NEWPORT BEACH, Calif.--(EON: Enhanced Online News)--With $329.3 million in assets and year-to-date net income of $2.0 million for the third quarter of 2010, California Republic Bank is the 9th largest bank based in Orange County. img border='0' title='Add to Google' alt='Add to Google'
California Republic Bank Completes Record 3rd Quarter 2010 with $329.3 Million in Assets and Year-to-Date Net Income of $2.0 Million Results place California Republic Bank as the 9th largest bank based in Orange County and one of the strongest community banks in California based on capital, liquidity and credit quality.1 November 08, 2010 12:03 PM Eastern Time NEWPORT BEACH, Calif.--(EON: Enhanced Online News)--California Republic Bank (OTCBB:CRPB) announced its results for the quarter ending September 30, 2010, reporting continued growth in assets, core deposits, and quarterly and year-to-date net profits. Jon Wilcox, President, stated, “We continue to grow the Bank with quality core customers who value having a close personal relationship with a strong commercial bank, locally based, yet sizeable enough to provide the capacity they need without the bureaucracy of the big banks.” Wilcox went on to say, “In less than three years, we are proud to be the 9th largest bank based in Orange County, which illustrates the value of a strong community bank that is strategically focused and really gets to know its customers.1 In this opportunity-filled market, execution is everything, and we continue to deliver for our customers.” Highlights for the quarter ending September 30, 2010 l Total assets of $329.3 million, a 55% increase over the same period 2009. l Total deposits of $260.2 million, a 56% increase over the same period 2009. l Total loan commitments of $256.8 million and loan outstandings of $168.8 million, a 49% increase in oustandings over the same period 2009. l Quarterly net income of $77 thousand, compared to a net loss of $661 thousand during the same period in 2009. l Excluding non-capital charges of $413.2 thousand, the Bank added $2.4 million to capital year-to-date. l Continuing the Bank’s record of no non-performing, past due or charged-off loans. l Total risk based capital ratio of 24.83% 3rd Quarter 2010 details For Sept. 30, 2010, California Republic Bank reported total assets of $329.3 million, an increase of $116.4 million, or 55% above total assets as of Sept. 30, 2009. The year-over-year growth in total assets reflects continued core deposit growth with total deposits at $260.2 million, a $94.0 million, or 56%, increase from the 3rd quarter of 2009. Non-interest-bearing demand deposit accounts grew to $81.2 million, compared to $53.9 million at the end of the 3rd quarter of 2009, an increase of $27.3 million, or 51%. Core interest-bearing deposits grew to $179.0 million compared to $112.3 million, or a 59% increase over the same period a year ago. Total loan commitments were reported at $256.8 million as of Sept. 30, 2010, with loan outstandings at $168.8 million, representing an $84.9 million, or 49% increase over the 3rd quarter of 2009. Net income for the quarter was $77 thousand and year-to- date income was $2.0 million. California Republic Bank continues to report strong credit quality, with zero non- performing loans, no past due loans and no charged-off loans. The Bank reported a Tier 1 leverage capital ratio of 15.11%, a Tier 1 risk based capital ratio of 23.58% and a total risk based capital ratio of 24.83%, well in excess of the 5%, 6% and 10%, respectively, needed to be considered “well-capitalized” by the FDIC. About California Republic Bank California Republic Bank is a Southern California based commercial bank, serving some of Southern California’s most successful companies and their owners. The Bank provides its clients direct access to executive management, with tailored and customized service provided by highly experienced Relationship Managers and state-of-the-art technology. The Bank's clients enjoy the unmatched service of a private bank with the direct access to decision makers for their lending needs. The Bank serves its clients through its regional Newport Beach and Beverly Hills branch locations. For more information, contact Jon Wilcox, President; or John DeCero, Vice Chairman; at 949-270-9700 in Orange County or 424-230-5400 in Los Angeles, or visit our website at www.crbnk.com. The Bank's headquarters is located at 1400 Newport Center Drive, Suite 150, Newport Beach, California, 92660. The Bank's Beverly Hills branch is located at 100 North Crescent Drive, Suite 125, Beverly Hills, California, 90210. The Board of Directors includes: - Inside Directors Jon Wilcox, President; and John DeCero, Vice Chairman of the Board. - Outside Directors Robert Barth, Chairman of the Board; John Bendheim, President of Bendheim Enterprises, Inc; Marc Brutten, Entrepreneur and CEO of Westcore Holdings, San Diego, California; Alexander Cappello, Chairman and CEO of Cappello Capital Corp; Bob Din, CEO of En Pointe Technologies; John Hagestad, Managing Partner of SARES-REGIS Group; Warren S. Orlando, Chairman, 1st United Bancorp, Boca Raton, Florida and J. Scott Watt, President and CEO of the Watt Group of Companies. For information regarding the purchase or sale of the Bank’s stock, contact Michael Natzic of Stone & Youngberg at 800-288-2811. 1. As reported in the November 8, 2010 issue of the Orange County Business Journal, based on asset size as of June 30, 2010. Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by the act. These forward-looking statements refer to the Company's current expectations regarding future operating results, and growth in loans, deposits, and assets. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to (1) the impact of changes in interest rates, a decline in economic conditions and increased competition by financial service providers on the Company's results of operation; (2) the Company's ability to continue its internal growth rate; (3) the Company's ability to build net interest spread; (4) the quality of the Company's earning assets; and (5) governmental regulations. CALIFORNIA REPUBLIC BANK Balance Sheets and Income Statements for the Nine Months Ended September 30 2010, and the Year Ended December 31, 2009 Dollars in Thousands September 30, 2010 December 31, 2009 Unaudited (1) Balance Sheet - At Period End Cash and Due From Banks $ 3,322 $ 99,675 Due From Banks - Interest Bearing 156,567 30,122 Federal Funds Sold - - Investment Securities 0 - Loans Held for Sale 0 4,411 Loans Held to Maturity 168,754 142,691 Allowance for Loan and Lease Losses (2,536 ) (2,170 ) Premises and Fixed Assets 867 1,004 Other Assets 2,293 2,115 Total Assets 329,267 277,848 Non-Interest-Bearing Deposits 81,240 50,999 Interest-Bearing Deposits 179,024 180,332 Borrowed Funds 20,000 - Other Liabilities 654 600 Shareholders' Equity 48,349 45,917 Total Liabilities & Equity $ 329,267 $ 277,848 Income Statement Interest Income $ 9,088 $ 6,433 Interest Expense 1,291 1,603 Net Interest Income 7,797 4,830 Provision for Loan and Lease Loss 366 1,220 Net Interest Income After Provision 7,431 3,610 Non-Interest Income 178 79 Non-Interest Expense 5,591 7,092 Net Income (Loss) $ 2,018 ($3,403 ) (1) Excerpted from audited financial statements CALIFORNIA REPUBLIC BANK Statement of Cash Flows for the Nine Months Ended September 30, 2010, and the Year Ended December 31, 2009 Dollars in Thousands September 30, December 31, 2010 2009 Unaudited (1) Cash Flows from Operating Activities Net Earnings (Loss) $ 2,018 ($3,403 ) Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities Depreciation and Amortization 190 234 Provision for Loan Losses 366 1,220 Loss on Sale of Securities - 47 Stock Based Compensation 414 518 Origination of Loans Held for Sale - (4,411 ) Net (Increase), Decrease in Other Items 158 (490 ) Net Cash Provided by Operating Activities 3,146 (6,285 ) Cash Flows from Investing Activities Net (Increase), Decrease in Interest-Bearing Deposits (126,445 ) 5,584 Sale of Held-to-Maturity Securities - 2,359 Maturities - Call of Held-to-Maturity Securities 10,000 5,000 Purchase of Held-to-Maturity Securities (10,003 ) - Net Increase in Loans (21,652 ) (67,045 ) Purchase of Federal Home Loan Bank Stock (282 ) (412 ) Purchases of Premises and Equipment (50 ) (114 ) Net Cash Used in Investing Activities (148,432 ) (54,628 ) Cash Flows from Financing Activities Net Increase in Demand Deposits 30,241 103,414 Net Increase (Decrease) in Interest-Bearing Deposits (1,308 ) 8,845 Increase in Borrowed Funds 20,000 - Net Cash Provided by Financing Activities 48,933 112,259 Increase (Decrease) in Cash and Equivalents (96,353 ) 51,346 Cash and Cash Equivalents Beginning of Period 99,675 48,329 Cash and Cash Equivalents, End of Period $ 3,322 $ 99,675 Contacts For California Republic Bank Dan Pittman, 714-282-9994 email@example.com Permalink: http://eon.businesswire.com/news/eon/20101108005718/en/California-Republic-Bank/Orange- County/John-Wilcox
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