OAKLAND, CA--(Marketwired - Oct 17, 2016) - Community Bank of the Bay (
2016 Third Quarter Financial Highlights
- Pre-tax operating income for the quarter ending September 30, 2016 totaled $751 thousand, a decrease of $14 thousand, or 1.8 percent, from $765 thousand reported in the same period a year ago when the quarter benefited from a $265 thousand Bank Enterprise Award. Net profit after tax totaled $451 thousand, or $0.10 earnings per common share, compared to $446 thousand reported in 2015. Net of the Bank Enterprise Award, net profit after tax increased 50.2 percent.
- Total assets at September 30, 2016 were $260 million, an increase of $3.8 million, or 1.5 percent from $256 million at September 30, 2015. Average earning assets for the quarter reached $240.2 million, an increase of $3.5 million, or 1.5 percent, compared with $236.7 million in 2015.
- Deposits totaled $234.2 million at September 30, 2016 and were unchanged from the prior quarter, and $1.6 million, or a 0.7 percent increase from the prior year.
- Loans totaled $198.0 million at September 30, 2016 and represented a decrease of $0.4 million or 0.2 percent from the prior quarter, and an increase of $6.3 million, or 3.3 percent from the prior year.
- Non-performing assets decreased $333 thousand to $2.7 million compared to the prior quarter and now represents 1.3 percent of total loans. Year-to-date non-performing assets have been reduced by $1.2 million. Allowance for loan losses represents 1.61 percent of total loans.
- Net interest margin for the third quarter decreased ten basis points to 4.12 percent, compared with 4.21 percent for the prior quarter, and increased seven basis points from 4.05 percent from the prior year same quarter.
- Capital levels remain well above FDIC "Well Capitalized" standards. September 30, 2016 equity of $24.5 million increased 9.0 percent from the prior year and resulted in a common equity tier 1 capital ratio of 9.27 percent, and a tier 1 capital and total capital ratio of 11.15 percent and 12.40 percent respectively.
- Book value per common share increased to $4.74 as of September 30, 2016 from $4.35 at September 30, 2015, representing a twelve month increase in book value per common share of 8.9 percent.
"We are pleased to report record total assets for the third quarter of 2016. Quarterly earnings comparisons were impacted by a change in the US Treasury Department's processing of its annual Bank Enterprise Award granted to Community Development Financial Institutions who are actively engaged in their communities. Our bank has received this award in each of the last six years. Excluding award income, our year-to-date net profit after tax has increased $551 thousand or 30 percent," said William S. Keller, President and Chief Executive Officer. "At our shareholders meeting on December 13, 2016, we look forward to discussing our progress, unveiling our new website, and celebrating the bank's 20 th anniversary year by highlighting the success stories of many of our clients."
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.
| COMMUNITY BANK OF THE BAY | ||||||||||||||
| UNAUDITED SUMMARY FINANCIAL STATEMENTS | ||||||||||||||
| (In thousands except earnings per share) | ||||||||||||||
| INCOME STATEMENT | Three Months Ended | |||||||||||||
| 2016 | 2016 | Qtr over Qtr | 2015 | Year over Year | ||||||||||
| September 30 | June 30 | % Change | September 30 | % Change | ||||||||||
| Interest income | $ | 2,694 | $ | 2,678 | 0.6% | $ | 2,617 | 2.9% | ||||||
| Interest expense | 208 | 188 | 10.6% | 200 | 4.0% | |||||||||
| Net interest income before provision | 2,486 | 2,490 | -0.2% | 2,417 | 2.9% | |||||||||
| Provision for Loan Loss Reserve | - | - | 0.0% | 50 | -100.0% | |||||||||
| Net interest income after provision | 2,486 | 2,490 | -0.2% | 2,367 | 5.0% | |||||||||
| Non-interest income | 290 | 323 | -10.2% | 436 | -33.5% | |||||||||
| Non-interest expense | 2,025 | 2,200 | -8.0% | 2,039 | -0.7% | |||||||||
| Income before provision for income taxes | 751 | 613 | 22.5% | 764 | -1.7% | |||||||||
| Provision for income taxes | 300 | 245 | 22.4% | 319 | -6.0% | |||||||||
| Net income | $ | 451 | $ | 368 | 22.6% | $ | 445 | 1.3% | ||||||
| Less: preferred dividends | 20 | 20 | 0.0% | 20 | 0.0% | |||||||||
| Net income available for common stockholders | $ | 431 | $ | 348 | 23.9% | $ | 425 | 1.4% | ||||||
| Basic earnings per common share | $ | 0.10 | $ | 0.08 | 23.6% | $ | 0.10 | -0.7% | ||||||
| Common shares outstanding EP | 4,322,491 | 4,314,858 | 4,232,435 | |||||||||||
| Return on average assets | 0.66% | 0.55% | 0.67% | |||||||||||
| Return on average common equity | 8.54% | 7.06% | 9.38% | |||||||||||
| COMMUNITY BANK OF THE BAY | ||||||||||||||
| UNAUDITED SUMMARY FINANCIAL STATEMENTS | ||||||||||||||
| (In thousands except earnings per share) | ||||||||||||||
| BALANCE SHEET | Three Months Ended | |||||||||||||
| 2016 | 2016 | Qtr over Qtr | 2015 | Year over Year | ||||||||||
| ASSETS | September 30 | June 30 | % Change | September 30 | % Change | |||||||||
| Total cash and investments | $ | 56,630 | $ | 55,568 | 1.9% | $ | 59,523 | -4.9% | ||||||
| Loans, net of unearned income | 198,018 | 198,443 | -0.2% | 191,736 | 3.3% | |||||||||
| Loan loss reserve | (3,188) | (3,235) | -1.5% | (3,129) | 1.9% | |||||||||
| Other real estate owned | - | - | 0.0% | - | ||||||||||
| Other assets | 8,296 | 8,270 | 0.3% | 7,836 | 5.9% | |||||||||
| Total Assets | 259,756 | 259,046 | 0.3% | 255,966 | 1.5% | |||||||||
| LIABILITIES AND SHAREHOLDERS EQUITY | ||||||||||||||
| Non-interest bearing deposits | 88,729 | 96,323 | -7.9% | 81,415 | 9.0% | |||||||||
| Interest bearing deposits | 145,496 | 137,914 | 5.5% | 151,225 | -3.8% | |||||||||
| Total deposits | 234,225 | 234,237 | 0.0% | 232,640 | 0.7% | |||||||||
| Total borrowings and other liabilities | 1,035 | 824 | 25.6% | 860 | 20.3% | |||||||||
| Total Liabilities | $ | 235,260 | $ | 235,061 | 0.1% | $ | 233,500 | 0.8% | ||||||
| Total equity | 24,496 | 23,985 | 2.1% | 22,466 | 9.0% | |||||||||
| Total Liabilities and Total Equity | $ | 259,756 | $ | 259,046 | 0.3% | $ | 255,966 | 1.5% | ||||||
| Book value per common share | $ | 4.73 | $ | 4.62 | 2.4% | $ | 4.35 | 8.7% | ||||||
Media Contact s : William S. Keller President & CEO 510-433-5404 wkeller@BankCBB.com
