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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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Strong Earnings Continue at County Commerce Bank for First Quarter 2013

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 2012 operating results, continued its tradition of strong earnings for the first quarter of 2013.

Earnings for the first quarter of 2013 were $409,000 compared to $405,000 for first quarter 2012; an increase of $4,000 or 0.99%. Total assets were $204,515,000, a 9.12% increase from first quarter of 2012. Total deposits were $180,567,000, a 9.99% increase from first quarter of 2012. Capital increased for the quarter by $480,000 ending at $18,988,000.

The Bank’s loan portfolio increased to $118,536,000 at the end of first quarter 2013, compared to $106,326,000 for the first quarter of 2012, an increase of 11.48%. A primary focus of the bank is maintaining and further enhancing their high quality loan portfolio. The Bank’s ten year history of excellent liquidity and strong capital has consistently allowed it to provide much needed capital to local businesses and individuals, strengthening the local community and its economy.  County Commerce Bank is known for structuring loans that give its clients the most credit possible with realistic repayment terms.

Based on 2012 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 32nd 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. President and Chief Executive Officer Joseph D. Kreutz stated, “We are pleased with our healthy balance sheet and honored to be recognized for our consistent, strong performance. Our strong foundation will provide long term benefit to the growth and profitability of the bank and our customers.”

Selected Financial Highlights and Awards as of March 31, 2013:

  • Return on average equity (annualized) at 8.84%.
  • Allowance for Loan and Lease Losses at 2.56% of total loans.
  • Tier 1 Leverage Ratio at 9.33%; above 5.00% is deemed “Well Capitalized” by FDIC.
  • Super Premier Performing Bank or Premier Performing Bank by The Findley Reports for the past eight consecutive years.
  • Five-Star “Superior” rating by BauerFinancial Inc., for more than 32 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.

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 opened 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.

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Selected financial data attached

Selected Financial Data
 Three months ended March 31,
2013
2012
Income statement summary
 Unaudited
 Unaudited
Net interest income
 $        1,601,000
$        1,613,000
Noninterest income
            100,000
               71,000
Noninterest expense
         1,006,000
             996,000
Provision for loan losses
                      -  
                      -  
Income before income tax
             695,000
             688,000
Income tax
             286,000
             283,000
Net income
 $           409,000
 $           405,000
Balance sheet summary
Loans
 $    118,536,000
 $    106,326,000
Allowance for loan losses
           3,001,000
           3,001,000
Deposits
       180,567,000
       164,171,000
Stockholders’ equity
         18,988,000
         16,567,000
Total assets
       204,515,000
       187,418,000
Capital ratios
Tier 1 leverage ratio
9.33%
9.04%
Tier 1 risk-based capital ratio
15.48%
13.95%
Total risk-based capital ratio
16.74%
15.23%
Financial ratios (annualized)
Return on average assets
0.81%
0.86%
Return on average equity
8.84%
9.63%
Efficiency ratio
58.96%
59.55%
Net interest margin
3.28%
3.64%
Asset Quality
Nonaccrual loans
0
0
Charge-off
0
0