Late yesterday, California Republic Bank announced their results for the quarter ending June 30, 2010. They reported strong growth in assets and both quarterly and year to date net profits. California Republic Bank is a regional Southern California based commercial bank. Bank officials attribute the strong results to California Republic Bank’s impressive and growing roster of prestigious Southern California clients.
Vice Chairman, Mr. John DeCero, stated, “We continue to attract very successful companies because our clients look for a bank that offers responsiveness, a relationship with senior executives, and the capacity to be opportunistic in today’s environment.”
For June 30, 2010, California Republic Bank reported total assets of $321.7 million, an increase of $135.6 million, or 73 percent above total assets as of June 30, 2009. The Bank had total deposits of $273.0 million. This represents a $134.2 million or 97 percent increase from the 2nd quarter of 2009. They had total loan commitments of $234.8 million and loans outstanding of $162.2 million.
California Republic Bank’s net income was $1.9 million. This included a $2.3 million interest income gain related to a loan purchased at a discount, which was paid in full, and a $266 thousand non-capital charge plus a $270 thousand contribution to the loan loss reserve. Excluding non-capital charges of $137.4 thousand, the Bank added $2.1 million to capital. California Republic Bank continues to report strong credit quality, with zero non-performing loans, no past due loans and no charged-off loans.
Mr. Jon Wilcox, president of the Company, said, “Our asset quality and capital ratios consistently demonstrate our belief that we are one of the safest banks in California. Our increase in interest income this quarter validates the continued evolution of our business plan.”
California Republic Bank provides direct access to executive management and tailored, individualized service provided by highly experienced Relationship Managers and state-of-the-art technology. Their commitment is to being better than the national banks and to remain in California. They believe this is absolutely necessary to understand and proactively serve the unique needs of their local clients. The Bank has an Orange County Regional Head Office in Newport Beach, California, as well as a Beverly Hills, California Regional Headquarters.
For more information visit: www.crbnk.com