Super Premier Performing County Commerce Bank Reports Stellar First Quarter Earnings for 2015
(firmenpresse) - VENTURA, CA -- (Marketwired) -- 04/29/15 -- County Commerce Bank (OTCQB: CNYB), the only bank headquartered in Ventura County recognized by The Findley Reports as a "Super Premier Performing Bank" based on 2014 operating results, continued its stellar performance during the first quarter of 2015. The bank's year-to-date efficiency ratio is 57.8% and is consistently one of the best in the community bank industry.
County Commerce Bank continues to increase core earnings. Earnings for the first quarter 2015 were $483,000 compared to $430,000 for the first quarter 2014, an increase of 12.3%. Total assets grew by $17,258,000 to $254,727,000, a 7.3% increase over March 31, 2014. Total deposits improved by $12,866,000 to $223,463,000, a 6.1% increase over March 31, 2014. Capital for 2015 has increased by $500,000 ending at $22,956,000. Book value per common share increased to $9.61 compared to $8.76 during the same period in 2014, a 9.7% increase.
The Bank's loan portfolio increased significantly by $23,377,000 to $147,941,000 at the end of the first quarter 2015, compared to $124,564,000 at the end of first quarter 2014, an increase of 18.8%. As Ventura County's premier community bank, County Commerce has consistently utilized its excellent liquidity and strong capital to strengthen the local community and its economy by providing much needed capital to local businesses and individuals. The bank currently has no nonaccrual loans. A primary focus of the bank is maintaining a high quality loan portfolio and further development of new loan growth.
Based on 2014 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. County Commerce Bank was nationally recognized by American Banker magazine as one of the Top 200 Community Banks (ranked by 3-year Average ROE). County Commerce Bank, the only bank headquartered in Ventura County and the 19th highest among those California banks included on the list of the Top 200 Community Banks because of its Return on Average Equity (ROE) over the past three years of 9.8%. The bank was also voted Favorite Bank in West Ventura County 2014 by the Ventura County Star Newspaper for the second consecutive year. For the 40th 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.
Board Chairman, President and Chief Executive Officer Joseph D. Kreutz stated, "We surpassed the important milestone of $250 million in assets last year and our asset quality is high. Our strong foundation and the concerted effort of our award winning team resulted in the high level of performance and excellent outcome in the first quarter 2015. As the largest and strongest community bank in Ventura County, we are in the best position to meet the banking needs of local businesses, large and small and help them meet their goals. We are very well positioned for continued outstanding growth and we look forward to assisting local businesses and individuals in their success as well."
Selected Financial Highlights and Awards as of March 31, 2015:
Return on average equity (annualized) at 8.70%.
Allowance for Loan and Lease Losses at 1.61% of total loans.
Tier 1 Leverage Ratio at 9.18%; above 5.00% is deemed "Well Capitalized" by FDIC.
Super Premier Performing Bank or Premier Performing Bank by The Findley Reports for the past ten consecutive years.
Five-Star "Superior" rating by BauerFinancial Inc., for more than 40 consecutive quarters.
Recognized by American Banker 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 in 2003 and opened its second branch located at 2400 E. Gonzales Road, Oxnard in 2007. County Commerce Bank opened a third branch in 2012 at 2357-B Pickwick Drive in Camarillo. County Commerce Bank is member of the DFIC, an SBA Preferred Lender and a CDARS depository institution. County Commerce Bank provides financial solutions for local professionals and small businesses, offering its customers state of the art technology services along with a traditional, personalized banking experience. County Commerce Bank stock is traded on the OTC Markets Group (OTCQB); 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 .
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.
Joseph D. Kreutz
3260 Telegraph Road
Ventura, CA 93003
(805) 477-7601
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Datum: 29.04.2015 - 12:00 Uhr
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News-ID 389382
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VENTURA, CA
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