Market Overview

County Commerce Bank Reports Strong Third Quarter Earnings

Share:
VENTURA, Calif.--(BUSINESS WIRE)--

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 2011 operating results, reported strong earnings for the third quarter 2012.

Pretax earnings for the first nine months of 2012 were $2,094,000 which resulted in after tax earnings of $1,232,000 compared to $1,106,000 for the first nine months of 2011; an increase of 11.4%. Total assets were $192,346,000, a 5.1% increase from third quarter of 2011. Total deposits were $169,758,000, a 5.8% increase from third quarter of 2011. Shareholders' Equity improved by $1,329,000 for the first nine months of 2012 to $17,485,000, an 8.2% increase from December 31, 2011.

The Bank's loan portfolio increased to $111,924,000 at quarter end, compared to $104,655,000 for the same period 2011, an increase of 6.9%. The primary business of the bank continues to be the pursuit of commercial banking relationships to grow the bank organically. The Bank's excellent liquidity and strong capital position allows it to continue lending to local businesses and individuals, which strengthens the local community and its economy. The Bank's first priority is to grow the loan portfolio with quality loans, a philosophy of the bank that has been a critical element in keeping the bank from having to recapitalize and dilute the Bank's shareholders' equity.

Based on 2011 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 30th 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. County Commerce Bank was the only bank in the tri-counties to earn a “Superior” rating for the second quarter 2012.

County Commerce Bank expanded their service area and staff in May 2012 by opening a third branch at 2357-B Pickwick Drive in Camarillo, California. President and Chief Executive Officer Joseph D. Kreutz stated, “I am very pleased with the early progress of our new branch. Our Camarillo staff, with deep roots in the community and solid banking and lending knowledge are already making a difference. As Ventura's premier, award winning community bank, expanding our well established network in Ventura County has allowed us to better serve our existing customers and introduce new customers in Camarillo to the many benefits of banking with the highest rated local, community bank.”

Selected Financial Highlights and Awards as of September 30, 2012:

  • Return on average equity (annualized) at 9.35%.
  • Allowance for Loan and Lease Losses at 2.71% of total average loans.
  • Tier 1 Leverage Ratio at 8.98%; 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 30 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. The Bank opened for business at 3260 Telegraph Road, Ventura, California in February, 2003, opened its second branch located at 2400 E. Gonzales Road, Oxnard in April, 2007 and 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.

County Commerce Bank

Selected Financial Data
       
Nine months ended September 30,

2012

2011

Income statement summary Unaudited Unaudited
Net interest income $ 4,843,000 $ 4,848,000
Noninterest income 259,000 251,000
Noninterest expense 3,004,000 3,006,000
Provision for loan losses   4,000     214,000  
Income before income tax 2,094,000 1,879,000
Income tax   862,000     773,000  
Net income $ 1,232,000   $ 1,106,000  
 
Balance sheet summary
Loans - Gross $ 111,924,000 $ 104,665,000
Allowance for loan losses 2,970,000 2,881,000
Deposits 169,758,000 160,463,000
Stockholders' equity 17,485,000 15,723,000
Total assets 192,346,000 183,062,000
 
Common stockholders' data
Basic earnings per share (annualized) $ 1.36 $ 1.22
Book value per share $ 14.36 $ 13.05
 
Capital ratios
Tier 1 leverage ratio 8.98 % 8.80 %
Tier 1 risk-based capital ratio 15.12 % 13.49 %
Total risk-based capital ratio 16.38 % 14.76 %
 
Financial ratios (annualized)
Return on average assets 0.84 % 0.82 %
Return on average equity 9.35 % 9.48 %
Efficiency ratio 59.48 % 59.36 %
Net interest margin 3.49 % 3.82 %
 
Asset Quality
Nonaccrual loans - -
Charge-off - 3,000

County Commerce Bank
Joseph D. Kreutz
(805) 477-7601

View Comments and Join the Discussion!