SOURCE: County Commerce Bank

County Commerce Bank

November 03, 2014 08:00 ET

County Commerce Bank Reports Third Quarter Earnings for 2014, With Assets Over $250 Million

VENTURA, CA--(Marketwired - Nov 3, 2014) - County Commerce Bank (OTCBB: CNYB), the only bank headquartered in Ventura and Santa Barbara Counties recognized by The Findley Reports as a "Super Premier Performing Bank" based on 2013 operating results, continued its strong earnings performance for the third quarter of 2014. 

County Commerce Bank continues its exceptional earnings growth. Earnings for the nine months ended September 30, 2014 were $1,403,000 compared to $1,237,000 through the third quarter of 2013. Total assets topped $250 million for the first time, at $252,670,000, a 16.4% increase over September 30, 2013. Total deposits were $224,607,000, a 17.3% increase over September 30, 2013. Capital for 2014 has increased by $1,454,000 ending at $21,935,000. Book value per common share increased to $15.30 compared to $13.85 at September 30, 2013.

The Bank's loan portfolio increased to $134,544,000 at the end of the third quarter 2014, compared to $120,635,000 at the end of the third quarter 2013, an increase of 11.5%. As Ventura County's premier community bank, County Commerce has consistently utilized its excellent liquidity and strong capital position to strengthen the local community and its economy by providing much needed capital to local businesses and individuals. The bank currently has no nonaccrual loans.

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 recognized by American Banker magazine as one of the Top 200 Community Banks in the nation. County Commerce Bank, the only bank on the list headquartered in Ventura County, is ranked nineteenth highest among California banks on the list based of its Return on Average Equity (ROE) over the past three years of 9.8%. The bank was also voted 2014 Favorite Bank in West Ventura County by the Ventura County Star Newspaper for the second consecutive year. 

For the 38th 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. President and Chief Executive Officer Joseph D. Kreutz stated, "We surpassed an important milestone this quarter, topping $250 million in assets. Asset and income growth in the first nine months of 2014 was excellent. With our strong foundation, the bank is well positioned for continued growth at this high level of performance. As the largest and strongest community bank in Ventura County, we are in the best position to partner with our customers as they work toward their goals." 

Recap of Recent Awards as of September 30, 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 38 consecutive quarters.

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

County Commerce Bank was founded by local professionals and business leaders in Ventura County in January 2003. The Bank maintains branches in Ventura, Oxnard and Camarillo. County Commerce Bank stock is traded on the Over the Counter Bulletin Board (OTCBB); the 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

Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States government, and general economic conditions.

Selected financial data attached

County Commerce Bank          
Selected Financial Data          
  Nine months ended September 30,  
  2014     2013  
Income statement summary Unaudited     Unaudited  
Net interest income $ 5,125,000     $ 5,003,000  
Noninterest income   274,000       234,000  
Noninterest expense   3,226,000       3,112,000  
Provision for loan losses   -250,000       23,000  
Income before income tax   2,423,000       2,102,000  
Income tax   1,020,000       865,000  
Net income $ 1,403,000     $ 1,237,000  
Balance sheet summary              
Loans $ 134,544,000     $ 120,635,000  
Allowance for loan losses   2,345,000       2,841,000  
Deposits   224,607,000       191,422,000  
Stockholders' equity   21,935,000       19,856,000  
Total assets   252,670,000       217,086,000  
Capital ratios              
Tier 1 leverage ratio   8.97 %     9.32 %
Tier 1 risk-based capital ratio   15.36 %     15.37 %
Total risk-based capital ratio   16.61 %     16.63 %
Financial ratios (annualized)              
Return on average assets   0.77 %     0.78 %
Return on average equity   8.60 %     8.35 %
Efficiency ratio   60.11 %     59.83 %
Net interest margin   2.98 %     3.34 %

Contact Information

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