| LOS ANGELES, Apr 16, 2010 (BUSINESS WIRE) -- California
Business Bank /quotes/comstock/11k!cabb (CABB 2.75, 0.00, 0.00%)
("CBB") announced today its 1st quarter 2010 unaudited ("Q-1-10")
results. CBB reported a net operating profit of $9.9 thousand for
the 1st quarter 2010, or ($0.005) per share, compared to Q1-2009
net operating loss of $172 thousand or ($0.09) per share. The Bank
continued to make improvement in the level of Non-Performing Assets
("NPA") that decreased to 35.4% of Tier-1 Capital as of Q-1-10 from
a high of 69.0% of Tier-1 Capital as of Q-3-09 and from 38.0% as of
Q-4-09. To learn more about business and franchises targeting California click here.... ASSETS: (000)
-- Total Assets decreased by $11.4 million or 9.51% comparing Q-1-10 to Q-1-09. Total Assets decreased by $6.9 million comparing Q-1-10 to FYE-09 to $108.4 million. The decrease in Total Assets from FYE-09 to Q-1-10 resulted from a decrease in cash and investment of $5.8 million, OREO by $862 thousand, loans by $136 thousand, and, fixed assets, accruals and other assets by $356 thousand. -- The Bank continues to cleanse the balance sheet of legacy problem assets that has decreased operating earnings and increased maintenance and collection expenses. -- Total assets will most likely be flat or reflect marginal growth for FYE-10.
To learn more about business and franchises targeting California click here.... -- Net Loans decreased from Q-1-10 to FYE-09 by .16%. The bank is resolving the three (3) remaining participated construction loans which totaled $320 thousand as of Q-1-10. The construction loan portfolio peaked as of FYE-07 at $13.7 million through our own origination and participations purchased. The present bank direction is not to make any new construction loans, or acquire any loan participations purchased through FYE-10. -- The bank has experienced three consecutive quarters of no 30-89 day past due loans, and has one loan that is 90 days past due but still accruing totaling $500,000. -- OREO levels continued to decrease by 20.26% to $3.38 million as of Q-1-10 from $4.25 million as of FYE-09. -- The bank is beginning to note positive results with the establishment of its Small Business Administration ("SBA") Department in the fourth quarter of FYE-09, with steady increases forecasted in loan volume, and positive results should be reflected by FYE-10. The bank obtains a U. S. Government guarantee backed by the full-faith and credit of the United States Government that typically is 75% of the loan amount. However, Congress has temporary raised both the dollar amount and guarantee percentage up to 90%. -- The bank has been increasing loan rates and floors on loans for inherent risk associated with loans while considering deposit relationships.
-- CBB carried no long-term securities at 3/31/10. The Bank has deliberately maintained short term on investments which sacrifices short-term yield but affords the bank protection from any sudden upward shocks in a volatile rate environment. -- However, no assurance can be given that CBB's expectations will be realized. LIABILITIES & EQUITY: (000)
-- The bank's equity position improved from the retention of profit of $9.9 thousand.
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