WCB Holdings, Inc. and Western Commercial Bank Announce 4th Quarter Results for 2008
04 April 2009 - 8:43AM
Marketwired
WCB Holdings, Inc. (OTCBB: WCBH), located at 21550 Oxnard Street,
Suite 100, Woodland Hills, California, announced its fourth quarter
of 2008 financial results. Through December 31, 2008, the Company
and the Bank have continued to experience healthy growth in total
assets, loans and deposits. The Company's total assets grew 33%
from $91.4 million at December 31, 2007 to $121.5 million at
December 31, 2008. For the same period, total loans grew 36% from
$76.3 million to $103.6 million and total deposits increased 34%
from $78.5 million to $105.0 million. For the quarter and year
ended December 31, 2008, the holding company recorded net losses of
$468,000 and $993,000, respectively, as compared to last year's net
income of $51,000 and net loss of $619,000 for the same reporting
periods. The Company also recognized $32,000 in warrants expense
for the year ended December 31, 2008.
Western Commercial Bank, a wholly-owned subsidiary of WCB
Holdings, Inc. recognized $51,000 and $500,000 in non-cash stock
option compensation expenses, and provided $732,000 and $1,452,000
in loan loss provision for the quarter and year ended December 31,
2008.
At December 31, 2008, the Bank's allowance for loan losses was
$1,655,000, increasing the loss reserve as a percentage of total
loans to 1.60% (or 1.76% net of cash secured and government
guaranteed loans), which Management considers prudent in this
economy.
At December 31, 2008, the Bank's Tier 1 leverage ratio was 8.0%
and its total risk-based-capital ratio was 10.3%, both considered
in the well-capitalized category. The Bank has one non-performing
asset for $7.2 million which is very well-secured in addition to a
$4.7 million guaranteed by the USDA. Further, there are only 3
loans that are past due (less than 60 days) in the portfolio.
Carl W. Raggio, III, President and CEO, said, "We continued to
grow the Bank during the 1st and 2nd quarters of 2008. However, due
to the dramatic changes in the economy, starting in September of
2008, our growth slowed to allow us time to focus on our loan
portfolio and build our loan loss reserve. We felt this was prudent
to preserve capital and ensure future loan performance. The economy
is having its toll on almost all sectors of the market. Hence, we
feel it is prudent to be prepared for the future with a strong
allowance for loan and lease losses. Our loss for the year is
attributable to this. However, our loan portfolio remains strong
and well-balanced in this challenging market."
To bolster its capital the Company expects to raise funds in a
private offering in the second quarter of 2009.
Forward-looking statements, by their nature, are subject to
risks and uncertainties. The statements contained in this release
that are not historical facts are forward-looking statements based
on management's current expectations and beliefs concerning future
developments and their potential effects on the Company. Readers
are cautioned not to unduly rely on forward-looking statements.
Actual results may differ from those projected. Forward-looking
statements speak only as of the date they were made. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect subsequent events or circumstances that may
occur after the date that forward-looking statements are made.
The Bank offers a comprehensive selection of business deposit
and loan products, cash management services as well as
SBA-guaranteed loans. The Bank is not involved in any of the
sub-prime products.
The Bank provides financial services to small and mid-sized
businesses, entrepreneurs and professionals in the San Fernando
Valley, with special expertise in commercial real estate
finance.
Regular office hours are Monday through Friday, 9:00 a.m. until
4:00 p.m.
Information on the Bank's services is available by calling (818)
449-7700 and online at www.westerncommercialbank.com. Information
on the Bank's stock may be obtained from Carl W. Raggio, III,
President and Chief Executive Officer, at (818) 449-7700. The stock
trades on the OTC Bulletin Board.
Contact: Carl Raggio President & Chief Executive Officer
(818) 449-7711 WCB Holdings, Inc. 21550 Oxnard Street, Suite 100
Woodland Hills, CA 91367
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