SOURCE: Community Bank of the Bay
OAKLAND, CA--(Marketwire - May 3, 2011) - Community Bank of the Bay (OTCBB: CBYAA) announces a profit of $106,346 for the first quarter of 2011.
Financial performance highlights for the three months ended March 31, 2011:
- Strong capital ratios with a Tier 1 leverage ratio of 12.37 % and total risk based capital of 17.09%
- 38.2% asset growth year over year
- 37.0% loan growth year over year
- 36.3% deposit growth year over year
"This is our third consecutive quarter of profitability. We are proud of the progress we have made, evidenced by a profit of $106,346 for the first quarter of 2011 compared to a loss of $482,048 in the first quarter of 2010," stated Brian K. Garrett, Chief Executive Officer. "We continue to grow through our relationships in the San Jose, Danville and Oakland markets.
Community Bank of the Bay provided the following further detail. Total assets as of March 31, 2011 were $122.9 million, and represented an increase of $33.9 million compared to March 31, 2010, Net loans totaled $88.2 million and represented an increase of $23.8 million from the prior year, while total deposits of $97.4 million represented an increase of $25.9 million from the prior year. With total shareholder capital of $14.9 million, the Tier 1 risk-based capital ratio of 15.82% exceeds the FDIC's definition of a "well capitalized" institution.
"Our focus remains on true relationship banking and we have seen increased activity in all of our markets," said William Keller, President and Chief Operating Officer. "Not only do we continue to attract new core banking relationships, but many of our existing clients are seeing more opportunities and we are working with them to assist in their success."
Community Bank of the Bay serves the financial needs of a variety of commercial customers including businesses and professional service firms. Information on the bank is available online at www.communitybankbay.com. Community Bank of the Bay is a member of the FDIC.