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March 28
1934 - Bouquet Canyon Reservoir, replacement for ill-fated St. Francis Dam & reservoir, begins to fill with water [story]
Bouquet Reservoir


communitybanklogoCommunity Bank, founded in 1945, is an independent Southern California regional community bank, with assets of $3.6 billion and is headquartered in Pasadena with 16 business centers.

David R. Misch, Chief Executive Officer, commented, “We are very pleased with Bank’s 2015 full year performance and its trajectory for future years. It is a testament to the strength of the Bank’s model, its focused strategy and the effort of its fine staff.”

Annual and quarterly earnings both reached record levels in Community Bank’s 70 year history, including restructuring charges.

The following is a recap of annual and quarterly results for 2015 and 2014 including “proforma” earnings, which exclude the impact of the balance sheet restructuring done in June 2015. The restructuring involved the payoff of $153 million in FHLB advances funded by security sales with a one-time net cost of $3.8 million.

For the YEARS ended December 31,:

Proforma Actual Actual
2015 2015 2014
Net income $ 31,086 $ 27,765 $ 25,806
Return on average equity 10.06 % 9.08 % 9.22 %
Return on average assets 0.87 % 0.79 % 0.75 %
Net interest margin 3.20 % 3.30 % 3.20 %
Efficiency ratio 59.26 % 68.07 % 64.49 %
For the QUARTERS ended December 31,: Proforma Actual Actual
2015 2015 2014
Net income $ 8,441 $ 8,693 $ 7,012
Return on average equity 10.58 % 11.11 % 9.48 %
Return on average assets 0.92 % 0.99 % 0.79 %
Net interest margin 3.11 % 3.32 % 3.27 %
Efficiency ratio 56.48 % 55.69 % 65.73 %

Other highlights:

  • Total core deposits increased 2.9% to $2.26 billion as of December 31, 2015 as compared to $2.19 billion as of December 31, 2014. At December 31, 2015, core deposits represented 87% of total deposits. (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). Non-interest bearing deposits increased 3.9% to $916.7 million as of December 31, 2015 as compared to $882.6 million as of December 31, 2014.
  • Total loans as of December 31, 2015 increased 6.5% to $2.43 billion as compared to $2.28 billion as of December 31, 2014. Further, despite a 21% drop in non-performing loans, no amounts were released or added to the reserve for loan losses, for the year 2015.
  • From a capital perspective, Community Bank’s capital ratios continue to significantly exceed regulatory requirements to be considered “well capitalized” for regulatory purposes. The ratios as of December 31, 2015 were: 1) Tier 1 Leverage of 8.97%; 2) Tier 1 Common Equity of 10.57%; 3) Tier 1 Risk-based Capital of 10.57% and, 4) Total Risk-based Capital of 11.82%.

Declaration of Dividend:

  • The Board of Directors declared a $0.48 per share cash dividend (aggregating approximately $1.5 million) on its outstanding common stock. The dividend was approved at the regularly scheduled Board of Directors meeting held on January 28, 2016. It will be payable on or about March 1, 2016 to common shareholders of record as of February 12, 2016.

Marshall Laitsch, the Bank’s Chairman, commented, “Speaking on behalf of the Cook family and the Board, we are all excited about the direction of the Bank and our 2015 results speak to that.”

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.

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1 Comment

  1. The article had me at “fine staff!” :)

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