California Bank of Commerce (OTCBB:CABC), a unique commercial bank in the San Francisco Bay Area targeting closely held businesses, today announced earnings results for the Third Quarter ended September 30, 2010. The Bank's third anniversary was in July, 2010.

Total Assets reached $251 million at September 30, 2010, growing $6.5 million over the Second Quarter 2010 and $73.8 million over the Third Quarter 2009.

Third Quarter Net Income was $343,000, increasing 51% over the Second Quarter 2010. Year-to-Date Net Income reached $356,000, compared to a loss of $(1,356,000) for the first nine months of 2009. ?Despite a difficult economy, the Bank's strategy of partnering veteran business bankers with a broad spectrum of well established Bay Area companies is working well. Assets and earnings are both growing and the Bank's capital position and loan quality remain strong,? said John Rossell, President and CEO.

Operating Income (pre-tax income excluding provision for loan losses and stock option expense) was $985,000 for the Third Quarter compared to $624,000 for the Second Quarter of 2010. ?Operating Income has now been positive and growing for five consecutive quarters,? said Rossell.

Third Quarter 2010 versus Second Quarter 2010

? Total Assets of $251 million, up 3%
? Total Loans of $166 million, up 4%
? Total Deposits of $188 million, down 7%
? Net Interest Income of $2.061 million, up 10%

 

Third Quarter 2010 versus Third Quarter 2009

? Total Assets increased by $74 million, up 42%
? Total Loans grew $37 million, up 28%
? Total Deposits increased $41 million, up 28%
? Net Interest Income grew by $618,000, up 43%

Net Interest Income reached another new quarterly high in the Third Quarter of 2010. Net Interest Margin improved 17 basis points to 3.59% compared to 3.42% during the Second Quarter of 2010. Non Interest Income grew $176,000 compared to the Second Quarter 2010 as the Bank executed minor restructuring of its investment portfolio. Non Interest Expense declined $142,000 in the Third Quarter compared to the Second Quarter 2010.

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.

 
CALIFORNIA BANK OF COMMERCE
UNAUDITED SUMMARY FINANCIAL STATEMENTS
         
INCOME STATEMENT
($ Thousands)
 
 
3Q 10 2Q 10 3Q 09
Interest income $ 2,472 $ 2,282 $ 1,784
Interest expense   (411 )   (413 )   (341 )
Net interest income before provision $ 2,061 $ 1,869 $ 1,443
Provision to the Loan Loss Reserve   (585 )   (190 )   (225 )
Net interest income after provision $ 1,476 $ 1,679 $ 1,218
 
Non-interest income 263 87 112
Non-interest expense   (1,396 )   (1,538 )   (1,426 )
Income (loss) before tax provision 343 227 (96 )
Provision for income taxes   -     -     -  
Net income (loss) - Period $ 343   $ 227   $ (96 )
 
 
Operating Income* $ 985 $ 624 $ 309
 
Note: Net income (loss) - Year-to-Date $ 356 $ 227 $ (1,356 )
 
Weighted average shares outstanding 2,750,000 2,750,000 2,750,000
Income (loss) per Common share $ 0.125 $ 0.083 $ (0.035 )
Basic Income (loss) per Common share $ 0.105 $ 0.063 $ (0.054 )
 
* Pre-tax Net Income (loss) excluding Provision for Loan Losses and Option Expense.
 
 
 
 
CALIFORNIA BANK OF COMMERCE
UNAUDITED SUMMARY FINANCIAL STATEMENTS
 
BALANCE SHEET
($ Thousands)
 
Assets 3Q 10 2Q 10 3Q 09
Total Cash and Investments $ 86,113 $ 84,792 $ 48,072
Loans, net of deferred costs/fees 165,711 159,834 129,029
Loan Loss Reserve (3,785 ) (3,200 ) (2,200 )
Other   3,326     3,376     2,682  
Total Assets $ 251,365   $ 244,802   $ 177,583  
 
Liabilities & Shareholders' Equity
Non-interest Bearing Deposits $ 44,003 $ 38,421 $ 34,543
Interest Bearing Deposits 144,275 163,453 112,630
Total Deposits $ 188,278 $ 201,874 $ 147,173
Total Borrowings and Other Liabilities   38,953     19,074     6,870  
Total Liabilities $ 227,231 $ 220,948 $ 154,043
 
Shareholder's Equity $ 24,134   $ 23,854   $ 23,540  
 
Total Liabilities & Shareholders' Equity $ 251,365   $ 244,802   $ 177,583  

California Bank of Commerce
John Rossell or Mark DeVincenzi, 925-283-2265