BRIEF: County Commerce Bank reports positive earnings for quarter
Jun 13, 2012 (Menafn - Ventura County Star - McClatchy-Tribune Information Services via COMTEX) --County Commerce Bank reported a nearly 25 percent increase in net income for the first quarter of 2012.
The Ventura-based bank reported first-quarter earnings of 405,000, a 24.2 percent increase compared with 326,000 in the first quarter of 2011.
"The bank is successfully managing a strong and healthy balance sheet despite the recent economic challenges," President and CEO Joseph D. Kreutz said in a news release.
Total assets were 187.4 million, an 8.7 percent increase compared with the same time last year. Deposits increased by 7.5 percent compared with the first quarter of 2011 and were reported at 164.1 million. Capital for the first quarter was 16.6 million.
The bank's loan portfolio was reported at 106.3 million at the end of first quarter, a 3.4 percent increase compared with 102.8 million for the first quarter of 2011.
For the 28th consecutive quarter, County Commerce earned a "superior" rating from BauerFinancial Inc. and was the only bank in the tri-county area to receive the recognition for the fourth quarter of 2011.
County Commerce has locations in Ventura, Oxnard and Camarillo.
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