California United Bank (CUNB.OB) yesterday announced its second-quarter financial results for the period ended June 30, 2009. The company reported a 281.3% increase in net income at $347,000 as compared to the second quarter of last year. The increase was attained even after a $189,000 FDIC insurance assessment expense. Despite the recession and continued concerns on lending and borrowing, the company said it maintained a close eye on its operations, attributing to its positive second-quarter results.
“I am pleased to report another strong quarter of results,” David Rainer, president, CEO and recently appointed chairman of California United Bank stated in the press release. “During the second quarter, we continued to grow profitability and saw a significant increase in many of our key performance metrics such as assets, net income, and deposits from the prior year. While we recognize the ongoing stress in our region and the overall economy and continue to carefully monitor our business, we believe we have a strong credit culture and loan portfolio and remain extremely well capitalized.”
Total assets hit $426.9 million, up 33.8% from the second quarter last year. The company also reported an increase in total deposits, up 42.1% to $304.4 million; loans rose $230.2 million, up 15.5% from the same quarter last year.
May 23 marked the fourth anniversary of the company’s operations, and it was listed the best performing San Fernando Valley-based bank for 2008. The company said its strong quarterly results centers on its business standards and focus on expansion.
“We are keenly focused on continuing to successfully execute on our strategy to be the premier community-based commercial bank serving the Los Angeles region,” Rainer. Stated. “With four offices opened in just four years, and a South Bay loan production office expected to open before year-end, we are pleased with our progress, strong growth and increasing presence in the region. California United Bank’s capital base sets it apart from many of its competitors by significantly exceeding “well-capitalized” standards necessary to support loan and deposit growth, provide security to our customers, expand our current business and develop new business. We will continue to further invest and expand, in order to best serve our customers and the important and vital Southern California business community. We are excited about the many growth opportunities we see ahead.”
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