Community Bank Reports 2002 Third Quarter Earnings of $4.4 Million.Business Editors PASADENA, Calif.--(BUSINESS WIRE)--Oct. 28, 2002 Community Bank, a commercial bank with assets in excess of $1.3 billion, today reported net income of $4.4 million for the quarter ended September September: see month. 30, 2002, as compared to $3.5 million for the same quarter last year, representing a 24.8% increase. Net income for the nine months ended September 30, 2002 totaled $12.3 million as compared to $10.4 million for the same period in 2001, representing a 17.8% increase. Return on average equity, prior to mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. adjustments, and return on average assets for the third quarter of 2002 were 15.06% and 1.30%, respectively, as compared to 13.87% and 1.12%, respectively, for the third quarter 2001. Return on average equity, prior to mark-to-market adjustments and return on average assets for the nine months ended September 30, 2002 were 14.55% and 1.26%, respectively, as compared to 14.21% and 1.15% for the same period in 2001. Total loans as of September 30, 2002 were $932.7 million, representing an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $60.0 million or 6.9% over total loans on September 30, 2001. Total deposits on September 30, 2002 were $1,130.5 million, representing an increase of approximately $113.1 million or 11.1% over total deposits as of September 30, 2001. Non-performing assets as of September 30, 2002 totaled $13.9 million as compared with $4.5 million as of September 30, 2001. The Bank's reserve for loan losses as of September 30, 2002 totaled $17.9 million or 1.91% of total loans, as compared to $12.4 million or 1.42% of total loans as of September 30, 2001. Additionally the Bank's capital ratios remain strong with Tier 1 leverage, Tier 1 Risk Based Capital and Total Risk Based Capital Ratios of 8.74%, 10.77%, and 12.02%, respectively, as of September 30, 2002. All three ratios exceed the regulatory requirement Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. for a well-capitalized bank. Remarking on these results, V. Charles Jackson Charles Jackson may refer to:
adj. Having an acceptable credit rating. cred  it·wor and rational way.
Our attention is not primarily on rapid asset growth, but on high
quality earnings and returns. We view our third quarter ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration.A lawsuit is generally named for the persons who are parties to it. of 15.06% and ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). of 1.30% as the tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. result of our focus on this financial strategy. "In order to meet our goal of consistent and quality earnings growth, it is crucial that we also consistently grow market share. Considering the recent adverse economic conditions in our region, we are pleased that we have continued to gain market share in our target segment. On a year-to-year basis our total loans have increased about 7% while deposits have grown over 11%. We also experienced moderate growth in both of these areas during the third quarter, a time when many others in our industry suffered declines in their market share. We attribute (1) In relational database management, a field within a record. (2) In object technology, a single element of data. See instance attribute and static attribute. this achievement to our strong emphasis on being highly responsive to our clients, and ensuring consistency Consistency can refer to:
Community Bank serves communities in 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, 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. and 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. counties through a network of 14 business centers. Since 1945 Community Bank has specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. in meeting the diverse financial needs of small to middle market businesses.
COMMUNITY BANK
Financial Highlights (Unaudited)
(Amounts in Thousands)
For the
quarters ended
September 30, Volume Percent
2002 2001 Change Change
INCOME STATEMENT
Net interest income $15,980 $13,247 $2,733 20.6%
Provision for loan losses 1,500 1,048 452 43.1%
Net interest income
after provision 14,480 12,199 2,281 18.7%
Non-interest income 2,015 2,580 (565) (21.9%)
Non-interest expense 8,864 8,561 303 3.5%
Income before income tax 7,631 6,218 1,413 22.7%
Income tax 3,209 2,674 535 20.0%
Net income $4,422 $3,544 $878 24.8%
Return on average equity, prior to
mark-to-market adjustments
on the AFS investment portfolio 15.06% 13.87%
Return on average equity 14.45% 13.54%
Return on average assets 1.30% 1.12%
Net interest margin 4.95% 4.40%
Efficiency ratio 49.26% 54.09%
For the nine
months ended
September 30, Volume Percent
2002 2001 Change Change
INCOME STATEMENT
Net interest income $45,522 $38,437 $7,085 18.4%
Provision for loan losses 4,200 1,660 2,540 153.0%
Net interest income
after provision 41,322 36,777 4,545 12.4%
Non-interest income 6,253 6,709 (456) (6.8%)
Non-interest expense 26,426 25,238 1,188 4.7%
Income before income tax 21,149 18,248 2,901 15.9%
Income tax 8,893 7,846 1,047 13.3%
Net income $12,256 $10,402 $1,854 17.8%
Return on average equity, prior to
mark-to-market adjustments
on the AFS investment portfolio 14.55% 14.21%
Return on average equity 14.11% 13.97%
Return on average assets 1.26% 1.15%
Net interest margin 4.91% 4.51%
Efficiency ratio 51.04% 55.90%
Book value per common share
(end of period) $39.68 $34.38
Basic earnings per common
share (annualized) $5.30 $4.46
Diluted earnings per common
share (annualized) $5.11 $4.32
As of September 30,
2002 2001
CAPITAL RATIOS
Tier 1 leverage capital 8.74% 8.05%
Tier 1 risk-based capital 10.77% 9.87%
Total risk-based capital 12.02% 11.07%
As of September 30, Volume Percent
2002 2001 Change Change
BALANCE SHEET
Total assets $1,377,488 $1,280,181 $97,307 7.6%
Total loans 932,714 872,669 60,045 6.9%
Reserve for loan losses 17,856 12,374 5,482 44.3%
Other real estate owned -- 1,348 (1,348) (100.0%)
Non-accrual loans 13,868 4,456 9,412 211.2%
Total deposits 1,130,536 1,017,390 113,146 11.1%
Stockholders' equity 123,496 107,569 15,927 14.8%
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