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Community Bank Reports Record Earnings, Record Levels of Loans and Deposits for the Nine Months Ended September 30, 2017 and Declares Cash Dividend on Common Stock

PASADENA, Calif.--(BUSINESS WIRE)-- Community Bank (OTC:CYHT), founded in 1945, is an independent Southern California regional community bank, with assets of $3.7 billion, and headquartered in Pasadena with 16 business centers.

Financial highlights:

  • Net income was $10.1 million in the 3rd quarter of 2017 (a quarterly record), and $26.3 million in the nine months ended September 30, 2017, an increase of $3.4 million or 50.5% and $3.7 million or 16.3%, respectively, over the same periods last year.
  • The increase in net income of $3.7 million in the first nine months of 2017 resulted primarily from an increase in net interest income of $2.0 million, and a $4.6 million release in the provision for loan losses during the year, including $4.0 million in the 3rd quarter of 2017. These increases were partially offset by a $3.9 million decrease in non-interest income.
  • The increase in net interest income of $2.0 million was primarily the result of slightly higher yields on loans driven by Fed rate increases and collections of past due loan interest, partially offset by increased funding costs. The $3.9 million decrease in non-interest income was primarily the result of lower SBA loan sale revenue in 2017 and a large OREO property gain on sale in 2016, partially offset by other items.
  • Total loan balances at September 30, 2017 were a record $2.687 billion, representing a $192.8 million or 7.7% increase from the $2.494 billion at December 31, 2016. This growth represents a continued strong focus on origination of high quality loans in the greater Los Angeles area.
  • Loan credit quality continues to improve as criticized loan totals decreased from $78.4 million at September 30, 2016 to $26.9 million at September 30, 2017.
  • The allowance for loan losses decreased to 1.32% at September 30, 2017 compared to 1.41% at December 31, 2016, reflecting overall improvement in credit quality.
  • Deposits grew to a record total of $2.871 billion as of September 30, 2017, an increase of $189.3 million or 7.1% from December 31, 2016.
  • Non-interest bearing deposits increased 13.5%, or $141.6 million to $1.189 billion at September 30, 2017 compared to $1.047 billion as of December 31, 2016, due to specialty deposit group efforts and management’s continued focus on increasing deposits.
  • Non-interest bearing deposits as a percentage of core deposits were 48.4% at September 30, 2017, up from 45.6% at December 31, 2016 and from 45.4% at September 30, 2016.
  • Net interest income increased in the first nine months of 2017 to $88.5 million compared to $86.5 million in the same period last year and the net interest margin increased to 3.34% from 3.31% in the same period.
  • On a quarterly basis, net interest income improved to $30.8 million for the three months ended September 30, 2017, compared to prior quarters due to loan growth, slightly higher loan yields and the collection of interest on cash basis and non-performing loans, partially offset by increased funding costs on borrowings and increase rate competition for deposits.
  • Details of changes in non-interest income and non-interest expenses are provided in the financial reports attached to the document.
  • Community Bank’s capital ratios continue to exceed “well capitalized” regulatory requirements

Dividend:

  • The Board of Directors declared a $0.50 per share cash dividend (aggregating $1.6 million) on its outstanding common stock for common shareholders of record as of November 15, 2017 and payable on or about December 1, 2017. This represents the twelfth consecutive quarter that the Bank has declared a dividend since introducing a formal dividend practice. The dividend was approved at the regularly scheduled Board of Directors meeting held on October 26, 2017.

CBank is pleased to include the following as market makers in Community Bank stock. Community Bank stock trades on OTC pink sheets under the ticket of CYHT. Contact information for our market makers is as follows:

Raymond James & Associates

D.A. Davidson & Co.

John T. Cavender, SVP Financial Institutions Michael R. Natzic, Senior Vice President
415-616-8935 1-800-288-2811

John.cavender@raymondjames.com

mnatzic@dadco.com

http://www.raymondjames.com

https://dadavidson.com

Keefe Bruyette & Woods, a Stifel Company

Sandler O’Neill + Partners, L.P.

Cathy Bellina, Equity Trader Tom Thurston, Principal
212-887-8996 1-212-466-8027

cbellina@kbw.com

tthurston@sandleroneill.com

www.kbw.com

http://www.sandleroneill.com/

Wedbush Securities

Joey Warmenhoven, Managing Director Community Banking Group
1-866-662-0351

Joey.warmenhoven@wedbush.com

https://www.wedbush.com/

Community Bank, partnering to be YOUR community bank, has offices in Anaheim, Burbank, Century City, Commerce, Corona, Glendale, Huntington Beach, Irvine, Laguna Niguel, Ontario, Pasadena, Redlands, Santa Clarita, Santa Fe Springs, South Bay, and Woodland Hills. For more information, visit the Community Bank Website at www.cbank.com.

This press release contains certain forward-looking statements, including certain plans, expectations, goals and projections, which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.

COMMUNITY BANK - FINANCIAL HIGHLIGHTS
(Unaudited)
(Amounts in Thousands, except shares and per share data)
As of
As of September 30, Dollar Percent December 31, September 30, Dollar Percent
BALANCE SHEET 2016 2017 Change Change 2016 2017 Change Change
Cash and cash equivalents $ 38,304 $ 48,546 $ 10,242 26.7 % $ 47,552 $ 48,546 $ 994 2.1 %
Investments 886,522 887,257 735 0.1 % 913,781 887,257 (26,524 ) (2.9 %)
FHLB Stock 17,250 17,250 - - 17,250 17,250 - -
Non-owner occupied real estate loans 826,728 883,199 56,471 6.8 % 823,621 883,199 59,578 7.2 %
Owner occupied real estate loans 1,063,247 1,175,410 112,163 10.5 % 1,078,652 1,175,410 96,758 9.0 %
Total real estate loans 1,889,975 2,058,609 168,634 8.9 % 1,902,273 2,058,609 156,336 8.2 %
Commercial & industrial loans 567,365 585,369 18,004 3.2 % 545,332 585,369 40,037 7.3 %
Other loans 44,630 43,303 (1,327 ) (3.0 %) 46,902 43,303 (3,599 ) (7.7 %)
Total loans 2,501,970 2,687,281 185,311 7.4 % 2,494,507 2,687,281 192,774 7.7 %
Loan loss reserve (35,826 ) (35,345 ) 481 (1.3 %) (35,166 ) (35,345 ) (179 ) 0.5 %
Net loans 2,466,144 2,651,936 185,792 7.5 % 2,459,341 2,651,936 192,595 7.8 %
Other assets 129,206 135,723 6,517 5.0 % 147,035 135,723 (11,312 ) (7.7 %)
Total assets $ 3,537,426 $ 3,740,712 $ 203,286 5.7 % $ 3,584,959 $ 3,740,712 $ 155,753 4.3 %
Earning assets $ 3,409,264 $ 3,601,919 $ 192,655 5.7 % $ 3,440,426 $ 3,601,919 $ 161,493 4.7 %
Non-interest bearing deposits $ 1,032,914 $ 1,188,818 $ 155,904 15.1 % $ 1,047,221 $ 1,188,818 $ 141,597 13.5 %
Interest bearing deposits 1,650,809 1,682,461 31,652 1.9 % 1,634,773 1,682,461 47,688 2.9 %
Total deposits 2,683,723 2,871,279 187,556 7.0 % 2,681,994 2,871,279 189,285 7.1 %
Borrowings - short term 162,000 166,000 4,000 2.5 % 228,000 166,000 (62,000 ) (27.2 %)
Borrowings - long term 320,000 315,000 (5,000 ) (1.6 %) 315,000 315,000 - -
Other liabilities 29,933 31,888 1,955 6.5 % 32,256 31,888 (368 ) (1.1 %)
Total liabilities 3,195,656 3,384,167 188,511 5.9 % 3,257,250 3,384,167 126,917 3.9 %
Stockholders' equity 341,770 356,545 14,775 4.3 % 327,709 356,545 28,836 8.8 %

Total liabilities & stockholders' equity

$ 3,537,426 $ 3,740,712 $ 203,286 5.7 % $ 3,584,959 $ 3,740,712 $ 155,753 4.3 %
Shares outstanding 3,128,266 3,134,095 3,128,266 3,134,095
September 30, Minimum Ratios for a
CAPITAL RATIOS 2016 2017 Well-Capitalized Bank
Tier 1 leverage capital 9.17 % 9.50 % 5.00 %
Tier 1 risk-based capital 10.88 % 11.14 % 8.00 %
Total risk-based capital 12.11 % 12.29 % 10.00 %
Common equity tier 1 capital 10.88 % 11.14 % 6.50 %
For the Quarters Ended For the Nine Months Ended
September 30, September 30,
Dollar Percent Dollar Percent
INCOME STATEMENT 2016 2017 Change Change 2016 2017 Change Change
Interest income $ 32,140 $ 35,256 $ 3,116 9.7 % $ 96,408 $ 100,952 $ 4,544 4.7 %
Interest expense 3,687 4,439 752 20.4 % 9,869 12,440 2,571 26.1 %
Net interest income 28,453 30,817 2,364 8.3 % 86,539 88,512 1,973 2.3 %
Provision for loan losses 1,200 (4,000 ) (5,200 ) (433.3 %) 3,450 (4,600 ) (8,050 ) (233.3 %)
Net interest income after provision 27,253 34,817 7,564 27.8 % 83,089 93,112 10,023 12.1 %
Non-interest income 2,665 2,353 (312 ) (11.7 %) 11,335 7,475 (3,860 ) (34.1 %)
Non-interest expense 19,086 20,598 1,512 7.9 % 57,791 57,764 (27 ) (0.0 %)
Income before income tax 10,832 16,572 5,740 53.0 % 36,633 42,823 6,190 16.9 %
Income tax 4,094 6,431 2,337 57.1 % 14,038 16,541 2,503 17.8 %
Net income $ 6,738 $ 10,141 $ 3,403 50.5 % $ 22,595 $ 26,282 $ 3,687 16.3 %
For the Quarters Ended For the Nine Months Ended
September 30, September 30,
Selected Financial Data and Highlights 2016 2017 2016 2017
Return on average equity 7.88 % 11.40 % 9.12 % 10.24 %
Return on average assets 0.75 % 1.08 % 0.83 % 0.96 %
Earning Asset Yields 3.68 % 3.88 % 3.68 % 3.81 %
Cost of Funds 0.42 % 0.49 % 0.37 % 0.47 %
Net interest margin 3.26 % 3.39 % 3.31 % 3.34 %
Efficiency ratio 61.50 % 62.29 % 59.10 % 60.23 %
Book value per common share $ 109.25 $ 113.76
Basic earnings per common share $ 2.15 $ 3.24 $ 7.22 $ 8.39
Diluted earnings per common share $ 2.15 $ 3.23 $ 7.22 $ 8.38
Weighted average shares outstanding - basic 3,128,266 3,134,095 3,128,266 3,133,262
Weighted average shares outstanding - dilutive 3,128,266 3,137,712 3,128,266 3,135,730
Dividend declared $ 0.50 $ 0.50 $ 1.50 $ 1.50
For the Nine Months Ended
September 30,
Non-interest income 2016 2017
Service charges on deposits $ 2,883 $ 3,056
Fees and commissions 1,658 1,493
Bank owned life insurance 1,183 1,154
Gain on sale of OREO / fixed / other assets 1,714 530
Gain (loss) on sale of securities 83 89
Gain on sale of loans 3,593 138
Other non-interest income 221 1,015
Total non-interest income $ 11,335 $ 7,475
Non-interest expense
Salary and employee benefits $ 40,866 $ 44,078
Deferral of loan origination costs (1,724 ) (4,644 )
Other expense 18,649 18,330
Total non-interest expense $ 57,791 $ 57,764
COMMUNITY BANK - FINANCIAL HIGHLIGHTS
ALLL Trend and Statistics (Unaudited)
(Amounts in Thousands)
For the Nine Months Ended
ALLL ROLLFORWARD September 30, 2016 September 30, 2017
Beginning Balance $ 36,327 $ 35,166
Provision for / (Release of) Loan Losses 3,450 (4,600 )
Charge Offs (4,220 ) (475 )
Recoveries 269 5,254
Net (Charge Offs) Recoveries (3,951 ) 4,779
Ending Balance $ 35,826 $ 35,345
Period End Loan Balance $ 2,501,970 $ 2,687,281
Average Loan Balance for the period $ 2,517,870 $ 2,575,916
ASSET QUALITY INDICATORS
Non-Performing Loans 6,132 3,951
OREO 3,093 825
Total Non-Performing Assets (NPA) $ 9,225 $ 4,776
Criticized Loan Totals $ 78,351 $ 26,955
Loans and Leases 30 - 89 days past due 2,129 1,624
Loans and Leases >89 days past due 51 -
Total Delinquent Loans and Leases $ 2,180 $ 1,624
Delinquent Loans and Leases to Total Loans 0.09 % 0.06 %
Net Charge Offs to Avg Loans (Annualized) -0.21 % 0.25 %
NPL as a % of Total Loans 0.25 % 0.15 %
NPA as a % of Total Loans + OREO 0.37 % 0.18 %
ALLL/Non Performing loans 584.2 % 894.6 %
ALLL as a % of Total Loans 1.43 % 1.32 %
COMMUNITY BANK - FINANCIAL HIGHLIGHTS
ALLL Trend and Statistics (Unaudited)
(Amounts in Thousands)
For the Quarters Ended
ALLL ROLLFORWARD September 30, 2016 December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017
Beginning Balance $ 34,489 $ 35,826 $ 35,166 $ 33,449 $ 34,824
Provision for / (Release of) Loan Losses 1,200 3,498 (1,600 ) 1,000 (4,000 )
Charge Offs (5 ) (4,941 ) (295 ) (24 ) (156 )
Recoveries 142 783 178 399 4,677
Net Charge Offs 137 (4,158 ) (117 ) 375 4,521
Ending Balance $ 35,826 $ 35,166 $ 33,449 $ 34,824 $ 35,345
Period End Loan Balance $ 2,501,970 $ 2,494,507 $ 2,516,523 $ 2,649,690 $ 2,687,281
Average Loan Balance for the period $ 2,522,881 $ 2,481,496 $ 2,510,592 $ 2,563,327 $ 2,652,270
ASSET QUALITY INDICATORS
Non-Performing Loans 6,132 16,188 14,979 12,157 3,951
OREO 3,093 3,000 - - 825
Total Non-Performing Assets (NPA) $ 9,225 $ 19,188 $ 14,979 $ 12,157 $ 4,776
Criticized Loan Totals $ 78,351 $ 66,196 $ 25,893 $ 22,366 $ 26,955
Loans and Leases 30 - 89 days past due 2,129 2,708 494 701 1,624
Loans and Leases >89 days past due 51 2 - - -
Total Delinquent Loans and Leases $ 2,180 $ 2,710 $ 494 $ 701 $ 1,624
Delinquent Loans and Leases to Total Loans 0.09 % 0.11 % 0.02 % 0.03 % 0.06 %
Net Charge Offs to Avg Loans (Annualized) 0.02 % -0.67 % -0.02 % 0.06 % 0.68 %
NPL as a % of Total Loans 0.25 % 0.65 % 0.60 % 0.46 % 0.15 %
NPA as a % of Total Loans + OREO 0.37 % 0.77 % 0.60 % 0.46 % 0.18 %
ALLL/Non Performing loans 584.2 % 217.2 % 223.3 % 286.5 % 894.6 %
ALLL as a % of Total Loans 1.43 % 1.41 % 1.33 % 1.31 % 1.32 %
COMMUNITY BANK - FINANCIAL HIGHLIGHTS
AVERAGE BALANCE SHEET AND YIELDS
(Unaudited)
For the Nine Months Ended For the Nine Months Ended
(In thousands) September 30, 2016 September 30, 2017
Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate
INTEREST EARNING ASSETS
Loans and leases $ 2,517,870 $ 80,234 4.26 % $ 2,575,916 $ 84,890 4.41 %
Investment securities 940,303 14,879 2.11 % 924,527 14,866 2.14 %
FHLB Stock/Dividends 19,246 1,227 8.52 % 17,976 1,028 7.65 %
FFSold/Fed balances/Due from Time 19,082 68 0.47 % 22,104 168 1.00 %
Total Earning Assets 3,496,501 96,408 3.68 % 3,540,523 100,952 3.81 %
Nonearning assets 123,311 138,154
Total Assets $ 3,619,812 $ 3,678,677
INTEREST BEARING LIABILITIES
Time deposits 622,679 3,167 0.68 % 575,797 4,176 0.97 %
Interest bearing demand 192,177 363 0.25 % 78,722 92 0.16 %
Money market 829,185 2,082 0.34 % 915,936 2,671 0.39 %
Savings and other 37,968 14 0.05 % 45,282 19 0.06 %
Total Interest Bearing Deposits 1,682,009 5,626 0.45 % 1,615,737 6,958 0.58 %
Borrowings - short term 363,409 1,224 0.45 % 275,845 1,834 0.89 %
Borrowings - long term 231,569 3,019 1.74 % 314,498 3,648 1.55 %
Total Interest Bearing Liabilities 2,276,987 9,869 0.58 % 2,206,080 12,440 0.75 %
Non-interest bearing deposits 986,641 1,097,516
Accrued interest payable and
other liabilities 25,153 32,053
Total Liabilities 3,288,781 3,335,649
Shareholders' equity 331,031 343,028
Total Liabilities and
Shareholders' Equity $ 3,619,812 $ 3,678,677
Net Interest Spread 3.10 % 3.06 %
Effect of noninterest-bearing sources 0.21 % 0.28 %
Net Interest Income and Margin $ 86,539 3.31 % $ 88,512 3.34 %
COMMUNITY BANK - FINANCIAL HIGHLIGHTS
AVERAGE BALANCE SHEET AND YIELDS
(Unaudited)
Quarters Ended
(In thousands) September 30, 2016 December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017
Average Yield/ Average Yield/ Average Yield/ Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate Balance Interest Rate Balance Interest Rate Balance Interest Rate
INTEREST EARNING ASSETS
Loans and leases $ 2,522,881 $ 27,008 4.26 % $ 2,481,496 $ 26,229 4.20 % $ 2,510,592 $ 26,124 4.22 % $ 2,563,327 $ 28,702 4.49 % $ 2,652,270 $ 30,064 4.50 %
Investment securities 911,566 4,654 2.04 % 889,076 4,672 2.10 % 924,218 5,031 2.18 % 937,691 5,045 2.15 % 911,808 4,790 2.10 %
FHLB Stock/Dividends 18,576 453 9.70 % 17,250 1,049 24.19 % 18,170 394 8.79 % 18,388 314 6.85 % 17,378 320 7.31 %
FFSold/Fed balances/Due from Time 20,076 25 0.49 % 19,861 26 0.51 % 18,194 33 0.73 % 20,743 53 1.01 % 27,274 82 1.18 %
Total Earning Assets 3,473,099 32,140 3.68 % 3,407,683 31,976 3.73 % 3,471,174 31,582 3.69 % 3,540,149 34,114 3.87 % 3,608,730 35,256 3.88 %
Nonearning assets 123,289 136,952 145,407 139,026 130,200
Total Assets $ 3,596,388 $ 3,544,635 $ 3,616,581 $ 3,679,175 $ 3,738,930
INTEREST BEARING LIABILITIES
Time deposits 672,316 1,281 0.76 % 602,108 1,213 0.80 % 568,364 1,216 0.87 % 588,910 1,438 0.98 % 570,096 1,522 1.06 %
Interest bearing demand 145,247 82 0.22 % 81,051 34 0.17 % 84,890 34 0.16 % 75,851 29 0.15 % 75,528 29 0.15 %
Money market 897,030 822 0.36 % 931,832 845 0.36 % 887,016 800 0.37 % 880,323 837 0.38 % 979,452 1,034 0.42 %
Savings and other 40,208 5 0.05 % 43,456 5 0.05 % 43,992 6 0.06 % 44,248 6 0.05 % 47,567 7 0.06 %
Total Interest Bearing Deposits 1,754,801 2,190 0.50 % 1,658,447 2,097 0.50 % 1,584,262 2,056 0.53 % 1,589,332 2,310 0.58 % 1,672,643 2,592 0.61 %
Borrowings - short term 138,272 149 0.43 % 128,587 155 0.48 % 327,984 560 0.69 % 288,088 641 0.89 % 212,728 633 1.18 %
Borrowings - long term 336,169 1,348 1.60 % 318,261 1,236 1.54 % 315,000 1,193 1.54 % 313,494 1,241 1.59 % 315,000 1,214 1.53 %
Total Interest Bearing Liabilities 2,229,242 3,687 0.66 % 2,105,295 3,488 0.66 % 2,227,246 3,809 0.69 % 2,190,914 4,192 0.77 % 2,200,371 4,439 0.80 %
Non-interest bearing deposits 1,000,650 1,070,434 1,023,236 1,113,374 1,154,496
Accrued interest payable and
other liabilities 26,253 33,160 34,141 31,019 31,037
Total Liabilities 3,256,145 3,208,889 3,284,623 3,335,307 3,385,904
Shareholders' equity 340,243 335,746 331,958 343,868 353,026
Total Liabilities and
Shareholders' Equity $ 3,596,388 $ 3,544,635 $ 3,616,581 $ 3,679,175 $ 3,738,930
Net Interest Spread 3.02 % 3.07 % 3.00 % 3.10 % 3.08 %
Effect of noninterest-bearing sources 0.24 % 0.25 % 0.24 % 0.29 % 0.31 %
Net Interest Income and Margin $ 28,453 3.26 % $ 28,488 3.33 % $ 27,773 3.24 % $ 29,922 3.39 % $ 30,817 3.39 %
COMMUNITY BANK - FINANCIAL HIGHLIGHTS
(Unaudited)
(Amounts in Thousands, except per share data)
As of
BALANCE SHEET September 30, 2016 December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017
Cash and cash equivalents $ 38,304 $ 47,552 $ 57,612 $ 59,386 $ 48,546
Investments 886,522 913,781 924,826 924,821 887,257
FHLB Stock 17,250 17,250 18,765 17,512 17,250
Non-owner occupied real estate loans 826,728 823,621 824,506 883,811 883,199
Owner occupied real estate loans 1,063,247 1,078,652 1,095,176 1,145,592 1,175,410
Total real estate loans 1,889,975 1,902,273 1,919,682 2,029,403 2,058,609
Commercial & industrial loans 567,365 545,332 555,708 576,854 585,369
Other loans 44,630 46,902 41,133 43,433 43,303
Total loans 2,501,970 2,494,507 2,516,523 2,649,690 2,687,281
Loan loss reserve (35,826 ) (35,166 ) (33,449 ) (34,824 ) (35,345 )
Net loans 2,466,144 2,459,341 2,483,074 2,614,866 2,651,936
Other assets 129,206 147,035 140,766 132,863 135,723
Total assets $ 3,537,426 $ 3,584,959 $ 3,625,043 $ 3,749,448 $ 3,740,712
Earning assets $ 3,409,264 $ 3,440,426 $ 3,479,318 $ 3,614,466 $ 3,601,919
Non-interest bearing deposits $ 1,032,914 $ 1,047,221 $ 1,055,942 $ 1,135,140 $ 1,188,818
Interest bearing deposits 1,650,809 1,634,773 1,589,917 1,611,711 1,682,461
Total deposits 2,683,723 2,681,994 2,645,859 2,746,851 2,871,279
Borrowings - short term 162,000 228,000 300,000 313,000 166,000
Borrowings - long term 320,000 315,000 315,000 315,000 315,000
Other liabilities 29,933 32,256 28,452 27,782 31,888
Total liabilities 3,195,656 3,257,250 3,289,311 3,402,633 3,384,167
Stockholders' equity 341,770 327,709 335,732 346,815 356,545
Total liabilities & stockholders'equity $ 3,537,426 $ 3,584,959 $ 3,625,043 $ 3,749,448 $ 3,740,712
DEPOSIT COMPONENTS
Treasury deposits $ 410,496 $ 385,662 $ 399,970 $ 407,647 $ 416,431
Core Bank deposits 2,273,227 2,296,332 2,245,889 2,339,204 2,454,848
Total Deposits $ 2,683,723 $ 2,681,994 $ 2,645,859 $ 2,746,851 $ 2,871,279
Core deposits / total deposits 84.70 % 85.62 % 84.88 % 85.16 % 85.50 %
Non-interest bearing deposits/core deposits 45.44 % 45.60 % 47.02 % 48.53 % 48.43 %
As of
CAPITAL RATIOS September 30, 2016 December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017
Tier 1 leverage capital 9.17 % 9.36 % 9.35 % 9.39 % 9.50 %
Tier 1 risk-based capital 10.88 % 10.88 % 11.08 % 10.97 % 11.14 %
Total risk-based capital 12.11 % 12.08 % 12.21 % 12.11 % 12.29 %
Common equity tier 1 capital 10.88 % 10.88 % 11.08 % 10.97 % 11.14 %
For the Quarters Ended
INCOME STATEMENT September 30, 2016 December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017
Interest income $ 32,140 $ 31,976 $ 31,582 $ 34,114 $ 35,256
Interest expense 3,687 3,488 3,809 4,192 4,439
Net interest income 28,453 28,488 27,773 29,922 30,817
Provision for loan losses 1,200 3,498 (1,600 ) 1,000 (4,000 )
Net interest income after provision 27,253 24,990 29,373 28,922 34,817
Non-interest income 2,665 1,972 1,981 3,141 2,353
Non-interest expense 19,086 20,537 18,730 18,436 20,598
Income before income tax 10,832 6,425 12,624 13,627 16,572
Income tax 4,094 2,197 4,837 5,273 6,431
Net income $ 6,738 $ 4,228 $ 7,787 $ 8,354 $ 10,141
For the Quarters Ended
PERFORMANCE AND PER SHARE DATA September 30, 2016 December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017
Return on average equity 7.88 % 5.01 % 9.51 % 9.74 % 11.40 %
Return on average assets 0.75 % 0.47 % 0.87 % 0.91 % 1.08 %
Earning Asset Yields 3.68 % 3.73 % 3.69 % 3.87 % 3.88 %
Cost of Funds 0.42 % 0.40 % 0.45 % 0.48 % 0.49 %
Net interest margin 3.26 % 3.33 % 3.24 % 3.39 % 3.39 %
Efficiency ratio 61.50 % 67.42 % 62.92 % 55.76 % 62.29 %
Book value per common share $ 109.25 $ 104.76 $ 107.12 $ 110.66 $ 113.76
Basic earnings per common share $ 2.15 $ 1.35 $ 2.49 $ 2.67 $ 3.24
Diluted earnings per common share $ 2.15 $ 1.35 $ 2.49 $ 2.66 $ 3.23
For the Quarters Ended
September 30, 2016 December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017
Non-interest income
Service charges on deposits $ 964 $ 955 $ 1,021 $ 1,022 $ 1,013
Fees and commissions 611 576 502 503 488
Bank owned life insurance 391 393 353 384 417
Gain on sale of OREO / fixed / other assets (18 ) (12 ) 8 521 1
Gain (loss) on sale of securities 83 - (15 ) - 104
Gain on sale of loans 585 6 63 19 56
Other non-interest income 49 54 49 692 274
Total non-interest income $ 2,665 $ 1,972 $ 1,981 $ 3,141 $ 2,353
Non-interest expense
Salary and employee benefits 13,622 15,923 14,595 14,302 15,181
Deferral of loan origination costs (668 ) (1,231 ) (1,256 ) (1,896 ) (1,492 )
Other expense 6,132 5,845 5,391 6,030 6,909
Total non-interest expense $ 19,086 $ 20,537 $ 18,730 $ 18,436 $ 20,598

View source version on businesswire.com: http://www.businesswire.com/news/home/20171027005876/en/

Community Bank
J. Duncan Smith, Chief Financial Officer
(626) 568-2009

Source: Community Bank