Bank Charts Conservative Course, Shows Profit

Thursday, July 29, 2010

California Community Bank, based in Escondido and with four branches, reported second-quarter net profit of $338,000, compared to a net loss of $88,000 for the like quarter of 2009.

For the first six months of the year, California Community reported a net profit of $598,000 compared to a net loss of $338,000 for the first half of 2009.

CEO Larry Hartwig said the bank is clearly headed in the right direction. “Capital ratios are strong, non-interest-bearing deposits have increased and our conservative loan underwriting is allowing us to navigate through the current credit cycle,” he said.

Total assets grew 20 percent to $218.5 million, while gross loans increased 6 percent to $158.5 million, and deposits rose 24 percent to $190.8 million.

Total risk-based capital at June 30 was 14.06 percent, above the 10 percent to be considered well capitalized. The bank’s Tier 1 capital ratio was 10 percent, double the minimum for a well-capitalized institution.

— Mike Allen