LAFAYETTE, CA, Apr 18 (MARKET WIRE) --
California Bank of Commerce (OTCBB: CABC), a unique commercial bank in the
San Francisco Bay Area targeting middle market businesses and professionals,
today announced financial results for the quarter end March 31, 2008. Total
assets, gross loans and deposits all grew more than 50% versus quarter end
December 31, 2007.
Balance Sheet
Total assets at March 31, 2008 grew 50% or $26.7 million to $80.0 million
versus
$53.4 million in total assets at December 31, 2007. Loans grew 84% or $14.9
million to $32.7 million at March 31, 2008 compared to $17.8 million at
December 31, 2007. Commercial & Industrial (C&I) loans to businesses more
than doubled reaching $20.9 million on March 31, 2008 versus $9.9 million at
December 31, 2007. The Bank's loan portfolio is well diversified across C &
I, Commercial Real Estate sectors, and SBA loans. The Bank intends to make
construction loans, but currently has none on its books.
Deposits reached $55.7 million at March 31, 2008, growing 97% from deposit
balances of $28.3 million on December 31, 2007. The increase in deposits was
due
to a combination of new clients and the rapid adoption of the Bank's Digital
Check Deposit technology by many of the Bank's clients. Currently, Digital Check
Deposit generates almost 85% of the Bank's deposit transaction volume.
During the quarter just ended, the Bank also doubled non-interest bearing
deposits, which reached $9.4 million at March 31, 2008, up from $4.2 million
at December 31, 2007.
California Bank of Commerce reported no delinquent or past due loans as of
March 31, 2008. The Bank has no exposure to sub-prime or Alt-A loans in
either its loan portfolio or its investment portfolio.
Operations
The Bank reduced its net operating loss by 13% during the quarter ended
March
31, 2008 as compared to the quarter ended December 31, 2007, and it remains
on plan with key revenue and expense targets.
About California Bank of Commerce
California Bank of Commerce was designed and built to provide a unique
banking
experience for businesses, entrepreneurs, and their families. California Bank of
Commerce provides a broad range of commercial banking and advisory services to
mid-market businesses and professionals throughout the San Francisco Bay Area.
For
more information on California Bank of Commerce and our unique banking
experience, call us at 925-283-2265, or visit us at
www.californiabankofcommerce.com.
Contact:
Mark DeVincenzi
925-444-2916
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