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

Inside
Weather
Santa Clarita CA
Clear
Clear
71°F
 
Calendar
Today in
S.C.V. History
December 10
1941 - Three days after Pearl Harbor attack, 165th and 185th Infantry Regiments assigned to Saugus; Edison power substation guarded 24/7 [timeline]


Community Bank, an independent business bank with 17 business centers in Los Angeles, San Bernardino, Riverside, Ventura and Orange Counties, today reported a 2.6% increase in net income to $7.0 million for the third quarter of 2012 compared to $6.8 million for the similar quarter in 2011. For the nine months ended September 30, 2012, the Bank reported net income of $18.8 million compared to $18.5 million for the same period last year.

Net interest income for the third quarter of 2012 increased 5.4% over the prior year, totaling $24.7 million in 2012 versus $23.4 million in the prior year. During the nine months ended September 30, 2012, net interest income increased 0.4% over the prior year, totaling $69.9 million in 2012 versus $69.6 million in 2011. The improvement during 2012 was largely driven by lower funding costs combined with an increase in earning asset growth at compressed rates which resulted in net interest margins of 3.57% and 3.56% for the third quarter and nine months ended September 30, 2012 respectively, compared to 3.66% and 3.77% for the third quarter and nine months ended September 30, 2011.

The Bank’s reserve for loan losses as of September 30, 2012 was $35.3 million or 1.89% of total loans compared to $36.4 million or 2.06% of total loans as of September 30, 2011. The provision for loan losses totaled $0.3 million for the third quarter and nine months ended September 30, 2012, compared to 0.3 million and $1.9 million for the third quarter and nine months ended September 30, 2011. The lower provisioning needs is a direct reflection of continued improvements in asset quality.

Total loans as of September 30, 2012 increased from the prior year quarter at $1.87 as compared to $1.77 billion as of September 30, 2011. Total deposits as of September 30, 2012 increased to $2.16 billion as compared to $1.99 billion as of September 30, 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 9.42%, 11.90%, and 13.16%, respectively, as of September 30, 2012. Regulatory requirements for a “well-capitalized bank” are 5%, 6%, and 10%, respectively.

David Malone, President and Chief Executive Officer, commented, “The Bank’s profitability in 2012, although good, was negatively affected by the low interest rate environment. This was evidenced by a reduction in net interest margin in 2012 versus 2011. Our loan pipeline continues strong but customers seem reluctant to initiate capital spending programs prior to the November elections. The uncertainty occasioned by the so-called ‘fiscal cliff’ coupled with possible income tax increases has made all of us cautious.

“The Bank continues to enjoy a strong capital base with excess liquidity. We also are optimistic about the future and expect good operating results through the remainder of the year. We encourage our customers to vote on November 6th. We are fortunate to live in a Democracy that allows the freedom to render our opinion at the ballot box.”

Community Bank, with assets exceeding $2.9 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, Ventura, West Los Angeles 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


Latest Additions to SCVNews.com
The Thomas Fire raged in Ventura County and west into Santa Barbara County Sunday, forcing evacuations as the blaze threatened coastal communities of Carpinteria and Montecito and moved inland into the Los Padres National Forest.
Thomas Fire Threatens Coastal Ventura, Santa Barbara County
Retired Santa Clarita Valley Sheriff's Station deputy and former Newhall School Board member Mike Shapiro's home in Ojai was destroyed by the Thomas fire, which broke out Monday, December 4 and has scorched 173,000 acres as of Sunday morning.
Thomas Fire Levels Ojai Home of Ex-SCV Deputy, NSD Board Member
1941 - Three days after Pearl Harbor attack, 165th and 185th Infantry Regiments assigned to Saugus; Edison power substation guarded 24/7 [timeline]
1983 - U.S. release of John Carpenter's "Christine;" blew up fake gas station in Valencia [watch scene (R)]
CalFire and the Los Angeles County Fire Department updated residents on the status of the Rye Fire and Creek Fire, as well as evacuation locations and road closures as of Friday at 6 p.m.
Rye Fire 50 Percent Contained, Creek Fire 70 Percent Contained
A death investigation is under way at the Crescent Valley Mobile Home Park at 23500 The Old Road in Newhall, according to Santa Clarita Valley Sheriff’s Station Sgt. Chris Maurizi.
Detectives Investigating Woman’s ‘Suspicious’ Death at Mobile Home Park
Santa Clarita Valley Sheriff's Station deputies offer advice about package theft during the holiday season and how residents can avoid becoming a victim of the "porch pirate."
SCV Sheriff’s Station: ‘Do Not be a Victim of the Porch Pirate’
A National Memorial designation for St. Francis Dam will honor those who lost their lives in the nation’s worst engineering disaster and the role it played in ushering in a new era of oversight for dam construction.
Remembering the St. Francis Dam Disaster | Guest Commentary
The ARTree is looking for fully clothed models for its Drawing Group, and offers to pay each model $30 per session.
ARTree Seeks Fully Clothed Models for Drawing Group
College of the Canyons finished just short of reaching its first state final game when the Cougars women's volleyball team lost to eventual-state champion Irvine Valley College in a heartbreaking five-set result.
COC Falls to Irvine Valley in State Semi-Finals
The next meeting of the Los Angeles County Board of Supervisors is set for Tuesday, December 12, starting at 9:30 a.m.
Dec. 12: L.A. County Board of Supervisors Meeting Agenda
The Academy of Motion Picture Arts and Sciences announced that 15 films in the Documentary Feature category will advance in the voting process for the 90th Academy Awards.
15 Documentary Features Advance in 2017 Oscar Race
Mustang junior Benjamin Tembo was named a third-team National Association of Intercollegiate Athletics All-American this week after leading the Golden State Athletic Conference in every offensive category including game-winning goals with six.
TMU’s Tembo Tabbed One of Nation’s Best Soccer Players
Morgan Koch of The Master's University women's volleyball team earned an honorable mention in the NAIA All-American rankings, the seventh straight season TMU has earned at least an honorable mention.
Morgan Koch Keeps TMU Volleyball All-American Streak Alive
Jasmine Parada has added another top honor to her collection -- the National Association of Intercollegiate Athletics picked her among its best of the year.
TMU’s Parada Picked as 2nd-Team All-American
Inmate visiting at the Pitchess Detention Center in Castaic has been canceled for this weekend due to a long-term power outage at the Visitor Center.
Pitchess Center Cancels Inmate Visits This Weekend
Starting Monday night, Caltrans will create new temporary lanes on southbound Interstate 5, part of a $171 million freeway repaving project in and near the city of Santa Clarita.
New Lane Pattern on I-5 Starts Monday Night in SCV
United Way of Greater Los Angeles has set up the Southern California Wildfire Fund to help victims of these fires rebuild their lives.
United Way Sets Up Funds for Fire Victims
The tragedy of the deaths of 29 horses burned by the Creek Fire at a ranch in Sylmar has caused extensive public concern, and the L.A. County Department of Animal Care and Control urges horse owners to have an evaculation plan.
County Animal Care Responds to Horse Deaths in Sylmar
Half a dozen wildfires across Southern California continued to burn Friday morning, but firefighters made progress overnight in a week fraught with massive evacuations, highway and school closures and the loss of more than 50 horses.
Wildfires Scorch Homes, Horses Across Southern California
U.S. Air Force Airman Anthony Kuhn, son of Dianne and Joe Kuhn of Santa Clarita, has graduated from basic military training at Joint Base San Antonio-Lackland, San Antonio, Texas.
Learning Post Alum Anthony Kuhn Graduates Air Force Basic Training
1941 - Julius Dietzmann family of Castaic arrested as German enemy aliens [story]
LOS ANGELES, CA – Assessor Jeffrey Prang urges homeowners and owners of other property damaged or destroyed by the recent wildfires to seek tax relief.
County Assessor Urges Homeowners Affected by Fires to Seek Tax Relief
The Castaic Lake Water Agency's Financial and Operations Committee will hold a meeting Thursday, Dec. 14, at 5:30 p.m.
Dec. 14: CLWA’s Financial, Operations Committee Meeting
LOS ANGELES—The County of Los Angeles Probation Department activated its Departmental Operations Center in response to the fires across the Southland.
Probation Department Monitoring Fires Around Juvenile Camps, Including Those in SCV
LONG BEACH, Calif. — The tragedy of the deaths of 29 horses burned by the Creek Fire at a ranch in Sylmar has caused extensive public concern.
Animal Control Issues Statement on Horse Deaths During Creek Fire
With improved air quality, travel conditions and weather forecasts for the area surrounding CSUN, the campus will be open and operational Friday.
CSUN Back in Session Friday
On Wednesday, at approximately 7:45 a.m., Santa Clarita Valley Sheriff's Station deputies responded to the 25200 block of De Wolfe Road, Newhall, regarding a man with a gun and domestic disturbance call.
More than 140 Firearms Found in Newhall Home of Barricaded Suspect
On Thursday, December 14, from 9:00 a.m. - 3:00 p.m., the city of Santa Clarita and the American Red Cross are partnering to provide a Community Blood Drive.
Dec. 14: Community Blood Drive at City Hall
The city of Santa Clarita has been recognized by the American Public Works Association (APWA) with two prestigious Public Works awards.
City’s Environmental, Transportation Projects Lauded at Public Works Awards
LONG BEACH, Calif. — The Los Angeles County Department of Animal Care and Control (DACC) continues to rescue animals and provide safe sheltering for animals as a result of the active fires that have affected thousands of Los Angeles County residents.
County Animal Care, Control Shelters More Than 180 Animals Amid LA Fires
On November 29, 2017, at approximately 8:37 AM, the individual pictured, stole a package from the front of a residence on the 25900 block of Palomita Drive in the Santa Clarita Valley.
Detectives Seeking Help Identifying Package Theft Suspect
Eliminating net neutrality would allow Internet service providers such as Verizon, Comcast, Spectrum and AT&T to create a “slow lane” and a “fast lane” on the Internet, prioritizing certain companies over others and dictating what websites you’re able to visit and at what speed, or even blocking you entirely from visiting certain websites of your choice.
Save the Open Internet | Commentary by Bryan Caforio
Going "Green" this season is the greatest gift you can give to the earth and ultimately to our families and future.
City Offers Tips on Green, Eco-Friendly Holiday