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OAKLAND, Calif., July 25, 2019 (GLOBE NEWSWIRE) -- Community Bank of the Bay (CBYAA), a San Francisco Bay Area commercial bank with full service offices in Oakland, Danville and San Mateo, reported unaudited financial results for its quarter ending June 30, 2019.
2019 Second-Quarter Financial Highlights
“We are very pleased with the results for the first half of 2019 and how we are positioned for the rest of the year, said William S. Keller, President and Chief Executive Officer. “Total Assets are up 21% and core pre-tax earnings increased 74% from the prior year. We took advantage of the decline in interest rates by borrowing $19.5 million from the FHLB at rates well below our marginal cost of funds that added liquidity and duration to our liabilities. And we closed the final tranche of a successful capital campaign that not only strengthened our capital levels and positioned us for further growth, but provided an opportunity for many of our valued clients and community supporters to have a direct stake in our long term success.”
About Community Bank of the Bay
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 full service branches in Danville and San Mateo. It is also California’s first FDIC-insured certified Community Development Financial Institution and one of only three operating in the Bay Area 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 www.BankCBB.com.
Forward-Looking Statements
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.
COMMUNITY BANK OF THE BAY | ||||||||||||||||||||||
UNAUDITED SUMMARY FINANCIAL STATEMENTS | ||||||||||||||||||||||
(Dollars in thousands, except earnings per share) | ||||||||||||||||||||||
INCOME STATEMENT | Three Months Ended | |||||||||||||||||||||
2019 | 2019 | Qtr over Qtr | 2018 | Qtr over Yr Ago Qtr | ||||||||||||||||||
June 30 | March 31 | % Change | June 30 | % Change | ||||||||||||||||||
Interest income | $ | 5,287 | $ | 4,887 | 8.2 | % | $ | 3,790 | 39.5 | % | ||||||||||||
Interest expense | 949 | 831 | 14.2 | % | 483 | 96.5 | % | |||||||||||||||
Net interest income before provision | 4,338 | 4,056 | 7.0 | % | 3,307 | 31.2 | % | |||||||||||||||
Provision for Loan Losses | 200 | 150 | 33.3 | % | 100 | 100.0 | % | |||||||||||||||
Net interest income after provision | 4,138 | 3,906 | 5.9 | % | 3,207 | 29.0 | % | |||||||||||||||
Non-interest income | 200 | 192 | 4.2 | % | 866 | -76.9 | % | |||||||||||||||
Non-interest expense | 2,974 | 2,952 | 0.7 | % | 2,609 | 14.0 | % | |||||||||||||||
Income before provision for income taxes | 1,364 | 1,146 | 19.0 | % | 1,464 | -6.8 | % | |||||||||||||||
Provision for income taxes | 434 | 364 | 19.2 | % | 466 | -6.9 | % | |||||||||||||||
Net income | $ | 930 | $ | 782 | 18.9 | % | $ | 998 | -6.8 | % | ||||||||||||
Less: preferred dividends | - | - | 0.0 | % | 20 | -100.0 | % | |||||||||||||||
Net income available for common stockholders | $ | 930 | $ | 782 | 18.9 | % | $ | 978 | -4.9 | % | ||||||||||||
Basic earnings per common share | $ | 0.11 | $ | 0.10 | 13.9 | % | $ | 0.15 | -26.3 | % | ||||||||||||
Weighted average common shares outstanding | 8,563,091 | 8,202,004 | 6,640,865 | |||||||||||||||||||
Return on average assets | 0.85 | % | 0.76 | % | 0.67 | % | ||||||||||||||||
Return on average common equity | 7.13 | % | 7.33 | % | 6.06 | % | ||||||||||||||||
COMMUNITY BANK OF THE BAY | |||||||||||||||||||||
UNAUDITED SUMMARY FINANCIAL STATEMENTS | |||||||||||||||||||||
(Dollars in thousands, except book value per share) | |||||||||||||||||||||
BALANCE SHEET | At Period End | ||||||||||||||||||||
2019 | 2019 | Qtr over Qtr | 2018 | Year over Year | |||||||||||||||||
ASSETS | June 30 | March 31 | % Change | June 30 | % Change | ||||||||||||||||
Total cash and investments | $ | 83,728 | $ | 87,025 | -3.8 | % | $ | 72,262 | 15.9 | % | |||||||||||
Loans, net of unearned income | 362,955 | 330,530 | 9.8 | % | 295,128 | 23.0 | % | ||||||||||||||
Loan loss reserve | (3,824 | ) | (3,624 | ) | 5.5 | % | (3,666 | ) | 4.3 | % | |||||||||||
Other assets | 11,514 | 9,925 | 16.0 | % | 9,714 | 18.5 | % | ||||||||||||||
Total Assets | $ | 454,373 | $ | 423,856 | 7.2 | % | 373,438 | 21.7 | % | ||||||||||||
LIABILITIES AND SHAREHOLDERS EQUITY | |||||||||||||||||||||
Non-interest bearing demand deposits | 135,069 | 119,069 | 13.4 | % | 128,815 | 4.9 | % | ||||||||||||||
Interest bearing deposits | 230,452 | 237,397 | -2.9 | % | 189,376 | 21.7 | % | ||||||||||||||
Total deposits | 365,521 | 356,466 | 2.5 | % | 318,191 | 14.9 | % | ||||||||||||||
Total borrowings and other liabilities | 35,436 | 16,523 | 114.5 | % | 16,029 | 121.1 | % | ||||||||||||||
Total Liabilities | $ | 400,957 | $ | 372,989 | 7.5 | % | $ | 334,220 | 20.0 | % | |||||||||||
Total equity | 53,416 | 50,867 | 5.0 | % | 39,218 | 36.2 | % | ||||||||||||||
Total Liabilities and Total Equity | $ | 454,373 | $ | 423,856 | 7.2 | % | $ | 373,438 | 21.7 | % | |||||||||||
Book value per common share | $ | 6.15 | $ | 6.00 | 2.4 | % | $ | 5.29 | 16.1 | % |