CBB Bancorp, Inc. Reports First Quarter of 2019 Financial Results

LOS ANGELES–(BUSINESS WIRE)–CBB Bancorp, Inc. (“CBB” or the “Company”) (OTCQX: CBBI), the holding
company of Commonwealth Business Bank (the “Bank”), today announced
first quarter 2019 unaudited financial results. The Company reported net
income for the first quarter of 2019 of $3.6 million, or $0.35 per
diluted share, compared to $3.7 million or $0.35 per diluted share of
net income for the fourth quarter of 2018 and $4.2 million, or $0.40 for
the first quarter of 2018. First quarter 2019 net income generated
returns on average assets (“ROA”) and returns on average equity (“ROE”)
of 1.28% and 10.84%, respectively, compared to 1.25% and 11.16% for the
fourth quarter of 2018 and 1.61% and 14.40% for the first quarter of
2018, respectively.

Joanne Kim, President and CEO, commented that “While we are pleased with
our financial performance for the first quarter of 2019, we continue to
see the impact of higher interest rates being reflected in our funding
costs, along with a slowdown in SBA loan originations and an increase in
SBA loan prepayments. However, the premiums we earned on SBA loan sales
have recently increased from an average premium of 6.3% in the fourth
quarter of 2018 to more than 7.6% in the first quarter of 2019.
Accordingly, we will continue to sell SBA loans if SBA loan sale premium
remain at recent levels or increases.”

Net Interest Income and Margin:

Net Interest Income

Net interest income for the quarter ended March 31, 2019 was $11.3
million, a decrease of $934 thousand, or 7.6% from the fourth quarter of
2018 and $10.4 million, or 9.0% increase compared to first quarter of
2018. The decrease in net interest income quarter over prior quarter was
primarily driven by a $503 thousand decrease in interest earned on loans
and a $262 thousand increase in interest expense on deposits. The
decrease in interest earned on loans was primarily due to a lower SBA
discount accretion resulting from a decrease in SBA loans that were paid
off during the current quarter. For the quarter ended March 31, 2019 the
SBA discount accretion was $951 thousand, a decrease of $413 thousand,
compared to $1.4 million for the fourth quarter of 2018 and $1.1 million
for the first quarter of 2018. SBA loans paid off amounted to $4.9
million in the current quarter compared to $9.2 million in the prior
quarter. The interest expense on deposits and borrowings for the quarter
ended March 31, 2019 was $4.3 million, an increase of $262 thousand, or
6.5% over the fourth quarter of 2018 and $1.8 million, or 74.0% increase
over the first quarter of 2018. Average loans outstanding (including
loans receivable and loans held for sale) was $923.7 million for the
quarter ended March 31, 2019, compared to $922.0 million for the fourth
quarter of 2018 and $814.6 million for the first quarter of 2018.

Net Interest Margin

The net interest margin for quarter ended March 31, 2019 was 4.16%
compared to a net interest margin of 4.32% in the fourth quarter of 2018
and 4.15% for the first quarter of 2018. The decrease in margin was from
the prior quarter was primarily due to an increase in our costs of funds
of 1.76% for the current quarter compared to 1.57% for the fourth
quarter of 2018 and 1.09% for the first quarter of 2018.

Ms. Kim noted, “On the funding side, we continue to see heightened
competition in deposit pricing. To address this, we are taking steps to
broaden and diversify our funding sources including more emphasis on
savings and money market accounts and less emphasis on short term
certificates of deposit. We have implemented a savings deposit campaign
to further address our funding needs. Our continual focus for 2019 is to
build lasting relationships with our existing customers and to
strengthen the total banking relationship.”

Provision for Loan Losses:

The provision for loan losses for the quarters and ended March 31, 2019
and December 31, 2018 and March 31, 2018 was $0, $170 thousand and $0,
respectively. Nonperforming assets as of March 31, 2019 were $1.1
million, or 0.09% of total assets, an increase of $675 thousand,
compared to $410 thousand in the prior quarter. The coverage ratio of
the allowance for loan losses to nonperforming assets was over 9 times,
compared to fourth quarter of 2018 nonperforming assets of $410
thousand, or 24 times coverage.

Noninterest Income:

Noninterest income for the quarter ended March 31, 2019 was $2.1 million
compared to $1.3 million for the fourth quarter of 2018 and $3.3 million
for the first quarter of 2018. The increase quarter over prior quarter
was primarily due to an increase in SBA servicing fee income of $324
thousand for the quarter ended March 31, 2019 and a benefit from the
absence of a servicing right impairment adjustment in the current
quarter of 2019. As part of management’s periodic review of the value of
its SBA servicing assets, management considered various model inputs,
including the discount rate, prepayment speeds and other market
conditions such as prime rate increases and the declines in the premiums
earned on SBA loan sales. Based on this analysis, no impairment charge
was recorded for the quarter ended March 31, 2019, but an impairment
charge of $374 thousand was recorded in noninterest income for the
fourth quarter of 2018. There was no impairment charge recorded for the
quarter ended March 31, 2018.

Noninterest Expense:

Noninterest expense for the quarter ended March 31, 2019 was $8.4
million compared to $8.4 million for the fourth quarter of 2018 and $7.7
million for the first quarter of 2018. Professional expenses for the
quarter ended March 31, 2019 decreased to $638 thousand compared to $1.2
million for the fourth quarter of 2018 and $502 thousand for the first
quarter of 2018. The decrease for March 31, 2019 was associated with
lower costs incurred from regulatory compliance requirements and costs
associated with enhancing internal controls over financial reporting. We
saw this increase in the fourth quarter of 2018 and we anticipate a
lower cost going forward. Other expenses for the quarter ended March 31,
2019 increased to $1.3 million compared to $901 thousand in the fourth
quarter of 2018 and $1.1 million for the first quarter of 2018. We did
not have an off-balance sheet reversal for March 31, 2019 but recorded a
$375 thousand reversal of off-balance sheet commitments to the fourth
quarter of 2018. We did not have an off-balance sheet commitment
reversal for March 31, 2018.

Staffing and Salaries:

Salary expense remains relatively flat at $5.1 million, $5.0 million and
$4.7 million for the quarters ended March 31, 2019, December 31, 2018
and March 31, 2018. The FTE at March 31, 2019, December 31, 2018 and
March 31, 2018 were 186 FTE, 187 FTE and 164 FTE, respectively.

Occupancy and Equipment:

Occupancy and equipment remained unchanged. Expenses for the quarter
ended March 31, 2019, December 31, 2018 and March 31, 2018 were $832
thousand, $886 thousand and $839 thousand, respectively.

Income Taxes:

The Company’s effective tax rate for the quarter ended March 31, 2019
was approximately 28.8%, compared with 25.9% in the quarter ended
December 31, 2018 and 30.7% for the first quarter of 2018. The lower
effective tax rate for the quarter ended December 31, 2018 was primarily
due to a tax benefit of $391 thousand related to disqualifying
dispositions of stock options.

Balance Sheet:

Investment Securities:

Investment securities were $101.8 million at March 31, 2019, down $2.6
million and $15.8 million since December 31, 2018 and March 31, 2018,
due to principal paydowns that were not offset by portfolio additions.

Loans Receivable:

Portfolio loans at December 31, 2019, December 31, 2018 and March 31,
2018 were $874.3 million, $875.8 million and $809.3 million,
respectively.

Ms. Kim further commented that “Organic portfolio loan growth in the
first quarter of 2019 was slower as expected due to seasonality.
Additionally, SBA loan originations were impacted by the partial
government shutdown in early 2019. However, we are seeing an uptick in
loan demand and remain cautiously optimistic for the remainder of the
year.”

Allowance for Loan Losses and Asset Quality:

The allowance for loan losses at March 31, 2018 was $9.8 million, or
1.12% of loans receivables, compared with $10.0 million, or 1.14% of
portfolio loans as of December 31, 2018 and $8.6 million, or 1.06% as of
March 31, 2018. The decrease in the allowance for loan losses for the
quarter compared to the prior quarter was primarily driven by a $295
thousand charge-off on an SBA loan. Non-performing loans and other real
estate owned as of March 31, 2019 was $1.1 million, up from $410
thousand at December 31, 2018 and down $1.0 million from March 31, 2018.
See Table 10 for additional details and trends.

SBA Loans Held for Sale:

SBA loans held for sale at March 31, 2019 was $45.3 million, compared to
$45.7 million at December 31, 2018 and $23.6 million at March 31, 2018.
We will continue to assess SBA loan sale premiums and plan to sell loans
when it is advantageous to do so. SBA loan production was $27.7 million
during the current quarter, compared to $50.1 million in the prior
quarter. The decrease in SBA loan originations during the first quarter
of 2019 was attributable to the US Government shutdown and seasonality.
See the Table 7 for additional SBA loan origination and sale data.

Deposits:

Total deposits grew to $1.02 billion at March 31, 2019, an increase of
$6.9 million, or 0.7%, since December 31, 2018 and $84.3 million, or
9.1% since March 31, 2018. Management is taking steps to broaden and
diversify its funding sources to include more emphasis on savings and
money market accounts and less emphasis on short term certificates of
deposit. The savings product is now more competitive and we are tiering
that product.

The Bank had $17.0 million, $20.0 million and $71.5 million of wholesale
certificates of deposits with the State of California at March 31, 2019,
December 31, 2018 and March 31, 2018, respectively, which require a
pledge of collateral as security. The Bank utilizes the Federal Home
Loan Bank (“FHLB”) stand-by letter of credit program to satisfy this
requirement.

Borrowings:

Borrowings at March 31, 2019 consisted of $10.0 million of FHLB (San
Francisco) term advances due in 2020, which was the same at December 31,
2018 and March 31, 2018. The Bank continues to have low borrowing usage
and lower usage under the stand-by letter requirement (due to lower
State of California deposits) and from additional loan collateral
pledged to the FHLB.

Capital:

Stockholder’s equity at March 31, 2019 was $136.5 million compared to
$131.9 million at December 31, 2018 and $118.4 million at March 31,
2018. This represents an increase of $4.6 million, or 3.5% over the
prior period quarter end. Book value per share at quarter end was $13.50
compared with $13.06 at December 31, 2018 and $11.80 at March 31, 2018.

All regulatory capital ratios increased at March 31, 2019 from their
levels at December 31, 2018 and March 31, 2018. The change in the ratios
is due to net capital growth, substantially from retained earnings,
growing faster than loan balances. Additionally, all regulatory capital
levels and ratios exceed the minimum required to be considered “Well
Capitalized” as defined for bank regulatory purposes and in compliance
with the fully phased-in Basel III requirements, which went into effect
on January 1, 2019, as shown on Table 11 in this press release.

About CBB Bancorp, Inc.:

CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank,
a full-service commercial bank which specializes in
small-to-medium-sized businesses and does business as “CBB Bank.” The
Bank has eight full service branches in Los Angeles and Orange Counties
in California, and Dallas County in Texas; two SBA regional offices in
Los Angeles and Dallas Counties; and six loan production offices in
Texas, Georgia, Colorado, Utah and Washington.

For additional information, please go to www.cbb-bank.com.

FORWARD-LOOKING STATEMENTS

This news release contains a number of forward-looking statements. These
statements may be identified by use of words such as “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,”
“should,” “will,” “would” and similar terms and phrases, including
references to assumptions. Forward-looking statements are based upon
various assumptions and analyses made by the Company in light of
management’s experience and its perception of historical trends, current
conditions and expected future developments, as well as other factors it
believes are appropriate under the circumstances. These statements are
not guarantees of future performance and are subject to risks,
uncertainties and other factors (many of which are beyond the Company’s
control) that could cause actual results to differ materially from
future results expressed or implied by such forward-looking statements.
You should not place undue reliance on such statements. Factors that
could affect our results include, without limitation, the following: the
timing and occurrence or non-occurrence of events may be subject to
circumstances beyond the Company’s control; increases in competitive
pressure among financial institutions or from non-financial
institutions; changes in the interest rate environment may reduce
interest margins; changes in deposit flows, loan demand or real estate
values may adversely affect the business of the Company and the Bank;
unanticipated or significant increases in loan losses; changes in
accounting principles, policies or guidelines may cause the Company’s
financial condition to be perceived differently; changes in corporate
and/or individual income tax laws may adversely affect the Company’s
financial condition or results of operations; general economic
conditions, either nationally or locally in some or all areas in which
the Company conducts business, or conditions in the securities markets
or the banking industry may be less favorable than the Company currently
anticipates; legislation or regulatory changes may adversely affect the
Company’s business; technological changes may be more difficult or
expensive than the Company anticipates; there may be failures or
breaches of information technology security systems; success or
consummation of new business initiatives may be more difficult or
expensive than the Company anticipates; or litigation or other matters
before regulatory agencies, whether currently existing or commencing in
the future, may delay the occurrence or non-occurrence of events longer
than the Company anticipates.

Schedules and Financial Data: All tables and data to follow.

 
STATEMENT OF INCOME AND PERFORMANCE HIGHLIGHT (Unaudited) – Table
1
(Dollars in thousands, except per share amounts)
 
  Three Months Ended
March 31,   December 31,   $   %   March 31,   $   %
2019 2018 Change Change 2018 Change Change
 
Interest income $ 15,584 $ 16,256 $ (672 ) (4.1 %) $ 12,825 $ 2,759 21.5 %
Interest expense   4,297     4,035     262   6.5 %   2,470     1,827   74.0 %
Net interest income 11,287 12,221 (934 ) (7.6 %) 10,355 932 9.0 %
 
Provision for loan losses       170     (170 ) (100.0 %)          
Net interest income after provision for loan losses 11,287 12,051 (764 ) (6.3 %) 10,355 932 9.0 %
 
Gain on sale of loans 1,167 996 171 17.2 % 2,436 (1,269 ) (52.1 %)
Gain (loss) on sale of OREO (10 ) (10 ) (100.0 %) (10 ) (100.0 %)
SBA servicing fee income, net 503 179 324 181.0 % 361 142 39.3 %
SBA servicing right impairment (374 ) 374 100.0 %
Service charges and other income   457     484     (27 ) (5.6 %)   499     (42 ) (8.4 %)
Noninterest income 2,117 1,285 832 64.7 % 3,296 (1,179 ) (35.8 %)
 
Salaries and employee benefits 5,098 4,988 110 2.2 % 4,738 360 7.6 %
Occupancy and equipment 832 886 (54 ) (6.1 %) 839 (7 ) (0.8 %)
Marketing expense 520 433 87 20.1 % 380 140 36.8 %
Professional expense 638 1,195 (557 ) (46.6 %) 502 136 27.1 %
Other expenses   1,276     901     375   41.6 %   1,198     78   6.5 %
Noninterest expense 8,364 8,403 (39 ) (0.5 %) 7,657 707 9.2 %
 
Income before income tax expense 5,040 4,933 107 2.2 % 5,994 (954 ) (15.9 %)
 
Income tax expense 1,450 1,278 172 13.5 % 1,840 (390 ) (21.2 %)
             
Net income $ 3,590   $ 3,655   $ (65 ) (1.8 %) $ 4,154   $ (564 ) (13.6 %)
 
Effective tax rate 28.8 % 25.9 % 2.9 % 11.0 % 30.7 % (1.9 %) (6.3 %)
 
Outstanding number of shares ¹ 10,107,485 10,102,161 5,324 0.1 % 10,033,110 74,375 0.7 %
 
Basic EPS ¹ $ 0.36 $ 0.36 $ 0.41 $ (0.05 ) (12.2 %)
Diluted EPS¹ $ 0.35 $ 0.35 $ 0.40 $ (0.05 ) (12.5 %)
 
Return on average assets 1.28 % 1.25 % 0.03 % 2.40 % 1.61 % (0.33 %) (20.5 %)
Return on average equity 10.84 % 11.16 % (0.32 %) (2.87 %) 14.40 % (3.56 %) (24.7 %)
 
Efficiency ratio² 62.40 % 62.22 % 0.18 % 0.29 % 56.09 % 6.32 % 11.25 %
Yield on interest-earning assets³ 5.73 % 5.73 % 5.13 % 0.60 % 11.70 %
Cost of funds 1.76 % 1.57 % 0.19 % 12.08 % 1.09 % 0.67 % 61.40 %
Net interest margin³ 4.16 % 4.32 % (0.16 %) (3.66 %) 4.15 % 0.01 % 0.25 %
 

¹

 

Restated for 10% stock dividend declared on 10/02/18

²

Represents the ratio of noninterest expense less other real
estate owned operations to the sum of net interest income before
provision for credit losses and total noninterest income, less
gains/(loss) on sale of securities, other-than-temporary
impairment recovery/(loss) on investment securities and
gain/(loss) from other real estate owned.

³

Amounts calculated on a fully taxable equivalent basis using
the current statutory federal tax rate

 
 
BALANCE SHEET, CAPITAL AND OTHER DATA (Unaudited) – Table 2
(Dollars in thousands)
 
  March 31,   December 31,   $   %   March 31,   $   %
2019 2018 Change Change 2018 Change Change
ASSETS
Cash and due from banks $ 10,837 $ 11,029 $ (192 ) (1.7 %) $ 9,868 $ 969 9.8 %
Interest-earning deposits at the FRB and other banks 111,305 97,211 14,094 14.5 % 80,468 30,837 38.3 %
Investment securities¹ 101,825 104,431 (2,606 ) (2.5 %) 117,634 (15,809 ) (13.4 %)
Loans held-for-sale, at the lower of cost or fair value 45,275 45,665 (390 ) (0.9 %) 23,608 21,667 91.8 %
 
Loans receivable 874,330 875,797 (1,467 ) (0.2 %) 809,281 65,049 8.0 %
Allowance for loan losses   (9,760 )   (10,023 )   263   2.6 %   (8,556 )   (1,204 ) (14.1 %)
Loans receivable, net 864,570 865,774 (1,204 ) (0.1 %) 800,725 63,845 8.0 %
 
OREO 15 25 (10 ) -40.0 % 15 100.0 %
Restricted stock investments 7,879 7,879 6,261 1,618 25.8 %
Servicing assets 10,303 10,541 (238 ) (2.3 %) 11,610 (1,307 ) (11.3 %)
Other assets   25,610     18,519     7,091   38.3 %   20,196     5,414   26.8 %
Total assets $ 1,177,619   $ 1,161,074   $ 16,545   1.4 % $ 1,070,370   $ 107,249   10.0 %
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Noninterest-bearing $ 198,940 $ 206,764 $ (7,824 ) (3.8 %) $ 188,328 $ 10,612 5.6 %
Interest-bearing   816,603     801,830     14,773   1.8 %   742,905     73,698   9.9 %
Total deposits 1,015,543 1,008,594 6,949 0.7 % 931,233 84,310 9.1 %
 
FHLB advances 10,000 10,000 10,000
Other liabilities   15,595     10,567     5,028   47.6 %   10,784     4,811   44.6 %
Total liabilities   1,041,138     1,029,161     11,977   1.2 %   952,017     89,121   9.4 %
 
Stockholders’ Equity   136,481     131,913     4,568   3.5 %   118,353     18,128   15.3 %
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY $ 1,177,619   $ 1,161,074   $ 16,545   1.4 % $ 1,070,370   $ 107,249   10.0 %
 
CAPITAL RATIOS
Leverage ratio
Company 11.96 % 11.39 % 0.57 % 5.00 % 11.34 % 0.62 % 5.47 %
Bank 11.94 % 11.36 % 0.58 % 5.11 % 11.30 % 0.64 % 5.66 %
Common equity tier 1 risk-based capital ratio
Company 14.54 % 14.27 % 0.27 % 1.89 % 13.66 % 0.88 % 6.44 %
Bank 14.51 % 14.24 % 0.27 % 1.90 % 13.61 % 0.90 % 6.61 %
Tier 1 risk-based capital ratio
Company 14.54 % 14.27 % 0.27 % 1.89 % 13.66 % 0.88 % 6.44 %
Bank 14.51 % 14.24 % 0.27 % 1.90 % 13.61 % 0.90 % 6.61 %
Total risk-based capital ratio
Company 15.65 % 15.42 % 0.23 % 1.49 % 14.76 % 0.89 % 6.03 %
Bank 15.62 % 15.38 % 0.24 % 1.56 % 14.72 % 0.90 % 6.11 %
Book value per share² $ 13.50 $ 13.06 $ 0.44 3.4 % $ 11.80 $ 1.70 14.4 %
Loan-to-Deposit (LTD) ratio 86.1 % 86.8 % (0.74 %) (0.85 %) 86.9 % (0.81 %) (0.93 %)
Nonperforming assets 1,085 410 675 164.6 % 2,105 $ (1,020 ) (48.5 %)
Nonperforming assets as a % of loans receivable 0.12 % 0.04 % 0.08 % 200.00 % 0.26 % (0.14 %) (53.85 %)
ALLL as a % of loans receivable 1.12 % 1.14 % (0.02 %) (1.75 %) 1.06 % 0.06 % 5.66 %
 

¹

 

Includes AFS and HTM

²

Restated for 10% stock dividend declared on 10/02/18

 
 
FIVE-QUARTER STATEMENT OF INCOME (Unaudited) – Table 3
(Dollars in thousands, except per share amounts)
 
  Three Months Ended
March 31,   December 31,   September 30,   June 30,   March 31,
2019 2018 2018 2018 2018
 
Interest income $ 15,584 $ 16,256 $ 15,661 $ 14,605 $ 12,825
Interest expense   4,297     4,035     3,678     3,005     2,470  
Net interest income 11,287 12,221 11,983 11,600 10,355
 
Provision for loan losses       170     400     800      
Net interest income after provision for loan losses 11,287 12,051 11,583 10,800 10,355
 
Gain on sale of loans 1,167 996 1,937 2,478 2,436
Gain (loss) on sale of OREO (10 ) (43 )
SBA servicing fee income, net 503 179 304 442 361
SBA servicing right impairment (374 ) (534 )
Service charges and other income   457     484     573     600     499  
Noninterest income 2,117 1,285 2,237 3,520 3,296
 
Salaries and employee benefits 5,098 4,988 4,956 4,923 4,738
Occupancy and equipment 832 886 886 834 839
Marketing expense 520 433 342 322 380
Professional expense 638 1,195 537 359 502
Other expenses   1,276     901     1,302     1,515     1,198  
Noninterest expense 8,364 8,403 8,023 7,953 7,657
 
Income before income tax expense 5,040 4,933 5,797 6,367 5,994
 
Income tax expense 1,450 1,278 1,426 1,889 1,840
         
Net income $ 3,590   $ 3,655   $ 4,371   $ 4,478   $ 4,154  
 
Effective tax rate 28.8 % 25.9 % 24.6 % 29.7 % 30.7 %
 
Outstanding number of shares ¹ 10,107,485 10,102,161 10,091,294 10,037,510 10,033,110
 
Weighted average shares for basic EPS¹ 10,102,220 10,098,618 10,038,095 10,035,545 10,033,110
Weighted average shares for diluted EPS¹ 10,359,833 10,390,326 10,389,263 10,426,907 10,464,580
 
Basic EPS ¹ $ 0.36 $ 0.36 $ 0.44 $ 0.45 $ 0.41
Diluted EPS¹ $ 0.35 $ 0.35 $ 0.42 $ 0.43 $ 0.40
 

¹

 

Restated for 10% stock dividend declared on 10/02/18

 
 
QUARTERLY SALARIES BENEFIT METRICS (Unaudited) – Table 4
(Dollars in thousands)
 
  At or for the Three Months Ended
March 31,   December 31,   September 30,   June 30,   March 31,
2019 2018 2018 2018 2018
 
FTE at the end of period 186 187 175 173 164
Average FTE during the period 185 185 177 172 164
Salaries and benefits/average FTE¹ $ 112 $ 107 $ 111 $ 115 $ 117
Salaries and benefits/average assets¹ 1.82 % 1.71 % 1.71 % 1.82 % 1.83 %
Noninterest expense/average assets¹ 2.99 % 2.87 % 2.77 % 2.94 % 2.96 %
 

1

 

Annualized

 
 
FIVE-QUARTER BALANCE SHEET (Unaudited) – Table 5
(Dollars in thousands)
 
  March 31,   December 31,   September 30,   June 30,   March 31,
2019 2018 2018 2018 2018
ASSETS
Cash and due from banks $ 10,837 $ 11,029 $ 12,228 $ 13,349 $ 9,868
Interest-earning deposits at the FRB and other banks 111,305 97,211 119,246 77,018 80,468
Investment securities¹ 101,825 104,431 107,406 112,022 117,634
Loans held-for-sale, at the lower of cost or fair value 45,275 45,665 38,007 39,343 23,608
 
Loans receivable 874,330 875,797 896,580 867,280 809,281
Allowance for loan losses   (9,760 )   (10,023 )   (9,814 )   (9,377 )   (8,556 )
Loans receivable, net 864,570 865,774 886,766 857,903 800,725
 
OREO 15 25 25
Restricted stock investments 7,879 7,879 6,879 6,879 6,261
Servicing assets 10,303 10,541 11,403 11,869 11,610
Other assets   25,610     18,519     22,346     18,955     20,196  
Total assets $ 1,177,619   $ 1,161,074   $ 1,204,306   $ 1,137,338   $ 1,070,370  
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Noninterest-bearing $ 198,940 $ 206,764 $ 222,018 $ 197,500 $ 188,328
Interest-bearing   816,603     801,830     835,110     788,357     742,905  
Total deposits 1,015,543 1,008,594 1,057,128 985,857 931,233
 
FHLB advances 10,000 10,000 10,000 20,000 10,000
Other liabilities   15,595     10,567     9,585     8,490     10,784  
Total liabilities   1,041,138     1,029,161     1,076,713     1,014,347     952,017  
 
Stockholders’ Equity   136,481     131,913     127,593     122,991     118,353  
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY $ 1,177,619   $ 1,161,074   $ 1,204,306   $ 1,137,338   $ 1,070,370  
 

Contacts

Long T. Huynh, EVP & CFO
(323) 988-3010
Longh@cbb-bank.com

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