California Community Bank, based in Escondido and with four branches, reported third quarter net income of $21,000, compared to a net loss of $51,000 for the like quarter of 2008.
For the nine months, CCB reported a net loss of $317,000, compared to a net loss of $177,000 for the like period of 2008.
The bank said increased expenses associated with opening new offices in Encinitas and the Miramar area of San Diego, the addition of $2 million into loan loss reserves and a special assessment for the banking industry’s insurance fund all contributed to the net loss so far this year.
CEO Larry Hartwig said despite the loss, the bank is well capitalized and in a good position to further grow the business and improve financial results.
As of Sept. 30, total assets were $204 million, up 21 percent from the prior year’s third quarter, while total loans were $157.6 million, up 15 percent, and deposits were $175.6 million, up 25 percent.
The bank’s capital remains solid, with Tier 1 capital at Sept. 30 at 11.82 percent, and total risk-based capital at 14.2 percent, above the 10 percent level to be considered a well-capitalized bank.
— Mike Allen
