Super Premier Performing County Commerce Bank Reports Second Quarter Earnings for 2014
VENTURA, Calif.--(BUSINESS WIRE)--County Commerce Bank (OTCBB:CNYB), the only bank headquartered in Ventura and Santa Barbara Counties recognized by The Findley Reports as a “Super Premier Performing Bank” based on 2013 operating results, continued its strong earnings performance for the second quarter of 2014.
County Commerce Bank continues to post exceptionally strong earnings. Earnings for the second quarter 2014 were $515,000 compared to $413,000 for the second quarter 2013. Total assets were $236,582,000, a 16.6% increase over June 30, 2013. Total deposits were $209,135,000, a 17.6% increase over June 30, 2013. Capital for 2014 has increased by $979,000 ending at $21,460,000. Book value per common share increased to $14.97 compared to $13.55 during the same period in 2013.
The Bank’s loan portfolio increased to $130,480,000 at the end of the second quarter 2014, compared to $123,250,000 at the end of the second quarter 2013, an increase of 5.9%. As Ventura County’s premier community bank, County Commerce has consistently utilized its excellent liquidity and strong capital to strengthen the local community and its economy by providing much needed capital to local businesses and individuals. The bank currently has no nonaccrual loans.
Based on 2013 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. County Commerce Bank was nationally recognized by American Banker magazine as one of the Top 200 Community Banks (ranked by 3-year Average ROE). County Commerce Bank, the only bank headquartered in Ventura County, is ranked fifteenth highest among those California banks included on the list of the Top 200 Community Banks because of its Return on Average Equity (ROE) over the past three years of 9.8%. On June 28, 2013 President Joseph Kreutz accepted the Small Business of the Year award from the Oxnard Chamber of Commerce in recognition of the bank’s significant contribution to the betterment of the Oxnard community. The bank was also voted Favorite Bank in West Ventura County 2014 by the Ventura County Star Newspaper for the second consecutive year.
For the 37th 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. President and Chief Executive Officer Joseph D. Kreutz stated, “Asset and income growth in the first six months of 2014 was good and we are certainly pleased with earnings and the overall growth of the bank. We have consistently exceeded expectations and we are pleased that our strong foundation has enabled us to maintain this high level of performance. The bank is well positioned for continued growth and as the largest and strongest community bank in Ventura County, we have the means and ability to act quickly to assist our customers with their goals.”
Recap of Recent Awards as of June 30, 2014:
- Super Premier Performing Bank or Premier Performing Bank by The Findley Reports for the past nine consecutive years.
- Five-Star “Superior” rating by BauerFinancial Inc., for more than 37 consecutive quarters.
- Recognized by American Banker magazine as one of the Top 200 Community Banks in the nation based on three year average ROE.
County Commerce Bank was founded by local professionals and business leaders in Ventura County in January 2003. The Bank maintains branches in Ventura, Oxnard and Camarillo. County Commerce Bank stock is traded on the Over the Counter Bulletin Board (OTCBB); the 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
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.
|Selected Financial Data|
|Six months ended June 30,|
|Income statement summary||Unaudited||Unaudited|
|Net interest income||$||3,350,000||$||3,344,000|
|Provision for loan losses||- 250,000||23,000|
|Income before income tax||1,632,000||1,397,000|
|Balance sheet summary|
|Allowance for loan losses||2,344,000||2,950,000|
|Tier 1 leverage ratio||9.15%||9.65%|
|Tier 1 risk-based capital ratio||15.40%||14.95%|
|Total risk-based capital ratio||16.66%||16.22%|
|Financial ratios (annualized)|
|Return on average assets||0.81%||0.81%|
|Return on average equity||8.96%||8.60%|
|Net interest margin||3.00%||3.43%|