Community Bank Reports Net Income of $17.0 Million for 2002.Business Editors PASADENA, Calif.--(BUSINESS WIRE)--Feb. 3, 2003 Community Bank, a commercial bank with assets in excess of $1.4 billion, today reported net income of $17.0 million for the year ended December December: see month. 31, 2002 as compared to $14.4 million for 2001, representing an increase of 18.3% over the prior year. 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 2002 were 14.83% and 1.28%, respectively, as compared to 14.41% and 1.17% for 2001. Net income for the fourth quarter of 2002 was $4.7 million as compared to $3.9 million for the fourth quarter of 2001, representing an increase of 19.4%. Return on average equity, prior to mark-to-market adjustments, and return on average assets for the fourth quarter of 2002 were 15.63% and 1.35%, respectively, as compared to 14.97% and 1.23% for the same quarter last year. Total loans as of December 31, 2002 were $968.1 million representing an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $83.1 million or 9.4% over total loans on December 31, 2001. Total deposits as of December 31, 2002 were $1.2 billion representing an increase of $165.9 million or 16.4% over total deposits on December 31, 2001. Non-performing assets as of December 31, 2001 totaled $13.0 million as compared with $6.6 million as of December 31, 2001. The Bank's reserve for loan losses as of December 31, 2002 totaled $19.2 million or 1.99% of total loans as compared to $13.8 million or 1.56% of total loans as of December 31, 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 8.71%, 10.54%, and 11.80%, respectively, as of December 31, 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. 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. V. Charles Jackson Charles Jackson may refer to:
penetration - the act of entering into or through something; "the penetration of upper management by women" our net income grew by 18.3%, while our return on average equity increased to 14.83% for 2002 as compared to 14.41% for 2001. "Our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. financial goal is to produce consistent, high quality earnings, through balanced growth. Quality commercial business will continue to be the core of our strategy in the future. We will also devote considerable time and resources in building an array of other financial products and services that our customers will need to manage and grow their companies. Over the coming years we will aggressively grow our non-interest income in order to achieve greater balance in our sources of revenue. During 2002 we launched two new services, trade finance and ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). lending, while enhancing and broadening broad·en tr. & intr.v. broad·ened, broad·en·ing, broad·ens To make or become broad or broader. broad our cash management business and our merchant card services The software support for PC Cards. PC Card applications talk to Card Services. See PC Card. . We currently plan to launch at least two new major 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. in 2003." 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 financial needs of small to middle market businesses as well as to provide a complete array of financial products for individuals. www.communitybank-ca.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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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
(Amounts in Thousands)
For the quarters ended
December 31,
Dollar Percent
2002 2001 Change Change
INCOME STATEMENT
Net interest income $16,155 $14,112 $2,043 14.5%
Provision for loan losses 1,500 1,243 257 20.7%
Net interest income after
provision 14,655 12,869 1,786 13.9%
Non-interest income 2,137 2,089 48 2.3%
Non-interest expense 10,230 8,402 1,828 21.8%
Income before income tax 6,562 6,556 6 0.1%
Income tax 1,846 2,607 (761) (29.2%)
Net income $4,716 $3,949 $767 19.4%
Return on
average
equity,
prior to
mark-to-market adjustments
on the AFS investment
portfolio 15.63% 14.97%
Return on average equity 15.09% 14.34%
Return on average assets 1.35% 1.23%
Net interest margin 4.85% 4.62%
Efficiency ratio 55.93% 51.86%
For the years ended
December 31,
Dollar Percent
2002 2001 Change Change
INCOME
STATEMENT
Net interest
income $61,677 $52,549 $9,128 17.4%
Provision for
loan losses 5,700 2,903 2,797 96.3%
Net interest
income
after
provision 55,977 49,646 6,331 12.8%
Non-interest
income 8,390 8,798 (408) (4.6%)
Non-interest
expense 36,656 33,640 3,016 9.0%
Income
before
income tax 27,711 24,804 2,907 11.7%
Income tax 10,739 10,453 286 2.7%
Net
income $16,972 $14,351 $2,621 18.3%
Return on
average
equity,
prior to
mark-to-
market
adjustments
on the AFS
investment
portfolio 14.83% 14.41%
Return on
average
equity 14.37% 14.07%
Return on
average
assets 1.28% 1.17%
Net interest
margin 4.89% 4.54%
Efficiency
ratio 52.32% 54.84%
Book value per common share (end of
period) $40.83 $34.99
Basic earnings per common share
(annualized) $5.53 $4.60
Diluted earnings per common share
(annualized) $5.33 $4.45
As of December 31,
2002 2001
CAPITAL RATIOS
Tier 1 leverage capital 8.71% 8.27%
Tier 1 risk-based capital 10.54% 10.28%
Total risk-based capital 11.80% 11.53%
As of December 31, Dollar Percent
2002 2001 Change Change
BALANCE SHEET
Total assets $1,435,410 $1,261,638 $173,772 13.8%
Total loans 968,140 885,014 83,126 9.4%
Reserve for loan losses 19,234 13,811 5,423 39.3%
Reserve for loan losses to
total loans 1.99% 1.56% - 27.6%
Other real estate owned - 1,558 (1,558) (100.0%)
Non-accrual loans 12,968 5,063 7,905 156.1%
Total deposits 1,179,744 1,013,832 165,912 16.4%
Stockholders' equity 125,421 109,422 15,999 14.6%
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion