Canyon Bancorp (CE) (USOTC:CYBA)
Historical Stock Chart
From Jun 2019 to Jun 2024
Canyon Bancorp (OTCBB: CYBA) today announced total assets at June 30,
2008 were $289.7 million and net loans receivable were $248.5 million.
Canyon Bancorp earned $160,000 or $0.06 per diluted share for the second
quarter ended June 30, 2008 compared to income of $1,077,000 or $0.42
per diluted share for second quarter of 2007. For the six months ended
June 30, 2008, Canyon Bancorp earned $211,000 or $0.08 per diluted share
compared to $2,149,000 or $0.85 per diluted share for the same period in
2007.
Like many Southern California banks, the Company’s
earnings continued to be affected by the current residential real estate
market conditions that impacted construction loans. Because of these
factors and increases in classified loans and loan charge-offs, the
provision for loan losses increased from $110,000 in the second quarter
of 2007 to $825,000 in the second quarter of 2008. Notwithstanding these
items, the Company continues to be profitable during these very
challenging times.
Other financial highlights for the second quarter 2008 compared to the
same period in 2007:
Total shareholders’ equity increased by $1.9
million or 7.1 percent to $28.8 million.
Capital to assets ratio for the second quarter 2008 was 9.95 percent
compared to 10.33 percent for the same period in 2007.
Total assets increased $29.1 million or 11.2 percent to $289.7 million.
Net loans receivable increased $28.5 million or 12.9 percent to $248.5
million.
Total deposits increased $4.8 million or 2.1 percent to $236.4 million.
Book value per share increased $0.61 or 5.6 percent to $11.55.
President and CEO Stephen G. Hoffmann said, “Canyon
Bancorp has shown growth in total assets, loans, deposits and
shareholder equity, when compared to the same period in 2007, and has
remained profitable for the first six months of 2008. Our capital ratios
exceed the requirements for a ‘well
capitalized bank.’ We have recently celebrated
our 10 year anniversary, and look forward to the 2009 opening of our
newest branch office in Indio.”
Canyon Bancorp is a bank holding company with one banking subsidiary,
Canyon National Bank, a full-service commercial bank and member of the
FDIC. Palm Springs branch locations are at 1711 East Palm Canyon Drive
at the Smoke Tree Village Shopping Center and 901 East Tahquitz Canyon
Way. Palm Desert branch locations are at 74-150 Country Club Drive and
77-933 Las Montanas Road across from Sun City. Shares of the Company’s
common stock are traded on the Over the Counter Bulletin Board –
stock symbol CYBA.
This release may contain certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Actual
results could differ materially from those projected in the
forward-looking statements.
CANYON BANCORP & SUBSIDIARY
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
6/30/2008
(Unaudited)
12/31/2007
(Audited)
6/30/2007
(Unaudited)
Assets
Cash and cash equivalents
$
17,244
$
13,562
$
16,945
Interest-bearing deposits in other financial institutions
—
—
1,382
Investment securities available for sale
9,269
12,196
12,063
Federal Home Loan Bank, Federal Reserve Bank and Pacific Coast
Bankers' Bank restricted stock, at cost
1,764
1,890
1,585
Loans held for sale
109
123
390
Loans receivable, net
248,526
248,468
220,034
Furniture, fixtures and equipment
5,446
5,680
4,363
Income tax receivable
931
909
—
Deferred tax asset
1,484
1,430
1,722
Foreclosed assets
3,412
3,073
—
Other assets
1,533
1,825
2,122
Total Assets
$
289,718
$
289,156
$
260,606
Liabilities and Stockholders’ Equity
Deposits:
Demand deposits
$
71,135
$
73,961
$
78,878
NOW accounts
12,045
14,223
11,461
Savings and money market
91,422
79,262
80,076
Time certificate of deposits
61,812
63,181
61,239
Total Deposits
236,414
230,627
231,654
Other borrowed funds
22,514
28,160
—
Other liabilities
1,975
1,795
2,042
Total Liabilities
260,903
260,582
233,696
Commitments and contingencies
—
—
—
Stockholders’ Equity:
Serial Preferred Stock, $5.00 par value; authorized 10,000,000
shares; none issued or outstanding
—
—
—
Common Stock; no par value; authorized 10,000,000 shares;
2,494,802, 2,479,927, and 2,342,338 shares issued and outstanding
as of June 30, 2008, December 31, 2007, and June 30, 2007,
respectively
23,621
23,513
21,153
Accumulated other comprehensive income:
Unrealized loss on investment securities available-for-sale
(93
)
(15
)
(118
)
Retained earnings
5,287
5,076
5,875
Total Stockholders’ Equity
28,815
28,574
26,910
Total Liabilities and Stockholders’ Equity
$
289,718
$
289,156
$
260,606
CANYON BANCORP & SUBSIDIARY
Consolidated Statement of Operations
(Unaudited)
For the three and six months ended June 30, 2008 and 2007
(Dollars in thousands, except per share amounts)
Three months ended
Six months ended
June 30,
June 30,
2008
2007
2008
2007
Interest income:
Loans receivable
$
4,420
$
4,921
$
9,274
$
9,741
Federal funds sold
27
210
107
389
Interest bearing deposits in other financial institutions
—
20
—
37
Investment securities available for sale
136
155
268
296
Total interest income
4,583
5,306
9,649
10,463
Interest expense
Deposits
1,017
1,452
2,343
2,796
Other borrowed funds
188
—
477
—
Total interest expense
1,205
1,452
2,820
2,796
Net interest income
3,378
3,854
6,829
7,667
Provision for loan losses
825
110
1,985
200
Net interest income after provision for loan losses
2,553
3,744
4,844
7,467
Noninterest income:
Service charges and fees
212
174
405
339
Loan related fees
106
87
141
266
Lease administration fees
122
185
218
407
Automated teller machine fees
196
184
375
347
Net loss on sale of foreclosed assets
(12
)
—
(31
)
—
Net gain on sale of investment securities
7
—
28
—
Total noninterest income
631
630
1,136
1,359
Noninterest expenses:
Salaries and employee benefits
1,329
1,224
2,687
2,654
Occupancy and equipment expense
390
355
785
727
Professional fees
69
124
122
194
Data processing
184
140
350
283
Marketing and advertising expense
96
100
231
215
Director and shareholder expense
123
153
269
265
Foreclosed asset expense, net
380
—
406
—
Other operating expense
445
465
892
873
Total noninterest expenses
3,016
2,561
5,742
5,211
Earnings before income taxes
168
1,813
238
3,615
Income tax expense
8
736
27
1,466
Net earnings
$
160
$
1,077
$
211
$
2,149
Earnings per share:
Basic
$
0.06
$
0.44
$
0.08
$
0.88
Diluted
$
0.06
$
0.42
$
0.08
$
0.85
Weighted average shares outstanding:
Basic
2,484,971
2,456,390
2,482,450
2,447,580
Diluted
2,535,563
2,542,545
2,535,590
2,543,160
CANYON BANCORP & SUBSIDIARY
Selected Ratios
(Unaudited)
Three Months Ended 1
Six Months Ended 1
6/30/2008
6/30/2007
6/30/2008
6/30/2007
Return on average equity
2.22
%
16.30
%
1.47
%
16.76
%
Return on average assets
0.22
%
1.63
%
0.14
%
1.65
%
Yield on interest-earning assets
6.89
%
8.58
%
7.11
%
8.57
%
Cost of interest-bearing liabilities
2.64
%
3.81
%
3.02
%
3.77
%
Net interest margin
5.08
%
6.23
%
5.03
%
6.28
%
Non-interest income / average assets
0.87
%
0.95
%
0.77
%
1.04
%
Non-interest expense / average assets
4.18
%
3.88
%
3.91
%
4.00
%
Net non-interest expense / average assets
3.31
%
2.92
%
3.14
%
2.95
%
Net charge-offs / (recoveries) to average loans
3.05
%
0.00
%
1.95
%
0.14
%
as of:
6/30/2008
12/31/2007
6/30/2007
Capital to assets ratio
9.95
%
9.88
%
10.33
%
Allowance for loan losses / gross loans
1.02
%
1.21
%
1.55
%
Loan to deposit ratio
106.6
%
109.5
%
95.0
%
Adversely classified loans to gross loans
5.2
%
0.9
%
1.4
%
Non-accrual loans to gross loans
4.5
%
0.4
%
0.6
%
Demand deposit accounts / total deposit accounts
30.1
%
32.1
%
34.1
%
Book value per share 2
$
11.55
$
11.52
$
10.94
1 Interim periods annualized
2 Prior year restated for past stock
dividends and splits