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Share Name | Share Symbol | Market | Type |
---|---|---|---|
California Business Bank (CE) | USOTC:CABB | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.009 | 0.00 | 01:00:00 |
California Business Bank (OTCBB:CABB) (“CBB”) announced today its fourth quarter 2009 unaudited (“Q-4”) results. CBB reported a net operating loss of $1.915 million for the fourth quarter 2009, or ($1.02) per share, and total fiscal year end losses for the period ended December 31, 2009 (“FYE-09”) of $3.915 million or ($2.08) per share.
The major drivers causing current quarter losses and year-to-date losses, and information about the Bank’s remediation follows:
ASSETS: (000)
Asset Type FYE-09 FYE-08 FYE-07 FYE-06 Cash 2,774 1,666 1,426 1,499 Investments 21,367 17,419 31,845 29,513 Loans 84,544 82,936 82,632 52,804 Fixed Assets 686 772 769 656 Accruals 274 405 491 337 OREO 4,250 2,189 -- -- Other Assets 1,516 1,331 678 332 Total Assets 115,411 106,718 117,841 85,141 Loans: FYE-09 FYE-08 FYE-07 FYE-06 Commercial & Industrial 56,270 53,205 53,909 34,585 SBA Loans 1,588 908 150 -- Construction 467 7,182 13,740 5,936 Commercial Real Estate 27,664 23,488 15,781 12,938 Consumer Loans 378 155 129 11 Deferred Loan Fees -95 -10 -36 -87 Deferred Loan Premiums 35 43 44 -- Less: Reserves 1,763 2,035 1,085 579 Net Loans 84,544 82,936 82,632 52,804 Investments: FYE-09 FYE-08 FYE-07 FYE-06 Fed Funds Sold 16,415 3,775 7,760 12,950 Securities Available for Sale 4,493 11,394 24,084 16,562 Due from Banks Interest Bearing 459 2,250 1 1 Total Investments 21,367 17,419 31,845 29,513Total loans at 12/31/09 increased by 2% from the prior year end. The majority of this growth was in both Commercial and Industrial loans which grew by 6% and commercial real estate loans by 18%.
CBB’s Other Real Estate Owned (“OREO”) balances decreased to $4.2 million at the end of the 4th quarter ending December 31, 2009 (“Q-4 2009”) from $4.9 million at September 30, 2009, and non-accrual (“NA”) loans decreased to $800 thousand at Q-4 2009, from $3.9 million at September 30, 2009. CBB expects non-performing legacy assets to further reduce throughout 2010. The remaining loans in CBB’s portfolio are performing and at the end of Q-4, CBB had no loans 30-89 days past due for the second consecutive quarter. However, no assurance can be given that CBB’s expectations will be realized.
CBB’s long-term investments consist of two (2) securities; a Government Agency for $2.3 million issued from the FHLBB, and one issued by GNMA for $2.0 million that is backed by the full-faith and credit of the United States The Bank has deliberately maintained a short term on investments which sacrifices short-term yield. This affords the bank protection from any sudden upward shocks in a volatile rate environment.
LIABILITIES & EQUITY: (000)
Liabilities & Equity FYE-09 FYE-08 FYE-07 FYE-06 Deposits 103,599 85,110 94,231 68,264 Other Borrowings -- 6,000 5,000 -- Accrual Interest Payable 73 87 234 76 Other Liabilities 385 242 400 185 Total Liabilities 104,057 91,438 99,865 68,525 Equity 11,354 15,279 17,976 16,616 Total Liabilities & Equity 115,411 106,718 117,841 85,141 Deposits: FYE-09 FYE-08 FYE-07 FYE-06 Non-Interest Deposits 16,306 18,315 16,680 12,383 NOW Accounts 3,735 1,651 4,422 384 Savings 18,357 6,400 18,663 4,561 Money Market 9,446 17,669 12,769 19,313 Time Deposits 55,755 41,075 41,697 31,623 Total Deposits 103,599 85,110 94,231 68,264Total Deposits increased by 8.0% from Q-3 2009 and totaled $103.6 million as of Q-4 2009.
The growth in savings and money market deposits resulted primarily from new deposit products, appropriately called Stimulus Savings® and Stimulus Money Market®. These accounts require a transaction account and a transfer from either Stimulus Savings® or Stimulus Money Market® to a transaction account monthly. Additionally, CBB has had good success in generating new and existing customers for debit card and on-line banking services, all of which have resulted in deepening the quality and penetration of our customer base, with that base increasing the number of products per customer, in many cases to 5 to 7 products per customer. These products generated $15 million in interest bearing deposits and $1 million in transaction account deposits since implementation approximately very early in October, from both existing and new customers.
LIQUIDITY:
The bank’s loan-to-deposit ratio was 83.39% and net liquid assets were 17.02% as of FYE-09. Additionally, the bank has back-up sources of liquidity at both the Federal Home Loan Bank of $8.2 million and Federal Reserve Bank Discount Window of $34.4 million, respectively. These sources of both on balance and off balance sheet provide significant liquidity and funding sources.
CAPITAL:
CBB’s book balance as of the fourth quarter 2009 was $6.04 per share based upon shareholders’ equity of $11.4 million. CBB capital ratios exceed the “Well Capitalized” regulatory standards in all three capital ratios:
LOOKING FORWARD:
Although CBB can give no assurance that the following events will occur, CBB believes the following:
California Business Bank offers a wide range of financial services to individuals, small and medium size businesses in Los Angeles, and the surrounding communities in Southern California. Our commitment is to deliver the highest quality financial services and products to our customers.
Forward Looking Statements
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by the act. These forward-looking statements refer to the CBB’s current expectations regarding future operating results, and growth in loans, deposits, and assets. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward looking statements. These risks and uncertainties include, but are not limited to (1) the impact of changes in interest rates, a decline in economic conditions, and increased competition by financial service providers on the CBB’s results of operation, (2) the CBB’s ability to continue its internal growth rate, (3) the CBB’s ability to build net interest spread, (4) the quality of the CBB’s earning assets, and (5) governmental regulations.
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