NEWPORT BEACH, Calif -- California Republic Bank (CRPB) (OTCBB:CRPB) announced its results for the quarter ending March 31, 2009.
At March 31, 2009, California Republic Bank reported total assets of $163 million, an increase of $88 million or 117% above total assets as of March 31, 2008. The year-over- year growth in total assets reflects continued strong deposit growth with total deposits at $115 million, a $90 million increase from the first quarter of 2008. Non-interest bearing, demand deposit accounts grew to $25 million while interest-bearing deposits grew to $90 million. The bank continues to build its deposit base with long-term relationships and has, since inception, taken no brokered or purchased money deposits.
Total loans outstanding at March 31, 2009 grew to $82 million, representing a $70 million increase in from the 1st quarter of 2008. Total loan commitments were $120 million at quarter’s end. The bank continues to have no non-performing assets, no past due loans, and no charge offs.
California Republic Bank also reported strong liquidity. Liquid investments, mostly in federally backed instruments, and fully insured CD investments, totaled $80 million as of March 31, 2009. The bank also reported that it has been approved for access to additional liquidity, if requested, through borrowings at the Federal Reserve Board discount window as well as the Federal Home Loan Bank. The bank has no need for such borrowings today.
California Republic Bank also reported a Tier 1 Leverage capital ratio of 29.65% and a Total Risk Capital ratio of 52.28%, well in excess of the FDIC capital requirements of 5% and 10% respectively, to be considered ‘well capitalized’ by the FDIC.
“We are very proud of the high quality loans and deposits that have been generated from long-term relationships out of both our Beverly Hills and Newport Beach regional offices,” stated Jon Wilcox, President of California Republic Bank. Mr. Wilcox added, “We continue to position our balance sheet for long-term growth and safety, carefully executing our business plan for continued success.”
Vice Chairman John DeCero stated, “The bank’s strong liquidity position, core deposits, and asset quality, combined with the breadth of our highly tailored products and services, have us poised for strong performance as we continue to build market share throughout Southern California.”
About California Republic Bank:
California Republic Bank is a premier full service commercial bank. The bank offers direct access to executive management and individualized service delivered through highly qualified Relationship Managers and “state of the art” technology. The bank's clients enjoy the service of a private bank, with the expertise and knowledge of a commercial and real estate bank, providing unmatched responsiveness, capacity and understanding of each client's needs.
For more information, contact the Jon Wilcox, President or John DeCero, Vice Chairman at 949-270-9700 in Orange County or 424-230-5400 in Los Angeles. Please also visit our website at www.crbnk.com. where you can view our unaudited financial statement for the quarter. The bank's headquarters is located at 1400 Newport Center Drive, Suite 150, Newport Beach, California. The bank's West Los Angeles branch is located at 100 North Crescent Drive, Suite 125, Beverly Hills, Ca, 90210
The bank's board of directors comprises inside directors Jon Wilcox, Acting CEO and President; John DeCero, Vice Chairman of the Board; outside board members including Robert Barth, Chairman of the Board; Patrick Allen, former Chief Financial Officer and Head of Equities of Hambrecht & Quist; John Bendheim, President of Bendheim Homes and Bendheim Enterprises, Inc.; Alexander Cappello, Chairman and CEO of Cappello Capital Group; John Hagestad, a Managing Partner of SARES-REGIS Group; J. Scott Watt, President/CEO of the Watt Group of Companies; Bob Din, CEO of En Pointe Technologies, Inc.; and Marc Brutten, Entrepreneur and CEO of Westcore Management in San Diego, California.
For information regarding the purchase or sale of the bank’s stock, contact Michael Natzic of Stone & Youngberg at 800-288-2811.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by the act. These forward-looking statements refer to the Company's current expectations regarding future operating results, and growth in loans, deposits, and assets. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to (1) the impact of changes in interest rates, a decline in economic conditions, and increased competition by financial service providers on the Company's results of operation; (2) the Company's ability to continue its internal growth rate; (3) the Company's ability to build net interest spread; (4) the quality of the Company's earning assets; and (5) governmental regulations