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NCAL Bancorp California Announces Record Earnings and Financial Results.

LOS ANGELES -- NCAL Bancorp California (OTCBB:NCAL), the bank holding company of National Bank of California, announced record earnings of $6,798,400 for the year ended December 31, 2007, up 20.25 percent from $5,653,700 for the year ended December 31, 2006.

NCAL Bancorp declared a 2 for 1 stock split for shareholders of record on February 28, 2007. All per share numbers have been retroactively adjusted to reflect the stock split. Basic earnings per share were $2.93 for the year ended December 31, 2007, compared to $2.48 for 2006. Diluted earnings per share were $2.83 on 2007 compared to $2.38 for 2006.

Return on average shareholders' equity for the year ended December 31, 2007, was 23.63 percent, with a return on average assets of 2.03 percent.

Other financial highlights for the year 2007 compared to the same period in 2006:

* Total assets increased $25.0 million or 8.10 percent to $334.5 million.

* Net loans increased $34.8 million or 13.94 percent to $284.4 million.

* Total deposits increased $16.2 million or 6.0 percent to $287.4 million.

* Total shareholders' equity increased by $7.1 million or 28.4 percent to $32.0 million.

* Net interest margin for the year ended December 31, 2007 was 7.18 percent compared to 7.16 percent for the same period in 2006.

"The financial highlights for the year ended December 31, 2007, confirm the steady growth and improved earnings of NCAL Bancorp making it one of the top performers for its size in the nation," said President and CEO Barry W. Uzel. "He added that Bancorp's strong balance sheet positions it well for the economic and financial challenges anticipated in 2008."

NCAL Bancorp is a bank holding company with one banking subsidiary, National Bank of California, a full-service commercial bank and member of the FDIC. Regional locations are in Los Angeles, Costa Mesa, Sherman Oaks, Glendale and Westlake Village. Shares of the Company's common stock are traded on the Over the Counter Bulletin Board - stock symbol NCAL.

This release may contain certain forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements.
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Publication:Business Wire
Article Type:Financial report
Date:Mar 18, 2008
Words:379
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