IRVINE, Calif.?(BUSINESS WIRE)?
Orange County Business Bank (the ?Bank?) (OCBB) announced
financial results for the three months and nine months ended September
30, 2012.
The Bank?s net income for the three months ended September 30, 2012 was
$693 thousand versus a net loss of $84 thousand for the same period in
2011. The Bank reported net income for the first nine months of 2012 of
$567 thousand versus a net loss of $221 thousand for the same period in
2011.
The Bank?s net interest income for the three months ended September 30,
2012 was $1.0 million versus $1.3 million a year ago. The difference of
$300 thousand in net interest income was primarily driven by a decrease
in the total loans outstanding. As the economy has stagnated, the Bank
has not been able to replace the loans that have paid off. The provision
for loan and lease losses was a benefit of $1 million. Non-interest
income for the three months ended September 30, 2012 was $420 thousand
versus $166 thousand for the same period last year as the Bank
repositioned its investment securities portfolio and earned increased
gains from the corresponding sale of securities comparing this quarter
to the same quarter a year ago. Non-interest expense was up for the
third quarter of 2012 over the same period in 2011, $1.8 million versus
$1.6 million, respectively due to restructuring costs and legal fees.
Net interest income after the release of reserves from the allowance for
loan and lease losses for the nine months ended September 30, 2012 was
$4.5 million versus $4.2 million for the same period in 2011. The
difference of $300 thousand was due to a decrease in loan interest
income. Non-interest income for the first nine months of 2012 was $1.1
million versus $485 thousand for the same period in 2011 due to the
increase in gains on sales of investment securities. Non-interest
expense was $5.0 million for the nine months ended September 30, 2012
versus $4.9 million for the same period in 2011.
As of September 30, 2012, the Bank had a ratio of Shareholders? Equity
to Total Assets of 22.6%. At September 30, 2012, the Bank?s assets
totaled $172.5 million, with loans totaling $78.8 million, and deposits
totaling $117.5 million. The Bank?s capital ratios continued to far
exceed regulatory guidelines for ?well-capitalized? institutions at
September 30, 2012.
Orange County Business Bank offers complete relationship banking
services for locally owned and operated businesses, professional
practices and commercial/industrial companies of Orange County and
adjacent markets. The Bank?s services include a broad selection of
depository as well as business loans and commercial real estate
financing products uniquely designed for each client. The Bank maintains
its administrative offices at 17901 Von Karman, Suite 100, Irvine,
California 92614. The Bank?s website is www.ocbusinessbank.com.
This press release includes ?forward-looking? statements within the
meaning of Section 27A of the Securities Act. All of the statements
contained in this press release, other than statements of historical
fact, should be considered forward-looking statements, including but not
limited to, any statements which may concern (i) the Bank?s strategies,
objectives and plans for expansion of its operations, product and
services, and growth of its portfolio of loans, deposits and
investments, (ii) the Bank?s beliefs and expectations regarding actions
that may be taken by regulatory authorities having oversight of the
Bank, (iii) the Bank?s beliefs as to the adequacy of the allowance for
loan losses, and (iv) the Bank?s beliefs and expectations of the future
operating results. Although the Bank believes the expectation reflected
in these forward-looking statements are reasonable, it can give no
assurance that these expectations will prove to have been correct. All
subsequent written and oral forward-looking statements by or
attributable to the Bank or persons acting on its behalf are expressly
qualified in their entirety by this qualification. Investors are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof and are not intended
to give any assurance as to future results. The Bank undertakes no
obligation to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events.
?
?
As of and for the
?
?
?
As of and for the
Three Months Ended September 30,
Nine Months Ended September 30,
?
2012
?
?
?
?
?
2011
?
?
2012
?
?
?
?
?
2011
?
Operating Data
Interest income
$
1,291,000
$
1,605,000
$
4,206,000
$
5,117,000
Interest expense
?
250,000
?
?
300,000
?
?
752,000
?
?
935,000
?
Net interest income
1,041,000
1,305,000
3,454,000
4,182,000
Reduction in allowance for loan and lease losses
?
(1,000,000
)
?
-
?
?
(1,000,000
)
?
-
?
Net interest income after reduction in allowance
for loan and lease losses
2,041,000
1,305,000
4,454,000
4,182,000
Non-interest income
420,000
166,000
1,107,000
485,000
Non-interest expense
?
1,768,000
?
?
1,591,000
?
?
4,994,000
?
?
4,924,000
?
Income before provision for income taxes
693,000
(120,000
)
567,000
(257,000
)
Provision for income taxes
?
-
?
?
(36,000
)
?
-
?
?
(36,000
)
Net income
$
693,000
?
$
(84,000
)
$
567,000
?
$
(221,000
)
?
Per Share Data and Other Ratios
Net Earnings (loss) ? Basic
$
0.15
$
(0.02
)
$
0.12
$
(0.05
)
Return (loss) on Average Assets
1.59
%
(0.18
%)
0.44
%
(0.16
%)
Return (loss) on Average Equity
7.28
%
(0.88
%)
1.98
%
(0.77
%)
Net Interest Margin
2.48
%
2.84
%
2.82
%
3.06
%
?
?
September 30, 2012
December 31, 2011
Balance Sheet Data and Related Ratios
Total Assets
$
172,547,000
$
168,690,000
Total Loans
78,812,000
103,536,000
Allowance for Loan Losses (ALLL)
1,928,000
2,849,000
Investment Securities
48,848,000
34,688,000
Total Deposits
117,500,000
108,267,000
Total Shareholders? Equity
39,001,000
38,365,000
ALLL as a Percentage of Total Loans
2.45
%
2.75
%
Book Value
$
8.25
$
8.12
Actual Number of Shares Outstanding
4,724,576
4,724,576
Article source: http://finance.yahoo.com/news/orange-county-business-bank-announces-014000608.html
Source: http://www.newstonews.com/2012/11/04/orange-county-business-bank-announces-financial-results/
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