SOURCE: California Bank of Commerce

April 18, 2008 19:14 ET

California Bank of Commerce Announces Results for the 1st Quarter 2008

LAFAYETTE, CA--(Marketwire - April 18, 2008) - 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 Information

  • Contact:
    Mark DeVincenzi
    925-444-2916