header image

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

Inside
Weather


 
Calendar
Today in
S.C.V. History
September 18
1962 - Articles of incorporation filed for Golden State Memorial Hospital on Lyons Avenue [story]
Golden State Hospital


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
The Counties of Los Angeles and San Bernardino today announced the opening of multiple joint Local Assistance Centers to assist residents impacted by the Bridge and Line Fires.
L.A., San Bernardino Counties to Open Joint Local Assistance Centers for Residents Impacted by Bridge and Line Fires
Valencia Gynecology Associates, owned by longtime Santa Clarita Valley OB-GYN physician Don Nishiguchi, MD, has joined the Henry Mayo Newhall Hospital network. 
Valencia Gynecology Assoc. Joins Henry Mayo Network
JCI Santa Clarita is proud to announce the upcoming Veteran’s Resource Fair, scheduled to take place on Sept. 21 at William S. Hart Park. 
Sept. 21: JCI Invites All Veterans to Upcoming Resource Fair
A "friendies" field tournament  is being  hosted by the Saugus Instrumental Music program, with support from Valencia High, later this month. 
Sept. 21: All Valley Showcase Comes to Valencia High
Public, member-supported 88.5 FM The SoCal Sound, Southern California’s leading Triple-A (adult album alternative) format radio station has announced the lineup for its inaugural “Year-End Bash” taking place on Saturday, Dec. 7.
Dec. 7: CSUN Owned 88.5-FM The SoCal Sound Announces “Year End Bash” Lineup featuring Ben Gibbard
The Master's University cross-country teams continued their successful 2024 campaigns with strong finishes at the BIOLA Invitational on Friday, Sept. 13 at Craig Regional Park in Fullerton, Calif.
TMU Women Win, Men Place Second at XC Invitational
Sheriff’s Department Announces New Law Enforcement Gang Policy
Sheriff’s Department Announces New Law Enforcement Gang Policy
The biology department at California State University, Northridge has stayed committed to promoting STEM research carried out by K-12 students and teachers in the Los Angeles Unified School District.
CSUN Student Research Journal Celebrates 28 Years of Inspiring Scientific Imagination
Did you know the SCVEDC has an interactive, online tool that provides themed virtual tours of the amazing features the community has to offer? 
Take a Virtual Tour of the Santa Clarita Valley
California Institute of the Arts alum and visionary filmmaker Tim Burton (Film/Video 1979) was honored with the 2,788th star on the Hollywood Walk of Fame.
CalArts Alum Tim Burton Receives Star on Hollywood Walk of Fame
1962 - Articles of incorporation filed for Golden State Memorial Hospital on Lyons Avenue [story]
Golden State Hospital
The Santa Clarita Valley Senior Center welcomes back Jim Curry for an evening concert celebrating the music of John Denver on Saturday, Oct. 5 at 5 p.m. in the Grand Ballroom at Bella Vida.
Oct. 5: SCV Senior Center Welcomes Jim Curry ‘Take Me Home’
As part of the Santa Clarita Valley Water Agency's ongoing commitment to ensuring local groundwater quality and reliability, the SCV Water recently began construction on a new treatment facility to remove perchlorate and volatile organic compounds at Well 205 in Valencia.
SCV Water Begins New Water Treatment Project in Valencia
Get ready to set sail at the Pirates SENSES Block Party, presented by the city of Santa Clarita, Thursday, Sept 19 from 7-10 p.m. on main street in Old Town Newhall.
Sept. 19: SENSES Pirate Block Party
No. 21 College of the Canyons football team knocked off No. 5 Fullerton College 29-13 on Saturday night behind a stifling defensive effort and five field goals from Luis Rodriguez.
No. 21 Canyons Knocks Off No. 5 Fullerton 29-13
Six of the seven Foothill League Varsity football teams begin league play Friday night, Sept. 20.
Foothill League Football Begins for SCV Teams
The California Institute of the Arts will present the "NAACP Santa Clarita Masquerade Ball", Friday, Oct. 4, 7-11 p.m. at 24700 McBean Parkway, Valencia, CA 91355.
Oct. 4: NAACP Santa Clarita Masquerade Ball at Cal Arts
The Los Angeles County Department of Public Health is investigating two human cases of a rare parasitic infection, Baylisascaris procyonis, also known as raccoon roundworm.
Public Health Investigating Disease Spread from Animals to Humans
1879 - First official Newhall School building erected near Walnut & Ninth streets [story]
First Newhall School
The city of Santa Clarita is hosting Make A Difference Day on Saturday, Oct. 26 and is looking for enthusiastic residents to volunteer for various projects that benefit local nonprofits, as well as the city.
Oct. 26: Volunteers Needed for Make a Difference Day
Henry Mayo Newhall Hospital and PathPoint announced the graduation of Aiden Land and Andrew Mendence from the Project SEARCH internship program.
Henry Mayo Newhall Hospital, PathPoint Celebrate Grad Interns
The William S. Hart Union High School District has announced upcoming community information meetings about Learning Post Academy Independent Study School, Thursday, Sept. 18 and Friday, Sept. 19.
Sept. 18-19: Learning Post Academy Online Information Meetings
The Santa Clarita Community College District Board of Trustees will hold a special meeting Wednesday, Sept. 18, 5 p.m. in open session to interview and appoint a new trustee for Area 5.
Sept. 18: COC Board to Interview, Appoint Area 5 Trustee
The city of Santa Clarita wants to remind residents that volunteer registration is open for the 29th Annual River Rally Cleanup and Environmental Expo scheduled for next Saturday, Sept. 21, from 8 to 11 a.m. at the William S. Hart Pony Baseball and Softball Complex, 23780 Auto Center Drive, Santa Clarita, CA 91355.
Sept. 20: Last Chance to Register for the River Rally
SCVNews.com