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2357-B Pickwick Dr.
Camarillo, CA 93010
(805) 482-7600
 

 

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County Commerce Bank Earnings Up Over 24% for 1st Quarter 2012

VENTURA, CA -- County Commerce Bank (OTCBB:CNYB), the only community bank headquartered in Ventura County recognized by The Findley Reports as a “Super Premier Performing Bank” based on 2011 operating results, reported higher than anticipated net income for the first quarter of 2012.

Earnings for the first quarter of 2012 were $405,000 compared to $326,000 for first quarter 2011; an increase of $79,000 or 24.23%. Total assets were $187,418,000, an 8.67% increase from first quarter of 2011. Total deposits were $164,171,000, a 7.52% increase from first quarter of 2011. Capital increased for the quarter by $411,000 ending first quarter at $16,567,000.

The Bank’s loan portfolio increased to $106,326,000 at the end of first quarter 2012, compared to $102,813,000 for the first quarter of 2011, an increase of 3.42%. A primary focus of the bank is building and maintaining a quality loan portfolio. The Bank’s excellent liquidity and strong capital position allows it to continue lending to local businesses and individuals, which strengthens the local community and its economy.  County Commerce Bank is known for its skill in structuring loans that will give its clients the most credit possible with realistic repayment terms. This philosophy of lending has been a critical element that has kept the bank from having to recapitalize and dilute the Bank’s shareholders’ equity.

 Based on 2011 financial results, Ventura County’s award winning and locally owned County Commerce Bank has been recognized by financial industry ratings organizations as one of the nation’s best performing banks and one of the highest rated banks on California’s central coast. Financial Management Consulting Group, a financial industry rating company that publishes bank performance reports, rated County Commerce Bank as the top rated bank in the tri-counties and 20th best performing bank in all of California.  The report’s rankings for 230 banks headquartered in the state are based on earnings, asset quality, efficiency, margin management, and fee analysis.  
 
 For the 28th consecutive quarter, the bank earned BauerFinancial’s Five Star “Superior” rating which indicates that County Commerce Bank is one of strongest financial institutions in the nation. County Commerce Bank was the only bank in the tri-counties to earn a “Superior” rating for the fourth quarter 2011. President and Chief Executive Officer Joseph D. Kreutz stated, “The Bank is successfully managing a strong and healthy balance sheet despite the recent economic challenges. We are honored to be recognized for our consistent, strong performance and pleased to be so well-positioned for the future.” Kreutz added, “With our third branch opening mid-May in Camarillo, we will further expand our service area and staff to provide the residents and businesses of Ventura County the excellent service and unique banking experience that has made County Commerce Bank Ventura County’s premier community bank.” 
 
Selected Financial Highlights and Awards as of March 31, 2012:
 
Ø Return on average equity (annualized) at 9.63%.
 
Ø Allowance for Loan and Lease Losses at 2.83% of total loans.
 
Ø Tier 1 Capital Ratio at 8.84%; above 5.00% is deemed “Well Capitalized” by FDIC.
 
Ø Super Premier Performing Bank or Premier Performing Bank by The Findley Reports for the past seven consecutive years.
 
Ø Five-Star “Superior” rating by BauerFinancial Inc., for more than 28 consecutive quarters.
 
Ø Recognized by U.S. Banker’s magazine as one of the Top 200 Community Banks out of 8,000 banks in the nation based on three year average ROE.
 
 
ABOUT COUNTY COMMERCE BANK
 
County Commerce Bank was founded by local professionals and business leaders in Ventura County and completed its initial public offering of stock on January 21, 2003. The Bank opened for business at 3260 Telegraph Road, Ventura, California on February 13, 2003 and opened its second branch located at 2400 E. Gonzales Road, Oxnard on April 30, 2007. County Commerce Bank will open a third branch in May 2012 at 2357-B Pickwick Drive in Camarillo. County Commerce Bank provides financial solutions for local professionals and small businesses, offering its customers state of the art technology along with a traditional, personalized banking experience. County Commerce Bank stock is traded on the Over the Counter Bulletin Board (OTCBB); our Ticker Symbol is CNYB.
 
 
County Commerce Bank’s stock is traded through Market Maker:
Crowell, Weedon & Co.
Community Bank Group
Michael R. Natzic, Senior Vice President/Branch Manager
Member FINRA - Member SIPC
P.O. Box 1688
Big Bear Lake, CA 92315
(800) 288-2811
 
 
The Bank's web site is www.CountyCommerceBank.com.
 
Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties.  Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States government, and general economic conditions.
#                      #                      #
Selected financial data attached
 
 
Selected Financial Data
 Three months ended March 31,
2012
2011
Income statement summary
 Unaudited
 Unaudited
Net interest income
 $        1,614,000
 $        1,580,000
Noninterest income
               71,000
               73,000
Noninterest expense
             997,000
           1,032,000
Provision for loan losses
                      -  
               67,000
Income before income tax
             688,000
             554,000
Income tax
             283,000
             228,000
Net income
 $           405,000
 $           326,000
Balance sheet summary
Loans
 $    106,326,000
 $    102,813,000
Allowance for loan losses
           3,001,000
           2,752,000
Deposits
       164,171,000
       152,695,000
Stockholders' equity
         16,567,000
         14,772,000
Total assets
       187,418,000
       172,463,000
Common stockholders' data
Basic earnings per share (annualized)
 $                1.34
 $                1.21
Book value per share
 $              13.73
 $              13.70
Capital ratios
Tier 1 leverage ratio
8.84%
8.62%
Tier 1 risk-based capital ratio
13.60%
13.14%
Total risk-based capital ratio
14.85%
14.41%
Financial ratios (annualized)
Return on average assets
0.86%
0.77%
Return on average equity
9.63%
9.01%
Efficiency ratio
59.55%
62.31%
Net interest margin
3.57%
3.87%
Asset Quality
Nonaccrual loans
0
0
Charge-off
0
0
 

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