Commercial Bank of California, a BauerFinancial Five-Star Superior Bank, today reported net income for the full year of 2016 of $3,004,000, an increase of 78% over the net income of the prior year. Net income for the fourth quarter ended December 31, 2016 was $982,000. Net interest income for the fourth quarter of 2016 was $6.6 million, and totaled $25.9 million for the full year.
At December 31, 2016, the Bank's total assets were $810.7 million. Total deposits rose to $722.3 million, while net loans advanced to $523.9 million. Total capital at December 31, 2016 amounted to $80.3 million.
Ash Patel, President and CEO of Commercial Bank of California, commented: "2016 was a year of achievement for Commercial Bank of California. We continued to demonstrate strong performance, registering a substantial gain in profits and growth in our assets, deposits and loans.
"Our long-standing focus on high credit quality continues to serve us well. Non-performing assets net of federal guarantees totaled just $1.0 million at December 31, 2016, compared to reserves of $8.9 million."
In 2016, the Bank successfully completed a merger with National Bank of California, which included a comprehensive data processing conversion enabling all CBC offices to operate using the same system. As a result, customers can conduct business at any of the Bank's six convenient regional offices throughout Southern California.
Mr. Patel added: "While we remain committed to providing our clients with technology that is second to none, we will never forget that personalized, proactive, responsive service is the foundation of our success. CBC's unique combination of financial strength, advanced technology, and personal service is what is making us the bank of choice for businesses and professionals in Southern California."
He concluded: "The present operating environment for financial companies remains challenging, with continued pressure on net interest margins, slow economic growth, and rising expenses. We are not impervious to these challenges, but our conservative philosophy and sound strategies continue to prove their validity. Since our founding, our overriding objective has been to build a quality institution with financial strength and staying power. We remain committed to profitable growth without compromising our lending standards and credit quality.
"Looking ahead, we benefit from the flexibility provided by our financial strength and our growing market position. Our talented team of banking professionals continues to compete successfully for new business while providing our customers with top-quality, individualized service. At the same time, we remain keenly focused on the operating environment, and are prepared to act quickly and decisively to meet whatever challenges and opportunities may arise. We believe that by adhering to proven strategies we enhance our success now and in the years ahead."
About Commercial Bank of California
Commercial Bank of California is a full-service bank serving the business and professional communities of Los Angeles and Orange counties. Recognized as a BauerFinancial, Inc. "Five-Star Bank" for its financial strength and stability, Commercial Bank of California provides the financial expertise of a major bank and the personalized service of an independent. More information on Commercial Bank of California is available at www.cbcal.com.