California United Bank Reports Record Breaking Growth for New Bank in Southern California.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) today announced that it completed its first full four quarters of operations with total assets of $142,508,000 at June June: see month. 30, 2006, an increase of $25,768,000 or 22 percent over March 31, 2006 and an increase of $91,264,000 or 178.1 percent over June 30, 2005. The Bank commenced business on May 23, 2005. "California United Bank's first year growth in assets is a record for new Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, banks with a general commercial banking focus," said Edward Carpenter  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. , Chairman 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. of Carpenter & Company, an investment banking firm that specializes in new and younger banks. The growth in assets was accompanied by increases in loans and deposits, as well as sustained positive trends in core earnings for the second quarter of 2006. Deposits increased by $24,048,000 or 32.2 percent to $98,820,000 at June 30, 2006 as compared to $74,772,000 at March 31, 2006. Loans, net of deferred loan fees, increased to $51,789,000 at June 30, 2006, an increase of more than $9,606,000 or a 22.8 percent increase from the $42,183,000 balance at March 31, 2006. "In addition to significant increases in assets, loans and deposits this past quarter, we opened our new West Los Angeles
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. . "The Bank's progress continues to be extremely positive." "California United Bank is establishing a track record for continued growth and investing in products and people to sustain the growth," noted Mr. Rainer. "Notwithstanding costs related to the new branch, including premises premises n. 1) in real estate, land and the improvements on it, a building, store, shop, apartment, or other designated structure. The exact premises may be important in determining if an outbuilding (shed, cabana, detached garage) is insured or whether a person expenses, leasehold improvements Leasehold Improvement Improvements on a leased asset that increase the value of the asset. Notes: A leasehold improvement is classified as an asset that must be depreciated over time. and additional staffing, the Bank's net loss continues to decrease. We are particularly pleased that losses continue on a downward trend given the impact of the implementation of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 123R `Share Based Payments,' which required all public companies for the first time to record stock option expense beginning January January: see month. 1, 2006. No such expense was required to be reported to be spoken of; to be mentioned, whether favorably or unfavorably. See also: Report during 2005. The Bank's loss for the second quarter included the recognition of $322,000 of such stock-based compensation." The Bank reported a net loss for the second quarter of 2006 of ($618,000); this compares to a net loss of ($666,000) for the first quarter of 2006, an improvement of $48,000 or 7.2 percent. "The loss also included a provision for loan losses for the second quarter of 2006 in the amount of $130,000, which is indicative of strong loan portfolio growth," Mr. Rainer commented. "At June 30, 2006, the Bank had no non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. and no loans 30 days or more past due." 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 internet banking, for business 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, and West Los Angeles Regional Office at 1640 South 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. Boulevard boulevard Broad landscaped avenue that typically permits several lanes of vehicular traffic as well as pedestrian walkways. The earliest boulevards originally followed the city walls (the word originally meant “bulwark”) and were built in the ancient Middle , Suite 114, 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. , CA 90025. 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 collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although or the business environment, and (7) the impact of changes in regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , 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
BALANCE SHEETS
For the Period Ended
(Dollars in thousands)
December September
June 30, March 31, 31, 30,
Assets: 2006 2006 2005 2005
--------- --------- --------- ---------
Unaudited Unaudited Audited Unaudited
Cash and Due From Banks $3,607 $5,111 $1,950 $1,574
Federal Funds Sold 53,775 44,385 47,610 44,790
Interest-Earning Deposits In
Other Financial Institutions 6,000 6,000 4,134 -
--------- --------- --------- ---------
Total Cash and Cash
Equivalents 63,382 55,496 53,694 46,364
--------- --------- --------- ---------
U.S. Treasury Securities 5,986 5,985 1,999 496
U.S. Agency Mortgage-Backed
Securities 14,085 5,774 6,081 6,479
U.S. FNMA Agency Issued
Securities 2,752 3,304 3,873 3,954
SBA Issued Securities 2,077 2,174 - -
--------- --------- --------- ---------
Total Long Term
Investment Securities 24,900 17,237 11,953 10,929
Total Investment
Securities, Cash & Due
From 88,282 72,733 65,647 57,293
--------- --------- --------- ---------
Loans Net of Deferred Loan
Fees 51,789 42,183 34,575 17,126
Allowance for Loan Losses (700) (570) (467) (257)
--------- --------- --------- ---------
Loans Net of Allowance
for Loan Losses 51,089 41,613 34,108 16,869
Total Other Assets 3,137 2,394 2,135 1,560
--------- --------- --------- ---------
Total Assets $142,508 $116,740 $101,890 $75,722
--------- --------- --------- ---------
Liabilities:
Non-Interest-Bearing Demand
Deposits $26,597 $22,233 $15,683 $6,773
Interest-Bearing Demand
Deposits (NOW Deposits) 6,828 3,713 2,836 1,958
Money Market Deposits 55,296 40,297 38,259 25,211
Savings Deposits 282 111 139 100
Certificates of Deposit 9,817 8,418 2,540 1,864
--------- --------- --------- ---------
Total Interest Bearing
Deposits 72,223 52,539 43,774 29,133
Total Deposits 98,820 74,772 59,457 35,906
--------- --------- --------- ---------
Securities Sold Under
Agreements to Repurchase 11,688 9,951 10,087 7,005
Total Interest Bearing
Liabilities 110,508 84,723 69,544 42,911
--------- --------- --------- ---------
Accrued Interest Payable and
Other Liabilities 1,034 673 581 158
--------- --------- --------- ---------
Total Liabilities 111,542 85,396 70,125 43,069
--------- --------- --------- ---------
Shareholders' Equity:
Common Stock 34,705 34,705 34,705 34,702
Additional Paid in Capital 923 602 264 -
Prior Year Retained Earnings-
2005 (3,067) (3,067) (489) (489)
Current Year-to-Date (Loss) (1,284) (666) (2,578) (1,480)
Accumulated Other
Comprehensive Loss (311) (229) (137) (80)
--------- --------- --------- ---------
Total Shareholders'
Equity 30,966 31,345 31,765 32,653
--------- --------- --------- ---------
Total Liabilities and
Shareholders' Equity $142,508 $116,741 $101,890 $75,722
--------- --------- --------- ---------
CALIFORNIA UNITED BANK
STATEMENT OF OPERATIONS
For the Quarters Ended June 30, 2006; March 31, 2006;
December 31, 2005; and September 30, 2005
(Dollars in thousands except per share data)
2nd 1st 4th 3rd
Quarter Quarter Quarter Quarter
2006 2006 2005 2005
--------- --------- --------- ---------
Unaudited Unaudited Unaudited Unaudited
Interest Income:
Interest and Fees on Loans $ 927 $ 706 $ 397 $ 110
Interest on Federal Funds
Sold 474 434 422 399
Interest on Deposits in Other
Financial Institutions 70 52 33 -
Interest on Investment
Securities 218 156 113 107
--------- --------- --------- ---------
Total Interest Income 1,689 1,348 965 616
-------- -------- -------- --------
Interest Expense:
Interest on Interest-Bearing
Demand Deposit Accounts 22 2 1 2
Interest on Money Market
Accounts 229 182 105 61
Interest on Certificates of
Deposits 84 41 17 9
Interest on Securities Sold
Under Agreements to
Repurchase 108 90 66 37
--------- --------- --------- ---------
Total Interest Expense 443 315 189 109
-------- -------- -------- --------
Net Interest Income 1,246 1,033 776 507
-------- -------- -------- --------
Provision for Loan Losses 130 103 210 191
Net Interest Income
After Provision for
Loan Losses 1,116 930 566 316
Non-Interest Income:
Non-interest Income 19 13 10 5
Non-Interest Expense:
Salaries and Employee
Benefits 918 785 792 666
Stock Option Expense 322 337 - -
Net Occupancy Expense 230 182 227 166
Other Operating Expense 283 305 357 244
-------- -------- -------- --------
Total Non-Interest
Expense 1,753 1,609 1,376 1,076
Pre-Tax Net Loss (618) (666) (800) (755)
Provision/(Benefit) for
Income Taxes - - - -
Net Loss $ (618) $ (666) $ (800) $ (755)
-------- -------- -------- --------
Loss per share - basic and
diluted loss per share $ (0.18) $ (0.19) $ (0.23) $ (0.22)
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