Capital Corp of the West Reports Year End 1996 Results.MERCED Merced (mərsĕd`), city (1990 pop. 56,216), seat of Merced co., central Calif.; inc. 1889. It is a growing city and a center for tourism and farm trade in a cotton, fruit, and dairy region. , Calif.--(BUSINESS WIRE)--Feb. 3, 1997--Capital Corp of the West, traded on 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 as CCOW CCOW Clinical Context Object Workgroup CCOW Channel Control Order Wire CCOW Control Channel Order Wire CCOW Contributing to Coalition Operations Worldwide CCOW Computer Care on Wheels (Brantford, Ontario, Canada) , reported consolidated earnings of $2,009,000 or $1.27 per share for the year ending December December: see month. 31, 1996. This compares to earnings of $335,000 or $.25 per share for 1995. Fourth quarter earnings were $600,000 or $.34 per share. In the fourth quarter of 1996, the Company recorded $1,107,000 in additional loan loss provisions. In part this was offset by a $363,000 gain on the sale of real property previously written off. Other expense reserves established for the 1996 year were also adjusted in the fourth quarter of 1996, which in part also offset the increase in the loan loss provisions. In the fourth quarter of 1995, the Company took a complete writeoff writeoff A reduction to zero in the value of an asset carried on a firm's financial statement. Companies often hesitate to make writeoffs because profits reported to stockholders are reduced. of County Bank's investment in the real estate held by its real estate subsidiary. This real estate write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. in 1995 totaled $2,881,000 and resulted in a $1,757,000 reduction in 1995 after-tax earnings. Return on average assets was .90% and return on beginning equity was 13.3% for the year ending December 31, 1996. This compares with a return on average assets of .18% and a return on beginning equity of 2.4% for the year ending December 31, 1995. Total assets at December 31, 1996 were $265 million, an increase of $56 million or 27% over the same period in 1995. At December 31, 1996, total gross loans were $183 million and deposits reached $238 million. The acquisition of Town & Country Finance & Thrift thrift: see leadwort. was completed on June 28, 1996. As of December 31, 1996, Town & Country has $28 million in total assets. Growth has been a strategic objective of the Company in 1996. In April of 1996, County Bank opened its seventh branch in Sonora, Calif. In July of 1996, Town & Country opened its fourth office in Fresno, Calif. In December of 1996, County Bank opened its eighth and ninth branch offices in Modesto, Calif. "In the era of consolidations, County Bank sees the unique opportunity to provide personal service and community support to the Modesto market," said 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 Hawker, 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. for Capital Corp of the West. Capital Corp of the West had equity capital of $21.0 million as of December 31, 1996. Book value per share totaled $12.09 as of that date. The Company's tangible capital ratio stood at 8.13% as of December 31, 1996. County Bank and Town & Country both are 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. " for regulatory purposes as of December 31, 1996. Loan loss reserves ended the year at $2.8 million or 1.5% of total loans. As noted above, provisions for the fourth quarter were $1,107,000. These additional provisions are primarily attributable to one large commercial real estate loan. The Company is considering whether this addition to the loan loss reserve should be recognized as an event occurring in the third quarter of 1996. Nonperforming loans at December 31, 1996 were 3.1% of total loans. This is compared to 3.5% of total loans as of December 31, 1995. Capital Corp of the West, a bank holding company established November 1, 1995, is the parent company to: County Bank, celebrating 20 years of service as Central California's Community Bank, Capital West Group, a newly formed financial institution advisory subsidiary and Town & Country Finance & Thrift Company, an industrial loan company headquartered in Turlock serving the Central Valley for forty years. Currently, County Bank has nine branch offices to serve the communities of Merced, Stanislaus and Tuolumne counties. Town & Country has four branch offices located in Turlock, Modesto, Visalia and its newly established office in Fresno. For further information about the Company's financial performance, contact Tom Hawker, President & Chief Executive Officer, or Janey Boyce, Chief Financial Officer, at 209/725-2200. CONTACT: Capital Corp of the West Janey Boyce, 209/725-2200 |
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