Community Bank Reports a 16.2% Increase in Net Income For the Year 2000.Business Editors PASADENA, Calif.--(BUSINESS WIRE)--Jan. 22, 2001 Community Bank, a commercial bank with assets in excess of $1.1 billion, today reported net income of $13.5 million for 2000, as compared with $11.7 million for 1999, representing a 16.2% increase over the prior year's performance. Return on average equity and return on average assets for 2000 were 15.03% and 1.20%, respectively, as compared with return on average equity and return on average assets of 13.26% and 1.12%, respectively, for 1999. Net income for the fourth quarter of 2000 was $3.4 million, as compared with $3.0 million for the fourth quarter of 1999. Return on average equity and return on average assets for the fourth quarter of 2000 were 14.75% and 1.17%, respectively, as compared with 13.96% and 1.11% for the same quarter last year. Total loans as of Dec. 31, 2000, were $805.5 million, representing an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $66.6 million, or 9.0% over total loans on Dec. 31, 1999. Total deposits on Dec. 31, 2000, were $914.8 million, representing an increase of approximately $58.1 million, or 6.8% increase over total deposits as of Dec. 31, 1999. Non-performing assets as of Dec. 31, 2000, totaled $5.9 million, as compared with $6.1 million as of Dec. 31, 1999. The Bank's reserve for loan losses as of Dec. 31, 2000, totaled $11.7 million, or 1.45% of total loans, as compared with $11.5 million, or 1.56% of total loans, as of Dec. 31, 1999. Additionally, the Bank's capital ratios remain exceptionally strong with Tier 1 leverage, Tier 1 Risk Based Capital and Total Risk Based Capital Ratios of 7.97%, 9.68% and 10.92%, respectively, as of Dec. 31, 2000. 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. Clint Clint is the diminutive word for the given name Clinton and may refer to: People:
niche Smallest unit of a habitat that is occupied by an organism. A habitat niche is the physical space occupied by the organism; an ecological niche is the role the organism plays in the community of organisms found in the of small- and medium-size Adj. 1. medium-size - intermediate in size medium-sized, moderate-size, moderate-sized sized - having a specified size businesses has led to exceptional performance gains in the current year. I am pleased with these results and am confident that our strategy will continue to provide a framework for outstanding performance in the future." 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 13 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 The term middle-market may refer to either a type of newspaper or a type of company. A middle-market newspaper is one that attempts to cater to readers who want some entertainment value from their newspaper as well as adequate serious coverage of significant news businesses, as well as to provide a complete array of financial products for individuals. Community Bank prides itself on its ability to craft financial solutions tailored to the unique needs of its customers through its relationship-oriented Partnership Banking(R) style of business. www.communitybank-ca.com
COMMUNITY BANK
Financial Highlights
(Amounts in Thousands)
For the years ended
Dec. 31,
Volume Percent
2000 1999 Change Change
INCOME STATEMENT
Net interest income $ 51,057 $ 48,973 $2,084 4.3%
Provision for loan losses 916 976 (60) (6.1%)
Net interest income after
provision 50,141 47,997 2,144 4.5%
Non-interest income 6,672 6,611 61 0.9%
Non-interest expense 33,633 34,473 (840) (2.4%)
Income before income tax 23,180 20,135 3,045 15.1%
Income tax 9,635 8,475 1,160 13.7%
Net income $ 13,545 $ 11,660 $1,885 16.2%
Return on average
stockholders' equity 15.03% 13.26%
Return on average assets 1.20% 1.12%
Book value per
common share $ 29.69 $24.57
Basic earnings per
common share $ 4.10 $ 3.16
Diluted earnings per
common share $ 3.98 $ 3.09
For the quarters ended
Dec. 31,
Volume Percent
2000 1999 Change Change
INCOME STATEMENT
Net interest income $ 12,851 $ 12,802 $ 49 0.4%
Provision for loan losses 242 150 92 61.3%
Net interest income after
provision 12,609 12,652 (43) (0.3%)
Non-interest income 1,826 1,229 597 48.6%
Non-interest expense 8,793 8,655 138 1.6%
Income before income tax 5,642 5,226 416 8.0%
Income tax 2,270 2,198 72 3.3%
Net income $ 3,372 $ 3,028 $ 344 11.4%
Return on average
stockholders' equity 14.75% 13.96%
Return on average assets 1.17% 1.11%
As of Dec. 31,
2000 1999
CAPITAL RATIOS
Tier 1 leverage capital 7.97% 7.93%
Tier 1 risk-based capital 9.68% 9.85%
Total risk-based capital 10.92% 11.10%
As of Dec. 31, Volume Percent
2000 1999 Change Change
BALANCE SHEET
Total assets $1,155,499 $1,084,592 $70,907 6.5%
Total loans 805,555 738,984 66,571 9.0%
Reserve for loan losses 11,691 11,481 210 1.8%
Other real estate owned 200 251 (51) (20.3%)
Non-accrual loans 5,751 5,885 (134) (2.3%)
Total deposits 914,779 856,727 58,052 6.8%
Stockholders' equity 94,136 86,559 7,577 8.8%
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