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California Republic Bancorp Announces Record Fourth-Quarter 2012 Net Income Of $5.1 Million, And Record Full-Year 2012 Net Income Of $7.7 Million

California Republic Bancorp (OTCBB: CRPB), holding company for California Republic Bank, announced its unaudited results for the fourth-quarter 2012, reporting record quarterly net income of $5.1 million and record full-year 2012 net income of $7.7 million, on pre-tax income of $10.2 million. For the fourth-quarter 2012, the Bancorp’s basic earnings per share were $0.98. Basic earnings per share for full-year 2012 were $1.48.

The Bank reported that net interest margin in the fourth-quarter grew to 5.92% and that it achieved record quarterly net income of $5.2 million and record full-year 2012 net income of $8.1 million on pre-tax income of $10.6 million. The Bank achieved an ROAE of 16.14% and ROAA of 1.60%. The majority of the difference in net income from the Bancorp to the Bank is due to 123-R non-cash expense relating to the amortization of stock options reported at the holding company level. The Bank continued to report record growth in all major categories, including assets, loans and deposits for 2012.

CEO Jon Wilcox stated, “For 2012, we are pleased with both our financial results and the platform we have built for future growth. Our commercial banking business had another year of record growth in core deposits and loans and our indirect auto business grew according to plan with long-term, quality dealerships. We are now in an attractive position to consistently and profitably grow our auto finance business, both on a local and national level.”

President John DeCero added, “With our business lines now fully operational, we have recently expanded our auto loan production into Arizona and Texas, and have established a new call center in Las Vegas, Nevada. Both investors and Moody’s Investor Services have shown confidence in us, with Moody’s providing an Aa3 rating on the senior tranche of our first securitization. Our primary consideration in all of our expansion will always be our commitment to credit quality and building shareholder value.”

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