County Bank's Holding Company, Capital Corp of the West, Reports Audited Financials.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)--Jan. 29, 1996--Capital Corp of the West, the holding company for County Bank, trading 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) , reports consolidated earnings of $335,000 for the year ending Dec. 31, 1995. This compares to $1,736,000 for the same period in 1994. On a per share basis, this is equal to $.25 per share in 1995; $1.30 in 1994. In December December: see month. , Capital Corp of the West, announced its decision to take a complete 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. of its remaining investment in real estate held by its real estate subsidiary. Total real estate writedowns in 1995 totaled $2.9 million and resulted in a $1.8 million reduction in reported earnings. Core earnings of the company, excluding the real estate subsidiary write-off, totaled $2.1 million or $1.57 per share in 1995. This results in a 1.13% return of average assets and a 15% return on beginning equity. For the fourth quarter of 1995, earnings, exclusive of the real estate write-off, totaled in excess of $600,000 or $.45 per share. Growth for the company continues. Capital Corp. of the West ended 1995 with total assets of $209 million, an increase of $31 million or 18% over the same period in 1994. At year end, total loans were $133 million, an increase of 18%. Capital Corp of the West ended 1995 with equity capital of $15 million. Book value per share totaled $11.31 as of Dec. 31, 1995. The Bank's tangible capital ratio stands at 7.43% for the quarter ending Dec. 31, 1995. The Bank continues to be 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. Loan loss reserves ended the year at $1.7 million. This is equal to 1.3% of total loans as of December 31, 1995. Loan losses for 1995 were also maintained at a low level, with net losses of .12% of the total portfolio. Non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. ended the year at 1.4% of total loans. Capital Corp of the West is a federally chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission holding company which was established Nov. 1, 1995. It is the parent company to County Bank, Merced County's only locally owned and independently managed bank, and County Asset Advisors, its asset management subsidiary. Currently, the Bank has six branch offices to serve the communities of Merced and Stanislaus counties, as well as loan production offices in Sonora and Modesto. For further information about the Bank'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 Tom Hawker/Janey Boyce, 209/725-2200 |
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