Canyon Bancorp (CE) (USOTC:CYBA)
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From Jun 2019 to Jun 2024
Canyon Bancorp (OTCBB:CYBA) today announced total assets at September
30, 2008 were $295.4 million and net loans receivable were $253.6
million. Canyon Bancorp incurred a loss of $1,350,000 or $0.54 per
diluted share for the third quarter ended September 30, 2008 compared to
income of $949,000 or $0.37 per diluted share for third quarter of 2007.
For the nine months ended September 30, 2008, Canyon Bancorp incurred a
loss of $1,139,000 or $0.46 per diluted share compared to earning
$3,098,000 or $1.22 per diluted share for the same period in 2007.
Like many Southern California banks, the Company’s
earnings were adversely affected by the deterioration in the real estate
market. Classified loans and loan charge-offs have increased. As a
result, the Company increased the provision for loan losses from
$210,000 in the third quarter of 2007 to $3,280,000 in the third quarter
of 2008.
Other financial highlights for the third quarter 2008 compared to the
same period in 2007:
Total assets increased $15.5 million or 5.5 percent to $295.4 million.
Net loans receivable increased $13.5 million or 5.6 percent to $253.6
million.
Total deposits increased $12.4 million or 5.4 percent to $242.4
million.
Capital to assets ratio for the third quarter 2008 was 9.30 percent
compared to 9.98 percent for the same period in 2007.
President and CEO Stephen G. Hoffmann said, “In
this volatile economic climate, Canyon Bancorp and Canyon National Bank
maintain “Well-Capitalized”
regulatory ratings and are financially strong. We have responded
aggressively to changes in the economy and real estate markets to
mitigate risk.”
Canyon National Bank has entered into an agreement with the Office of
the Comptroller of the Currency (OCC) requiring the Bank to develop a
three-year capital plan and to refrain from paying cash dividends except
in compliance with the capital plan and with the approval of the OCC.
The bank has also agreed to review and enhance its policies for credit
administration, appraisal, commercial real estate underwriting, asset
diversification, liquidity and loan loss allowance. The bank is in
compliance with the terms of the agreement.
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)
9/30/2008
12/31/2007
9/30/2007
(Unaudited)
(Audited)
(Unaudited)
Assets
Cash and cash equivalents
$
11,436
$
13,562
$
12,833
Investment securities available for sale
12,010
12,196
15,849
Federal Home Loan Bank, Federal Reserve Bank and Pacific Coast
Bankers' Bank restricted stock, at cost
1,786
1,890
1,597
Loans held for sale
—
123
1,046
Loans receivable, net
253,575
248,468
240,100
Furniture, fixtures and equipment
5,325
5,680
4,290
Income tax receivable
1,925
909
—
Deferred tax asset
1,498
1,430
1,671
Foreclosed assets
5,683
3,073
—
Other assets
2,189
1,825
2,534
Total Assets
$
295,427
$
289,156
$
279,920
Liabilities and Stockholders’ Equity
Deposits:
Demand deposits
$
67,500
$
73,961
$
71,229
NOW accounts
9,464
14,223
9,538
Savings and money market
81,673
79,262
83,471
Time certificate of deposits
83,766
63,181
65,771
Total Deposits
242,403
230,627
230,009
Other borrowed funds
23,341
28,160
20,000
Other liabilities
2,220
1,795
1,971
Total Liabilities
267,964
260,582
251,980
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;
2,497,360, 2,479,927, and 2,342,882 shares issued and outstanding
as of September 30, 2008, December 31, 2007, and September 30,
2007, respectively
23,639
23,513
21,157
Accumulated other comprehensive income:
Unrealized loss on investment securities available-for-sale
(113
)
(15
)
(41
)
Retained earnings
3,937
5,076
6,824
Total Stockholders’ Equity
27,463
28,574
27,940
Total Liabilities and Stockholders’ Equity
$
295,427
$
289,156
$
279,920
CANYON BANCORP & SUBSIDIARY
Consolidated Statement of Operations
(Unaudited)
For the three and nine months ended September 30, 2008 and 2007
(Dollars in thousands, except per share amounts)
Three months ended
Nine months ended
September 30,
September 30,
2008
2007
2008
2007
Interest income:
Loans receivable
$
4,333
$
5,148
$
13,607
$
14,888
Federal funds sold
26
89
133
477
Interest bearing deposits in other financial institutions
—
12
—
68
Investment securities available for sale
107
191
375
470
Total interest income
4,466
5,440
14,115
15,903
Interest expense
Deposits
1,172
1,570
3,515
4,366
Other borrowed funds
178
70
655
70
Total interest expense
1,350
1,640
4,170
4,436
Net interest income
3,116
3,800
9,945
11,467
Provision for loan losses
3,280
210
5,265
410
Net interest income after provision for loan losses
(164
)
3,590
4,680
11,057
Non-interest income:
Service charges and fees
245
173
650
512
Loan related fees
57
121
198
387
Lease administration fees
83
132
301
540
Automated teller machine fees
193
173
568
520
Net loss on sale of foreclosed assets
—
—
(31
)
—
Net gain on sale of investment securities
5
—
33
—
Total non-interest income
583
599
1,719
1,959
Non-interest expenses:
Salaries and employee benefits
1,364
1,317
4,051
3,971
Occupancy and equipment expense
401
381
1,187
1,107
Professional fees
60
82
182
276
Data processing
152
147
502
430
Marketing and advertising expense
64
112
294
327
Director and shareholder expense
102
124
372
390
Foreclosed asset expense, net
220
—
627
—
Other operating expense
393
429
1,283
1,303
Total non-interest expenses
2,756
2,592
8,498
7,804
Earnings before income taxes
(2,337
)
1,597
(2,099
)
5,212
Income tax expense
(987
)
648
(960
)
2,114
Net earnings
$
(1,350
)
$
949
$
(1,139
)
$
3,098
Earnings per share:
Basic
$
(0.54
)
$
0.39
$
(0.46
)
$
1.26
Diluted
$
(0.54
)
$
0.37
$
(0.46
)
$
1.22
Weighted average shares outstanding:
Basic
2,496,665
2,459,389
2,487,222
2,451,561
Diluted
2,496,665
2,536,564
2,487,222
2,541,580
CANYON BANCORP & SUBSIDIARY
Selected Ratios
(Unaudited)
Three Months Ended 1
Nine Months Ended 1
9/30/2008
9/30/2007
9/30/2008
9/30/2007
Return on average equity
-18.81
%
13.66
%
-5.28
%
15.67
%
Return on average assets
-1.83
%
1.39
%
-0.52
%
1.56
%
Yield on interest-earning assets
6.69
%
8.46
%
6.95
%
8.53
%
Cost of interest-bearing liabilities
2.78
%
3.92
%
2.93
%
3.83
%
Net interest margin
4.67
%
5.91
%
4.89
%
6.15
%
Non-interest income/average assets
0.79
%
0.88
%
0.78
%
0.99
%
Non-interest expense/average assets
3.73
%
3.81
%
3.85
%
3.93
%
Net non-interest expense/average assets
2.94
%
2.93
%
3.07
%
2.94
%
Net charge-offs/(recoveries) to average loans
3.95
%
0.39
%
2.61
%
0.23
%
as of:
9/30/2008
12/31/2007
9/30/2007
Capital to assets ratio
9.30
%
9.88
%
9.98
%
Allowance for loan losses/gross loans
1.30
%
1.21
%
1.41
%
Loan to deposit ratio
106.3
%
109.5
%
106.3
%
Adversely classified loans to gross loans
6.4
%
0.9
%
1.2
%
Non-accrual loans to gross loans
4.1
%
0.4
%
0.6
%
Demand deposit accounts/total deposit accounts
27.8
%
32.1
%
31.1
%
Book value per share 2
$
11.00
$
11.52
$
11.36
1 Interim periods annualized
2 Prior year restated for past stock
dividends and splits