California Republic achieves new milestone – over $125 million in assets – in its first six full months of operations, and announces strong 2nd quarter 2008 results
After six full months of operations, the bank reported total assets of $125.8 million as of June 30, 2008. Net loans at June 30, 2008 were $40.8 million, an increase of $28.6 million over the prior quarter ended March 31, 2008. Total deposits were $75.8 million, a $51 million increase over the March 31, 2008. Non-interest bearing demand deposits were $15.7 million, an increase of $12.7 million for the quarter. Interest bearing deposits were $60.2 million, an increase of $38.3 million over the prior quarter. Shareholders’ equity was $49.9 million at June 30, 2008. The net loss for the three months ended June 30, 2008 was $835 thousand, including a required $322 thousand provision for loan loss, due to the significant loan growth for the quarter.
“We are not only pleased by the significant growth in both core deposits and loans in our first six months, but we are also very encouraged by the significant financial strength and quality of the relationships being established by the bank. These relationships will have a direct, long lasting, and positive impact on the bank’s future”, said the bank’s CEO Robert Bulseco. Bulseco added, “At a time when most financial institutions are struggling with poor asset quality and its effect on earnings, California Republic Bank is taking advantage of the opportunities that this environment creates. Our capital strength, abundant liquidity, and outstanding asset quality create a unique position to support growth and create future profitability.” A few of the facts are:
CAPITAL is strong. California Republic Bank has one of the highest capital ratios of any bank in the state at 39.6% as of June 30, 2008 compared with an average for all California banks at 11.5%. Equity capital is three and one half times the state average for all banks.
LIQUIDITY is abundant. Liquid assets as a percentage of total assets are 66.9% as of June 30, 2008, or $84.2 million, one of the highest liquidity ratios of any California bank. Funding is provided by bank customer deposits and equity capital with absolutely no dependence on risky purchased money, “hot” money, or borrowings.
ASSET QUALITY is outstanding. The bank has no risky construction or subprime loans or like investments. We have absolutely no past due, non accrual, or non performing assets.
About California Republic Bank:
California Republic Bank is a full service commercial bank, serving the loan and deposit needs of customers throughout Southern California. Founded in December of 2007, California Republic Bank offers a full suite of credit, cash management and depository services, delivered with the highest quality technology and personal service available in the marketplace, and always, with direct access to senior management and decision makers.
The bank’s board of directors is comprised of inside directors Robert Bulseco, CEO; John DeCero, Vice Chairman of the Board; and Jon Wilcox, President & COO. Outside board members include Robert Barth, Chairman of the Board, Patrick Allen, former President and COO of Roth Capital Partners; John Bendheim, President of Bendheim Homes and Bendheim Enterprises, Inc.; Alexander Cappello, Chairman and CEO of Cappello Capital Group; John Hagestad, a Managing Partner of SARES-REGIS Group; and J. Scott Watt, President/CEO of the Watt Group of Companies.
For more information, contact the bank at 949-270-9700 or visit www.crbnk.com. For information regarding the purchase or sale of the bank’s stock, contact Michael Natzic of Stone & Youngberg at 800-288-2811. The bank is located at 1400 Newport Center Drive, Suite 150, Newport Beach, California.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by the act. These forward-looking statements refer to the Company’s current expectations regarding future operating results, and growth in loans, deposits, and assets. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward looking statements. These risks and uncertainties include, but are not limited to (1) the impact of changes in interest rates, a decline in economic conditions, and increased competition by financial service providers on the Company’s results of operation, (2) the Company’s ability to continue its internal growth rate, (3) the Company’s ability to build net interest spread, (4) the quality of the Company’s earning assets, and (5) governmental regulations.« All Releases