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Thursday, Mar 28, 2024
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California Community Bank Finishes Year With Loss, New Branch

California Community Bank, based in Escondido and with $220 million in assets, reported a fourth quarter net loss of $235,000, compared to a net profit of $112,000 for the like quarter of 2008.

For the full year, CCB reported a net loss of $552,000 compared to a net loss of $65,000 for all of 2008.

CEO Larry Hartwig said the bank increased its loan loss reserves by $1.2 million, compared to adding $288,000 for the prior year, this despite the bank not having a single loan loss for the year.

However, CCB reported $1.1 million in nonaccrual loans as of year end.

CCB attributed much of its loss to higher expenses associated with the 2008 opening of its Encinitas branch.

Assets grew by 26 percent to $220 million, loans by 19 percent to $164.5 million, and deposits to $192 million or 19 percent over the prior year.

Capital remains high with total risk-based capital at 13.48 percent, above the 10 percent mark to be rated as well-capitalized.

— Mike Allen

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