Strong Earnings Announced By County Commerce Bank For 1st Quarter 2012
County Commerce Bank (OTCBB:CNYB), the only community bank headquartered in Ventura County recognized by The Findley Reports as a “Super Premier Performing Bank” based on 2011 operating results, reported higher than anticipated net income for the first quarter of 2012.
Earnings for the first quarter of 2012 were $405,000 compared to $326,000 for first quarter 2011; an increase of $79,000 or 24.23%. Total assets were $187,418,000, an 8.67% increase from first quarter of 2011. Total deposits were $164,171,000, a 7.52% increase from first quarter of 2011. Capital increased for the quarter by $411,000 ending first quarter at $16,567,000.
The Bank’s loan portfolio increased to $106,326,000 at the end of first quarter 2012, compared to $102,813,000 for the first quarter of 2011, an increase of 3.42%. A primary focus of the bank is building and maintaining a quality loan portfolio. The Bank’s excellent liquidity and strong capital position allows it to continue lending to local businesses and individuals, which strengthens the local community and its economy. County Commerce Bank is known for its skill in structuring loans that will give its clients the most credit possible with realistic repayment terms. This philosophy of lending has been a critical element that has kept the bank from having to recapitalize and dilute the Bank’s shareholders’ equity.
Based on 2011 financial results, Ventura County’s award winning and locally owned County Commerce Bank has been recognized by financial industry ratings organizations as one of the nation’s best performing banks and one of the highest rated banks on California’s central coast. Financial Management Consulting Group, a financial industry rating company that publishes bank performance reports, rated County Commerce Bank as the top rated bank in the tri-counties and 20th best performing bank in all of California. The report’s rankings for 230 banks headquartered in the state are based on earnings, asset quality, efficiency, margin management, and fee analysis.
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