Community Bank Reports 2006 First Quarter Earnings of $5.3 Million.PASADENA, Calif. -- Community Bank, a commercial bank with assets in excess of $2.1 billion, today reported net income for the first quarter of 2006 of $5.3 million, representing an increase of 3.7% over the same quarter last year. Return on average equity and return on average assets for the first quarter of 2006 were 12.34% and 1.02%, respectively, as compared to return on average equity and return on average assets of 13.08% and 1.06%, respectively, for the first quarter of 2005. Total loans as of March 31, 2006 were $1.3 billion, representing an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $97.6 million or 8.4% over total loans on March 31, 2005. Total deposits on March 31, 2006 were $1.7 billion, representing an increase of approximately $105.1 million or 6.4% over total deposits as of March 31, 2005. Non-performing assets as of March 31, 2006 totaled $1.5 million as compared with $1.8 million as of December December: see month. 31, 2005. The Bank's reserve for loan losses as of March 31, 2006 totaled $21.3 million or 1.70% of total loans as compared to $21.2 million or 1.72% of total loans as of December 31, 2005. Additionally the Bank's capital ratios remain strong with Tier 1 leverage, Tier 1 Risk Based Capital and Total Risk Based Capital Ratios of 8.72%, 11.50%, and 12.75%, respectively, as of March 31, 2006. 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. The minimum 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. capital ratios for a well-capitalized bank are defined as Tier 1 leverage, Tier 1 Risk Based Capital and Total Risk Based Capital ratios of 5.00%, 6.00% and 10.00%, respectively. Francis Francis, French prince, duke of Alençon and Anjou Francis, 1554–84, French prince, duke of Alençon and Anjou; youngest son of King Henry II of France and Catherine de' Medici. Shanahan, Chairman, President and Chief Executive Officer was quoted as saying "I am very pleased with the progress the Bank is making relative to continuing to increase our market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" while maintaining exceptional asset quality. Since March 31, 2005, the Bank increased the loan portfolio by approximately $98 million representing an increase of approximately 8.4% while reducing the level of non-accrual loans from $8.0 million on March 31, 2005 to $ 1.5 million on March 31, 2006. Additionally we are proud to say that the Bank does not have any Other Real Estate Owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most on its Balance Sheet." Community Bank is a regional bank, founded in 1945, that serves clients who seek the know-how know-how n. The knowledge and skill required to do something correctly. See Synonyms at art1. know-how Noun Informal the ability to do something that is difficult or technical , wherewithal where·with·al n. The necessary means, especially financial means: didn't have the wherewithal to survive an economic downturn. conj. Wherewith. pron. Wherewith. and product span of a larger financial institution, as well as the market knowledge, customer service orientation and local focuses of a community bank. Community Bank's mission is to provide the advice and financial tools our clients need to become more competitive and more profitable. Based in Pasadena, it operates banking centers in that city and in Anaheim Anaheim (ăn`əhīm), city (1990 pop. 266,406), Orange co., S Calif., SE of Los Angeles; inc. 1870. Anaheim was founded by Germans in 1857 as an experiment in communal living. , Burbank Burbank, city (1990 pop. 93,643), Los Angeles co., S Calif.; inc. 1911. Tourism and the entertainment industry are central to its economy; several motion-picture studios and television headquarters are here. Burbank's aerospace industry collapsed with the end of the Cold War. , Commerce, Corona Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. , Fontana Fontana, city (1990 pop. 87,535), San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1952. Fabricated metal products, construction materials, and transportation equipment are manufactured, and there is a small steel mill. , Glendale Glendale. 1 City (1990 pop. 148,134), Maricopa co., S central Ariz., adjacent to Phoenix; inc. 1910. It is located in a rich agricultural region irrigated by the Salt River project. Glendale has become one of the fastest-growing U.S. , Industry, Irvine Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. , Redlands Redlands, city (1990 pop. 60,394), San Bernardino co., S Calif., in the San Bernardino Valley; inc. 1888. Industries include software research and development and the manufacture of metal foil, furniture, and electrical equipment. , Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, , South Bay and Yucaipa. For more information, visit the Community Bank Website at www.cbank.com. This press release contains certain 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. , including certain plans, expectations, goals and projections, which are subject to numerous assumptions risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.
COMMUNITY BANK
Financial Highlights - Balance Sheet (Unaudited)
(Amounts in Thousands)
As of March 31, Dollar Percent
2006 2005 Change Change
----------- ----------- --------- -------
BALANCE SHEET
Cash and cash equivalents $99,598 $101,160 $(1,562) (1.5%)
Investments 721,966 718,825 3,141 0.4%
Loans 1,252,783 1,155,191 97,592 8.4%
Loan loss reserve (21,294) (19,945) (1,349) 6.8%
----------- ----------- --------- -------
Net loans 1,231,489 1,135,246 96,243 8.5%
Other Assets 97,971 84,913 13,058 15.4%
----------- ----------- --------- -------
Total assets $2,151,024 $2,040,144 $110,880 5.4%
=========== =========== ========= =======
Earning assets $2,074,347 $1,975,176 $99,171 5.0%
Non-interest bearing deposits $472,511 $450,481 $22,030 4.9%
Interest bearing deposits 1,266,106 1,183,077 83,029 7.0%
----------- ----------- --------- -------
Total deposits 1,738,617 1,633,558 105,059 6.4%
Funds purchased/borrowed 221,594 231,016 (9,422) (4.1%)
Other liabilities 17,316 18,386 (1,070) (5.8%)
----------- ----------- --------- -------
Total liabilities 1,977,527 1,882,960 94,567 5.0%
Stockholders' equity 173,497 157,184 16,313 10.4%
----------- ----------- --------- -------
Total liabilities &
stockholders' equity $2,151,024 $2,040,144 $110,880 5.4%
=========== =========== ========= =======
OTHER SELECTED DATA
Other real estate owned $ - $ - $ - -
Non-accrual loans $1,475 $8,020 $(6,545) (81.6%)
Reserve for loan losses to
total loans 1.70% 1.73% (0.03%) (1.7%)
COMMUNITY BANK
Financial Highlights - Income Statement and Ratios (Unaudited)
(Amounts in Thousands)
For the quarters
ended March 31, Dollar Percent
2006 2005 Change Change
-------- -------- ------- -------
INCOME STATEMENT
Interest Income $29,896 $24,953 $4,943 19.8%
Interest Expense 12,134 7,268 4,866 67.0%
-------- -------- ------- -------
Net interest income 17,762 17,685 77 0.4%
Provision for loan losses 105 365 (260) (71.2%)
-------- -------- ------- -------
Net interest income after
provision 17,657 17,320 337 1.9%
Non-interest income 2,306 2,518 (212) (8.4%)
Non-interest expense 11,331 11,276 55 0.5%
-------- -------- ------- -------
Income before income tax 8,632 8,562 70 0.8%
Income tax 3,296 3,417 (121) (3.5%)
-------- -------- ------- -------
Net income $5,336 $5,145 $191 3.7%
======== ======== ======= =======
Return on average equity 12.34% 13.08%
Return on average assets 1.02% 1.06%
Net interest margin 3.58% 3.84%
Efficiency ratio 56.46% 55.81%
Book value per common share
(end of period) $56.90 $51.43
Basic earnings per common
share $1.76 $1.69
Diluted earnings per common
share $1.69 $1.63
As of March 31,
2006 2005
-------- --------
CAPITAL RATIOS
Tier 1 leverage capital 8.72% 8.32%
Tier 1 risk-based capital 11.50% 10.98%
Total risk-based capital 12.75% 12.23%
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