California Business Bank has reported a net profit of $67,925 for the first quarter of 2008, compared to a net profit of $45,460 for the corresponding period of 2007.
Net interest margin was 3.60% for the first quarter of 2008, a decrease of 63 basis points from 4.23% in 2007. The return on average assets was 0.22% for the quarter compared to 0.20% for the corresponding quarter of 2007.
Charles Wood, president and CEO, said: We are particularly pleased by our continued positive growth trends with five consecutive quarters of profitability. Our asset quality and loan performance remain solid, notwithstanding some strains in construction loans portfolio which constitutes approximately 17% of total loans.