Community Bank’s first-quarter profits shot up 31 percent to $6.7 million while net earnings for all of 2011 gained 22 percent to a record-setting $25.2 million compared to $20.7 million in 2010, the bank reported Monday.
The Pasadena-based bank operates 15 branch offices including one in Santa Clarita.
“I am very pleased with the record level earnings achieved by the Bank during this past year,” CEO David Malone said in a statement. “We have a wonderful and loyal client base including many new clients and a growing number of business centers throughout Southern California. … We expect 2012 to be challenging but a good year for the Bank.”
Total loans as of Dec. 31 were unchanged from the prior year end at $1.77 billion. Commercial loan growth was offset by run-off in investor real estate loans, the bank said. Loan losses were cut to 2.12 percent ($37.5 million) from 2.25 percent ($39.7 million) in 2010. Interest income rose 4.8 percent to $93 million, while margins rose to 3.7 percent for the quarter and 3.75 for the year, from 3.68 percent and 3.66 percent in the year-earlier periods.
Total deposits stood at $1.94 billion, up from $1.9 billion a year earlier. Tier 1 ratios of 9.56, 12.07 and 13.33 percent were well ahead of regulatory requirements of 5, 6 and 10 percent, respectively, for a “well capitalized” bank.
The bank plans to open a 16th branch office next month, in West Los Angeles.