WCB Holdings, Inc. and Western Commercial Bank Announce 4th Quarter Results for 2009
13 February 2010 - 3:11AM
Marketwired
WCB Holdings, Inc. (OTCBB: WCBH), located at 21550 Oxnard Street,
Suite 100, Woodland Hills, California, announced its fourth quarter
of 2009 financial results. For the three-month and year ended
December 31, 2009, the Company showed net losses $1,746,000 and
$2,357,000, respectively. The Company's total assets shrank 12%
from $121.5 million at December 31, 2008 to $107.1 million at
December 31, 2009. For the same period, total loans shrank 5% from
$103.6 million to $98.5 million and total deposits contracted 10%
from $105 million to $94.4 million, respectively. The Company also
recognized $43,000 in warrants expense for the year ended December
31, 2009.
Western Commercial Bank, a wholly owned subsidiary of WCB
Holdings, Inc., recognized $51,000 and $204,000 in non-cash stock
option compensation expenses, and provided $1,086,000 and
$1,571,000 in loan loss provision for the three-month and year
ended December 31, 2009.
At December 31, 2009, the Bank's allowance for loan losses was
$2,594,000 or 2.63% of total loans (or 2.78% net of cash secured
and government guaranteed loans), which Management considers
prudent in this economy.
At December 31, 2009, the Bank's Tier 1 capital was 9.45% of
total assets and its total risk-based-capital ratio was 11.14%,
both considered in the well-capitalized category. The Bank has 10
non-performing assets for $13.9 million, which are all well-secured
(or reserved) with one credit mitigated by a $5.3 million guarantee
by the USDA. Of the 8 non-performing assets, there was one OREO for
$970,000. The Bank sold one OREO for $1.7 million in December of
2009.
Carl W. Raggio, III, President and CEO, said, "The economy
continues to be a major factor for the banking industry and
certainly has had its affect on some of our loans. However, we
strongly feel our reserves remain a strong cushion for the expected
and continuing problematic economy. Our portfolio was underwritten
very well and in most cases well-collateralized, even in these
difficult times. We feel this will prove positive as we work
through this difficult period."
The Company's Board has approved a $5 million preferred stock
offering and has already injected into the Bank $900,000 from Board
members and founders along with another $1,300,000 from other
shareholders. As stated in an earlier press release, the Bank
entered into a Consent Order with the DFI and FDIC and feels it is
in substantial compliance with the Order which, amongst other
requirements, calls for raising $1 million in capital.
The Bank must meet certain requirements in the Order which
includes achieving a Tier 1 Capital to total assets ratio of 9.5%
and reducing classified assets to no more than 50% of Tier 1
Capital plus the loan loss allowance. Management feels these ratios
will be achieved.
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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