News Column

Super Premier Performing County Commerce Bank Reports First Quarter Earnings for 2014

May 1, 2014

VENTURA, Calif.--(BUSINESS WIRE)-- County Commerce Bank (OTCBB:CNYB), the only bank headquartered in Ventura and Santa Barbara Counties recognized by The Findley Reports as a “Super Premier Performing Bank” based on 2013 operating results, continued its strong earnings performance for the first quarter of 2014. The bank’s year-to-date efficiency ratio is 57.4% and is consistently one of the best in the community bank industry.

County Commerce Bank continues to post exceptionally strong earnings. Earnings for the first quarter 2014 were $430,000 compared to $409,000 for the first quarter 2013. Total assets were $237,469,000, a 16.1% increase over March 31, 2013. Total deposits were $210,597,000, a 16.6% increase over March 31, 2013. Capital for 2014 has increased by $447,000 ending at $20,928,000. Book value per common share increased to $14.60 compared to $13.25 during the same period in 2013.

The Bank’s loan portfolio increased to $124,564,000 at the end of the first quarter 2014, compared to $118,536,000 at the end of first quarter 2013, an increase of 5.1%. As Ventura County’s premier community bank, County Commerce has consistently utilized its excellent liquidity and strong capital to strengthen the local community and its economy by providing much needed capital to local businesses and individuals. The bank currently has no nonaccrual loans. A primary focus of the bank is maintaining a high quality loan portfolio and further development of new loan growth, including the recent addition of residential mortgage loans to their list of loan offerings.

Based on 2013 financial results, Ventura County’s award winning and locally owned County Commerce Bank has been recognized by financial industry ratings organizations as one of the nation’s best performing banks and one of the highest rated banks on California’s central coast. County Commerce Bank was nationally recognized by American Banker magazine as one of the Top 200 Community Banks (ranked by 3-year Average ROE). County Commerce Bank, the only bank headquartered in Ventura County, is ranked fifteenth highest among those California banks included on the list of the Top 200 Community Banks because of its Return on Average Equity (ROE) over the past three years of 9.8%. On June 28, 2013 President Joseph Kreutz accepted the Small Business of the Year award from the Oxnard Chamber of Commerce in recognition of the bank’s significant contribution to the betterment of the Oxnard community. The bank was also voted Favorite Bank in West Ventura County 2014 by the Ventura County Star Newspaper for the second consecutive year.

For the 36th consecutive quarter, the bank earned BauerFinancial’s Five Star “Superior” rating which indicates that County Commerce Bank is one of strongest financial institutions in the nation. President and Chief Executive Officer Joseph D. Kreutz stated, “I must acknowledge the loyalty and strength of our customer relationships and their confidence in referring others as a significant factor in our success. We have consistently exceeded expectations and we are pleased that our strong foundation has enabled us to sustain this high level of performance. As the largest and strongest community bank in Ventura County, we are in the best position to meet the banking needs of local businesses, large and small. Understanding the needs and issues of local businesses, we have the means and ability to act quickly and help them meet their goals. The bank is well positioned for continued growth and we look forward to assisting local businesses and individuals in their success as well.”

Selected Financial Highlights and Awards as of March 31, 2014:

  • Return on average equity (annualized) at 8.43%.
  • Allowance for Loan and Lease Losses at 2.11% of total loans.
  • Tier 1 Leverage Ratio at 9.16%; above 5.00% is deemed “Well Capitalized” by FDIC.
  • Super Premier Performing Bank or Premier Performing Bank by The Findley Reports for the past nine consecutive years.
  • Five-Star “Superior” rating by BauerFinancial Inc., for more than 36 consecutive quarters.
  • Recognized by American Banker magazine as one of the Top 200 Community Banks in the nation based on three year average ROE.


    County Commerce Bank was founded by local professionals and business leaders in Ventura County and completed its initial public offering of stock on January 21, 2003. The Bank opened for business at 3260 Telegraph Road, Ventura, California on February 13, 2003 and opened its second branch located at 2400 E. Gonzales Road, Oxnard on April 30, 2007. County Commerce Bank opened a third branch in May 2012 at 2357-B Pickwick Drive in Camarillo. County Commerce Bank provides financial solutions for local professionals and small businesses, offering its customers state of the art technology services along with a traditional, personalized banking experience. County Commerce Bank stock is traded on the Over the Counter Bulletin Board (OTCBB); our Ticker Symbol is CNYB.

    County Commerce Bank’s stock is traded through Market Maker:
    Crowell, Weedon & Co.
    Community Bank Group
    Michael R. Natzic, Senior Vice President/Branch Manager
    Member FINRA - Member SIPC
    P.O. Box 1688
    Big Bear Lake, CA 92315
    (800) 288-2811

    The Bank's web site is

    Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States government, and general economic conditions.


    Selected Financial Data

          Three months ended March 31,
    2014       2013

    Income statement summary

    Unaudited Unaudited
    Net interest income $ 1,671,000 $ 1,601,000
    Noninterest income 86,000 100,000
    Noninterest expense 1,014,000 1,006,000
    Provision for loan losses   0     0  
    Income before income tax 743,000 695,000
    Income tax   313,000     286,000  
    Net income $430,000   $409,000  

    Balance sheet summary

    Loans $ 124,564,000 $ 118,536,000
    Allowance for loan losses 2,593,000 2,958,000
    Deposits 210,597,000 180,567,000
    Stockholders' equity 20,928,000 18,988,000
    Total assets 237,469,000 204,558,000

    Capital ratios

    Tier 1 leverage ratio 9.16 % 9.33 %
    Tier 1 risk-based capital ratio 15.64 % 15.48 %
    Total risk-based capital ratio 16.90 % 16.74 %

    Financial ratios (annualized)

    Return on average assets 0.77 % 0.81 %
    Return on average equity 8.43 % 8.84 %
    Efficiency ratio 57.42 % 58.96 %
    Net interest margin 3.05 % 3.28 %

    County Commerce Bank

    Joseph D. Kreutz


    Source: County Commerce Bank

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    Source: Business Wire

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