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Santa Clarita CA
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March 19
1875, 1:35PM - Outlaw Tiburcio Vasquez hanged in San Jose [story]

[Community Bank] – Community Bank, an a Pasadena-based bank with 16 branch offices including one in Santa Clarita, reported an 11 percent increase Tuesday in net income to $5.9 million for the first quarter of 2012 compared to $5.3 million for the similar quarter in 2011.

Net interest income for the first quarter of 2012 decreased 1.6 percent over the prior year, totaling $22.8 million in 2012 versus $23.1 million in the prior year. The reduction in the current quarter relates to a decrease in yield on total earning assets partially offset by lower funding costs during 2012. As a result net interest margins decreased to 3.65 percent for the first quarter of 2012 compared to 3.91 percent for the first quarter of 2011.

The Bank’s reserve for loan losses as of March 31, 2012 was $36.9 million or 2.12 percent of total loans compared to $37.8 million or 2.18 percent of total loans as of March 31, 2011. No provision for loan losses was required for the first quarter of 2012 compared to a $1.3 million provision for the first quarter of 2011. Net charge-offs decreased to $0.5 million during the first quarter of 2012 compared to net charge-offs of $3.2 million during the first quarter of 2011.

Total loans as of March 31, 2012 were essentially unchanged from the prior year at $1.7 billion. Total deposits as of March 31, 2012 increased from the prior year quarter at $2.0 billion compared to $1.9 billion as of March 31, 2011. Community Bank’s capital ratios continue to exceed regulatory requirements with Tier 1 Leverage, Tier 1 Risk-based Capital and Total Risk-based Capital Ratios of 9.83 percent, 12.35 percent, and 13.60 percent, respectively, as of March 31, 2012. Regulatory requirements for a “well-capitalized bank” are 5 percent, 6 percent, and 10 percent, respectively.

David Malone, President and Chief Executive Officer, commented, “The first quarter results were a reflection of the consistent performance the Bank has enjoyed throughout its sixty-seven year history. As with successful individuals, businesses succeed through hard work and adherence to sound, consistent operating principles. Although the quarter was impacted by startup costs of new business centers-a key to future growth and services-the costs were more than offset by reduction in the provision for loan losses as the result of an improving economy. During the past several years we have selectively repositioned our investor real estate portfolio and have emphasized owner occupied real estate. We now see an opportunity in multi-family housing and will carefully pursue opportunities in this sector. Given the difficult economic environment more people are unable to afford a home and we expect, in the near term, the apartment sector will provide attractive investment opportunities. We expect good operating results for all of 2012 with some acceleration in growth in the coming months. We thank all our wonderful clients and employees who have contributed to a very good first quarter.”

Community Bank, with assets of $2.7 billion, was founded in 1945 and is headquartered in Pasadena. The Bank is a regional Southern California Bank with offices in Anaheim, Burbank, Commerce, Corona, Fontana, Glendale, Huntington Beach, Irvine, Ontario, Pasadena, Redlands, Santa Clarita, Santa Fe Springs, South Bay, Warner Center and West Los Angeles. For more information, visit the Community Bank Website at www.cbank.com .

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