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County Commerce Bank Announces Strong Earnings for 3rd Quarter 2013

VENTURA, CA -- County Commerce Bank (OTCBB:CNYB), the only community bank headquartered in Ventura County recognized by The Findley Reports as a “Super Premier Performing Bank” based on 2012 operating results, continued its strong earnings performance for the third quarter of 2013.  The bank’s year-to-date efficiency ratio is 59.8% and is consistently one of the best in the community bank industry. 

County Commerce Bank continues to post exceptionally strong earnings, particularly in light of the negative impact of compression on Net Interest Rate Margin resulting from the current extended low interest rate environment. Earnings for the nine months ended September 30, 2013 were $1,237,000 compared to $1,232,000 for the same period of 2012. Total assets were $217,086,000, a 12.9% increase over September 30, 2012. Total deposits were $191,422,000, a 12.8% increase over September 2012. Capital for 2013 has increased by $1,348,000 ending at $19,856,000. 
 
The Bank’s loan portfolio increased to $120,635,000 at the end of the third quarter 2013, compared to $111,924,000 for the third quarter of 2012, an increase of 7.8%. As Ventura County’s premier community bank, County Commerce has consistently utilized its excellent liquidity and strong capital to strengthen the local community and its economy by providing much needed capital to local businesses and individuals.  A primary focus of the bank is maintaining a high quality loan portfolio and further development of new loan growth.       
 
            Based on 2012 financial results, Ventura County’s award winning and locally owned County Commerce Bank has been recognized by financial industry ratings organizations as one of the nation’s best performing banks and one of the highest rated banks on California’s central coast. County Commerce Bank was nationally recognized by American Banker magazine as one of the Top 200 Community Banks (ranked by 3-year Average ROE). County Commerce Bank was the only bank headquartered in Ventura County and the sixth highest of the California banks included on the list of the Top 200 Community Banks because of its Return on Average Equity (ROE) over the past three years of 9.6%. On June 28, 2013 President Joseph Kreutz accepted the Small Business of the Year award from the Oxnard Chamber of Commerce in recognition of the bank’s significant contribution to the betterment of the Oxnard community. The bank was also voted Favorite Bank in West Ventura County 2013 by the Ventura County Star Newspaper.  
 
            For the 34th consecutive quarter, the bank earned BauerFinancial’s Five Star “Superior” rating which indicates that County Commerce Bank is one of strongest financial institutions in the nation. President and Chief Executive Officer Joseph D. Kreutz stated, “The banks consistently strong earnings year over year are the direct result of the confidence our clients have in our staff. We recognize that partnering with our clients to augment their success benefits our clients, our community and the bank. It’s called community banking and we are proud to be the premier community bank in Ventura County!”           
 
Selected Financial Highlights and Awards as of September 30, 2013:
 
Ø Return on average equity (annualized) at 8.35%.
 
Ø Allowance for Loan and Lease Losses at 2.38% of total loans.
 
Ø Tier 1 Leverage Ratio at 9.32%; above 5.00% is deemed “Well Capitalized” by FDIC.
 
Ø Super Premier Performing Bank or Premier Performing Bank by The Findley Reports for the past eight consecutive years.
 
Ø Five-Star “Superior” rating by BauerFinancial Inc., for more than 34 consecutive quarters.
 
Ø Recognized by U.S. Banker’s magazine as one of the Top 200 Community Banks out of 8,000 banks in the nation based on three year average ROE.
 
 
ABOUT COUNTY COMMERCE BANK
 
County Commerce Bank was founded by local professionals and business leaders in Ventura County and completed its initial public offering of stock on January 21, 2003. The Bank opened for business at 3260 Telegraph Road, Ventura, California on February 13, 2003 and opened its second branch located at 2400 E. Gonzales Road, Oxnard on April 30, 2007. County Commerce Bank opened a third branch in May 2012 at 2357-B Pickwick Drive in Camarillo. County Commerce Bank provides financial solutions for local professionals and small businesses, offering its customers state of the art technology along with a traditional, personalized banking experience. County Commerce Bank stock is traded on the Over the Counter Bulletin Board (OTCBB); our Ticker Symbol is CNYB.
 
 
County Commerce Bank’s stock is traded through Market Maker:
Crowell, Weedon & Co.
Community Bank Group
Michael R. Natzic, Senior Vice President/Branch Manager
Member FINRA - Member SIPC
P.O. Box 1688
Big Bear Lake, CA 92315
(800) 288-2811
 
 
The Bank's web site is www.CountyCommerceBank.com.
 
Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties.  Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States government, and general economic conditions.
 
 
#                      #                      #
Selected financial data attached
 
 

 
Selected Financial Data
 Nine months ended September 30,
2013
2012
Income statement summary
 Unaudited
 Unaudited
Net interest income
 $        5,003,000
$        4,843,000
Noninterest income
            234,000
              259,000
Noninterest expense
         3,112,000
           3,004,000
Provision for loan losses
           23,000  
              4,000
Income before income tax
           2,102,000
           2,094,000
Income tax
             865,000
             862,000
Net income
 $        1,237,000
 $        1,232,000
Balance sheet summary
Loans
 $    120,635,000
 $    111,924,000
Allowance for loan losses
           2,841,000
           2,970,000
Deposits
       191,422,000
       169,757,000
Stockholders' equity
         19,856,000
         17,485,000
Total assets
       217,086,000
       192,346,000
Capital ratios
Tier 1 leverage ratio
9.32%
8.98%
Tier 1 risk-based capital ratio
15.37%
15.12%
Total risk-based capital ratio
16.63%
16.38%
Financial ratios (annualized)
Return on average assets
0.78%
0.84%
Return on average equity
8.35%
9.35%
Efficiency ratio
59.83%
59.48%
Net interest margin
3.34%
3.53%

 
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