California Community Bank Reports Growth In Core Operations

California Community Bank (OTCBB: CABK) (the “Bank”) today released its unaudited first quarter 2012 financial results.

For the first quarter of 2012, the Bank reported net income of $87,000, or basic earnings per share of 4 cents, compared to net income of $169,000, or basic earnings per share of 8 cents, for the comparable period last year. Included in net income for the first quarter of 2012 were merger related costs of $184,000, all of which were not deductible for income tax purposes, whereas no such expenses were incurred in the prior year’s comparable quarter.

The Bank finished the first quarter of 2012 with an asset base of $247,069,000, an increase of $8,503,000, or 4%, from the end of March 2011. Total deposits were $220,219,000, up $10,376,000, or 5%, over the same period a year ago. As of March 31, 2012, total gross loans net of deferred fees, the primary revenue driver for the Bank, stood at $168,952,000 compared to $154,416,000 at March 31, 2011, an increase of $14,536,000, or 9%.

Larry D. Hartwig, CEO, commented, "Continued profitability with stable asset quality marked our highlights for the first quarter of 2012. These performance results stem from reducing funding costs and continued effective loan portfolio management. We achieved good expense control and solid loan growth; however, net interest margins remain under pressure – primarily a reflection of the overall economic environment in which profitability has been moderated by excess liquidity and few attractive investment alternatives in securities. With year-over-year loan outstandings showing sizeable growth, the commensurate bolstering of our reserves along with continued economic uncertainty somewhat softened earnings growth in the short-term. We remain confident in the strength of our core franchise, continue to aggressively manage loan quality, and believe that we are well positioned to support customer needs when the economy grows in the future.”

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