LAFAYETTE, CA--(7/22/2011) ? California Bank of Commerce (OTCQB: CABC), a unique commercial bank in the San Francisco Bay Area targeting closely held businesses, today reported that as of June 30, 2011, just days shy of its fourth year of operations, the bank reached $254 million in Total Assets. Total deposits reached $204 million of which more than $50 million were non-interest bearing operating accounts. Total Loans reached $186 million. Total Loan and Total Deposits were both up by 9% over the prior quarter.

?California Bank of Commerce continues to attract successful closely held businesses from throughout the San Francisco Bay Area and this is very much evidenced by our steady commercial and industrial (C&I) loan growth as well as by a more than 32% year-over-year pace of growth in non-interest bearing demand deposits? said John E. Rossell, President and CEO. 

Net Interest Income, the bank?s most significant source of revenue, was $2.2 million for the second quarter of 2011, up $318,000 or 17% over the second quarter of 2010.

Operating income was $740,000 for the second quarter of 2011, up just over 18% compared to $624,000 for the second quarter of 2010 (operating income is pre-tax income excluding loan related provisions and stock option expense).  

Net income after taxes was $143,400 for the second quarter of 2011, up by 9% over the previous quarter.  Year to date net income after taxes was $275,100, up from $12,400 for the first half of 2010.

The Bank?s tangible book value per common share was $8.49 at June 30, 2011, an increase of $1.27 per common share, or 17% over the prior year?s quarter-end. The increase included twelve months of cumulative net income and recognition of the Bank?s deferred tax benefit as of December 31, 2011.The Bank?s capital ratios continue to exceed the regulatory definition of well capitalized.

?Business cash flows are improving slowly. During the past quarter, we have experienced excellent growth in operating accounts as healthy businesses turn to a bank that remains actively engaged in lending for business operating purposes and for relationship centered commercial real estate, concluded Rossell.

Second Quarter 2011 versus Second Quarter 2010

  • Total Loans of $186 million, increased $26 million or 17%
  • Total Deposits of $204 million, increased $2 million or 1%
  • Net Interest Income of $2.2 million, increased $318,000 or 17%

Second Quarter 2011 versus First Quarter 2011

  • Total Loans increased $15 million or 9%
  • Total Deposits increased $17 million or 9%
  • Net Interest Income increased $133,000 or 7%

About California Bank of Commerce

California Bank of Commerce was designed and built to provide a unique Banking experience for its clients. The Bank offers a broad range of commercial Banking services to closely held businesses and professionals throughout the San Francisco Bay Area. For more information on California Bank of Commerce and our unique Banking experience, call us at 925-283-2265, or visit us at www.californiaBankofcommerce.com.

Contact:

John E. Rossell

or Mark DeVincenzi

925-283-2265

California Bank of Commerce Reports Another Strong Quarter of Asset and Net Income Growth