CU Bancorp Announces Financial Results for 3rd Quarter 2012
ENCINO, CA, – November 14, 2012 – CU Bancorp (NASDAQ: CUNB), the parent company of wholly owned California United Bank, today reported financial results for the third quarter of 2012. The results for the quarter reflect two months of combined operations with Premier Commercial Bancorp and its subsidiary Premier Commercial Bank, N.A. (collectively “PCB”), which were merged into CU Bancorp and California United Bank, respectively, on July 31, 2012, and include two significant non-recurring items:
- Merger-related expenses totaling $2.5 million
- Interest rate derivatives gains of $252 thousand
For the third quarter of 2012, CU Bancorp reported a net loss of $932 thousand, or $0.10 per share, which compares to net income of $601 thousand, or $0.09 per fully diluted share, for the third quarter of 2011.
Third Quarter 2012 Highlights
- Pre-tax earnings before merger-related expenses increased by 6.5 percent to $1.13 million compared to $1.06 million in the third quarter of 2011
- Total assets were $1.27 billion at September 30, 2012, an increase of $360 million or 40 percent from June 30, 2012
- Total loans increased $306 million or 63 percent from June 30, 2012 which includes net organic loan growth of $51.0 million, or 10 percent from the end of the prior quarter
- Net interest margin increased to 3.57% compared to 3.37% for the prior quarter
- Total deposits grew $302 million or 38 percent from June 30, 2012 including net organic deposit growth of $24.2 million, or 3 percent from the end of the prior quarter
- Net charge-offs declined to $44 thousand for the third quarter of 2012, compared to $563 thousand for the second quarter of 2012
- Continued status as well-capitalized, the highest regulatory category. At September 30, 2012, the ratio of total capital to risk-based assets was 12.24 percent; the ratio of Tier 1 capital to risk-based assets was 11.43 percent and the Tier 1 leverage ratio was 10.01 percent.
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