California Bank & Trust Reports Q2 ResultsWednesday, August 13, 2014
California Bank & Trust, San Diego’s largest locally-based lender with $11 billion in total assets, reported second quarter net income of $29.1 million, compared with net income of $31 million for the like quarter of 2013.
For the six months ended June 30, CB&T reported net income of $48.7 million, down 22.5 percent from the $62.8 million in net income for the first half of last year.
The bank said in a prepared statement that the decline was mainly caused by a $13 million pretax loss on the sale of all the bank’s remaining trust preferred securities in its portfolio.
The reduced profits were also affected by lower net interest revenue of $213.7 million in the first half of 2014, compared with $237.6 million in the first half of last year. That was due to compressed net interest margins, which fell to 4.26 percent in the first half of this year, from 4.83 percent in the first half of 2013.
CB&T said its total loans as of June 30 were $8.43 billion, an increase of $456 million, or 5.7 percent from the prior year’s second quarter. Total deposits stood at $9.47 billion at June 30, down slightly from $9.48 billion at March 31, but up from June 2013 when it held $9.26 billion in deposits.
The bank’s capital ratios all exceeded levels to be considered well-capitalized, with total risk-based capital at 14 percent, compared with 13.84 percent for the like quarter of last year.