OAKLAND, CA--(Marketwire - May 11, 2010) - Community Bank of the Bay (
Financial performance highlights for the three months ended March 31, 2010:
-
Strong capital ratios with a Tier 1 leverage ratio of 13.25% and total risk based capital of 16.98%
-
53% loan growth year over year
-
23% asset growth year over year
-
15% deposit growth year over year
"Successfully taking down the first tranche of $5.9 Million in March was a milestone, especially in this environment. The investors have spoken about the potential of Community Bank of the Bay and the Board of Directors has voted to extend the offering until June 28. We substantially strengthened Tier 1 capital by raising capital through our best efforts campaign. Our new Tier 1 capital exceeds the definition for being 'well capitalized' and our Tier I Leverage Ratio was 13.25%," said Brian K. Garrett, Chief Executive Officer. The bank's Total Risk-Based Capital Ratio was 16.98% at first quarter's end.
"As everyone knows, the economy has been through the toughest period since the 1930s and no bank or person was immune from the problems besetting the marketplace," Garrett continued. "But late in 2008 we took the necessary steps to make it through the worst and we have done that, and more! I am proud of the staff, directors, and most importantly, our valued clients and investors for supporting these efforts. While profitability is still lagging, it is not unexpected as we have added new experienced staff, opened offices in new markets and these added costs have negatively impacted earnings in the short term. With the new capital, we will begin to maximize these investments and fully leverage them to our advantage. Our loss for the First Quarter of 2010 was $482,048 compared to $280,443 in the First Quarter of 2009. As demonstrated below, our growth in new business will mitigate the increased operating costs and profitability will return by the third and/or fourth quarter of 2010."
"The hard work begun in 2008 and continuing through 2009 dramatically strengthened the balance sheet and positioned us to raise the capital needed for the planned expansion," said William Keller, President/COO. "Either collecting or removing bad loans was key and the staff did a great job on this and now we can focus all of our efforts on our clients and the new markets we are now entering. Our qualitative ratios are as follows:"
| Q1/09 | Q1/10 | ||||
| -- Texas ratio | 44.52 | % | 17.77 | % | |
| -- Non Performing Assets as a % of Total Assets | 9.31 | % | 2.05 | % | |
The total assets for March 31, 2010 were $88.8 Million, an increase of $16.8 Million as compared to March 31, 2009. This represents an increase in total assets of 23%. The net loans for March 31, 2010 were $64 Million, an increase of $22.2 Million as compared to March 31, 2009 (an increase of 53% over the same period one year ago). At March 31, 2010 total deposits were at $71.4 Million, representing an increase of $9.3 Million or 15% from March 31, 2009.The net interest margin for the three months ended March 31, 2010 was 4.48% as compared to 3.69% for the three months ended March 31, 2009.
Community Bank of the Bay serves the financial needs of a variety of commercial customers including businesses, professional service firms and nonprofit organizations. Information on the bank is available online at www.communitybankbay.com. Community Bank of the Bay is a member of the FDIC.
Contact Information:
Media contact:
Brian K. Garrett
CEO
(510) 433-5402