California Republic Bancorp (OTCBB: CRPB), holding company for California Republic Bank, announced its audited financial results for year ended December 31, 2011, and its unaudited financial results for the first quarter of 2012. California Republic reported strong growth in assets, loans, and core deposits; and continued its track record of no non-performing or charged-off loans in its history through 2011.
CEO Jon Wilcox stated, “2011 marked a year of growth and the implementation of strategic initiatives for the future. Having one of the best deposit and loan growth years in our history, we also formed a holding company, and, after making a substantial investment, successfully launched our new indirect auto loan business. In January 2012, we also completed our first branch acquisition opening our new office in Westlake Village.”
President John DeCero remarked on the newly formed auto lending business, “Our strong core deposit franchise combined with a consistent and scalable yield generator creates a unique opportunity to invest our liquidity in a vehicle that has a favorable risk to reward profile in today’s rate-compressed environment. It also minimizes any long-term interest rate risk due to the shorter average life of automobile assets, and is something we all understand from our prior experience.”
Year-end December 31, 2011 audited results:For December 31, 2011, California Republic Bancorp reported total assets of $405.6 million, an increase of $92.3 million, or 29.5% above total assets as of December 31, 2010. The year-over-year growth in total assets reflects continued core deposit growth, with total deposits at $341.4 million, an increase of $77.6 million, or 29.4% from the end of 2010. Non-interest-bearing demand deposit accounts grew to $138.9 million, compared to $89.9 million at the end of 2010, an increase of $49.0 million, or 54.5%. Total loans outstanding were $286.4 million, representing an increase of $101.0 million, or 54.5% over the 2010 year-end total. The indirect auto loan portfolio represented $41.4 million of total loans outstanding at year-end.
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