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

Inside
Weather
Santa Clarita CA
Mostly clear
Mostly clear
77°F
 
Calendar
Today in
S.C.V. History
July 19
1924 - Sherman Block, L.A. County's 29th Sheriff (1982-1998), born in Chicago [story]


communitybanklogoCommunity Bank, founded in 1945, is an independent Southern California regional community bank, with assets of $3.4 billion and is headquartered in Pasadena with 16 business centers including one in Santa Clarita.

Highlights of the second quarter are as follows:

The second quarter of 2015 reflects a $3.8 million reduction in net income in relation to a balance sheet restructuring strategy in which the Bank paid off $153 million in Federal Home Loan Bank (FHLB) advances with an average rate of 3.65% in combination with security sales yielding 2.65%. This was previously discussed in our press release dated June 12, 2015.

Net income for the first six months of 2015, before the costs of restructuring, was $15.1 million. This compares to pre-tax income for the prior period of $12.9 million, representing a 17.1% increase.

Including the cost of restructuring, net income for the first six months of 2015 was $11.2 million compared to $12.9 million for the similar period in 2014. For the second quarter of 2015, the Bank reported net income of $4.0 million compared to $6.2 million for the same quarter last year.

For the first time in the Bank’s history, Shareholders’ Equity reached $300 million.

Total core deposits increased approximately 6.6% to $2.24 billion as of June 30, 2015 as compared to $2.10 billion as of June 30, 2014. (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, 2015 increased more than 7% to $2.3 billion as compared to $2.2 billion as of June 30, 2014.

The Bank’s reserve for loan losses as of June 30, 2015 was $35.5 million or 1.52% of total loans. No provision was added or released for loan losses for either the first six months of 2015 or 2014 despite a 48% drop in non-performing assets for the comparable period.

Community Bank’s capital ratios continue to significantly exceed regulatory requirements with Tier 1 Leverage, Tier 1 Risk-based Capital and Total Risk-based Capital Ratios of 8.40%, 10.59%, and 11.84%, respectively, as of June 30, 2015.

The Board of Directors declared a $0.45 per share cash dividend (aggregating approximately $1.4 million) on its outstanding common stock. The dividend was approved at the regularly scheduled Board of Directors meeting held on July 23, 2015. It will be payable on or about September 1, 2015 to common shareholders of record as of August 14, 2015.

David R. Misch, Chief Executive Officer commented, “These financial results are testament to the successful execution of the Bank’s strategic initiatives. It’s a simple concept: deliver great service to our clients.”

Director Chuck Cook added, “Client orientation is what this Bank has been driven by since it was formed by Charlie and Howard Cook 70 years ago. It is why we continue to do well.”

Community Bank, partnering to be YOUR community bank, has offices in Anaheim, Burbank, Century City, Commerce, Corona, Fontana, Glendale, Huntington Beach, Irvine, 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


Latest Additions to SCVNews.com
1924 - Sherman Block, L.A. County's 29th Sheriff (1982-1998), born in Chicago [story]
Santa Clarita Valley Sheriff's Station deputies have arrested a Santa Clarita woman who allegedly spray-painted walls on a city park building in Saugus early Tuesday morning, also discovering she was allegedly in possession of forged checks.
Woman Charged with Defacing Park Building, Check Forgery
The Paramount Network has set Aug. 11 as the premiere date of 'I Am Paul Walker,' a new film documentary tracing the life of the late actor, who was killed in a 2013 car crash in Valencia.
Aug. 11: Paul Walker Film Doc to Debut on Paramount Network
Marston's Restaurant in Valencia is helping raise funds for Carousel Ranch, Santa Clarita Valley nonprofit organization that provides equestrian therapy for disabled and special needs children and adults.
July 15-Aug. 15: Marston’s Restaurant Fundraising for Carousel Ranch
Members of Santa Clarita Valley home haunters Beware the Dark Realm will appear on a panel at the third annual "Midsummer Scream" Halloween Festival and scarefest at the Long Beach Convention Center on Saturday and Sunday, July 28-29.
July 28: SCV’s Beware the Dark Realm to Join Panel at Midsummer Scream
The Sierra Hillbillies Square & Round Dance Club will throw a good old-fashioned picnic and dance to the calls of Jay Henderson at the SCV Senior Center on Sunday, August 5 from 2 p.m. to 5 p.m.
Sierra Hillbillies Set 2 Dances for August, September
A Spring Valley, California woman was arrested and charged for evading and resisting arrest on southbound Interstate 5 in Valencia late Tuesday night after a pursuit by the California Highway Patrol, according to the CHP.
CHP Pursuit Ends With Arrest of Woman on I-5 in Valencia
If you are a member of the U.S. House of Representatives with a private prison in your district, you are also more likely than your peers to co-sponsor punitive immigration legislation, according to a groundbreaking study by California State University, Northridge political science professor Jason Morin.
CSUN Study: Private Prison Operators Influencing Immigration Policy
Wealth | Wisdom | Wellness, a new quarterly magazine featuring collective wisdom on family wealth and health for families in the Santa Clarita Valley, has just published its second 2018 edition with exclusive showcase interviews of top local business owners.
New SCV Print-Online Magazine Profiles Top Local Business Owners
Santa Clarita Valley Sheriff's Station deputies handed out 25 traffic citations during a motorcycle safety enforcement operation in Santa Clarita on Saturday.
SCV Deputies Hand Out 25 Traffic Tickets in Safety Push
A Santa Clarita bank robbery suspect dubbed by the FBI as the "Faux Badge Bandit" is now also suspected of robbing banks in Northern California, according to authorities.
‘Faux Badge Bandit’ Also a Suspect in NoCal Bank Heists
A Ninth Circuit panel on Tuesday affirmed a federal judge’s order preliminarily barring California from enforcing a voter-approved ban on high-capacity gun magazines.
Ninth Circuit Upholds Block of California Gun Magazine Ban
The California Department of Motor Vehicles now offers customers a convenient way to complete a driver license or identification card application online before visiting a field office.
DMV Debuts Online Application for Driver License, State ID Card
2009 - Two killed in crash of experimental plane in Sand Canyon [NTSB report]
The Santa Clarita Valley Chamber of Commerce is holding a Business After Hours Mixer at Valencia Acura, Wednesday, July 18, at 5:30 p.m.
July 18: SCV Chamber’s Business After Hours Mixer
Supervisor Kathryn Barger cast the lone vote opposing a motion to place a measure on the November ballot which seeks to increase property taxes on residential and commercial properties to generate approximately $300 million a year to fund additional stormwater projects.
Barger Casts Lone Vote Against Proposed Stormwater Tax
The Board of Supervisors on Tuesday voted to move forward with a comprehensive plan to increase local water supply and improve water quality.
Supes Move Forward with Efforts to Improve Local Water Supply, Quality
The county of Los Angeles and community partners are working hand-in-hand to combat homelessness, which has decreased for the first time in four years.
County Combines New, Existing Programs to Combat Homelessness
Officials at the Los Angeles County Department of Medical Examiner-Coroner have identified the body of a man who was found in a Canyon Country field Monday night.
Man Found Dead in Canyon Country
Single Mother's Outreach is currently accepting honoree nominations and artist applications through July 30.
Single Mother’s Outreach Accepting Nominees, Artist Applications
The Stay Green Inc. team has been rewarded for its excellence with eight awards — including four prestigious first-place honors — in the 59th Annual Landscape Beautification Awards presented by the San Fernando Valley Chapter of the California Landscape Contractors Association (CLCA).
Stay Green Earns Four First-Place Landscape Honors
Here is the list of Santa Clarita arts-related events for July 18-20:
July 18-20: Santa Clarita Arts Calendar
The city of Santa Clarita saw an increase in on-location filming in Fiscal Year 2017-2018 (July 2017 to June 2018), with the Film Office recording 560 film permits and 1377 film days, which generated an estimated $33.1 million in economic impact to the local community.
Santa Clarita Sees Increase in On-Location Filming for 5th Straight Year
Six Santa Clarita Artists Association members were accepted in the impressive La Galeria Gitana exhibit, "Around the World in 80 Paintings."
Aug. 11: Artists Association Presents, ‘Around the World in 80 Paintings’
LOS ANGELES – A former staffer for a member of the United States Congress was sentenced today to 18 months in prison for bribery and attempted extortion after demanding and accepting $5,000 to prevent the closure of a marijuana shop in the city of Compton.
Santa Clarita Man Gets 18 Months in Prison for Bribery, Attempted Extortion
1834 - Sinforosa, daughter of Narciso and Crisanta, born at Mission San Fernando; mom from Tejon, dad from Piru; believed to be last speaker of Tataviam language (died 1915) [record]
Berry Petroleum Corp., owner of the Placerita oil field west of Sierra Highway between Placerita Canyon Road and Golden Valley Road in Santa Clarita - and many other oil properties in the San Joaquin Valley - announced Monday that it has launched an initial public offering of its common stock.
Placerita Oil Field Owner Going Public Again
The U.S. Food and Drug Administration is alerting health care professionals and patients of a voluntary recall of several drug products containing the active ingredient Valsartan, used to treat high blood pressure and heart failure.
Blood Pressure Medicine Valsartan Recalled for Cancer-Causing Impurity
The next regular meeting of the Governing Board of the William S. Hart Union High School District is Wednesday, July 18 at the Administrative Center, 21380 Centre Pointe Parkway, Santa Clarita 91350.
July 18: Hart District Governing Board Regular Meeting
The Canyon Country Advisory Committee, a division of the Santa Clarita City Council, will hold its next meeting on Wednesday, July 18, from 7 p.m. to 9 p.m.
July 18: Canyon Country Advisory Committee Meeting
Since April, TMU grad Zach Klindworth has worked and trained with a soccer team in Iceland, 4,000 miles from Santa Clarita, the only city he'd ever known.
TMU Soccer Alum Zach Klindworth Takes Talents to Iceland
The Lancaster JetHawks scored a run in the seventh inning to take the lead and hung on to beat Lake Elsinore, 3-2, Sunday evening at The Hangar.
JetHawks Hang on for Sunday Win Over Storm
Lake Elsinore proved too much for the JetHawks Saturday night, handing Lancaster an 11-4 loss at The Hangar.
Lancaster JetHawks Overcome by Storm Saturday
The Lancaster JetHawks opened up a four-game series with a 6-2 win over the Lake Elsinore Storm in front of 4,348 at The Hangar Friday night to kick off Star Wars Weekend.
The Force With JetHawks in Friday Win Over Storm
Saxtravaganza, Santa Clarita's all-saxophone chamber ensemble, will play a free concert at Hart Hall (inside Hart Park) on Thursday, July 19, starting at 7 p.m.
July 19: Saxtravaganza Chamber Ensemble Returns to Hart Hall
Members of the Boys & Girls Club of Santa Clarita Valley will participate in the semi-annual Pinewood Derby at the Newhall Clubhouse on Wednesday, July 18 starting at 4:30 p.m.
July 18: SCV Boys & Girls Club Pinewood Derby