,000 49,042,000
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California State Bank
Consolidated Balance Sheets
(Unaudited)
Dollars in thousands
As of March 31,
1996 1995
Assets:
Net loans $294,552 $268,140
Investments and other earning
assets 122,065 116,750
Total earning assets 416,617 384,890
Cash and due from banks 33,733 30,644
Bank premises and equipment 10,480 9,685
Real estate acquired for
development 6,403 4,914
Real estate investment 2,205 2,795
Other real estate owned 1,577 3,632
Other assets 21,405 20,698
Total $492,420 $457,258
Liabilities and Stockholders' Equity: Noninterest-bearing deposits $120,268 $112,504 Interest-bearing deposits 302,034 275,014 Total deposits 422,302 387,518 Repurchase agreements 8,251 14,575 Other liabilities 8,288 6,123 Total liabilities 438,841 408,216 Stockholders' equity 53,579 49,042 Total $492,420 $457,258
Consolidated Statements of Earnings
(Unaudited)
Dollars in thousands, except earnings per share
For the Three Months ended
March 31,
1996 1995
Interest income $ 9,805 $ 9,312 Interest expense 2,783 2,153 Net interest income 7,022 7,159 Provision for credit losses 250 360 Net interest income after provision 6,772 6,799 Real estate development income 7 11 Other noninterest income 1,193 1,018 Total noninterest income 1,200 1,029 Salaries and benefits 3,291 3,208 Occupancy and equipment 945 895 Other noninterest expenses 2,095 2,258 Total noninterest expenses 6,331 6,361 Earnings before income taxes 1,641 1,467 Income taxes 467 438 Net earnings $ 1,174 $ 1,029 Earnings per share 31 cents 28 cents CONTACT: California State Bank Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. E. Brandt Brandt , Willy 1913-1992. German political leader. He served as chancellor of West Germany (1969-1974) and won the 1971 Nobel Peace Prize for his efforts to reduce tension between the East and the West. Noun 1. , 818/915-4424 |
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