California Republic Bancorp
(OTCBB: CRPB), holding company for
California Republic Bank
, announced its results for the third-quarter 2013, reporting record assets of $797.0 million, record core deposits of $733.6 million and record auto originations of $187.3 million.
CEO Jon Wilcox stated, “We have continued to invest and add value to our commercial banking and auto lending platforms this year. Although we did not plan to, nor did we execute an auto securitization this quarter, our indirect auto originations for the three month period grew to a record $187 million, and we continue to outperform our loss expectations from our first two auto securitizations. We are also very pleased that our non-interest bearing demand deposits have grown to $412 million, more than any other bank based in Orange County.”
President John DeCero commented, “In this historically low interest rate environment with very little loan demand, it is important to not only have a low cost core deposit franchise, which we have built, but also a consistent loan generating platform to invest those deposits. We believe that our two major businesses, commercial banking and indirect auto finance, to which we continue to invest in infrastructure and more importantly best-in-class people, will provide a truly unique earnings platform for a community bank, one that can flourish regardless of the rate environment.”
Third-Quarter 2013 Results:
Assets and Liabilities
As of September 30, 2013, California Republic Bank reported total assets of $797.0 million, an increase of $211.5 million, or 36.1% above total assets as of September 30, 2012. The year-over-year increase in total assets reflects continued strong core checking account growth with non-interest bearing demand deposits reaching a record $412.0 million compared with $228.4 million at the end of the third-quarter of 2012, an increase of $183.6 million, or 80.3%. The non-interest bearing accounts represent 56.2% of total deposits at September 30, 2013. Total deposits grew to a record $733.6 million, compared to $533.0 million for the third-quarter of 2012, an increase of $200.6 million or 37.7%.