-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KtjH72HdaCsX9dZmBMCaZ0ECVMDUciK2tO0z6dt+MO5nKicnMz1XrgiIU2pelOeO nJ/wKMOe0PnqfkJPxjAucQ== 0000912057-96-009608.txt : 19960515 0000912057-96-009608.hdr.sgml : 19960515 ACCESSION NUMBER: 0000912057-96-009608 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALIFORNIA COMMERCIAL BANKSHARES CENTRAL INDEX KEY: 0000704886 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 953819471 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 002-78788 FILM NUMBER: 96564545 BUSINESS ADDRESS: STREET 1: 4100 NEWPORT PLACE CITY: NEWPORT BEACH STATE: CA ZIP: 92660 BUSINESS PHONE: 7148632300 MAIL ADDRESS: STREET 1: 4100 NEWPORT PLACE CITY: NEWPORT BEACH STATE: CA ZIP: 92660 10-Q 1 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 - -------------------------------------------------------------------------------- FORM 10 - Q X QUARTERLY REPORT PURSUANT TO SECTION 13 OF 15(d) OF ----- THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 1996 -------------- Commission File Number 2-78788 ------- CALIFORNIA COMMERCIAL BANKSHARES CALIFORNIA 95-3819471 - ------------------------------- ------------------------------------ (State of Other jurisdiction of (IRS Employer Identification Number) incorporation or organization) 4100 NEWPORT PLACE, NEWPORT BEACH, CA 92660 -------------------------------------------- (Address of principal executive offices) Registrant's telephone number (714) 863-2300 -------------- - -------------------------------------------------------------------------------- Former name, former address and former fiscal year if changed from last report Indicate by check (X) whether the registrant (1) has filed all reports required to be filed by Section 13 of 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ----- ----- APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date 2,944,000 . --------- 1 CALIFORNIA COMMERCIAL BANKSHARES INDEX PART I. FINANCIAL INFORMATION - ------------------------------------------------- Item 1. Financial Statements. Consolidated Condensed Statements of Income for three months ended March 31, 1996 and March 31, 1995. Consolidated Condensed Balance Sheets March 31, 1996 and December 31, 1995. Consolidated Statement of Cash Flow for the three months ended March 31, 1996 and March 31, 1995. Notes to Consolidated Financial Statements,March 31, 1996. Item 2. Management Discussion and Analysis of the Financial Condition and Results of Operations. 2 CALIFORNIA COMMERCIAL BANKSHARES AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (000'S Omitted) (Unaudited)
Three Months Ended March 31, 1996 1995 ------ ------ INTEREST AND FEE INCOME: Loans and Leases 4,770 5,068 Investment Securities 928 810 Federal Funds Sold 573 78 ------ ------ Total Interest and Fee Income 6,271 5,956 INTEREST EXPENSE: Deposits 1,664 1,626 Securities Sold Under Agreement to Repurchase 0 8 Note Payable 59 43 ------ ------ Total Interest Expense 1,723 1,677 NET INTEREST INCOME 4,548 4,279 PROVISION FOR LOAN/LEASE LOSSES 300 775 NET INTEREST INCOME AFTER PROVISION FOR LOAN/LEASE LOSSES 4,248 3,504 OTHER INCOME: Escrow Fees 121 27 Service Charges 291 253 Securities gains or (losses) 0 (72) Other Income 291 201 ------ ------ Total Other Income 703 409 OTHER EXPENSES: Salaries and Employee Benefits 2,178 1,828 Occupancy, Furniture and Equipment 511 523 Data Processing 218 71 Supplies 97 94 Legal Fees 198 118 Regulatory Assessments 140 208 Losses on OREO 99 212 Other 726 508 ------ ------ Total Other Expenses 4,167 3,562 INCOME BEFORE INCOME TAXES 784 351 INCOME TAXES 314 141 NET INCOME 470 210 EARNINGS PER COMMON SHARE $0.16 $0.08
3 CALIFORNIA COMMERCIAL BANKSHARES CONSOLIDATED CONDENSED BALANCE SHEETS (000'S Omitted) ASSETS
March 31 December 31 1996 1995 -------- -------- Cash and Due From Banks Non Interest-bearing $25,933 $28,549 Interest-bearing 50 Investment Securities - Available for Sale 74,682 62,283 Federal Funds Sold 36,000 45,000 Loans, net of unearned interest: Commercial 72,552 84,271 Real Estate - Construction 21,217 22,593 Real Estate - Equity Line 6,611 7,039 Real Estate - Mortgage 71,383 55,207 Installment and Other 11,175 13,120 Lease Contracts Receivable 3,099 3,064 -------- -------- 186,037 185,294 Less: Deferred Loan Fees & Costs (500) (702) -------- -------- 185,537 184,592 Less: Reserve for Loan Loss (6,736) (6,542) -------- -------- Total Loans, net 178,801 178,050 -------- -------- Loans Available for Sale 8,474 9,620 Real Estate Owned 2,598 2,165 Bank Premises, Furniture & Equipment 1,214 1,150 Accrued Interest Receivable 2,504 2,649 Deferred Income Taxes 2,249 2,249 Prepaid Expenses and Other Assets 2,099 2,328 -------- -------- Total Assets $334,604 $334,043 -------- -------- -------- -------- LIABILITIES AND SHAREHOLDERS EQUITY Deposits: Demand Deposit Non Interest Bearing $124,439 $130,660 Interest Bearing 71,229 65,301 Savings Deposits 52,014 45,312 Time Certificates $100,000 and over 30,923 34,718 Other Time Deposits 29,616 32,513 -------- -------- Total Deposits 308,221 308,504 Note Payable 2,350 2,351 Interest Payable 220 221 Other Liabilities 2,424 1,848 Shareholders Equity: Capital Stock - Authorized 10,000,000 shares; Issued and outstanding 2,944,000 in 1996 and 2,922,000 in 1995 14,147 14,077 Paid in Capital 469 470 Retained Earnings 6,919 6,448 Unrealized Gain (Loss) on investment securities available for sale (net of tax) (146) 124 -------- -------- Total Liabilities and Shareholders Equity 334,604 334,043 -------- -------- -------- --------
4 CALIFORNIA COMMERICAL BANKSHARES CONSOLIDATED STATEMENT OF CASH FLOW FOR THE THREE MONTHS ENDED MARCH 31 (000's Omitted) (Unaudited)
1996 1995 ------ ------ CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (loss) 470 210 Adjustments to reconcile net income (loss) to net cash from operating activities: Depreciation and Amortization 104 131 Amortization of discounts and premiums on investment securities available for sale 140 218 Provision for loan and lease losses 300 775 Provision for losses on other real estate owned 57 Loss (gain) on sale of investment securities available for sale 72 Loss (gain) on sale of other real estate owned 20 50 (Gain) loss on sale of property Decrease (increase) in accrued interest receivable 145 567 (Decrease) increase in deferred loan fees (202) 123 Increase (decrease) in unearned lease income 24 (38) (Increase) decrease in other assets 393 364 Net increase (decrease) in interest payable and other liabilities 575 492 ------ ------ Net cash from operating activities 1,969 3,021 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from maturity of investment securities available for sale 13,079 40 Proceeds from sale of investment securities available for sale 21,012 Purchase of investment securities available for sale (26,053) (17) Net (increase) decrease in loans and investment in leases (186) (4,548) Recoveries of loans and investment in leases 148 65 Purchases of property (167) (96) Proceeds from sale of property Additions to other real estate owned (142) Proceeds from sale of other real estate owned 398 ------ ------ Net cash from investing activities (13,321) 16,854 CASH FLOWS FROM FINANCING ACTIVITIES: Net (decrease) increase in deposits (283) (5,670) (Decrease) increase in note payables (1) Proceeds from excercise of common stock options 70 8 ------ ------ Net cash from financing activities (214) (5,662) Net (Decrease) Increase In Cash And Cash Equivalents (11,566) 14,213 Cash And Cash Equivalents At Beginning Of Year 73,549 23,315 ------ ------ Cash And Cash Equivalents At March 31 61,983 37,528 ------ ------ ------ ------
5 CALIFORNIA COMMERCIAL BANKSHARES Notes To Consolidated Condensed Financial Statements: Note 1 - Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 1996 are not necessarily indicative of the results that may be expected for the year ended December 31, 1996. Note 2 - Earnings per share were computed based on the following weighted average outstanding shares: Three Months Ended March 31, 1996..........2,939,000 Three Months Ended March 31, 1995..........2,455,000 6 CALIFORNIA COMMERCIAL BANKSHARES Item 2. Management's Discussion and Analysis of the Financial Condition and Results of Operations. The purpose of this discussion is to provide additional information about the Company's financial condition and results of operations which is not otherwise apparent from the consolidated financial statements included in this interim report. Since the banking subsidiary represents most of the Company's activity and investment, the following discussion relates primarily to the financial condition and operations of the Bank. It should be read in conjunction with the consolidated financial statements of the Company and the notes thereto. The following chart shows comparative data for selected items of the financial statements: Averages for the Three Months Ended:
Percent March 31 March 31 Increase/ 1996 1995 (Decrease) -------- -------- -------- (in thousands) Total Assets: $329,468 $292,957 12.46 Investment securities: 63,136 61,322 2.96 Fed funds sold: 43,330 5,472 691.85 Gross loans: 195,141 202,096 ( 3.44) Total deposits: 303,405 267,209 13.55 Interest bearing deposits 183,370 177,646 3.22 Other interest bearing liabilities: 2,350 2,851 (17.57)
During 1995 the Company employed additional staff in its business development department which resulted in increased deposits and total assets. However, the total loans declined as the Bank continued to work on collecting problem loans and economic growth in the area remained modest. The combination of increased deposits and lower loans outstanding, resulted in increased liquidity which was invested in Fed Funds sold. Other interest bearing liabilities are comprised of note payable in the amount of $2,350,000 and Securities sold under agreement to repurchase. In the first quarter of 1996, no securities were sold under repurchase agreement. The following table shows average earning assets and interest bearing liabilities and their relative cost and yield without loan fees and loan costs. For the Three Months Ended March 31,
1996 1995 Percent ---- ---- Increase/ Yield (in thousands) Amt Yld Amt Yld (Decrease) Diff --- --- --- --- -------- ---- Average Earning Assets $301,606 8.01 $268,757 8.72 12.22 (.71) Average interest bearing liabilities $185,720 3.73 $180,457 3.77 2.92 (.04)
7 According to Company policy loans past due 90 days or more as to interest or principal payments are placed on non-accrual. Loans accounted for on a non- accrual basis amounted to $15,144,000 on March 31, 1996 as compared to $15,588,000 on March 31, 1995. Other real estate owned totaled $2,598,000 on March 31, 1996 as compared to $3,647,000 on March 31, 1995. The Company follows SFAS 114 with respect to impaired loans which states - "A loan is impaired when, based on current financial information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement...All amounts due according to the contractual terms means that both the contractual interest payments and the contractual principal payments of a loan will be collected as scheduled in the loan agreement." (See Accounting Pronouncements) A loan is not considered impaired during a period of delay in payment if the Company expects to collect all amounts due including interest accrued at the contractual interest rate for the period of delay. Six months is the maximum period of delay allowed before a loan is considered impaired. As of March 31, 1996 the aggregate amount of impaired loans measured under present value method and fair value methods were $14,775,000. The following loans are exempt from SFAS 114 due to their characteristics as smaller balance homogeneous loans; credit card loans, leases, overdraft protection loans and consumer loans. Risk in these loans is accounted for by applying an historic loss percentage to the loan pool. Difference between nonaccrual and impaired loans: Non Accrual Loans - These loans are on non accrual primarily for one of two reasons; 1) the loan is past due in interest or principal payments for 90 days or more but sufficient collateral is held to offset any potential loss, or 2) full payment of all principal plus interest is doubtful. Impaired Loan - A loan can be impaired also for two reasons; 1) a restructure of the original note has occurred resulting in a reduced interest rate. Then the loan is considered impaired due to present value calculations, or 2) full collection of all principal and interest as currently scheduled is not expected. The Company's policy with respect to the recognition of interest income for impaired loans is to recognize the income on an accrual basis for only those loans that are not on nonaccrual. If the loan is on nonaccrual the interest received is generally not recognized as income however, applied as reduction to the principal. Income may be recognized on a cash basis on nonaccrual only if the net principal balance is adequately covered by collateral and has shown minimum of six months performance to current program. According to Company policy a loan that is not performing or has been non performing for over 90 days is charged off unless sufficient collateral is held to offset the loss amount. If collateral is held, then appropriate measures should be taken to obtain possession of the collateral for immediate sale. This policy applies to all types of loans including impaired loans. 8 The following table shows the total charge offs, recoveries and the net result for the three months ended March 31, 1996 and 1995.
Three Months Ended: March 31 1996 1995 (in thousands) ---- ---- Charge Offs 253 619 Recoveries 148 64 Net Charge Offs 105 555
For the three months March 31, 1996 and 1995 the Company added $300,000 and $775,000 respectively to its reserve for loan and lease losses. The reserve balance as of March 31, 1996 was $6,736,000 which was 3.53% of total loans and leases which compares with $5,880,000 and 2.89%, respectively, on March 31, 1995. RESULTS OF OPERATIONS INTEREST INCOME AND INTEREST EXPENSE The Company's primary source of revenue is interest income. The average interest earning assets increased to $301,607,000 in the first quarter of 1996 compared to $268,757,000 in the first quarter of 1995. The net interest income without the loan fees increased from $4,101,00 to $4,284,000 from the first quarter of 1995 to the same period of 1996 . The net yield without the loan fees decreased from 6.19 to 5.71 as the yield on earning assets decreased from 8.72% to 8.01% from the first quarter of 1995 to first quarter of 1996. This was due to reduced interest rates and because a significantly larger percentage of earning assets was invested in low yielding Fed Funds Sold in the first quarter of 1996 compared to the same period of 1995. The Company continued to focus on monitoring the performance of the outstanding loans, identifying potential problems and collecting identified problem loans and real estate owned. At the same time, the Company has maintained its refined loan underwriting and approval process, seeking higher quality credits which reduced the volume of loans meeting the tightened criteria. 9 The following table shows the average balances of interest earning assets and interest bearing liabilities and interest earned and paid on those balances.
1st Quarter 1996 1st Quarter 1995 ---------------- ---------------- Average Interest Average Interest Balance Interest Rate Balance Interest Rate ------- -------- -------- ------- -------- -------- Assets Securities 63,136 928 5.91 61,354 810 5.35 Fed Funds 43,330 573 5.32 5,314 78 5.94 Loans 195,141 4,505 9.29 202,089 4,890 9.81 ------- ----- ---- ------- ----- ---- TOTAL 301,607 6,007 8.01 268,757 5,778 8.72 ------- ----- ---- ------- ----- ---- Liabilities Savings 119,168 843 2.85 120,009 842 2.85 Time 64,203 821 5.14 57,581 784 5.52 Other 2,350 59 10.09 2,867 51 7.13 ----- -- ----- ----- ----- ---- TOTAL 185,720 1,723 3.73 180,457 1,677 3.77 ------- ----- ---- ------- ----- ---- Net Interest Income 4,284 4,101 Net Spread on Earning Assets 5.71 6.19
OTHER INCOME AND OTHER EXPENSES - Non-interest income increased by $294,000 to $703,000 in the first quarter of 1996 compared to $409,000 for the same period a year ago. The increase was largely in three categories: 1. Escrow fees increased by $94,000 from $27,000 in the first quarter of 1995 to $121,000 in 1996. The increase was due to increased marketing efforts and an increase in staff in the escrow division. 2. During first quarter of 1995 the Company sold some securities in the amount of approximately $21,000,000 at a loss of $72,000. These securities were originally purchased with very short maturities to meet a projected cash outflow during the first quarter of 1995. 3. Rental income on other real estate owned increased from $5,000 in the first quarter of 1995 to $53,000 in the first quarter of 1996. Non-interest expense increased by $605,000 from $3,562,000 in the first quarter of 1995 to $4,167,000 in 1996. Following is a summary of changes in various categories of non-interest expense for the first quarter of 1996 compared to the same period of 1995. Advertising $59,000 Loan Related Expense 54,000 Salaries & Benefits 350,000 Occupancy, Furniture & Eq. (13,000) Data Processing 147,000 Legal Fees 80,000 Regulatory Assessments (67,000) Losses on OREO (113,000) ------- Other 108,000 Total $605,000
10 The major increases or decreases were in the following categories: 1. Salaries and benefits increased due to additions to the staff in the escrow division due to increasing business activity(see Results of Operation-Other Income), in business development to generate future loan and deposit growth and opening of a new branch in Fountain Valley. 2. Data Processing increased due to upgrading the Bank's data processing systems and increases related to data processing expenses that the Bank pays for its customers who maintain large profitable accounts. 3. Legal fees remained high as the Bank continues to resolve problem loans and other litigation matters. 4. Regulatory Assessments decreased as FDIC reduced the assessment rate from .29% per $100 in annualized deposits in the first quarter of 1995 to .17% in 1996. ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board (FASB) has issued Statement of Financial Accounting Standards No. 121, ACCOUNTING FOR THE IMPAIRMENT OF LONG- LIVED ASSETS TO BE DISPOSED OF and SFAS No. 122, ACCOUNTING FOR MORTGAGE SERVICING RIGHTS, an amendment to FASB Statement No. 65. The provisions of these statements are effective for financial statements for fiscal years beginning after December 15, 1995. The Company does not believe the application of SFAS Nos. 121 and 122 will have a material impact on its financial condition and results of operations. In October 1995, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based Compensation" which requires adoption of the disclosure provisions no later than fiscal years beginning after December 15, 1995 and adoption of the recognition and measurement provisions for nonemployee transactions no later than after December 15, 1995. The new standard defines a fair value method of accounting for stock options and other equity instruments. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period, which is usually the vesting period. Pursuant to the new standard, companies are encouraged, but are not required, to adopt the fair value method of accounting for employee stock-based transactions. Companies are also permitted to continue to account for such transactions under Accounting principles Board Opinion No. 25, "Accounting for Stock Issued to Employees," but would be required to disclose in a note to the financial statements pro forma net income and, if presented, earnings per share as if the company had applied the new method of accounting. The accounting requirements of the new method are effective for all employee awards granted after the beginning of the fiscal year of adoption. The Company has not yet determined if it will elect to change to fair value method, nor has it determined the effect the new standard will have on net income and earnings per share should it elect to make such a change. Adoption of the new standard will have no effect on the Company's cash flow. 11 LIQUIDITY AND CAPITAL RESOURCES It is the Company's policy to always maintain adequate liquidity in cash, federal funds and in readily marketable government securities. The Company's total liquid assets on March 31, 1996 were: Cash and Due From Banks $25,983,000, Federal Funds Sold $36,000,000, and Investment Securities free of collateral $64,250,000; totaling $126,233,000 or 38% of total assets. Additionally, the majority of the Company's loans are on a short term basis, maturing in approximately one year, which, combined with lines of credit with correspondent banks, provides additional liquidity. In December 1988, the Company obtained a $3,000,000 term loan from another financial institution for the purpose of providing additional capital to the Bank. The Credit Agreement for this loan was amended pursuant to a Second Amendment to the credit agreement dated August 25, 1994. The loan, as amended, bears interest at a fluctuating rate per annum equal to .75% in excess of the lender's reference rate. Interest was payable monthly on the unpaid principal balance of the loan and required prepayment of 40% of the proceeds of any stock offering or placement of debt or equity. Principal was to be repaid January 1, 1997. The Second Amendment was supported by a Support Agreement between a shareholder Director of the Company and the Company whereby the shareholder guaranteed the payment of the loan. To compensate the shareholder for signing the Support Agreement, the Company signed a Holding Company Support Agreement whereby the Company: (1) paid the shareholder a standby fee of $23,500 in 1994 and 1995, and (2) will issue to the shareholder on or prior to March 31, 1997 warrants to purchase 25,000 shares of common stock of the Company at an exercise price per share equal to 80% of the book value per share of the Company on December 31, 1996. During 1995, the Company obtained $3,200,000 in proceeds from a private placement of the Company's common stock. The Company contributed $2,900,000 of the proceeds into the Bank as additional capital. One shareholder who purchased 289,000 shares at $6.75 per share (9.9% of the total shares outstanding), has an option to purchase an additional 267,000 shares at $ 6.75 per share (which would bring total shares owned by the shareholder to 556,000 shares or 17.4% of the shares which would then be outstanding). The option was subject to the approval by the Federal Reserve Board. The optionee has indicated interest in exercising this option, subject to mutual agreement upon conditions. In March of 1996 the shareholder paid off the outstanding balance of $2,350,000 to the lending financial institution to allow the Company to contribute the maximum amount from the proceeds of the stock offering into the Capital of the Bank. The new note bears an interest rate of 3% over prime rate with interest only payable quarterly for the first year and thereafter $125,000 plus interest payable quarterly. The remaining principal and interest is due on April 1, 1999. On December 31, 1990, new risk based capital requirements became effective. Under the requirements, holding companies and banks are required currently to maintain minimum ratios of total capital and "core" (Tier 1) capital to risk- weighted assets; however, under the terms of its formal agreement with the Comptroller, the Bank is required to maintain capital in excess of this minimum requirement. The regulatory capital requirements, capital requirements under the formal agreement and the Bank and Company's actual capital ratios are shown in the following table as of the dates indicated: 12
- ------------------------------------------------------------------------------------------------------------------------------------ March 31, 1996 1995 Excess Excess Per Excess to Per Excess to Minimum Formal to Formal Minimum Formal to Formal Statutory Agreement Actual Statutory Agreement Statutory Agreement Actual Statutory Agreement - ------------------------------------------------------------------------------------------------------------------------------------ FOR THE BANK Risk-based Capital: Tier 1 4.00% n/a 10.36% 6.36% n/a 4.00% n/a 10.47% 6.47% n/a Total Risk-based 8.00% 9.00% 11.61% 3.61% 2.61% 8.00% 9.00% 11.72% 3.72% 2.72% Tier 1 leverage Ratio(1) 4.00% 6.00% 6.85% 2.85% .85% 4.00% 6.00% 7.69% 3.69% 1.69% FOR THE COMPANY Risk-based Capital: Tier 1 4.00% n/a 9.73% 5.73% n/a 4.00% n/a 9.68% 5.68% n/a Total Risk-based 8.00% n/a 10.98% 2.98 n/a 8.00% n/a 10.92% 2.92% n/a Tier 1 leverage Ratio 4.00% n/a 6.43% 2.43% n/a 4.00% n/a 7.16% 3.16% n/a
(1) In some circumstances this minimum ratio may be 3%. As of March 31, 1996 and 1995, the Bank and the Company were in compliance with statutory risk-based capital requirements and the Bank was in compliance with the more stringent capital requirements imposed by the Formal Agreement. 13 SIGNATURES: Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CALIFORNIA COMMERCIAL BANKSHARES (Registrant) Date: May 11, 1996 William H. Jacoby ---------------- ---------------------------------- William H. Jacoby President Date: May 11, 1996 Abdul S. Memon ---------------- ---------------------------------- Abdul S. Memon Chief Financial Officer 14 EX-27 2 EXHIBIT 27 (FDS)
9 3-MOS DEC-31-1996 MAR-31-1996 25,933 50 36,000 0 74,682 0 0 0 0 334,604 308,221 0 2,644 2,350 0 0 14,147 7,242 334,604 4,770 928 573 6,271 1,664 1,723 4,548 300 0 4,167 784 784 0 0 470 .16 .16 5.71 15,144 0 0 6,907 6,542 253 148 6,736 6,736 0 5,746
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