February 2, 2011
County Commerce Bank (OTCBB:CNYB), the only community bank headquartered in Ventura and Santa Barbara Counties to earn the Five Star “Superior” award by BauerFinancial, Inc., reported record growth for 2010. Total assets were $170,383,000, a 6.26% increase from December 31, 2009. Total deposits were $150,128,000, a 7.05% increase from December 31, 2009. Earnings for 2010 were $1,212,000 compared to $1,003,000 for 2009; an increase of $209,000 or 20.84% over the same period. Capital increased $1,237,000 from $13,204,000 to $14,441,000, a 9.37% increase in investor’s equity for the year ended December 31, 2010.
The Bank’s loan portfolio increased to $101,429,000 at year end, compared to $96,593,000 for 2009, an increase of 5.01%. The Bank is focused on building and maintaining a quality loan portfolio. The Bank’s excellent liquidity position allows it to continue lending to local businesses and individuals, which strengthens the local community and its economy. With the recapitalization of some peer banks, the competition for loans has intensified. 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.
From December 31, 2009 to December 31, 2010, the Bank increased its Allowance for Loan and Lease Losses by $735,000 or 37.98% to $2,670,000 as an abundance of caution. This positions the Bank’s percentage of Loan Loss Reserves to total loans well above the national average for banks.
The announcement was made by Joseph D. Kreutz, President and Chief Executive Officer. “I am more than pleased, particularly in these challenging economic times, that the bank finished 2010 with a 20.84% increase in profit while increasing ALLL by 37.98% and maintaining a healthy balance sheet.” Kreutz further added, “I am grateful that the Bank is so well positioned, with a high quality loan portfolio, loyal shareholders, a customer base of strong relationships and an incredibly talented and dedicated staff. I can’t thank the Board of Directors enough for their leadership that has brought the Bank to its current strong position.”
Selected Financial Highlights and Awards as of December 31, 2010:
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- Return on average equity (annualized) at 8.76%.
- Allowance for Loan and Lease Losses at 2.63% of total loans.
- Tier 1 Capital Ratio at 8.36%; above 5.00% is deemed “Well Capitalized” by FDIC.
- Super Premier Performing Bank or Premier Performing Bank by Findley Reports for the last six consecutive years.
- Five-Star “Superior” rating by BauerFinancial Inc., for more than 23 consecutive quarters.
- 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.