Community Bank of the Bay Announces Third Quarter 2015 Results
(firmenpresse) - OAKLAND, CA -- (Marketwired) -- 11/10/15 -- Community Bank of the Bay (OTCBB: CBYAA), a San Francisco Bay Area commercial bank with full service offices in Oakland and Danville, and two business offices in the Silicon Valley, reported unaudited earnings results for its quarter ending September 30, 2015.
Pre-tax operating income for the quarter ending September 30, 2015 totaled $765 thousand, a decrease of $28 thousand, or 3.5 percent, from $793 thousand reported in the same period a year ago. Net profit after tax totaled $446 thousand, or $0.10 earnings per common share, compared to $632 thousand reported in 2014.
YTD pre-tax operating income as of September 30, 2015 totaled $2.1 million, an increase of $517 thousand, or 32.5 percent, from $1.6 million reported in the same period a year ago. Net profit after tax totaled $1.2 million, compared to $1.2 million reported in 2014. The YTD net profit decrease of $20 thousand was entirely due to a $537 thousand increase in estimated income taxes.
Total assets at September 30, 2015 were $256.0 million, an increase of $64.0 million, or 33.3 percent from $192.0 million at September 30, 2014. Average earning assets for third quarter of 2015 reached $236.7 million, an increase of $56.4 million, or 31.3 percent, compared with $180.3 million in 2014.
Deposits increased $5.8 million, or 2.6 percent to $232.6 million in the third quarter of 2015 compared to $226.8 million at June 30, 2015. Deposits increased $65.7 million or 39.0 percent from the third quarter of 2014.
Loans increased $12.2 million, or 6.8 percent to $191.7 million in the third quarter of 2015 compared to $179.5 million at June 30, 2015. Loans increased $38.9 million or 25.5 percent from the third quarter of 2014.
Non-performing assets increased $1.0 million to $3.4 million compared to the prior quarter, and increased by $1.1 million from $2.3 million from the same quarter a year ago. Non-performing assets now represent 1.77 percent of total loans.
Net interest margin for the third quarter decreased 0.24 basis point to 4.05 percent, compared with 4.29 percent for the prior quarter and decreased 0.52 basis points from 4.58 percent for the 2014 third quarter.
Capital levels remain well above FDIC "Well Capitalized" standards. September 30, 2015 Equity of $22.5 million increased 9.5 percent from the prior year and resulted in Tier 1 Leverage of 9.00 percent, and Tier 1 Capital and Total Capital ratios of 10.52 percent and 11.77 percent respectively.
"The Bank continued to show a number of important positive trends in the third quarter. Specifically, this is the fourth consecutive quarter where the Bank reported records in the three key balance sheet metrics of total assets, loans outstanding and deposits. These client driven increases reflect the market's acceptance of our relationship-oriented banking philosophy," said William S. Keller, President and Chief Executive Officer. "As further recognition of our efforts, 2015 marks the sixth consecutive year where we have earned the maximum Bank Enterprise Award granted by the US Treasury's CDFI Fund for the positive community development impacts associated with supplying credit to worthy small and medium sized businesses and non-profit organizations."
Community Bank of the Bay (OTCBB: CBYAA) serves the financial needs of closely held businesses and professional service firms, as well as their owner-operators and non-profit organizations throughout the San Francisco Bay Area. Community Bank of the Bay is a member of the FDIC, an SBA Preferred Lender, and a CDARS depository institution, headquartered in Oakland, with offices in Danville, San Mateo and Campbell, CA. It is also California's first FDIC-insured certified Community Development Financial Institution and one of only three operating in the Northern California market. The bank is recognized for establishing the Bay Area Green Fund to provide financing to sustainable businesses and projects and supports environmentally responsible values. Additional information on the bank is available online at .
William Keller
President & CEO
510-433-5404
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Datum: 11.11.2015 - 02:01 Uhr
Sprache: Deutsch
News-ID 433616
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OAKLAND, CA
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