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3260 Telegraph Rd.
Ventura, CA 93003
(805) 477-7600

 

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2400 E. Gonzales Rd. Oxnard, CA 93036
(805) 485-7600

 

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

 

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County Commerce Bank Reports Strong Third Quarter Earnings

County Commerce Bank, Ventura County’s award winning bank remains the top performing, locally owned and operated bank in Ventura County. Pretax earnings for the first nine months of 2012 were $2,094,000 which resulted in after tax earnings of $1,232,000 compared to $1,106,000 for the first nine months of 2011; an increase of 11.4%. Total assets were $192,346,000, a 5.1% increase from third quarter of 2011. Total deposits were $169,758,000, a 5.8% increase from third quarter of 2011. Shareholders’ Equity improved by $1,329,000 for the first nine months of 2012 to $17,485,000, an 8.2% increase from December 31, 2011.

The Bank’s loan portfolio increased to $111,924,000 at quarter end, compared to $104,655,000 for the same period 2011, an increase of 6.9%. A primary focus of the bank is building and maintaining a quality loan portfolio. President and Chief Executive Officer Joseph D. Kreutz stated, “We are pleased that the bank’s excellent liquidity and strong capital position allows it to support local non-profits and assist businesses with loans, which strengthens the local community and its economy.”

Based on 2011 financial results, 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, rated County Commerce Bank as the top rated bank in the tri-counties and 20th best performing bank in all of California out of 230 based on earnings, asset quality, efficiency, margin management, and fee analysis. County Commerce Bank was the only community bank headquartered in Ventura County recognized by The Findley Reports as a “Super Premier Performing Bank” based on 2011 operating results.

For the 30th 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 Ventura County to earn a “Superior” rating for the second quarter 2012.

County Commerce Bank expanded their service area and staff in May 2012 by opening a third branch at 2357-B Pickwick Drive in Camarillo, California. President and Chief Executive Officer Joseph D. Kreutz stated, “I am very pleased with the early progress of our new branch. Our Camarillo staff, with deep roots in the community and solid banking and lending knowledge are already making a difference. As Ventura’s premier, award winning community bank, expanding our well established network in Ventura County has allowed us to better serve our existing customers and introduce new customers in Camarillo to the many benefits of banking with the highest rated local, community bank.”

County Commerce Bank was founded by local professionals and business leaders in Ventura County. The Bank opened for business at 3260 Telegraph Road, Ventura, California in February, 2003, opened its second branch located at 2400 E. Gonzales Road, Oxnard in April, 2007 and 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. The Bank’s web site is www.CountyCommerceBank.com.

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Selected financial data attached

Selected Financial Data

Selected Financial Data
 Nine months ended September 30,
     2012   
Income statement summary
 Unaudited
 Unaudited
Net interest income
   $    4,843,000
 $       4,848,000
Noninterest income
             259,000
             251,000
Noninterest expense
      3,004,000
         3,006,000
Provision for loan losses
                 4,000
             214,000
Income before income tax
         2,094,000
        1,879,000
Income tax
             862,000
             773,000
Net income
 $       1,232,000
 $       1,106,000
Balance sheet summary
Loans – Gross
 $   111,924,000
 $   104,665,000
Allowance for loan losses
         2,970,000
         2,881,000
Deposits
      169,758,000
     160,463,000
Stockholders’ equity
        17,485,000
        15,723,000
Total assets
      192,346,000
      183,062,000
Common stockholders’ data
Basic earnings per share (annualized)
                 $1.36
                 $1.22
Book value per share
               $14.36
               $13.05
Capital ratios
Tier 1 leverage ratio
8.98%
8.80%
Tier 1 risk-based capital ratio
15.12%
13.49%
Total risk-based capital ratio
16.38%
14.76%
Financial ratios (annualized)
Return on average assets
0.84%
0.82%
Return on average equity
9.35%
9.48%
Efficiency ratio
59.48%
59.36%
Net interest margin
3.49%
3.82%
Asset Quality
Nonaccrual loans
                      –  
                      –  
Charge-off
                      –  
                 3,000