first_imgBusiness News Community Bank Reports Year to Date Earnings of $22.6 Million and Declares Cash Dividend on Common Stock From STAFF REPORTS Published on Monday, October 31, 2016 | 7:15 pm Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Your email address will not be published. Required fields are marked * 0 commentsShareShareTweetSharePin it Business News Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Make a comment First Heatwave Expected Next Week Name (required)  Mail (required) (not be published)  Website  Community News EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDScenter_img Pasadena-based Community Bank has reported year-to-date earnings of $22.6 million and declared cash dividends on its outstanding common stock for common shareholders of record.The company also declared a net income increase of $3.5 million, 18 percent over the prior year, for the first nine months of 2016. Its non-interest bearing deposits increased 13 percent, or $120.4 million, to $1,032.9 million, compared to $912.5 million as of September 30, 2015.The bank, founded in 1945, is an independent Southern California regional community bank, with assets of $3.5 billion, and headquartered in Pasadena with 17 business centers.“Community Bank continues to expand its core franchise, grow its deposit base, reduce concentrations and invest for the future,” said David R. Misch, Community Bank CEO. “We are very comfortable with the strategic possibilities the Bank has and our ability to successfully execute against them.”Among the other highlights of the company’s third quarter performance:• Core deposits represented 85% of total deposits, as of September 30, 2016, with the non-interest bearing component representing 45% of core deposits as compared to 39% in the prior year. (Community Bank defines core deposits as those deposits generated by its branch network including specialty areas and excludes deposits placed through the Treasury area.)• Total loans as of September 30, 2016 increased 8%, or $181.0 million, to $2.5 billion compared to $2.3 billion as of September 30, 2015.• The Bank’s reserve for loan losses as of September 30, 2016 was $35.8 million or 1.43% of total loans compared to $36.0 million or 1.55% of total loans as of September 30, 2015. In the third quarter of 2016, a provision for loan losses of $1.2 million was recognized for the deterioration of an individual credit.• The Bank’s reserve for loan losses to non-performing loans, as of September 30, 2016, was 5.8 times compared to 2.7 times that level as of the same period last year.• Community Bank’s capital ratios continue to exceed “well capitalized” regulatory requirements with Tier 1 Leverage, Tier 1 Risk-based Capital, Common Equity Tier 1 and Total Risk-based Capital Ratios of 9.17%, 10.88%, 10.88% and 12.11%, respectively, as of September 30, 2016.The bank also participated out approximately $34 million in loans to other institutions as part of a correspondent services program, and took advantage of the impact of Brexit on long-term rates to lock in $300 million of 5 year term funding. In addition to locking in favorable long-term rates, this strategy enabled the Bank to increase the granularity of its deposit portfolio.Community Bank also hired key relationship managers in its Specialty Deposits Group as well hiring a team in the San Gabriel Valley to expand the C.H. Cook brand. It was able to maintain a four-star rating or better (excellent/superior) with Bauer Financial for more than 77 consecutive quarters, while additionally maintaining a rated status with Findley Reports, Inc. over that same period.The Bank’s book value per common share has increased to $109 as of September 30, 2016 from $99 as of September 30, 2015. The Bank’s book value per common share has increased at a 10% compounded rate over the past 20 years.As a major highlight, the Board of Directors declared a $0.50 per share cash dividend (aggregating $1.6 million) on its outstanding common stock for common shareholders of record as of November 15, 2016 and payable on or about December 1, 2016. This represents the eighth consecutive quarter that the Bank has declared a dividend since introducing a formal dividend practice. The dividend was approved at the regularly scheduled Board of Directors meeting held on October 27, 2016.Community Bank has offices in Anaheim, Burbank, Century City, Commerce, Corona, Fontana, Glendale, Huntington Beach, Irvine, Laguna Niguel, Ontario, Redlands, Santa Clarita, Santa Fe Springs, South Bay, and Woodland Hills. Its Pasadena headquarters are located at 460 Sierra Madre Villa Avenue.For more information, visit the Community Bank Website at Community News Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Subscribe More Cool Stuff Top of the News faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Darrel Done BusinessVirtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes HerbeautyRemove Belly Fat Without Going Under The KnifeHerbeautyHerbeautyHerbeauty5 Things To Avoid If You Want To Have Whiter TeethHerbeautyHerbeautyHerbeautyHere Is What Scientists Say Will Happen When You Eat AvocadosHerbeautyHerbeautyHerbeautyA Mental Health Chatbot Which Helps People With DepressionHerbeautyHerbeautyHerbeauty15 things only girls who live life to the maximum understandHerbeautyHerbeautyHerbeautyWomen Love These Great Tips To Making Your Teeth Look WhiterHerbeautyHerbeauty Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img

Community Bank Reports Year to Date Earnings of $22.6 Million and Declares Cash Dividend on Common Stock

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