[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

SCVNews.com | Community Bank Posts 3% Higher Net Income from Operations | 08-02-2016
Inside
Weather
Santa Clarita CA
Clear
Clear
70°F
 
Calendar
Today in
S.C.V. History
September 30
1955 - Actor James Dean, 24, drives through Castaic Junction en route to his final resting place [watch]


communitybanklogoCommunity Bank, founded in 1945, is an independent Southern California regional community bank, with assets of $3.6 billion, and headquartered in Pasadena with 17 business centers.

Highlights of the second quarter are as follows:

* Net interest income for the second quarter of 2016 increased 3.4% over the prior year and 5.7% for the first six months of 2016 over prior year. The improvement is attributed to growth in earning assets combined with a lower cost of funds.

* Net income growth, for the periods presented, reflect substantial increases over the comparable periods largely due to a $3.8 million balance sheet restructuring charge in June 2015. Net income improvement, excluding this charge, represents a 3.0% increase for the second quarter of 2016 over prior year and a 5.3% increase for the first six months of 2016 over prior year.

* Non-interest bearing deposits increased more than 7% or $64.4 million to $968.9 million compared to $904.5 million as of June 30, 2015.

* At June 30, 2016, core deposits represented 83% of total deposits with the non-interest bearing component representing 43% of core deposits as compared to 40% in the prior year. (Note: The Bank defines core deposits as those deposits generated by its branch network including specialty areas. It excludes deposits placed primarily with financial institutions through the Treasury area of the Bank).

* Total loans as of June 30, 2016 increased approximately 9% to $2.5 billion compared to $2.3 billion as of June 30, 2015.

* The Bank’s reserve for loan losses as of June 30, 2016 was $34.5 million or 1.36% of total loans compared to $35.5 million or 1.52% of total loans as of June 30, 2015. A provision for loan losses of $1.2 million was recognized in the second quarter of 2016 largely due to loan growth and the deterioration and subsequent charge-off of an individual credit. The Bank’s reserve for loan losses was over five times its non-performing assets as of June 30, 2016.

* Community Bank’s capital ratios continue to significantly exceed regulatory requirements with Tier 1 Leverage, Tier 1 Risk-based Capital, Common Equity Tier 1 and Total Risk-based Capital Ratios of 8.90%, 10.57%, 10.57% and 11.75%, respectively, as of June 30, 2016.

* The Bank has also maintained a four-star rating or better (excellent/superior) with Bauer for more than 76 consecutive quarters.

* The Board of Directors declared a $0.50 per share cash dividend (aggregating approximately $1.564 million) on its outstanding common stock for common shareholders of record as of August 12, 2016 and payable on or about September 1, 2016. This is the seventh consecutive quarter that the Bank has declared a dividend since introducing a formal dividend practice. The dividend was approved at the regularly scheduled Board of Directors meeting held on July 28, 2016.

* Community Bank recently signed new lease agreements and relocated both its Anaheim and Irvine locations. “We are very excited about our upgraded presence in Orange County,” commented Michael Helmuth, Regional President. “The new locations are styled after the more contemporary look reflected at the Bank’s headquarters in Pasadena and represent the Bank’s continuing commitment to the Orange County market,” Helmuth added.

“The Bank continues its excellent performance,” commented David R. Misch, Community Bank’s Chief Executive Officer. “And we are particularly pleased with the continued interest in Community Bank from both prospects and bankers looking for a great banking home,” Misch continued, “because those are the key factors that drive growth.”

Community Bank has offices in Anaheim, Burbank, Century City, Commerce, Corona, Fontana, Glendale, Huntington Beach, Irvine, Laguna Nigel, Ontario, Pasadena, Redlands, Santa Clarita, Santa Fe Springs, South Bay, and Woodland Hills. For more information, visit the Community Bank Website at www.cbank.com.

 

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


LOCAL BUSINESS LINKS
LOCAL BUSINESS HEADLINES
FINANCIALS OF LOCAL INTEREST
MARKETS & METALS
NASDAQ5269.15  chart -0.93%
S&P 5002151.13  chart -0.93%
STOCKS OF LOCAL INTEREST
Bank Santa Clarita11.30  chart +0.00%
Biosolar, Inc.0.09  chart +0.00%
Sierra Bancorp18.21  chart -1.19%
Cu Bancorp (ca)22.83  chart -2.23%
Enable Ipc Corp0.0007  chart +0.00%
Flex Ltd.13.38  chart -1.62%
Linn Energy Llc Unit Repstg Ltd0.0548  chart -1.44%
Linn Co Llc Com Shs Repstg Ltd 0.0465  chart -7.00%
Mannkind Corporation0.5983  chart -1.76%
Mission Vly Bcp Ca8.20  chart +2.63%
Quest Diagnostics Incorporated 83.15  chart -1.64%
Tejon Ranch Co Common Stock23.94  chart -0.66%
Us Energy Initiative0.0003  chart +50.00%
Wesco Aircraft Holdings, Inc. C13.40  chart -1.03%

Apple Inc.112.18  chart -1.55%
At&t Inc.40.73  chart -0.29%
Autonation, Inc. Common Stock47.26  chart -0.40%
Best Buy Co., Inc. Common Stock37.41  chart -0.72%
Big Lots, Inc. Common Stock47.81  chart +2.20%
Barnes & Noble, Inc. Common Sto10.99  chart +0.73%
Brady Corporation Common Stock34.49  chart -0.52%
Boston Scientific Corporation C23.30  chart -1.89%
N/a24  chart +0.00%
Cbre Group Inc Common Stock Cla27.64  chart -2.64%
Carnival Corporation Common Sto48.26  chart -1.07%
Comcast Corporation66.25  chart -0.64%
Costco Wholesale Corporation147.49  chart -1.29%
Curtiss-wright Corporation Comm89.90  chart -1.54%
Cvs Health Corporation Common S89.55  chart -0.70%
Cemex, S.a.b. De C.v. Sponsored8.19  chart +1.11%
D.r. Horton, Inc. Common Stock30.14  chart -0.59%
Walt Disney Company (the) Commo91.80  chart -0.43%
Edison International Common Sto72.68  chart -1.38%
Hyatt Hotels Corporation Class 48.81  chart +0.60%
Home Depot, Inc. (the) Common S127.93  chart -0.27%
Kb Home Common Stock16.09  chart -2.19%
Kroger Company (the) Common Sto29.50  chart -1.14%
Lennar Corporation Class A Comm42.19  chart -2.34%
Laboratory Corporation Of Ameri135.46  chart -1.04%
Linn Energy Llc Unit Repstg Ltd0.0548  chart -1.44%
Linn Co Llc Com Shs Repstg Ltd 0.0465  chart -7.00%
Lowe's Companies, Inc. Common S72.01  chart +0.35%
Marriott International67.10  chart -0.42%
Mcdonald's Corporation Common S114.79  chart -0.34%
Mitsubishi Ufj Financial Group,4.97  chart -1.97%
Netflix, Inc.96.67  chart -0.83%
Office Depot, Inc.3.52  chart -1.12%
Rite Aid Corporation Common Sto7.57  chart -1.94%
Rexford Industrial Realty, Inc.22.90  chart -0.65%
Regal Entertainment Group Class21.61  chart -1.01%
Ross Stores, Inc.63.35  chart -0.13%
Republic Services, Inc. Common 50.07  chart -0.40%
N/aN/A  chartN/A
Starbucks Corporation53.45  chart -0.98%
Smart & Final Stores, Inc. Comm12.53  chart -1.34%
Sears Holdings Corporation11.00  chart -0.09%
Six Flags Entertainment Corpora53.25  chart -0.67%
Sonova N135.90  chart -1.09%
Staples, Inc.8.34  chart -0.36%
Sunpower Corporation9.03  chart -0.66%
Target Corporation Common Stock67.72  chart -0.15%
Time Warner Cable Inc209.56  chart +0.00%
Ulta Salon, Cosmetics & Fragran237.12  chart -1.28%
Walgreens Boots Alliance, Inc.79.21  chart -1.80%
Waste Connections, Inc. Common 74.91  chart -0.47%
Whole Foods Market, Inc.28.01  chart -1.44%
Waste Management, Inc. Common S63.27  chart -0.91%
Wal-mart Stores, Inc. Common St70.73  chart -1.48%
Woodward, Inc.61.59  chart -0.92%
CURRENCY CONVERTER

Latest Additions to SCVNews.com
One can legitimately ask if Steve and Cokie Roberts' story falls into Hillary’s list of tales about being under gunfire in Bosnia, Chelsea’s danger in being near ground zero on 9/11, and Hillary’s claim of being named after Sir Edmund Hillary – who did not become famous until six years after Hillary’s birth.
Selective Memory | Commentary by Betty Arenson
1955 - Actor James Dean, 24, drives through Castaic Junction en route to his final resting place [watch]
On Saturday, The Master’s University’s cross country teams will toe the line at their fifth-annual home race, The Mustang Challenge, at Santa Clarita’s Central Park.
Oct. 1: TMU Hosts XC Race at Santa Clarita Central Park
The Golden State Athletic Conference has announced that Michael Sciarra has been named the Cross Country Runner of the Month for September. This is Sciarra’s first time receiving this honor.
TMU’s Sciarra Named Conference Runner of Month
Twelfth-ranked Biola used a splendid bicycle kick 4:59 into overtime to eke out a 1-0 victory over the Mustangs Wednesday night in La Mirada.
Men’s Soccer: Mustangs Fall to Biola 1-0 in Overtime
The College of the Canyons men's soccer team claimed its biggest win of the season on Tuesday, coming in the form of a physical 2-1 victory over Santa Barbara City College at Cougar Stadium.
Men’s Soccer: COC Gets Physical with Santa Barbara, Wins 2-1
Tonight on SCV NewsBreak, the annual Hate Crimes report was released by the Los Angeles County Commission on Human Relations and reports a 24 percent increase this past year. Plus, Halloween is around the corner and this local farm will help you get in the spirit of the season. Check out these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Thursday, September 29, 2016
The burned-out and blighted Greens pub and putting course on McBean Parkway could be redeveloped into a 5-story hotel and 4,000-square-foot restaurant if the Santa Clarita Planning Commission shouts "FORE!" on Tuesday to a proposal that's working its way through the city approval process.
City Planners to Consider New Hotel, Restaurant for ‘Greens’ Property
State Superintendent of Public Instruction Tom Torlakson announced today that the U.S. Department of Education has awarded California $49.9 million in start-up funds to assist in the launch and development of high-quality charter schools over the next three years.
Feds Providing $50 Mil. for Calif. Charter School Start-Ups
During the month of October on every Saturday, residents can partake in a variety of happenings throughout the city of Santa Clarita to celebrate the arts. All events are free and open to the public.
Santa Clarita Celebrates National Arts, Humanities Month
The Matador Report is the official e-newsletter of Matador Athletics.
CSUN Athletics: Matador Report for Thursday, Sept. 29, 2016
Lots of fun learning activities are in store at the Santa Clarita Public Libraries in October.
October at the Santa Clarita Libraries
Education is power. Come learn about the new laws which will affect your business and employees, and discuss the steps you can take to help ensure compliance and avoid costly fines or litigation.
Dec. 2: Employment Law Update at COC Chancellor’s Circle Breakfast
Parents, educators, students, and employers are invited to take part in the "STREAM Kids Expo," an event that engages students in real-world issues through exciting hands-on activities facilitated by industry experts such as NASA, Lockheed Martin, Gantom Lighting & Controls, Wells Fargo, BMW, and Solar City.
Oct. 22: ‘STREAM Kids Expo’ to Engage Students in Real World Issues
A bill cosponsored by Representative Steve Knight (CA-25) that would buy time for small businesses and other entities to comply with an impending federal regulation passed the House of Representatives Wednesday night.
Knight Bill Aiming to Delay Mandate Affecting Business Passes House
A total 32 rabid bats have been found in Los Angeles County, with 11 of them being found in the Santa Clarita Valley, in 2016 as of September 27.
Three More Rabid Bats Found in SCV, Brings Total to 11
At Tuesday’s meeting of the Los Angeles County Board of Supervisors, 5th District Supervisor Michael D. Antonovich presented Bailey, a 3-month-old spayed female chihuahua mix, ready to be adopted.
Antonovich Pet of the Week (9-27-2016): Bailey
The Los Angeles County Commission on Human Relations has released its annual account of hate crimes reported throughout Los Angeles County in 2015.
Hate Crimes Rise in L.A. County for the First Time in Seven Years
Gov. Jerry Brown signed into law Santa Clarita Assemblyman Scott Wilk’s AB 1322, which permits salons and barbershops to serve a single complimentary alcoholic beverage to clients ages 21 and over without requiring a license or permit, provided no extra fees are charged for the beverage.
Brown Signs Wilk Bill Allowing Alcoholic Beverages to be Served at Salons
The Los Angeles County Registrar-Recorder/County Clerk has begun mailing over 5 million Sample Ballot Booklets to voters for the Nov. 8th Presidential General Election.
Sample Ballet Booklets Mailed to More Than 5 Mil. Voters
The Welcome Back Barbecue for Hart Regiment Alumni and parents will again be held at the 33rd annual Rampage Field Show Competition on Oct. 29, 2016 at College of the Canyons.
Oct. 29: Hart Regiment Alumni and Parents Welcome Back BBQ
The California Retail Survey, which compares retail sales activity for each of California’s 58 counties and 480 cities, ranked the city of Santa Clarita 21st in retail sales in the recently released 2016 California Retail Survey.
Out of 480 Cities, City Ranks 21st in Retail
The Santa Clarita Valley will never forget the sacrifices of those who have laid down their lives to protect this community. That’s the overriding message behind a coordinated effort to refresh and rejuvenate a memorial to four California Highway Patrol officers who were killed in the line of duty during a 1970 shootout that became known as The Newhall Incident.
CHP, Stay Green and Eternal Valley Honor Fallen Officers
Gov. Jerry Brown on Wednesday signed two bills vigorously opposed by law enforcement, allowing thousands of felons serving time in county jails to vote and reforming California's gang database.
Brown Signs Legislation Allowing More Felons to Vote
The class is for teens between 15-19 years old. If they are about to get their permits, have just gotten them or are new to driving in general, this class is for them. We will discuss DUI, speeding, seatbelts and distracted driving.
Oct. 22: Newhall CHP Hosts ‘Start Smart’ Driving Class for Teens
The U.S. military successfully struck two al-Qaida targets in central Yemen in the past week, killing four al-Qaida operatives.
U.S. Military Takes Out 4 al-Qaida Operatives in Yemen
CU Bancorp, the parent company of wholly owned California United Bank, which serves the Santa Clarita, San Fernando and Conejo valleys, announced Thursday that it has been named to Fortune’s annual Top 100 Fastest-Growing Companies list.
Cal United Bank Among 100 Fastest Growning Companies
Walking across my property the other morning around 7:30, I saw something move suddenly at my feet. It actually struck at me, and it was a good thing I didn’t step on it. It was in fact a night snake. I was thrilled.
Night Snakes
1907 - Actor & Placerita movie ranch owner Orvon Gene Autry born in Texas [story]
Support Hart Cheer and buy a raffle ticket for $10 to win 12 VIP tickets plus parking to see the LA Kings take on the Vancouver Canucks at the Staples Center on Saturday, Oct. 22.
Help Hart Cheer: Enter to Win Kings VIP Tix, $6,000 Value
Join expert archivists who work in the entertainment industry in celebrating the 14th annual International Home Movie Day on Saturday, Oct. 15, from noon to 4 p.m. at the Valencia Public Library.
Oct. 15: Share Your Old Home Movie at Valencia Library
Los Angeles County Supervisor Don Knabe is proud to announce that the County’s Safe Surrender Program celebrated success for the fifth time this year with the report of a safely surrendered newborn baby boy. This most recent Safe Surrender occurred on Monday, Sept. 27m at a hospital in Montebello.
Baby Boy Safely Surrendered in L.A. County
The City of Santa Clarita’s March-through-October Thursdays@Newhall series comes to a close with an interactive dance night, one-of-kind car show, a zombie outbreak, interesting speakers and more on Main Street in Old Town Newhall.
From Zydeco to Zombies: Thursdays in Newhall in October
Former Los Angeles County Sheriff Leroy Baca says he will not get a fair trial on charges he obstructed an investigation into jailhouse abuses because a federal judge is already convinced of his guilt and media coverage has prejudiced him.
Baca Wants New Judge, Prosecutor, Trial Location
The Master’s University’s women’s soccer team’s 2016 record moved to 4-4-2 (0-2 GSAC) after falling to Biola University 4-0 Tuesday night.
Soccer: Biola Shuts Door on Lady Mustangs
Morgan Koch paced the Lady Mustangs with eight kills, while Tate followed with seven. Kayla Sims tallied 27 assists, while Emily Clark notched 12 digs. Stevens finished the evening with four blocks and six kills.
Volleyball: Lady Mustangs Improve to 13-5 with Win Over Warriors