Regents Bank reported Feb. 9 net income of $439,000 in the fourth quarter, compared with net income of $698,000 in the fourth quarter of 2010.
The bank, which was acquired by Grandpoint Capital of Los Angeles on Jan. 27, said it generated net profit of $1.7 million in 2011, compared with net income of $631,000 in 2010.
The bank said its assets and deposits grew 7 percent, with assets ending the year at $344.6 million, and deposits coming in at $302.6 million. Total loans were $211.9 million, compared with $215 million in 2010.
CEO Dan Yates said the bank enjoyed a strong performance last year, focusing on reducing its problem loans and boosting its capital ratios. As of Dec. 31, its three capital ratios all exceeded the levels to be considered well-capitalized. Total risk-based capital was 18.8 percent, above the 10 percent threshold for being well-capitalized in that measure.
Regents is in the process of acquiring California Community Bank, which is based in Escondido and has about $244 million in assets. Once the merger is completed, Regents would have eight offices and some $600 million in assets.
— Mike Allen
