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October 17
1837 - Trapper Peter LaBeck killed by grizzly bear at El Tejon [story]


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.

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Bank Santa Clarita17.50  chart +0.00%
Biosolar Inc Com Usd0.0001(post0.0371  chart -5.60%
Sierra Bancorp27.60  chart -0.11%
Cu Bancorp (ca)37.10  chart -1.20%
Flex Ltd. - Ordinary Shares17.49  chart -0.68%
Mission Vly Bcp Ca14.15  chart +0.00%
Quest Diagnostics Incorporated91.81  chart +0.31%
Tejon Ranch Co19.39  chart -0.67%
Us Energy Initiative0.0008  chart +14.29%
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Apple Inc.159.79  chart -0.06%
At&t Inc.36.05  chart -0.33%
Autonation, Inc.44.76  chart +1.38%
Best Buy Co., Inc.54.90  chart -0.02%
Big Lots, Inc.51.83  chart +0.92%
Barnes & Noble, Inc.7.45  chart +2.05%
Brady Corporation38.525  chart -0.06%
Boston Scientific Corporation29.31  chart +0.51%
Brookfield Asset Management Inc42.88  chart +0.59%
Cbre Group Inc Class A39.69  chart +0.43%
Carnival Corporation68.38  chart +0.21%
Comcast Corporation36.59  chart -0.05%
Costco Wholesale Corporation158.50  chart -0.20%
Curtiss-wright Corporation113.78  chart +0.16%
Cvs Health Corporation72.35  chart -0.12%
Cemex, S.a.b. De C.v. Sponsored8.035  chart +2.88%
D.r. Horton, Inc.41.50  chart +0.31%
Walt Disney Company (the)98.3813  chart +0.26%
Edison International77.38  chart -0.33%
Hyatt Hotels Corporation Class 61.57  chart +0.13%
Home Depot, Inc. (the)164.59  chart +0.23%
Kb Home27.07  chart -0.33%
Kroger Company (the)20.59  chart +0.73%
Lennar Corporation Class A56.01  chart +0.27%
Laboratory Corporation Of Ameri149.11  chart -0.37%
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Mannkind Corporation5.03  chart -7.20%
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Mcdonald's Corporation165.70  chart +0.42%
Mitsubishi Ufj Financial Group,6.49  chart -1.37%
Netflix, Inc.197.9037  chart -2.36%
Office Depot, Inc.3.775  chart -0.13%
Rite Aid Corporation1.89  chart +1.61%
Rexford Industrial Realty, Inc.30.27  chart -0.30%
Regal Entertainment Group Class16.19  chart -0.12%
Ross Stores, Inc.63.52  chart +0.97%
Republic Services, Inc.63.16  chart +0.64%
Starbucks Corporation54.9833  chart +0.13%
Smart & Final Stores, Inc.6.76  chart +1.65%
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Six Flags Entertainment Corpora60.45  chart -1.72%
Sonova N175.30  chart +1.04%
Staples, Inc.10.25  chart +0.10%
Sunpower Corporation6.715  chart -0.37%
Target Corporation60.445  chart +0.49%
Time Warner Cable Inc209.56  chart -0.21%
Ulta Beauty, Inc.199.53  chart +3.01%
Walgreens Boots Alliance, Inc.67.505  chart +0.29%
Waste Connections, Inc.70.06  chart +0.79%
Whole Foods Market, Inc.41.99  chart -100.00%
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Wal-mart Stores, Inc.86.06  chart +0.37%
Woodward, Inc.80.26  chart +0.06%
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