|By Marketwired .||
|July 28, 2014 02:40 PM EDT||
OAKLAND, CA -- (Marketwired) -- 07/28/14 -- Community Bank of the Bay (OTCBB: CBYAA), a San Francisco Bay Area commercial Bank with locations in Oakland, Danville, San Jose and San Mateo, reported Net Income of $483 thousand for the quarter ended June 30, 2014, including a tax loss carry forward of $133 thousand.
2014 Second Quarter Financial Highlights
- Net Income for the 2014 First Quarter totaled $483 thousand, or $0.13 earnings per common share. Operating Income net of the tax loss carry forward totaled $350 thousand, or $0.10 earnings per common share, an increase of $106 thousand, or 43 percent, from $244 thousand reported in the 2013 Second Quarter.
- Total assets at June 30, 2014 were $191.8 million compared to $170.5 million at June 30, 2013. Average earning assets for the 2014 Second Quarter reached $180.7 million, an increase of $29.7 million, or 19.7 percent, compared with the 2013 Second Quarter.
- Deposits increased $88 thousand to $169.4 million from the prior quarter. Deposits increased $21.3 million or 14.4 percent from the prior year.
- Loans increased $15.1 million to $145.3 million in the Second Quarter of 2014, and represented a 11.6 percent increase from the prior quarter. Loans increased $26.2 million or 22 percent from the prior year.
- Non-Accrual Loans decreased $864 thousand to $3.4 million in the Second Quarter, and represent 2.34 percent of Total Loans.
- Net Interest Margin decreased twenty-one basis points to 4.05 percent, compared with 4.25 percent for the 2014 First Quarter and decreased twenty-three basis points from 4.27 percent for the 2013 Second Quarter.
- Capital Levels remain well above FDIC "Well Capitalized" standards. Second Quarter 2014 Equity of $20.3 million increased 13 percent from the prior year and resulted in Tier 1 Leverage of 10.82 percent and Tier 1 Risk-Based and Total Risk-Based Capital Ratios of 13.24 percent and 14.49 percent respectively.
"After strong deposit growth in the first quarter we saw very strong loan growth on this quarter. Most of this loan growth occurred near quarter end so we expect to see the associated revenue growth in the coming quarter. We continue to have a strong pipeline of new business and are gratified that the market is recognizing our form of relationship banking," said William S. Keller, President and Chief Executive Officer. "We also continue to make progress on important initiatives such as a financial literacy campaign and the restructuring of the Bay Area Green Fund. A unique FDIC-insured deposit account that allows clients to direct their funds to environmentally sustainable projects and businesses."
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, San Jose and San Mateo, CA. It is also California's first certified Community Development Financial Institution and one of only three operating in the Northern California market. The bank is recognized for establishing the Bay Area Green Fund to provide financing to sustainable businesses and projects and supports environmentally responsible values. Additional information on the bank is available online at www.BankCBB.com.
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.
William S. Keller
President & CEO
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
May. 27, 2016 04:15 AM EDT Reads: 2,263
SYS-CON Events announced today that Isomorphic Software will exhibit at SYS-CON's [email protected] at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, high-productivity enterprise web applications for any device. SmartClient couples the industry’s broadest, deepest UI component set with a java server framework to deliver an end-...
May. 27, 2016 03:00 AM EDT Reads: 2,054
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 27, 2016 01:45 AM EDT Reads: 2,084
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
May. 27, 2016 01:30 AM EDT Reads: 2,141
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
May. 27, 2016 01:30 AM EDT Reads: 1,951
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
May. 27, 2016 01:00 AM EDT Reads: 1,883
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 27, 2016 12:45 AM EDT Reads: 2,773
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
May. 27, 2016 12:45 AM EDT Reads: 2,708
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 27, 2016 12:15 AM EDT Reads: 1,359
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 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 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...
May. 27, 2016 12:00 AM EDT Reads: 3,046
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
May. 27, 2016 12:00 AM EDT Reads: 1,205
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 27, 2016 12:00 AM EDT Reads: 1,149
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
May. 26, 2016 11:30 PM EDT Reads: 2,564
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 26, 2016 11:00 PM EDT Reads: 1,249
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 26, 2016 10:45 PM EDT Reads: 685