California United Bank Exceeds $100 Million in Total Assets after Second Full Quarter of Operations.ENCINO, Calif. -- 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). United Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CUNB), which opened for business May 23, 2005, today announced significant growth in assets, deposits and loans for the quarter ended December December: see month. 31, 2005, and the period from opening to December 31, 2005. Total assets increased to $ 101,890,000 at December 31, 2005, an increase of $ 26,169,000 or 34.6 percent from the end of the prior quarter. During the six months ended December 31, 2005, total assets increased by $ 50,646,000 or 98.8 percent. At December 31, 2005, deposits were $ 59,457,000, up $ 23,551,000 or 65.6 percent over the prior quarter, while loans were $ 34,575,000, an increase of $ 17,449,000 or 101.9 percent, for the same period. "Our Bank's growth to date has been robust," stated President and Chief Executive Officer David I David I, king of Scotland David I, 1084–1153, king of Scotland (1124–53), youngest son of Malcolm III and St. Margaret of Scotland. During the reign of his brother Alexander I, whom he succeeded, David was earl of Cumbria, ruling S of the Clyde . Rainer The name Rainer comes from the Germanic name Reginar, composed of the two elements ragin ("advice") and heri ("army"). The name was brought to Britain by the Normans. . "Our loans and deposits are coming from businesses, professionals and entrepreneurs, as well as from our shareholder base. We are pleased that the area's business community has found us able to meet their banking needs." "We also recently announced regulatory approval for a second office to be located on Sepulveda Sepúlveda is a name of families of Spanish descent. The Sepúlveda family was prominent in the early days of Los Angeles, California and Orange County, and many features of the area are named for those families. Blvd Blvd abbr (= boulevard) → Bd ., just north of the intersection intersection /in·ter·sec·tion/ (-sek´shun) a site at which one structure crosses another. intersection a site at which one structure crosses another. with Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. Blvd. in West Los Angeles
v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: our San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. base and allow us to better service the communities in the West Los Angeles area." Capital at year end remained well above minimums required to be considered "well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. " under regulatory guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. . The Bank had a Tier 1 leverage ratio of 38.3 percent, a Tier 1 risk-based capital ratio Risk-based capital ratio Bank requirement that there be a minimum ratio of estimated total capital to estimated risk-weighted asset. of 57.5 percent, and a total risk-based capital ratio of 58.4 percent as of December 31, 2005. Bank operations for the period from opening to December 31, 2005 resulted in a net loss of $ 1,884,000 for the period. 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. included a $ 467,000 provision for loan losses, resulting in an Allowance for Loan Losses of 1.35 percent of total loans. At December 31, 2005, the Bank had no non- non- word element [L.]not . non- pref. Not: noninvasive. performing loans or loans thirty days or more past due. "Our operating results are within expectations set by other de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. banks," said Chairman of the Board Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and G. Carpenter. "We believe that our investment in people and delivery channels will build long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value for our shareholders and differentiate ourselves from our competitors." California United Bank provides a full range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. including credit and deposit products, cash management, and on-line banking for businesses, business owners, professionals and high net worth individuals from its headquarters office at 15821 Ventura Boulevard Ventura Boulevard is one of the primary east-west thouroughfares in the San Fernando Valley; as it was originally a part of the El Camino Real (the trail between Spanish missions), Ventura Boulevard is the oldest route in the San Fernando Valley. It was also U.S. , Suite 100, Encino, CA 91436. Information on products and services may be obtained by calling (818) 257-7700 or visiting the Bank's website at www.californiaunitedbank.com. (NOTE): This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about the Bank for which the Bank claims the protection of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions contained 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. Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the Bank's possible or assumed future financial condition, and its results of operations, business and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the Bank's ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) the unknown economic impact of state budget issues, (2) changes in interest rates, (3) significant changes in banking laws or regulations, (4) increased competition in the Bank's markets, (5) other-than-expected credit losses due to real estate cycles or other economic events, (6) earthquake earthquake, trembling or shaking movement of the earth's surface. Most earthquakes are minor tremors. Larger earthquakes usually begin with slight tremors but rapidly take the form of one or more violent shocks, and end in vibrations of gradually diminishing force or other natural disasters affecting the condition of real estate collateral or the business environment, and (7) the impact of changes in regulatory, judicial, or legislative tax treatment of business transactions. Management cannot predict at this time the extent of the economic recovery, and a slowing or reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its could adversely affect our performance in a number of ways including decreased demand for our products and services and increased credit losses. Likewise, changes in deposit interest rates, among other things, could slow the rate of growth or put pressure on current deposit levels. Forward-looking statements speak only as of the date they are made, and the Bank does not undertake to update forward-looking statements to reflect circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or events that occur after the date the statements are made.
CALIFORNIA UNITED BANK
FINANCIAL HIGHLIGHTS
(unaudited)
CALIFORNIA UNITED BANK
BALANCE SHEETS
As of December 31 and September 30, 2005
As of As of
December 31, September 30,
2005 2005
Assets:
---------------------------
Cash $ 143,063 $ 87,709
Due From Banks 1,806,841 1,486,129
------------- - -----------
Cash and Cash Equivalents 1,949,904 1,573,838
------------- - -----------
Short Term Investments 4,134,500 -
Federal Funds Sold 47,610,000 44,790,000
------------- - -----------
Total Short Term Investments 51,744,500 44,790,000
------------- - -----------
U.S. Treasury Securities 1,999,162 496,545
U.S. GNMA Agency Mortgage-Backed
Securities 6,081,204 6,479,032
U.S. FNMA Agency issued Securities 3,872,500 3,953,750
------------- - -----------
Total Investment Securities, at
Market 11,952,866 10,929,327
Loans Net of Deferred Loan Fees 34,574,543 17,125,772
Allowance for Loan Losses (467,000) (257,000)
------------ -----------
Loans Net of Allowance for Loan
Losses 34,107,543 16,868,772
------------- - -----------
Accrued Interest Receivable, Prepaid &
Other Assets 542,405 195,010
Premises and Equipment, net 1,592,924 1,364,635
------------- - -----------
Total Other Assets 2,135,329 1,559,645
------------- - -----------
Total Assets $101,890,142 $ 75,721,582
------------- - -----------
Liabilities:
Non-Interest-Bearing Demand Deposits $ 15,683,846 $ 6,773,367
Interest-Bearing Demand Deposits 2,836,336 1,958,078
Money Market Deposits 38,258,522 25,211,023
Savings Accounts 138,793 99,809
Certificates of Deposit 2,539,935 1,864,249
------------- - -----------
Total Interest Bearing Deposits 43,773,586 29,133,159
------------- - -----------
Total Deposits 59,457,432 35,906,526
------------- - -----------
Securities Sold Under Agreements to
Repurchase 10,087,123 7,004,883
Accrued Interest Payable and Other
Liabilities 580,389 157,858
------------- - -----------
Total Liabilities 70,124,944 43,069,267
------------- - -----------
Shareholders' Equity:
Common Stock 34,705,487 34,702,218
Pre Opening Expenses (919,541) (885,578)
Year-to-Date Loss (1,884,012) (1,084,259)
Accumulated Other Comprehensive Loss (136,736) (80,066)
------------- - -----------
Total Shareholders' Equity 31,765,198 32,652,315
------------- - -----------
Total Liabilities and
Shareholders' Equity $101,890,142 $ 75,721,582
------------- - -----------
CALIFORNIA UNITED BANK
STATEMENT OF OPERATIONS
For the Quarter and Period(a) Ending December 31, 2005
Quarter Period
Ending Ending
December December
31, 31,
2005 2005(a)
---------- -----------
Interest Income:
Interest and Fees on Loans $ 397,419 $ 512,817
Interest on Investment Securities 113,300 239,934
Interest on Federal Funds Sold 455,064 979,697
----------- - -----------
Total Interest Income 965,783 1,732,448
----------- - -----------
Interest Expense:
Savings 66 150
Money Market Accounts 105,276 181,133
Time Deposits 16,487 26,325
Other Borrowings 66,352 103,803
Transaction Accounts 1,257 2,981
----------- - -----------
Total Interest Expense 189,438 314,392
----------- - -----------
Net Interest Income 776,345 1,418,056
----------- - -----------
Provision for Loan Losses 210,000 467,000
Net Interest Income After Provision
for Loan Losses 566,345 951,056
Non-Interest Income:
Loan Related Income 5,319 8,520
Service Charges on Deposit Accounts 2,405 3,873
Other Income 2,580 3,316
----------- - -----------
Total Non-Interest Income 10,304 15,709
----------- - -----------
Non-Interest Expense:
Salaries and Related Benefits 792,400 1,745,942
Occupancy & Equipment 227,247 451,525
Other Operating Expense 356,754 653,310
----------- - -----------
Total Non-Interest Expense 1,376,401 2,850,777
Pre-Tax Net Loss (799,752) (1,884,012)
Provision/(Benefit) for Income
Taxes - -
After-Tax Net Loss $ (799,752) $ (1,884,012)
=========== = ===========
Basic and diluted loss per share from Bank
Operations $ (0.23) $ (0.54)
----------- - -----------
(a) From May 23, 2005 the date of Bank's
opening
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