Welcome!

News Feed Item

Community Bank of the Bay Announces Unaudited 2012 Fourth Quarter and Full Year Earnings

OAKLAND, CA -- (Marketwire) -- 02/06/13 -- Community Bank of the Bay (OTCBB: CBYAA), a San Francisco Bay Area commercial bank with locations in Oakland, Danville and San Jose, announced unaudited operating results for its fourth quarter and fiscal year ending December 31, 2012.

2012 Fourth Quarter and Full Year Financial Highlights

  • Net Income for the 2012 Fourth Quarter totaled $791 thousand, or $0.19 earnings per share. Year-to-date net income totaled $1,389 thousand, or $0.33 earnings per share.

  • During the Fourth Quarter the Bank received a $415 thousand Bank Enterprise Award ("BEA") from the US Treasury's Community Development Fund. This is the seventh consecutive year that the Bank has received an award under this program and the twelfth in the Bank's history.

  • Fourth Quarter Net Income included non-recurring income of $691 thousand due to the reversal of a previously accrued deferred liability.

  • Deposits increased $6.4 million to $130.9 million in the Fourth Quarter of 2012, and represented a 5.1% increase from the prior quarter. Deposits increased $25.7 million or 24.4% from the prior year.

  • Loans increased $10.5 million to $109.9 million in the Fourth Quarter of 2012, and represented a 10.5% increase from the prior quarter. Loans increased $12.0 million or 12.2% from the prior year.

  • Non-Accrual Loans decreased $167 thousand to $3.2 million in the Fourth Quarter, and represent 2.91 percent of Total Loans. Other Assets Owned, including real estate decreased $226 thousand to $339 thousand in the Fourth Quarter. Combined Non-performing Assets totaled $3.5 million, and represent 2.28 percent of Total Assets.

  • Net Interest Margin increased five basis points to 4.50 percent, compared with 4.45 percent for the 2012 Third Quarter and decreased eighteen basis points from 4.68 percent for the 2011 Fourth Quarter.

  • Capital Levels remain well above FDIC "Well Capitalized" standards. Fourth Quarter 2012 Equity of $16.7 million resulted in Tier 1 Leverage of 11.30 percent and Tier 1 Risk-Based and Total Risk-Based Capital Ratios of 15.45 percent and 16.71 percent respectively.

Net income for 2012 totaled $1,389 thousand, or $0.19 earnings per share, versus a loss of $6 thousand for 2011. Net Income exclusive of the BEA and non-recurring events, such as the deferred liability reversal totaled $308.4 thousand, versus a loss in 2011 of $505.5 thousand.

Total assets at December 31, 2012 were $155.1 million compared to $128.5 million at December 31, 2011. Average earning assets for the 2012 fourth quarter reached $134.6 million, an increase of $13.8 million, or 11.4 percent, compared with the 2011 fourth quarter.

"We are pleased with the Bank's progress in 2012. We have taken important steps in assuring that the Bank has a solid foundation from which to continue its growth. During the past year the Bank added thirteen new members to our team and increased net staffing by seven. We relocated our Danville office to a new full service location, closed on the sale of our Oakland headquarters building, and most importantly, we added a significant number of new clients to our portfolio as evidenced by loan and deposit growth of 12.2% and 24.4% respectively.

"We are especially gratified to have been recognized for the twelfth time with a Bank Enterprise Award ("BEA") from the Community Development Financial Institution Fund of the US Treasury. Moreover, this is the third year in a row where the Fund has granted the Bank the maximum Award available based on its active participation in the marketplace. This Award is a clear indication that the Bank is making a real difference in the communities we serve.

"As we look to 2013 we expect to benefit from the increased earning asset base and anticipated cost savings from our new Oakland headquarters while we continue to make investments in personnel, especially in the important San Jose and Mid-Peninsula market areas," stated William S. Keller, President and Chief Executive Officer.

About Community Bank of the Bay

Community Bank of the Bay (OTCBB: CBYAA) serves the financial needs of closely held businesses and professional service firms, as well as their owner-operators and non-profit organizations throughout the San Francisco Bay Area. Community Bank of the Bay is a member of the FDIC, an SBA Preferred Lender, and a CDARS depository institution, headquartered in Oakland, with offices in Danville and San Jose, CA. It is also one of only two certified Community Development Financial Institutions in the Northern California market. The bank is recognized for establishing the Bay Area Green Fund to provide financing to sustainable businesses and supports environmentally responsible values. Additional information on the bank is available online at www.communitybankbay.com.

Forward-Looking Statements
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...