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Tucson, Arizona., July 30, 2021 /PRNewswire/ – CBOA Financial, Inc. (OTC:CBOF) (“Company”), the parent company of Industrial and Commercial Bank of China Arizona (“Bank” or “CBAZ”), announced the consolidated net income after tax at the end of the quarter June 30, 2021 Increased by 223% to 1,277,000 USD, from 395,000 USD Year after year.
Chris Webster, The bank’s president and CEO commented: “The strong loan growth performance earlier this year continued into the second quarter. Our experienced and experienced loan team worked hard to create important new loan opportunities while processing another 27 million USD In the second round of Payroll Protection Program (“PPP”) loans. However, as banks received a large number of PPP loan exemptions during the quarter, the total loan balance was affected,” Webster added. He further commented, “In terms of our financing costs, 39% of our total deposits are none. Interest. Therefore, as we expand our loan portfolio organically, we can always maintain a very healthy net interest margin. ”
Highlights of the first quarter of 2021
- Traditional (non-PPP) loan growth is $19 million, Or 7% this quarter
- Non-performing assets fell by 23% this quarter
Operational highlights
Interest income benefited from recognized fee income from PPP loans, which boosted revenue 290,000 USD. What further promotes the growth of net interest income is 57,000 USD Interest expenses fell.
The Bank continued to make progress on its legacy classified assets. Non-performing assets including loans and OREO fell 57% year-on-year USD 4.6 million Or 1.5% of assets US$2 million Or 0.57% of assets.
Balance sheet
Total assets decreased by 8% to $336.5 million At the end of the quarter June 30, 2021 And increased by 7% in comparison $315.2 million a year ago.Total assets growth from June 2020 arrive June 2021 Including total PPP loans to fund CBAZ deposit accounts 27 million USD And organic net deposit growth is about US$4 million.
Increase in the total amount of traditional loans $19 million From the first quarter of 2021 to the end of the first quarter of 2021 $217 million. Total loans decreased by 8.4% to $251 million This quarter increased by 4.3% year-on-year $241 million a year ago.Total deposits decreased by 1.5% to 300 million USD An increase of 12% compared to this quarter US$269 million a year ago.
Total loan loss provisions US$3.17 million exist June 30, 2021, Or 1.46% of “traditional” non-PPP loans, compared with 1.50% in the previous quarter and 1.26% in the current quarter, including PPP loans.
Shareholders’ equity increased in 27 million USD exist June 30, 2021, Starting from the previous quarter.exist June 30, 2021, The tangible book value is 2.86 USD Per share 2.81 USD Per share in March 31, 2021 and 2.81 USD Per share a year ago.Excluding PPP loans, our bank’s June 30, 2021 The first-level leverage ratio should have been 9.3%, up to now 11.7% June 30, 2020The increase in total assets related to PPP loans is the main driving factor for the decline in the bank’s primary leverage ratio.
Capital management
According to Basel III and Dodd Frank Wall Street reform requirements, the capital ratio exceeds the regulatory guidelines of the capital adequacy agency June 30, 2021The capital ratios are listed below.
About the company
Arizona Commercial Bank, established in 2002 Tucson, Arizona, Is a full-service community bank for small and medium enterprises and real estate professionals. CBAZ provides various services to commercial clients, including U.S. Small Business Administration (SBA) financing solutions, construction loans, and commercial real estate loans. CBOA Financial, Inc is a single bank holding company and the bank’s parent company. The company conducts over-the-counter transactions as a CBOF. For more information, please visit: www.commercebankaz.com.
Forward-looking statements
This press release may contain information about CBOA Financial, Inc. or Commerce Bank of ArizonaThese statements involve certain risks and uncertainties, which may cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include but are not limited to the following factors: competition, interest rate fluctuations, reliance on key individuals, loan defaults, geographic concentration, litigation, and changes in federal laws, regulations and their interpretations. All forward-looking statements contained in this press release are based on information available at the time of publication, as well as CBOA Financial, Inc. and Commerce Bank of Arizona No obligation to update any forward-looking statements.
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Unaudited consolidated financial information |
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