OAKLAND, CA--(Marketwired - Jul 28, 2014) - Community Bank of the Bay (
2014 Second Quarter Financial Highlights
- Net Income for the 2014 First Quarter totaled $483 thousand, or $0.13 earnings per common share. Operating Income net of the tax loss carry forward totaled $350 thousand, or $0.10 earnings per common share, an increase of $106 thousand, or 43 percent, from $244 thousand reported in the 2013 Second Quarter.
- Total assets at June 30, 2014 were $191.8 million compared to $170.5 million at June 30, 2013. Average earning assets for the 2014 Second Quarter reached $180.7 million, an increase of $29.7 million, or 19.7 percent, compared with the 2013 Second Quarter.
- Deposits increased $88 thousand to $169.4 million from the prior quarter. Deposits increased $21.3 million or 14.4 percent from the prior year.
- Loans increased $15.1 million to $145.3 million in the Second Quarter of 2014, and represented a 11.6 percent increase from the prior quarter. Loans increased $26.2 million or 22 percent from the prior year.
- Non-Accrual Loans decreased $864 thousand to $3.4 million in the Second Quarter, and represent 2.34 percent of Total Loans.
- Net Interest Margin decreased twenty-one basis points to 4.05 percent, compared with 4.25 percent for the 2014 First Quarter and decreased twenty-three basis points from 4.27 percent for the 2013 Second Quarter.
- Capital Levels remain well above FDIC "Well Capitalized" standards. Second Quarter 2014 Equity of $20.3 million increased 13 percent from the prior year and resulted in Tier 1 Leverage of 10.82 percent and Tier 1 Risk-Based and Total Risk-Based Capital Ratios of 13.24 percent and 14.49 percent respectively.
"After strong deposit growth in the first quarter we saw very strong loan growth on this quarter. Most of this loan growth occurred near quarter end so we expect to see the associated revenue growth in the coming quarter. We continue to have a strong pipeline of new business and are gratified that the market is recognizing our form of relationship banking," said William S. Keller, President and Chief Executive Officer. "We also continue to make progress on important initiatives such as a financial literacy campaign and the restructuring of the Bay Area Green Fund. A unique FDIC-insured deposit account that allows clients to direct their funds to environmentally sustainable projects and businesses."
About Community Bank of the Bay
Community Bank of the Bay (
Forward-Looking Statements This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.
Media Contacts: William S. Keller President & CEO 510-433-5404 wkeller@BankCBB.com
