CU Bancorp Announces Financial Results for Fourth Quarter and Full Year 2012
Encino, CA, January 31, 2013 – CU Bancorp (NASDAQ: CUNB), the parent company of wholly owned California United Bank, today reported net income of $1.6 million, or $0.15 per fully diluted share, for the fourth quarter of 2012, up 433% from net income of $306 thousand, or $0.05 per fully diluted share, for the fourth quarter of 2011.
For the full year 2012, the Company reported net income of $1.7 million, or $0.21 per fully diluted share, up 13% from net income of $1.5 million, or $0.22 per fully diluted share, for the full year 2011. Core earnings(1) were $8.4 million for the full year 2012, which compares to $4.5 million for the full year 2011.
The comparability of financial information is affected by the acquisition of Premier Commercial Bancorp and its subsidiary Premier Commercial Bank, N.A. (collectively “PCB”). Operating results include the operations of these acquired entities from July 31, 2012, the date of acquisition.
Fourth Quarter 2012 Highlights
- Core earnings1 were $3.9 million for the fourth quarter of 2012, an increase of $2.3 million or 146% from the fourth quarter of 2011
- Total assets were $1.25 billion, an increase of $449 million or 56% over December 31, 2011 with gross loans representing 68% of the total asset mix, compared to 63% for the quarter ended September 30, 2012, and 61% for the quarter ended December 31, 2011
- Total loans increased $60 million or 8% from September 30, 2012
- Net interest margin increased to 3.87% from 3.57% for the prior quarter
- Non-interest bearing deposits increased to 50% of total deposits from 48% at September 30, 2012
- No charge-offs recorded in the fourth quarter of 2012
- Continued status as well-capitalized, the highest regulatory category.
1 Core earnings defined in the table labeled “Core Earnings and Reconciliation to Net Income” at end of press release
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