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May 6, 2011

California Republic Bank Reports 1st Quarter Results with a Record $320 Million in Assets and a 61% Increase in Demand Deposit Accounts

Press Release 1st Qtr 2011 – PDF version

California Republic Bank is the 9th largest bank based in Orange County and one of the strongest community banks in California based on capital, liquidity, and credit quality.

NEWPORT BEACH, Calif., May 6, 2011 – California Republic Bank (OTCBB: CRPB) announced its results for the 1st quarter ending March 31, 2011, reporting continued growth in loans, core deposits and net income.

The Bank also announced that it is forming an indirect auto finance division to diversify its asset mix and continue to strategically leverage its capital base.  To this end, the Bank has hired seasoned industry professionals to head up the new division.  The Bank stated that it intends to begin originating auto loans in the latter half of 2011 out of a new loan production office in Irvine.

 

CEO, Jon Wilcox stated, “Our strong results continue to validate the expertise, experience and unique service that we offer to our clients.  We will continue to position the Bank to meet our clients’ needs and to provide long-term growth and prosperity for our customers, shareholders and employees.”

 

Vice Chairman, John DeCero added, “Our continued growth is a testament to the right plan, the right people and the right service.  This winning combination not only ensures sustained growth but also opens up opportunities that we and our customers can capitalize on.”

Highlights for the 1st quarter 2011:

-       Total assets of $320.3 million, an 8.9% increase over the same period 2010.

-       Total demand deposit accounts of $104.6 million compared to $64.8 million at the end of the 1st quarter 2010, an increase of $39.8 million or 61.4%.

-       Total loan commitments of $318.1 million and loan outstandings of $200.1 million, a 37.3% increase in outstandings over the same period 2010.

-       Net income of $104 thousand compared to a net loss of $53.5 thousand for the same period in 2010.

-       Excluding non-capital charges of $125 thousand, the Bank added $229 thousand to capital in the 1st quarter.

-       The Bank continues its record of no non-performing or charged-off loans.

-       Total risk based capital ratio of 21.7%.

1st Quarter 2011 results:

For March 31, 2011, California Republic Bank reported total assets of $320.3 million, an increase of $26.2 million, or 8.9% above total assets as of March 31, 2010.  The Bank improved its asset mix significantly from the 1st quarter of 2010 with a 61.4% increase in non-interest bearing demand deposits.  Demand deposit accounts grew to $104.6 million, compared to $64.8 million at the end of the 1st quarter of 2010.  Total deposits were $270.8 million, a $22.9 million, or 9.2% increase from the 1st quarter of 2010.  Loan outstandings were $200.1 million, representing a $54.4 million, or 37.3% increase over the 1st quarter of 2010.  Net income was $104 thousand for the 1st quarter, compared to a loss of $53.5 thousand for the 1st quarter 2010.  California Republic Bank continues to report strong credit quality, with zero non-performing loans and no charged-off loans.  The Bank reported a Tier 1 leverage capital ratio of 15.1%, a Tier 1 risk based capital ratio of 20.5% and a total risk based capital ratio of 21.7%, well in excess of the 5%, 6% and 10%, respectively, needed to be considered “well-capitalized” by the FDIC.

About California Republic Bank

California Republic Bank is a commercial bank serving investors, companies and their owners throughout Southern California.  The Bank provides its clients direct access to executive management, with customized products delivered through highly experienced Relationship Managers and some of the best technology in the industry.  The Bank serves its clients through its regional Newport Beach and Beverly Hills branch locations.

For more information, contact Jon Wilcox, CEO; or John DeCero, Vice Chairman at 949-270-9700 in Orange County or 424-230-5400 in Los Angeles.  You can also visit our website at www.crbnk.com.  The Bank’s headquarters is located at 1400 Newport Center Drive, Suite 150, Newport Beach, California 92660.  The Bank’s Beverly Hills branch is located at 100 North Crescent Drive, Suite 125, Beverly Hills, California 90210.

The Board of Directors includes:

- Inside Directors Jon Wilcox, CEO; and John DeCero, Vice Chairman of the Board.

 

- Outside Directors Robert Barth, Chairman of the Board; John Bendheim, President of Bendheim Enterprises, Inc; Marc Brutten, Entrepreneur and CEO of Westcore Holdings; Alexander Cappello, Chairman and CEO of Cappello Capital Corp; Bob Din, CEO of En Pointe Technologies; John Hagestad, Managing Partner of SARES-REGIS Group; Warren S. Orlando, Chairman, 1st United Bancorp; and J. Scott Watt, President and CEO of the Watt Group of Companies.

 

For information regarding the purchase or sale of the Bank’s stock, contact Michael Natzic of Stone & Youngberg at 800-288-2811.

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.

 

As reported in the November 8, 2010 issue of the Orange County Business Journal

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