WCB Holdings, Inc. and Western Commercial Bank Announce 1st Quarter Results for 2009
16 May 2009 - 8:42AM
Marketwired
WCB Holdings, Inc. (OTCBB: WCBH), located at 21550 Oxnard Street,
Suite 100, Woodland Hills, California, announced its first quarter
of 2009 financial results. Through March 31, 2009, the Bank showed
a net profit of $24,000 and the Company (on a combined basis)
showed a net loss of $11,000. The Company's total assets grew 18%
from $104.3 million at March 31, 2008 to $123.0 million at March
31, 2009. For the same period, total loans grew 24% from $83.5
million to $103.4 million and total deposits increased 20% from
$89.3 million to $107.0 million. The Company also recognized
$43,000 in warrants expense for the year ended March 31, 2009.
Western Commercial Bank, a wholly owned subsidiary of WCB
Holdings, Inc., recognized $50,000 in non-cash stock option
compensation expenses, and provided $35,000 in loan loss provision
for the quarter and year ended March 31, 2009.
At March 31, 2009, the Bank's allowance for loan losses was
$1,359,000 or 1.32% of total loans (or 1.45% net of cash secured
and government guaranteed loans), which Management considers
prudent in this economy.
At March 31, 2009, the Bank's Tier 1 leverage ratio was 8.2% and
its total risk-based-capital ratio was 10.3%, both considered in
the well-capitalized category. The Bank has two non-performing
assets for $8.6 million, both of which are very well-secured and
mitigated by a $5.3 million guarantee by the USDA.
Carl W. Raggio, III, President and CEO, said, "While the economy
continues to be a major factor for the banking industry, the Board
and I are pleased we could show a profit for the Bank in the first
quarter. We feel this is a testament to our strong clients and
continued vigilance in our risk assessment."
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
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