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Record Earnings Announced by County Commerce Bank for 3rd Quarter 2011

County Commerce Bank (OTCBB:CNYB), Ventura County’s award winning bank and the only community bank headquartered in Ventura and Santa Barbara Counties to earn the Five Star “Superior” award by BauerFinancial, Inc., reported record earnings for the third quarter 2011. Total assets were $182,896,000, an 8.64% increase from third quarter, 2010.   Total deposits were $160,463,000, an 8.07% increase from the third quarter of 2010. Earnings for the first nine months of 2011 were $1,106,000 compared to $891,000 for the first nine months of 2010, an increase of 24.2% over the same period. Shareholders’ Equity improved by $1,282,000 for the first nine months of 2011 to $15,723,000, an 8.90% increase compared to a 6.88% increase from the same period in 2010.

The Bank’s loan portfolio increased to $104,666,000 at quarter end, compared to $97,245,000 for the same period 2010, an increase of 7.63%. The Bank is focused on growing the bank’s loan portfolio while maintaining its high quality. The Bank continues to support the local community and strengthen its economy by lending to local businesses and individuals. Utilizing their proven approach to lending, County Commerce Bank provides its clients the most credit possible while maintaining high lending standards.
            The bank has no non-performing assets, but from September 30, 2010 to September 30, 2011, the Bank increased its Allowance for Loan and Lease Losses by $576,000 or 24.6% to $2,916,000 as an abundance of caution. This positions the Bank’s percentage of Loan Loss Reserves at 2.82% of total loans, well above the national average for banks.
The announcement was made by Joseph D. Kreutz, President and Chief Executive Officer. “All banks face the same lack of loan demand, low interest rates and weak economic conditions. Fortunately, our high quality loan portfolio and one of the best operating efficiency ratios in the industry has enabled us to weather these conditions and still have record earnings!” Kreutz further added, “I am grateful for the steadfast support of our shareholders and wise counsel of the Board of Directors as we built our strong foundation and now as we work together to stay at the top of our class. It is gratifying to see how our stable foundation and success benefits our customers and our community.”
Selected Financial Highlights and Awards as of September 30, 2011:
Ø Return on average equity (annualized) at 9.48%.
Ø Allowance for Loan and Lease Losses at 2.82% of total loans.
Ø Tier 1 Capital Ratio at 8.80%; considered to be a “Well Capitalized” institution by FDIC.
Ø Super Premier Performing Bank or Premier Performing Bank by Findley Reports for the last six consecutive years.
Ø Five-Star “Superior” rating by BauerFinancial Inc., for more than 26 consecutive quarters.
Ø Recognized by U.S. Banker’s magazine as one of the Top 200 Community 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 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.
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Selected financial data attached
Selected Financial Data
 Nine months ended September 30,
2011
2010
Income statement summary
 Unaudited
 Unaudited
Net interest income
 $        4,847,000
 $        4,750,000
Noninterest income
             251,000
             257,000
Noninterest expense
           3,005,000
           3,083,000
Provision for loan losses
             214,000
             410,000
Income before income tax
           1,879,000
           1,514,000
Income tax
             773,000
             623,000
Net income
 $        1,106,000
 $           891,000
Balance sheet summary
Loans
 $    104,666,000
 $      97,245,000
Allowance for loan losses
           2,916,000
           2,340,000
Deposits
       160,463,000
       148,485,000
Stockholders’ equity
         15,723,000
         14,113,000
Total assets
       182,896,000
       168,356,000
Common stockholders’ data
Basic earnings per share (annualized)
 $                1.22
 $                1.10
Book value per share
 $              13.03
 $              13.09
Capital ratios
Tier 1 leverage ratio
8.80%
8.38%
Tier 1 risk-based capital ratio
13.49%
12.21%
Total risk-based capital ratio
14.77%
13.47%
Financial ratios (annualized)
Return on average assets
0.82%
0.51%
Return on average equity
9.48%
6.08%
Efficiency ratio
59.36%
56.57%
Net interest margin
3.82%
3.97%
Asset Quality
Nonaccrual loans
0
             551,000
Charge-off
                 3,000
                 5,000