California State Bank reports record earnings.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)--Jan. 31, 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 ) Wednesday Wednesday: see week. released its financial results for 1995. Net earnings for the year ended Dec. 31, 1995, were $4,626,000, or $1.24 per share, compared with $3,568,000, or $1.03 per share, in 1994. Net earnings of $1,284,000, or 34 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. , were reported for the 1995 fourth quarter, which compared with $1,260,000, or 36 cents per share, in the 1994 fourth quarter. The 1995 annual and fourth quarterly earnings were new record highs for 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. The improvement in 1995 earnings was due primarily to an increase in net interest income from better yields and higher levels of average 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 . These positive results were due primarily to the 1994 acquisitions in Orange County coupled with significant internal growth during 1995. Total assets were $499.2 million at Dec. 31, 1995, compared with $457.8 million a year ago. Deposits increased to $429.2 million from $388.7 million last year, and net loans were $296.6 million at Dec. 31, 1995, compared with $264.4 million at the end of 1994. 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. increased to $52.7 million at Dec. 31, 1995, compared with $47.9 million at Dec. 31, 1994. 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, president of California State Bank, stated: "We are very pleased with our 1995 financial results. It was a record year for the bank in terms of earnings and asset size, and we look forward to continuing growth in 1996." California State Bank is a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. bank that currently 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 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 14 branches. In November November: see month. 1995, a definitive agreement was signed in connection with California State Bank's proposed acquisition of Landmark Bancorp and Landmark Bank and their six branches in Orange County. The transaction is still subject to appropriate regulatory approvals and approvals of the shareholders of California State Bank and Landmark Bancorp. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs A. Bishop, chairman of the board, stated that the acquisition is on schedule and is expected to close in the second quarter of 1996. -0-
CALIFORNIA STATE BANK
FINANCIAL HIGHLIGHTS
For the Quarter Ended
Dec. 31,
1995 1994
Net earnings $ 1,284,000 $ 1,260,000 Earnings per share 34 cents 36 cents Weighted average common shares outstanding and common share equivalents 3,813,327 3,471,119
For the Year Ended
Dec. 31,
1995 1994
Net earnings $ 4,626,000 $ 3,568,000 Earnings per share $ 1.24 $ 1.03 Weighted average common shares outstanding and common share equivalents 3,717,962 3,459,526
As of Dec. 31,
1995 1994
Total assets $499,237,000 $457,762,000 Total deposits 429,202,000 388,691,000 Net loans 296,639,000 264,352,000 Stockholders' equity 52,732,000 47,894,000 -0-
CALIFORNIA STATE BANK
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
As of Dec. 31,
1995 1994
Assets:
Net loans $296,639 $264,352 Investments and other earning assets 127,258 122,727 Cash and due from banks 33,932 32,067 Bank premises and equipment 9,695 9,540 Real estate acquired for development 6,322 5,084 Real estate investment 2,322 2,944 Other real estate owned 1,750 1,170 Other assets 21,319 19,878 Total $499,237 $457,762 Liabilities and Stockholders' Equity: Noninterest-bearing deposits $130,556 $115,473 Interest-bearing deposits 298,646 273,218 Total deposits 429,202 388,691 Securities sold under repurchase agreements 9,300 15,010 Other liabilities 8,003 6,167 Total liabilities 446,505 409,868 Stockholders' equity 52,732 47,894 Total $499,237 $457,762 -0-
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in thousands, except earnings per share)
For the Year Ended
Dec. 31,
1995 1994
Interest income $ 39,187 $ 28,174 Interest expense 9,944 6,620 Net interest income 29,243 21,554 Provision for credit losses 1,600 720 Net interest income after provision 27,643 20,834 Real estate development income 92 135 Other noninterest income 4,044 3,840 Total noninterest income 4,136 3,975 Salaries and benefits 12,638 10,140 Occupancy and equipment 3,697 3,120 Other noninterest expenses 8,673 7,926 Total noninterest expenses 25,008 21,186 Earnings before income taxes 6,771 3,623 Income taxes 2,145 55 Net earnings $ 4,626 $ 3,568 Earnings per share $ 1.24 $ 1.03 CONTACT: California State Bank, Covina 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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