The California Bank of Commerce has reported that its total assets, gross loans and deposits all grew more than 50% during the quarter ended March 31, 2008 compared to the quarter ended December 31, 2007.
Total assets at March 31, 2008 grew 50% or $26.7 million to $80.0 million versus $53.4 million in total assets at December 31, 2007. Loans grew 84% or $14.9 million to $32.7 million at March 31, 2008 compared to $17.8 million at December 31, 2007. Commercial & Industrial (C&I) loans to businesses more than doubled reaching $20.9 million on March 31, 2008 versus $9.9 million at December 31, 2007. The bank’s loan portfolio is well diversified across C & I, Commercial Real Estate sectors, and SBA loans.
Deposits reached $55.7 million at March 31, 2008, growing 97% from deposit balances of $28.3 million on December 31, 2007. The increase in deposits was due to a combination of new clients and the rapid adoption of the bank’s Digital Check Deposit technology by many of the Bank’s clients. Currently, Digital Check Deposit generates almost 85% of the bank’s deposit transaction volume.
During the quarter just ended, the bank also doubled non-interest bearing deposits, which reached $9.4 million at March 31, 2008, up from $4.2 million at December 31, 2007.
California Bank of Commerce reported no delinquent or past due loans as of March 31, 2008. The bank has no exposure to sub-prime or Alt-A loans in either its loan portfolio or its investment portfolio. The bank reduced its net operating loss by 13% during the quarter ended March 31, 2008 as compared to the quarter ended December 31, 2007, and it remains on plan with key revenue and expense targets.