Canyon Bancorp Reports Record Third Quarter Net Income of $1,078,000.PALM SPRINGS, Calif. -- Canyon Bancorp (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CYBA CYBA Charter Yacht Broker Association CYBA Conejo Youth Basketball Association (Conejo Valley, California) CYBA California Yacht Brokers Association CYBA Cybertron Army CYBA Columbia Yacht Brokers Association ) today announced record net income of $1,078,000 or $0.47 per diluted share for the third quarter ended September 30, 2006 - an increase of $138,000 or 14.7 percent compared to income of $940,00 or $0.44 per diluted share for the third quarter of 2005. For the nine months ended September 30, 2006, Canyon Bancorp earned $3,087,000 or $1.34 per diluted share compared to $2,612,000 or $1.14 per diluted share for the same period of 2005, an increase of $475,000 or 18.2 percent. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. for the third quarter of 2006 was 19.10 percent, with an annualized return on average assets of 1.69 percent. Other financial highlights for the third quarter 2006 compared to the same period in 2005: * Total assets increased $15.9 million or 6.8 percent to $248.0 million. * Net loans increased $39.3 million or 24.5 percent to $199.7 million. * Total deposits increased $11.0 million or 5.2 percent to $223.3 million. * Total shareholders' equity increased by $4.5 million or 24.7 percent to $23.0 million. * Net interest margin for the third quarter 2006 was 6.44 percent compared to 6.09 percent for the same period in 2005. "The above financial highlights for the third quarter 2006 confirm that Canyon Bancorp continues to attain stellar financial results with steady growth combined with strong performance," said President 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. Stephen G. Hoffmann. Canyon Bancorp is a bank holding company with one banking subsidiary, Canyon National Bank, a full-service commercial bank and member of the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). . Palm Springs branch locations are at 1711 East Palm Canyon Drive at the Smoke Tree Village Shopping Center and 901 East Tahquitz Canyon Way. Palm Desert branch locations are at 74-150 Country Club Drive and 77-933 Las Montanas Road across from Sun City. Shares of the Company's common stock are traded on the Over the Counter Bulletin Board - stock symbol CYBA. This release may contain certain forward-looking statements within the meaning of 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. Actual results could differ materially from those projected in the forward-looking statements. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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