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County Commerce Bank (OTCBB:CNYB), the only community bank headquartered in Ventura County to earn The Findley Reports’ designation as a “Super Premier Performing Bank” for the second consecutive year, reported higher than anticipated net income for the first quarter of 2011.
Earnings for the first quarter of 2011 were $326,000 compared to $270,000 for first quarter 2010; an increase of $56,000 or 20.74%. Total assets were $172,463,000, an 8.14% increase from first quarter of 2010. Total deposits were $152,695,000, an 8.90% increase from first quarter of 2010. Capital increased for the quarter by $331,000 ending first quarter at $14,772,000.
The Bank’s loan portfolio increased to $102,813,000 at the end of first quarter 2011, compared to $97,404,000 for the first quarter of 2010, an increase of 5.55%. The Bank strives 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.
President and Chief Executive Officer Joseph D. Kreutz announced, “The Bank is successfully managing a strong and healthy balance sheet despite the economic downturn. Measured against its peers, the Bank continues to be the leader in its class. According to D.A. Davidson & Co., a well respected investment banking firm, County Commerce Bank is the top rated bank of all the banks headquartered on the Central Coast which includes Monterey, Santa Cruz, San Luis Obispo, Santa Barbara, and Ventura Counties.”
Selected Financial Highlights and Awards as of March 31, 2011:
Ø Return on average equity (annualized) at 9.01%.
Ø Allowance for Loan and Lease Losses at 2.68% of total loans.
Ø Tier 1 Capital Ratio at 8.62%; above 5.00% is deemed “Well Capitalized” by FDIC.
Ø Super Premier Performing Bank or Premier Performing Bank by The Findley Reports for the last seven consecutive years.
Ø Five-Star “Superior” rating by BauerFinancial Inc., for more than 24 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 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:
Stone & Youngberg, LLC
Community Bank Group
Michael R. Natzic, Senior Vice President/Branch Manager
Member FINRA – Member SIPC
P.O. Box 1688
Big Bear Lake, CA 92315
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.