SOURCE: Community Bank of the Bay
November 01, 2010 09:00 ET
Community Bank of the Bay Releases Its Financial Results for the Third Quarter 2010 With a $92,873 Profit for the Quarter
OAKLAND, CA--(Marketwire - November 1, 2010) - Community Bank of the Bay (OTCBB: CBYAA) releases its earnings for the third quarter of 2010.
Financial performance highlights for the three months ended September 30, 2010
- Profit of $92,873 for the third quarter compared to a loss of $234,138 for the third quarter of the prior year
- 61.2% asset growth year over year
- 62.5% loan growth year over year
- 50% deposit growth year over year
- Strong capital ratios with a Tier 1 leverage ratio of 13.07% and total risk based capital of 18.77%
"We are proud of the progress we have made in these challenging times with a profit of $92,873 for the third quarter of 2010 compared to a loss of $234,138 in the third quarter of 2009," stated Brian K. Garrett, Chief Executive Officer. "We continue to grow especially in our new markets of Danville and the Silicon Valley. We just received $2.313 Million in new capital as part of the Community Development Capital Initiative program. This additional capital will allow the Bank to continue to meet the funding needs of San Francisco Bay Area businesses."
William Keller, President/Chief Operating Officer, also noted that, "The Bank was recently notified that we have been chosen to receive a Bank Enterprise Award of $600,000 from the United States Treasury. This was the maximum amount awarded to Community Development Financial Institutions who successfully increased lending to small and medium-sized businesses in their market areas during 2009. This is the fifth straight year that the Bank has earned this award."
Other financial highlights are Assets as of September 30, 2010 were $114.3MM, and represented an increase of $43.4MM compared to September 30, 2009. With total Bank Equity Capital of $14.7MM our Tier 1 risk-based capital ratio of 17.51% exceeds the FDIC's definition for a "well capitalized" institution. Net Loans totaled $78.5MM and represented an increase of $30.2MM from the prior year and $7.7M from the prior quarter, while total Deposits of $90.3MM represented an increase of $30.1MM from the prior year and $3.4MM from the prior quarter.
Community Bank of the Bay serves the financial needs of a variety of commercial customers including businesses, professional service firms and nonprofit organizations. Information on the bank is available online at www.communitybankbay.com. Community Bank of the Bay is a member of the FDIC.