SOURCE: County Commerce Bank

County Commerce Bank

February 02, 2015 08:00 ET

Award-Winning County Commerce Bank Reports Excellent Growth for 2014

VENTURA, CA--(Marketwired - Feb 2, 2015) - County Commerce Bank (OTCQB: CNYB), the only community bank headquartered in Ventura County currently recognized by The Findley Reports as a "Super Premier Performing Bank," continued its strong earnings performance for 2014.

2014 Financial Highlights

  • Net income for the year 2014 was a record $1,907,000, or $1.33 per share, an increase of $102,000 or 5.7% from the prior year's $1,805,000 million, or $1.26 per share.

  • Total assets as of December 31, 2014 were a record $252.6 million, a 13.0% increase over December 31, 2013. Average interest earning assets for 2014 reached $231.3 million, an increase of $28.5 million, or 14.0%, compared to 2013.

  • Deposits for 2014 increased by $21.6 million to $215.4 million, an 11.1% increase over December 2013.

  • Capital for 2014 increased by 9.7 percent or $1,976,000 ending at $22,457,000. Capital levels remain well above FDIC "Well Capitalized" standards. 

  • The Bank's loan portfolio increased to $140,382,000 at the end of 2014, compared to $127,209,000 at the end of 2013, an increase of 10.4%. The Bank's Allowance for Loan and Lease Losses is at approximately 1.79% of total loans which is very strong compared to our peers.

  • The bank's year-to-date efficiency ratio is 58.4% and is consistently one of the best in the community bank industry.

Board Chairman, President and CEO Joseph Kreutz stated, "Low market rates continue to pressure Net Interest Margins; however, our margin is supported by a relatively lower cost of funds rate. We also continue to focus on controlling expenses while providing superior customer service. Kreutz added, "Our operating results for 2014 generated a return on average assets of 0.80% and a return on average equity of 8.88%. This generated an annualized return of $1.33 per share and an increase of 9.66% from a year ago. Additionally, the bank reached an important milestone by growing over $250.0 million in assets. I am very pleased with the bank's performance in 2014. It took a tremendous effort on the part of the entire CCB team working together to achieve these excellent results."

Selected Performance Recognition and Awards as of December 31, 2014:

  • Super Premier Performing Bank or Premier Performing Bank by The Findley Reports for the past nine consecutive years.

  • Five-Star "Superior" rating by BauerFinancial Inc., for more than 39 consecutive quarters.

  • Recognized by American Banker Magazine as one of the Top 200 Community Banks in the nation based on three year average ROAE.

  • Favorite Bank in West Ventura County 2014 by the Ventura County Star Newspaper.

As Ventura County's premier community bank, County Commerce Bank has consistently utilized its high quality loan portfolio, excellent liquidity and strong capital to strengthen the local community and its economy by providing much needed capital to local businesses and individuals. The bank has no non-performing loans and had no charge-offs during 2014.

Based on 2013 financial results, Ventura County's award-winning and locally owned County Commerce Bank has been recognized by financial industry ratings organizations as one of the nation's best performing banks and one of the highest rated banks on California's central coast. County Commerce Bank was nationally recognized by American Banker magazine as one of the Top 200 Community Banks (ranked by 3-year Average ROAE). County Commerce Bank is the only bank headquartered in Ventura County and the 19th highest of the California banks included on the list of the Top 200 Community Banks because of its Return on Average Equity (ROAE) over the past three years of 9.81%. The bank was also voted Favorite Bank in West Ventura County 2014 by the Ventura County Star Newspaper for the third year. For the 39th consecutive quarter, the bank earned BauerFinancial's Five Star "Superior" rating which indicates that County Commerce Bank is one of strongest financial institutions in the nation.

County Commerce Bank was founded by local professionals and business leaders in Ventura County and completed its initial public offering of stock on January 21, 2003. The Bank opened for business at 3260 Telegraph Road, Ventura, California on February 13, 2003 and opened its second branch located at 2400 E. Gonzales Road, Oxnard on April 30, 2007. County Commerce Bank opened a third branch in May 2012 at 2357-B Pickwick Drive in Camarillo. County Commerce Bank is a member of the FDIC, an SBA Preferred Lender and a CDARS depository institution. County Commerce Bank provides financial solutions for local professionals and small businesses, offering its customers state of the art technology along with a traditional, personalized banking experience. County Commerce Bank stock is traded on the OTC Markets Group (OTCQB); our Ticker Symbol is CNYB.

County Commerce Bank's stock is traded through Market Maker:
Crowell, Weedon & Co.
Community Bank Group
Michael R. Natzic, Senior Vice President/Branch Manager
Member FINRA - Member SIPC
P.O. Box 1688
Big Bear Lake, CA 92315
(800) 288-2811

The Bank's web site is

Selected Financial Data  
  Twelve months ended December 31,  
  2014   2013  
Income statement summary Unaudited   Unaudited  
Net interest income $ 6,961,000   $ 6,715,000  
Noninterest income   362,000     309,000  
Noninterest expense   4,280,000     4,184,000  
Provision for loan losses   -250,000     -227,000  
Income before income tax   3,293,000     3,067,000  
Income tax   1,386,000     1,262,000  
Net income $ 1,907,000   $ 1,805,000  
Balance sheet summary            
Loans $ 140,382,000   $ 127,209,000  
Allowance for loan losses   2,483,000     2,727,000  
Deposits   215,444,000     193,843,000  
Stockholders' equity   22,457,000     20,481,000  
Total assets   252,568,000     223,585,000  
Capital ratios            
Tier 1 leverage ratio   8.95 %   9.15 %
Tier 1 risk-based capital ratio   15.06 %   15.17 %
Total risk-based capital ratio   16.31 %   16.42 %
Financial ratios (annualized)            
Return on average assets   0.80 %   0.86 %
Return on average equity   8.88 %   9.29 %
Efficiency ratio   58.44 %   59.56 %
Net interest margin   3.01 %   3.31 %

Contact Information

  • Joseph D. Kreutz
    3260 Telegraph Road
    Ventura, CA 93003
    (805) 477-7601