California State Bank reports record financial 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)--Jan. 27, 1997--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 ) reported its financial results for 1996. Net earnings for the year ended Dec. 31, 1996, increased by 43 percent to $6.6 million, or $1.35 per share, compared with $4.6 million, or $1.24 per share in 1995. For the quarter ended Dec. 31, 1996, net earnings increased by 57 percent to $2.0 million, or 37 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 $1.3 million, or 34 cents per share, for the same period in 1995. The 1996 annual and quarterly earnings results were 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. Assets and important balance sheet items also increased significantly to new record highs for the bank. Total assets increased by 51 percent to $753.7 million as of Dec. 31, 1996, from $499.2 million at Dec. 31, 1995. During the same period, net loans increased by 44 percent to $426.6 million from $296.6 million, and deposits increased by 55 percent to $664.6 million from $429.2 million. 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. was $77.2 million at Dec. 31, 1996, compared with $52.7 million a year ago. Growth and increased earnings were primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the 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 and its six branches in Orange County as of the close of business April 12, 1996, complemented by California State Bank's growth and improved earnings for the period leading up to the acquisition. The acquisition was accounted for as a purchase. The allowance for credit losses was $8.3 million, or 1.89 percent of total loans at Dec. 31, 1996, compared with $5.0 million, and 1.65 percent at the end of 1995. Non-performing assets, defined as non-accrual loans, foreclosed properties and renegotiated debt totaled $4.7 million, or 0.63 percent of total assets at Dec. 31, 1996, compared with $4.0 million, or 0.79 percent of total assets a year ago. 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 1996 financial results. It was a record year for the bank in terms of earnings and asset size. The Landmark Bank acquisition has worked out very well for us, and we look forward to continuing success in 1997." 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 serving 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 18 branches. -0-
CALIFORNIA STATE BANK
Financial Highlights
Quarter Ended Dec. 31,
1996 1995
Net earnings $ 2,016,000 $ 1,284,000
Earnings per share 37 cents 34 cents
Weighted average common shares
outstanding and common share
equivalents 5,408,294 3,813,327
Year Ended Dec. 31,
1996 1995
Net earnings $ 6,629,000 $ 4,626,000
Earnings per share $1.35 $1.24
Weighted average common shares
outstanding and common share
equivalents 4,923,684 3,717,962
As of Dec. 31,
1996 1995
Total assets $753,707,000 $499,237,000
Net loans 426,604,000 296,639,000
Total deposits 664,599,000 429,202,000
Stockholders' equity 77,192,000 52,732,000
CALIFORNIA STATE BANK
Consolidated Balance Sheets
Dollars in thousands
As of Dec. 31,
1996 1995
Assets:
Net loans $426,604 $296,639
Investments and other earning assets 202,321 127,258
Total earning assets 628,925 423,897
Cash and due from banks 60,610 33,932
Bank premises and equipment 18,317 9,695
Real estate acquired for development 3,550 6,322
Real estate investment 1,828 2,322
Other real estate owned 2,267 1,750
Goodwill and other intangible assets 17,648 4,610
Other assets 20,562 16,709
Total $753,707 $499,237
Liabilities and Stockholders' Equity:
Noninterest-bearing deposits $226,103 $130,556
Interest-bearing deposits 438,496 298,646
Total deposits 664,599 429,202
Repurchase agreements 2,735 9,300
Other liabilities 9,181 8,003
Total liabilities 676,515 446,505
Stockholders' equity 77,192 52,732
Total $753,707 $499,237
Consolidated Statements of Earnings
Dollars in thousands, except earnings per share
Year ended Dec. 31,
1996 1995
Interest income $51,521 $39,156
Interest expense 14,096 9,944
Net interest income 37,425 29,212
Provision for credit losses 1,000 1,600
Net interest income after provision 36,425 27,612
Real estate development income 374 92
Other noninterest income 7,464 4,075
Total noninterest income 7,838 4,167
Salaries and benefits 16,725 12,638
Occupancy and equipment 5,722 3,697
Other noninterest expenses 11,423 8,673
Total noninterest expenses 33,870 25,008
Earnings before income taxes 10,393 6,771
Income taxes 3,764 2,145
Net earnings $ 6,629 $ 4,626
Earnings per share $1.35 $1.24
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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