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Business Wire
6 days ago
- Business
- Business Wire
Beach Cities Commercial Bank Announces Second Quarter 2025 Financial Results
IRVINE, Calif.--(BUSINESS WIRE)--Beach Cities Commercial Bank, (OTCQB: BCCB) (the "Bank"), today announced financial results for the quarter ended June 30, 2025. The Bank was incorporated under the laws of the State of California on April 11, 2022. The Bank opened for business on June 12, 2023, after receiving all necessary regulatory approvals, and it began providing a full range of banking services from its branch locations in Irvine and Encinitas, California. The Bank operates primarily in the Southern California commercial markets, offering business and personal deposit accounts. The lending products include loans secured by commercial real estate, commercial and industrial loans, guidance lines of credit supporting bridge loans, lines of credit, SBA 7A and 504 loans, SBA express lines of credit, and State guaranteed loans. The Bank has a state-of-the-art technology platform and offers cash management products and services to allow its customers the ability to focus on their business and not worry about banking. Significant items for the period include: Total assets were $162.5 million as of June 30, 2025, which increased by $81.3 million from June 30, 2024 (100% growth). Total loans were $131.3 million as of June 30, 2025, which increased by $68.2 million from June 30, 2024, (108% growth). Total deposits were $133.0 million as of June 30, 2025, which increased by $71.7 million from June 30, 2024 (117%). Total liquidity remains high at $27.6 million, which equates to 17.01% of the Bank's total assets. The Bank also maintains contingent available borrowing sources at $20.3 million which equals 12.5% of total assets. The loan portfolio average yield was 7.57% which contributed to a healthy net interest margin at 3.48% as of June 30, 2025. The Bank maintains a reserve for credit losses of $1.272 million which equates to 0.97% of total loans. As of June 30, 2025, the Bank had zero dollars in both delinquent and non-performing loans. The shareholders' equity was at $14.9 million as of June 30, 2025, which was reduced by $305k from December 31, 2024, mainly due to the operating loss. The Bank's tier 1 capital to average assets ratio was at 9.55%, which is considered well-capitalized under the regulatory framework. The Bank reported the second-quarter of 2025 net loss of $260.7k which increased slightly from the first-quarter of 2025 loss of $242k. During the second quarter, the Bank increased its loan portfolio by $7.85 million, which increased its quarterly total interest income by $476.1k. During the second quarter of 2025 the total interest income was $2.77 million compared to $2.28 million recorded during the first quarter of 2025, an increase of 21%. The Bank's interest expense from the interest-bearing deposits was $1.26 million for the second quarter of 2025 compared to $1.08 million for the first quarter of 2025 an increase of 16.7%. The interest expense increased due to the growth in the short-term institutional CDs deposits. The Bank has launched a campaign to replace these high- cost institutional CD deposits with non-interest-bearing deposits to reduce the interest cost. During the second quarter of 2025, the Bank increased its borrowings from the Federal Home Loan Bank of San Francisco (FHLBSF). As a result, the Bank's borrowing interest expense increased to $47k in the second quarter of 2025 compared to $4.9k interest expense from borrowings during the first quarter, 2025. The second quarter 2025 net interest income increased by $302k from the first quarter 2025, an increase of 25.1%. In the second quarter of 2025, the Bank sold SBA loans which netted gains of $168k compared to $255k in gain on sale realized in the first quarter 2025. Total non-interest expenses for the second quarter of 2025 were $1.88 million compared to $1.71 million incurred during the first quarter, 2025, an increase of $171.1k. During the second quarter, the technology/data processing expense increased due to the Bank's growth in opening new accounts and adding new products/services such as Zelle. The legal expenses were $49k in the second quarter, 2025, compared to $16.5k in the first quarter, 2025. The $32.5k increase was for non-recurring legal costs related to leadership and staff changes incurred during the second quarter, 2025. The Bank continues to manage its operating expenses tightly. As noted above, the Bank's liquidity remains above 17% of total assets. The Bank has also established contingent lines of borrowings with its correspondent banks, including Federal home loan Bank of San Francisco. As of June 30, 2025, total contingent borrowing sources unused totaled $20.3 million or 12.5% of total assets outstanding. 'The Bank's asset quality remains strong with no delinquent and non-performing loans on its balance sheet. Our quality deal flow for both loans and deposits continue to look strong,' commented Matt Blackmer, Chief Credit Officer. 'In June this year, the Bank completed its two years in operation. The Bank's growth has been in par with our planned projected growth. Our goal for the remainder of this year is to continue to grow revenues and control operating costs. With this trajectory, we plan to achieve sustained profitability,' commented Najam Saiduddin, Chief Financial Officer. 'As we embark on our search for our new President/CEO, the Bank continues to grow in a thoughtful, safe, and sound manner. We continue our commitment to high ethics and business standards, all the hallmarks in creating a successful enterprise. Our Board, and the entire Beach Cities Commercial Bank team remains focused in attaining and achieving our strategic goals and objectives,' commented Angela Bienert, Chairperson. Beach Cities Commercial Bank is a full-service bank, serving the business, commercial and professional markets. The Bank meets the financial needs of its business clients with loans for working capital, equipment, owner-occupied and investment commercial real estate, and a full array of cash management services and deposit products for businesses and their owners. Beach cities Commercial Bank meets its clients' needs through its head office and branch in Irvine and regional office and branch in Encinitas, California. The Bank's stock is currently trading on the OTCQB platform under the 'BCCB' stock symbol. For more information, please visit FORWARD-LOOKING STATEMENT: This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified using words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would," and similar terms and phrases. including references to assumptions. Forward-looking statements are based upon various assumptions and analyses made by the Bank (which includes the Bank) considering management's experience and its perception of historical trends. Current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements do not guarantee future performance and are subject to risks, uncertainties, and other factors (many of which are beyond the Bank's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. factors that could affect the Bank's results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Bank's control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Bank; unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines may cause the Bank's financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Bank's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Bank conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Bank currently anticipates; legislation or regulatory changes may adversely affect the Bank's business; technological changes may be more difficult or expensive than the Bank anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Bank anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Bank anticipates. Beach Cities Commercial Bank Unaudited Statements of Financial Condition Asset As of Dec 31, 2024 Qtr. Growth $ Qtr. Growth % As of June 30, 2024 Annual Growth $ Annual Growth % Debt Securities Available for Sale $ 998,522 984,026 14,496 1 % $ 992,559 5,963 1 % FHLB Stock $ 572,000 124,800 447,200 358 % $ 108,500 463,500 427 % Total Investments $ 1,570,522 1,108,826 461,696 42 % $ 1,101,059 469,463 43 % Gross Loans $ 131,335,545 105,648,160 25,687,385 24 % $ 63,135,638 68,199,907 108 % Allowance for Credit Losses ($ 1,272,000 ) (1,214,000 ) (58,000 ) (5 %) ($ 726,000 ) (546,000 ) (75 %) Net Loans $ 130,063,545 104,434,160 25,629,385 25 % $ 62,409,638 67,653,907 108 % Fixed Assets $ 163,382 189,606 (26,225 ) (14 %) $ 222,669 (59,288 ) (27 %) Right of Use Assets $ 1,202,008 1,386,721 (184,713 ) (13 %) $ 1,566,409 (364,401 ) (23 %) Prepaid $ 1,170,016 1,061,411 108,606 10 % $ 1,158,273 11,743 1 % Total Other Assets $ 692,369 492,926 199,444 40 % $ 388,870 303,500 78 % Total Assets $ 162,491,738 $ 130,785,714 $ 31,706,024 24 % $ 81,192,436 $ 81,299,303 100 % Demand Deposit Accounts $ 15,011,398 $ 13,870,624 $ 1,140,774 8 % $ 7,192,511 $ 7,818,887 109 % NOW Accounts $ 922,522 938,289 (15,767 ) (2 %) $ 859,602 62,920 7 % Money Market Accounts $ 50,456,931 48,539,814 1,917,116 4 % $ 26,145,078 24,311,852 93 % Total Demand Deposits $ 66,390,850 63,348,727 3,042,123 5 % $ 34,197,191 32,193,659 94 % Savings Accounts $ 5,060,922 5,058,477 2,445 0 % $ 39,286 5,021,636 12,782 % Total CDs $ 61,587,394 44,484,698 17,102,696 38 % $ 27,101,286 34,486,108 127 % Total Deposits $ 133,039,166 112,891,902 20,147,264 18 % $ 61,337,763 71,701,403 117 % Other Borrowed < 1 Yr $ 12,000,000 - 12,000,000 100 % $ 0 12,000,000 100 % Total Other Liabilities $ 2,526,114 2,661,935 (135,821 ) (5 %) $ 2,846,402 (320,288 ) (11 %) Total Liabilities $ 147,533,280 115,553,837 31,979,444 28 % $ 64,184,166 83,349,115 130 % Common Stock $ 25,116,895 25,116,895 - 0 % $ 25,019,375 97,520 0 % Surplus $ 667,786 470,347 197,439 42 % $ 416,786 251,000 60 % Retained Earnings ($ 10,355,311 ) (5,831,485 ) (4,523,826 ) (78 %) ($ 5,831,485 ) (4,523,826 ) (78 %) FAS 115 Unrealized Gain/Loss ($ 296 ) (54 ) (242 ) (448 %) ($ 1,424 ) 1,128 79 % Profit/Loss YTD ($ 502,616 ) (4,523,826 ) 4,021,210 89 % ($ 2,594,981 ) 2,092,365 81 % Total Equity $ 14,926,458 $ 15,231,877 ($ 305,419 ) (2 %) $ 17,008,270 ($ 2,081,812 ) (12 %) Total Liabilities & Equity $ 162,491,738 $ 130,785,714 $ 31,706,024 24 % $ 81,192,436 $ 81,299,303 100 % Expand BEACH CITIES COMMERCIAL BANK UNAUDITED STATEMENT OF OPERATIONS For the Three Months Ended For the Six Months Ended For the Twelve Months Ended For the twelve Months Ended June 30, 2025 March 31, 2025 December 31, 2024 June 30, 2025 June 30, 2024 December 31, 2024 December 31, 2023 Interest Income: Interest and fees on loans $ 2,515,860 $ 2,062,683 $ 1,634,051 $ 4,578,543 $ 1,643,372 $ 4,692,037 $ 336,181 Interest on securities 18,549 13,586 13,814 32,135 26,259 54,054 17,320 Interest on federal funds sold and other interest-bearing deposits 231,188 207,270 213,719 438,458 467,161 860,018 821,283 Total Interest Income 2,765,597 2,283,539 1,861,584 5,049,136 2,136,792 5,606,109 1,174,784 Interest Expense: Interest on Deposits 1,212,316 1,074,406 859,137 2,286,722 841,701 2,404,973 348,700 Interest on Borrowings 47,128 4,968 945 52,096 19 12,941 - Total Interest Expense 1,259,444 1,079,374 860,082 2,338,818 841,720 2,417,914 348,700 Net Interest Income 1,506,153 1,204,165 1,001,502 2,710,318 1,295,072 3,188,195 826,084 Provisions for Credit Losses 64,000 - 381,000 64,000 429,000 927,000 317,000 Net interest income after provisions for loan losses 1,442,153 1,204,165 620,502 2,646,318 866,072 2,261,195 509,084 Non-interest income: Service charges, fees and other 9,656 7,769 3,004 17,425 9,264 18,662 1,706 Gain on sale of loans 168,249 255,034 127,399 423,283 - 127,399 - 177,905 262,803 130,403 440,708 9,264 146,061 1,706 Non-Interest expense: Salaries and employee benefits 1,167,215 1,134,486 1,134,175 2,301,701 2,240,449 4,481,445 2,318,336 Occupancy and Equipment expenses 171,924 167,812 169,431 339,736 346,325 691,504 408,909 Organization Expenses - - - - - 1,045,800 Data Processing 192,403 150,569 172,028 342,972 303,432 628,030 332,424 Legal 49,198 16,485 19,633 65,683 34,785 Professional/Consulting 100,652 41,749 40,101 142,401 248,524 444,450 469,110 Other Expenses 198,597 197,752 204,097 396,349 295,201 684,053 294,946 Total Non-interest expense 1,879,989 1,708,853 1,739,465 3,588,842 3,468,716 6,929,482 4,869,525 Income (Loss) before taxes (259,931 ) (241,885 ) (988,560 ) (501,816 ) (2,593,380 ) (4,522,226 ) (4,358,735 ) Income tax expense 800 - - 800 1,600 1,600 800 Net Income (Loss) $ (260,731 ) $ (241,885 ) $ (988,560 ) $ (502,616 ) $ (2,594,980 ) $ (4,523,826 ) $ (4,359,535 ) Earnings per share ("EPS"): Basic $ (0.10 ) $ (0.09 ) $ (0.39 ) $ (0.20 ) $ (1.02 ) $ (1.76 ) $ (1.71 ) Common Shares Outstanding 2,565,864 2,565,864 2,565,864 $ 2,565,864 2,556,112 2,565,864 2,556,112 Expand
Yahoo
01-07-2025
- Business
- Yahoo
RBB Bancorp to Report Second Quarter 2025 Financial Results
LOS ANGELES, July 01, 2025 (GLOBE NEWSWIRE) -- RBB Bancorp (NASDAQ: RBB) and its subsidiaries, Royal Business Bank (the "Bank") and RBB Asset Management Company ("RAM"), collectively referred to herein as the "Company", today announced that it will release financial results for its second quarter ended June 30, 2025 after the markets close on Monday, July 21, 2025. Management will hold a conference call at 11:00 a.m. Pacific Time/2:00 p.m. Eastern Time on Tuesday, July 22, 2025 to discuss the Company's financial results. To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, passcode 710803, Conference ID RBBQ225. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, passcode 52690, approximately one hour after the conclusion of the call and will remain available through August 05, 2025. Additionally, interested parties can listen to a live webcast of the call in the "Investor Relations" section of the Company's website at This webcast will be recorded and available for replay on the Company's website approximately two hours after the conclusion of the conference call. Corporate Overview RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of March 31, 2025, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominantly to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company's administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its finance and operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company's website address is ContactsLynn Hopkins, EVP and Chief Financial Officer, (657) 255-3282
Business Wire
09-05-2025
- Business
- Business Wire
CORRECTING and REPLACING Beach Cities Commercial Bank Announces Revised First Quarter 2025 Financial Results
IRVINE, Calif,--(BUSINESS WIRE)--Please replace the release issued May 05, 2025, at 06:31 PM ET with the following corrected version due to revisions to the first quarter loss, capital amount, and tier 1 capital ratio. On March 13, 2025, the Bank was successful in obtaining our Small Business Administration's Preferred Lending Program (PLP) Status. The updated release reads: BEACH CITIES COMMERCIAL BANK ANNOUNCES REVISED FIRST QUARTER 2025 FINANCIAL RESULTS Beach Cities Commercial Bank, (OTCQB: BCCB) (the "Bank"), today announced revised financial results for the quarter ended March 31, 2025. In our recent press release dated May 5, 2025, the Bank had reported a net first quarter loss of $141.8k which is being revised to a first quarter loss of $241.8k. The $100k increase in quarterly loss represents a loan referral fee that was ultimately not received by the Bank due to the cancelation of a loan transaction. This change also reduced our ending capital amount by $100k to $15.1 million and reduced the tier 1 capital ratio slightly from 11.27% to 11.20%. No other changes were made to the first quarter, 2025, financial results. The Bank was incorporated under the laws of the State of California on April 11, 2022. The Bank opened for business on June 12, 2023, after receiving all necessary regulatory approvals, and it began providing a full range of banking services from its branch locations in Irvine and Encinitas, California. The Bank operates primarily in the Southern California commercial markets, offering business and personal deposit accounts. The lending products include loans secured by commercial real estate, commercial and industrial loans, guidance lines of credit supporting bridge loans, lines of credit, SBA 7A and 504 loans, SBA express lines of credit, and State guaranteed loans. The Bank has a state-of-the-art technology platform and offers cash management products and services to allow its customers the ability to focus on their business and not worry about banking. Significant items for the period include: Total assets were $153.8 million as of March 31, 2025, which increased by $91.8 million from March 31, 2024 (148% growth). Total loans were $123.5 million as of March 31, 2025, which increased by $83.5 million from March 31, 2024 (209% growth). Total deposits were $132.1 million as of March 31, 2024, which increased by $91.0 million from March 31, 2024 (222%). Total liquidity remains high at $27.3 million, which equates to 17.75% of the Bank's total assets. The Bank also maintains contingent borrowing sources at $35.9 million which equals 23.3% of total assets. The loan portfolio average yield was 7.59% which contributed to a healthy net interest margin at 3.38% as of March 31, 2025. The Bank maintains a reserve for credit losses of $1.214 million which equates to 0.98% of total loans. As of March 31, 2025, the Bank had zero dollars in delinquent, and non-performing loans. The shareholders' equity was at $15.1 million as of March 31, 2025, which was reduced by $142.6k from December 31, 2024. The reduction was due to the recording of $241.8k in operating losses. The Bank's tier 1 capital to average assets ratio was at 11.2%, which is considered well-capitalized under the regulatory framework. The Bank reported the first-quarter of 2025 net loss of $241.8k which reduced from the fourth-quarter of 2024 loss of $989k. During the first quarter, the Bank increased its loan portfolio by $17.8 million, which increased its quarterly interest income by $405.1k. During the first quarter of 2025 the total interest income was $2.27 million compared to $1.86 million recorded during the fourth quarter of 2024, an increase of 21%. The Bank's interest expense from the interest-bearing deposits was $1.07 million for the first quarter of 2025 compared to $847k for the fourth quarter of 2024, an increase of 26%. The interest expense increased due to the growth in the short-term institutional CDs deposits. The Bank has launched a campaign to replace these high-cost institutional CD deposits with non-interest-bearing deposits to reduce the interest cost. The first quarter 2025 net interest income increased by $185k from the fourth quarter 2024, an increase of 19%. In the first quarter of 2025, the Bank sold SBA loans which netted gains of $255k compared to $127k in gain on sale realized in the fourth quarter 2024. Total non-interest expenses for the first quarter of 2025 were $1.71 million compared to $1.74 million incurred during the fourth quarter 2024, a slight decrease of $26.6k. The Bank continues to manage its operating expenses tightly. As noted above, the Bank's liquidity remains above 17.75% of total assets. The Bank has also established contingent lines of borrowings with its correspondent banks, including Federal Home loan Bank of San Francisco. As of March 31, 2025, total contingent borrowing sources unused totaled $35.9 million or 23.3% of total assets outstanding. 'The Bank's asset quality remains strong with no delinquent and non-performing loans on its balance sheet,' commented Matt Blackmer, Chief Credit Officer. 'As we continue to grow our earning assets, the Bank has been able to substantially reduce its monthly operating losses. As a result, our quarterly loss reported in the first quarter of 2025 was $242k, compared to the fourth quarter 2024 loss of $989k. Regarding the revision of $100k loan referral fees in the first quarter 2025, going forward the Bank will reverse fee income in the same month period for loan transactions not completed ensuring no reversal of income in the future,' stated Najam Saiduddin, Chief Financial Officer. 'As the Bank continues to grow in a safe and sound manner, we are excited about the remaining three-quarters for 2025. On March 13, 2025, the Bank was successful in obtaining our Small Business Administration's Preferred Lending Program (PLP) Status. Our Board, and the entire Beach Cities Commercial Bank team is laser focused in achieving our strategic goals and objectives,' commented Angela Bienert, Vice Chairperson. Beach Cities Commercial Bank is a full-service bank, serving the business, commercial and professional markets. The Bank meets the financial needs of its business clients with loans for working capital, equipment, owner-occupied and investment commercial real estate, and a full array of cash management services and deposit products for businesses and their owners. Beach cities Commercial Bank meets its clients' needs through its head office and branch in Irvine and regional office and branch in Encinitas, California. The Bank's stock is currently trading on the OTCQB platform under the 'BCCB' stock symbol. For more information, please visit FORWARD-LOOKING STATEMENT: This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified using words such as "anticipate." "Believe." "Continue," "could." "Estimate," "expect," "intend," "likely." "May," "outlook." "Plan," "potential," "predict." "Project." "Should," "will." "would" and similar terms and phrases. including references to assumptions. Forward-looking statements are based upon various assumptions and analyses made by the Bank (which includes the Bank) considering management's experience and its perception of historical trends. Current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements do not guarantee future performance and are subject to risks, uncertainties, and other factors (many of which are beyond the Bank's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. factors that could affect the Bank's results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Bank's control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Bank; unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines may cause the Bank's financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Bank's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Bank conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Bank currently anticipates; legislation or regulatory changes may adversely affect the Bank's business; technological changes may be more difficult or expensive than the Bank anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Bank anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Bank anticipates. BEACH CITIES COMMERCIAL BANK For the Three Months Ended For the Twelve Months Ended For the Twelve Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Interest Income: Interest and fees on loans $ 2,045,807 $ 1,634,021 $ 1,414,644 $ 1,039,820 $ 603,552 $ 4,692,037 $ 336,181 Interest on securities 13,586 13,814 13,981 13,216 13,043 54,054 17,320 Interest on federal funds sold and other interest-bearing deposits 207,270 213,719 179,138 220,164 246,997 860,018 821,283 Total Interest Income 2,266,663 1,861,554 1,607,763 1,273,200 863,592 5,606,109 1,174,784 Interest Expense: Interest on Deposits 1,074,406 847,141 716,112 557,882 283,838 2,404,973 348,700 Interest on Borrowings 4,968 12,941 - - - 12,941 - Total Interest Expense 1,079,374 860,082 716,112 557,882 283,838 2,417,914 348,700 Net Interest Income 1,187,289 1,001,472 891,651 715,318 579,754 3,188,195 826,084 Provisions for Credit Losses - 385,000 117,000 180,000 245,000 927,000 317,000 Net interest income after provisions for loan losses 1,187,289 616,472 774,651 535,318 334,754 2,261,195 509,084 Non-interest income: Service charges, fees and other 24,645 3,036 6,362 4,117 5,147 18,662 1,706 Gain on sale of loans 255,034 127,399 - - - 127,399 - Non-Interest expense: Salaries and employee benefits 1,134,486 1,134,175 1,106,821 1,135,056 1,105,393 4,481,445 2,318,336 Occupancy and Equipment expenses 167,812 170,923 174,256 175,312 171,013 691,504 408,909 Organization Expenses - - - - - - 1,045,800 Data Processing 150,569 139,545 185,053 175,117 128,315 628,030 332,424 Professional and Legal 16,485 59,734 101,407 171,546 111,763 444,450 469,110 Other Expenses 239,501 231,090 153,761 147,836 151,366 684,053 294,946 Total Non-interest expense 1,708,853 1,735,467 1,721,298 1,804,867 1,667,850 6,929,482 4,869,525 Income (Loss) before taxes (241,885 ) (988,560 ) (940,285 ) (1,265,432 ) (1,327,949 ) (4,522,226 ) (4,358,735 ) Income tax expense - - - 800 800 1,600 800 Net Income (Loss) $ (241,885 ) $ (988,560 ) $ (940,285 ) $ (1,266,232 ) $ (1,328,749 ) $ (4,523,826 ) $ (4,359,535 ) Earnings per share ("EPS"): Basic $ (0.09 ) $ (0.39 ) $ (0.37 ) $ (0.50 ) $ (0.52 ) $ (1.77 ) $ (1.71 ) Common Shares Outstanding 2,565,864 2,565,864 2,556,112 2,556,112 2,556,112 2,565,864 2,556,112 Expand
Yahoo
05-05-2025
- Business
- Yahoo
Beach Cities Commercial Bank Announces First Quarter 2025 Financial Results
IRVINE, Calif,, May 05, 2025--(BUSINESS WIRE)--Beach Cities Commercial Bank, (OTCQB: BCCB) (the "Bank"), today announced financial results for the quarter ended March 31, 2025. The Bank was incorporated under the laws of the State of California on April 11, 2022. The Bank opened for business on June 12, 2023, after receiving all necessary regulatory approvals, and it began providing a full range of banking services from its branch locations in Irvine and Encinitas, California. The Bank operates primarily in the Southern California commercial markets, offering business and personal deposit accounts. The lending products include loans secured by commercial real estate, commercial and industrial loans, guidance lines of credit supporting bridge loans, lines of credit, SBA 7A and 504 loans, SBA express lines of credit, and State guaranteed loans. The Bank has a state-of-the-art technology platform and offers cash management products and services to allow its customers the ability to focus on their business and not worry about banking. Significant items for the period include: Total assets were $153.9 million as of March 31, 2025, which increased by $91.9 million from March 31, 2024 (148% growth). Total loans were $123.5 million as of March 31, 2025, which increased by $83.5 million from March 31, 2024 (209% growth). Total deposits were $132.1 million as of March 31, 2024, which increased by $91.0 million from March 31, 2024 (222%). Total liquidity remains high at $27.3 million, which equates to 17.75% of the Bank's total assets. The Bank also maintains contingent borrowing sources at $35.9 million which equals 23.3% of total assets. The loan portfolio average yield was 7.59% which contributed to a healthy net interest margin at 3.38% as of March 31, 2025. The Bank maintains a reserve for credit losses of $1.214 million which equates to 0.98% of total loans. As of March 31, 2025, the Bank had zero dollars in delinquent, and non-performing loans. The shareholders' equity was at $15.2 million as of March 31, 2025, which was reduced by $42.6k from December 31, 2024. The reduction was due to the recording of $141.8k in operating losses. The Bank's tier 1 capital to average assets ratio was at 11.27% which is considered well-capitalized under the regulatory framework. The Bank reported the first quarter of 2025 net loss of $141.8k which reduced from the fourth quarter of 2024 loss of $989k. During the first quarter, the Bank increased its loan portfolio by $17.8 million, which increased its quarterly interest income by $405.1k. During the first quarter of 2025 the total interest income was $2.27 million compared to $1.86 million recorded during the fourth quarter of 2024, an increase of 21%. The Bank's interest expense from the interest-bearing deposits was $1.07 million for the first quarter of 2025 compared to $847k for the fourth quarter of 2024, an increase of 26%. The interest expense increased due to the growth in the short-term institutional CDs deposits. The Bank has launched a campaign to replace these high-cost institutional CD deposits with non-interest-bearing deposits to reduce the interest cost. The first quarter 2025 net interest income increased by $185k from the fourth quarter 2024, an increase of 19%. In the first quarter 2025, the Bank sold SBA loans which netted gains of $255k compared to $127k in gain on sale realized in the fourth quarter 2024. Total non-interest expenses for the first quarter of 2025 were $1.71 million compared to $1.74 million incurred during the fourth quarter 2024, a slight decrease of $26.6k. The Bank continues to manage its operating expenses tightly. As noted above, the Bank's liquidity remains above 17.75% of total assets. The Bank has also established contingent lines of borrowings with its correspondent banks, including Federal Home Loan Bank of San Francisco. As of March 31, 2025, total contingent borrowing sources unused totaled $35.9 million or 23.3% of total assets outstanding. "The Bank's asset quality remains strong with no delinquent and non-performing loans on its balance sheet," commented Matt Blackmer, Chief Credit Officer. "As we continue to grow our earning assets, the Bank's goal to achieving profitability was realized in March 2025. As a result, our quarterly loss reported in the first quarter of 2025 was $142k, compared to the fourth quarter 2024 loss of $989k," stated Najam Saiduddin, Chief Financial Officer. "As the Bank continues to grow in a safe and sound manner, we are excited about the remaining three quarters for 2025. On March 13, 2025, the Bank was successful in obtaining our Small Business Administration's Preferred Lending Program (PLP) Status and hired Lily Kim, Senior Vice President, to oversee our Specialty Lending Division. Our Board and the entire Beach Cities Commercial Bank team is laser focused in achieving our strategic goals and objectives," commented Angela Bienert, Vice Chairperson. Beach Cities Commercial Bank is a full-service bank, serving the business, commercial and professional markets. The Bank meets the financial needs of its business clients with loans for working capital, equipment, owner-occupied and investment commercial real estate, and a full array of cash management services and deposit products for businesses and their owners. Beach cities Commercial Bank meets its clients' needs through its head office and branch in Irvine and regional office and branch in Encinitas, California. The Bank's stock is currently trading on the OTCQB platform under the "BCCB" stock symbol. For more information, please visit FORWARD-LOOKING STATEMENT: This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified using words such as "anticipate." "Believe." "Continue," "could." "Estimate," "expect," "intend," "likely." "May," "outlook." "Plan," "potential," "predict." "Project." "Should," "will." "would" and similar terms and phrases. including references to assumptions. Forward-looking statements are based upon various assumptions and analyses made by the Bank (which includes the Bank) considering management's experience and its perception of historical trends. Current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements do not guarantee future performance and are subject to risks, uncertainties, and other factors (many of which are beyond the Bank's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. factors that could affect the Bank's results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Bank's control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Bank; unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines may cause the Bank's financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Bank's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Bank conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Bank currently anticipates; legislation or regulatory changes may adversely affect the Bank's business; technological changes may be more difficult or expensive than the Bank anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Bank anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Bank anticipates. Beach Cities Commercial Bank Unaudited Statements of Financial Condition Asset As of March 31, 2025 As of Dec 31, 2024 Qtr. Growth $ Qtr. Growth % As of March 31, 2024 Annual Growth $ Annual Growth % Total Cash and Cash Equivalent $ 27,316,390 $ 22,112,065 $ 5,204,325 24 % $ 18,423,383 $ 8,893,007 48 % Debt Securities Available for Sale 994,195 984,026 10,169 1 % 979,735 14,460 1 % FHLB Stock 124,800 124,800 - 0 % 11,700 113,100 967 % Total Investments 1,118,995 1,108,826 10,169 1 % 991,435 127,560 13 % Gross Loans 123,482,780 105,648,160 17,834,620 17 % 39,950,467 83,532,312 209 % Allowance for Credit Losses (1,214,000 ) (1,214,000 ) - 0 % (546,000 ) (668,000 ) (122 %) Net Loans 122,268,780 104,434,160 17,834,620 17 % 39,404,467 82,864,312 210 % Fixed Assets 177,566 189,606 (12,040 ) (6 %) 245,950 (68,384 ) (28 %) Right of Use Assets 1,295,007 1,386,721 (91,714 ) (7 %) 1,654,465 (359,458 ) (22 %) Prepaid 1,034,002 1,061,411 (27,408 ) (3 %) 1,082,282 (48,280 ) (4 %) Total Other Assets 734,225 492,926 241,300 49 % 172,929 561,296 325 % Total Assets $ 153,944,966 $ 130,785,714 $ 23,159,252 18 % $ 61,974,912 $ 91,970,053 148 % Demand Deposit Accounts $ 21,390,859 $ 13,870,624 $ 7,520,235 54 % $ 5,842,094 $ 15,548,765 266 % NOW Accounts 1,000,890 938,289 62,602 7 % 834,979 165,911 20 % Money Market Accounts 52,781,634 48,539,814 4,241,820 9 % 21,220,154 31,561,481 149 % Total Demand Deposits 75,173,384 63,348,727 11,824,657 19 % 27,897,227 47,276,157 169 % Savings Accounts 5,064,038 5,058,477 5,562 0 % 38,766 5,025,272 12,963 % Total CDs 51,813,215 44,484,698 7,328,517 16 % 13,078,077 38,735,138 296 % Total Deposits 132,050,638 112,891,902 19,158,736 17 % 41,014,070 91,036,567 222 % Other Borrowed < 1 Yr 4,000,000 - 4,000,000 100 % - 4,000,000 100 % Total Other Liabilities 2,705,101 2,661,935 43,166 2 % 2,794,191 (89,089 ) (3 %) Total Liabilities 138,755,739 115,553,837 23,201,902 20 % 43,808,261 94,947,478 217 % Common Stock 25,116,895 25,116,895 - 0 % 25,019,375 97,520 0 % Surplus 569,067 470,347 98,719 21 % 308,798 260,269 84 % Retained Earnings (10,355,311 ) (5,831,485 ) (4,523,826 ) (78 %) (5,831,485 ) (4,523,826 ) (78 %) FAS 115 Unrealized Gain/Loss 460 (54 ) 514 954 % (1,287 ) 1,747 136 % Profit/Loss YTD (141,884 ) (4,523,826 ) 4,381,942 97 % (1,328,750 ) 1,186,866 89 % Total Equity $ 15,189,227 $ 15,231,877 ($ 42,650 ) (0 %) $ 18,166,651 ($ 2,977,424 ) (16 %) Total Liabilities & Equity $ 153,944,966 $ 130,785,714 $ 23,159,252 18 % $ 61,974,912 $ 91,970,053 148 % BEACH CITIES COMMERCIAL BANK UNAUDITED STATEMENT OF OPERATIONS For the Three Months Ended For the Twelve Months Ended for the Twelve Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Interest Income: Interest and fees on loans $ 2,045,807 $ 1,634,021 $ 1,414,644 $ 1,039,820 $ 603,552 $ 4,692,037 $ 336,181 Interest on securities 13,586 13,814 13,981 13,216 13,043 54,054 17,320 Interest on federal funds sold and other interest-bearing deposits 207,270 213,719 179,138 220,164 246,997 860,018 821,283 Total Interest Income 2,266,663 1,861,554 1,607,763 1,273,200 863,592 5,606,109 1,174,784 Interest Expense: Interest on Deposits 1,074,406 847,141 716,112 557,882 283,838 2,404,973 348,700 Interest on Borrowings 4,968 12,941 - - - 12,941 - Total Interest Expense 1,079,374 860,082 716,112 557,882 283,838 2,417,914 348,700 Net Interest Income 1,187,289 1,001,472 891,651 715,318 579,754 3,188,195 826,084 Provisions for Credit Losses - 385,000 117,000 180,000 245,000 927,000 317,000 Net interest income after provisions for loan losses 1,187,289 616,472 774,651 535,318 334,754 2,261,195 509,084 Non-interest income: Service charges, fees and other 124,645 3,036 6,362 4,117 5,147 18,662 1,706 Gain on sale of loans 255,034 127,399 - - - 127,399 - Non-Interest expense: Salaries and employee benefits 1,134,486 1,134,175 1,106,821 1,135,056 1,105,393 4,481,445 2,318,336 Occupancy and Equipment expenses 167,812 170,923 174,256 175,312 171,013 691,504 408,909 Organization Expenses - - - - - - 1,045,800 Data Processing 150,569 139,545 185,053 175,117 128,315 628,030 332,424 Professional and Legal 16,485 59,734 101,407 171,546 111,763 444,450 469,110 Other Expenses 239,501 231,090 153,761 147,836 151,366 684,053 294,946 Total Non-interest expense 1,708,853 1,735,467 1,721,298 1,804,867 1,667,850 6,929,482 4,869,525 Income (Loss) before taxes (141,885 ) (988,560 ) (940,285 ) (1,265,432 ) (1,327,949 ) (4,522,226 ) (4,358,735 ) Income tax expense - - - 800 800 1,600 800 Net Income (Loss) $ (141,885 ) $ (988,560 ) $ (940,285 ) $ (1,266,232 ) $ (1,328,749 ) $ (4,523,826 ) $ (4,359,535 ) Earnings per share ("EPS"): Basic $ (0.06 ) $ (0.39 ) $ (0.37 ) $ (0.50 ) $ (0.52 ) $ (1.77 ) $ (1.71 ) Common Shares Outstanding 2,565,864 2,565,864 2,556,112 2,556,112 2,556,112 2,565,864 2,556,112 View source version on Contacts Najam Saiduddin, CFO/EVPnajam@ 949.704.2275 Sign in to access your portfolio
Business Wire
05-05-2025
- Business
- Business Wire
Beach Cities Commercial Bank Announces First Quarter 2025 Financial Results
IRVINE, Calif,--(BUSINESS WIRE)--Beach Cities Commercial Bank, (OTCQB: BCCB) (the "Bank"), today announced financial results for the quarter ended March 31, 2025. On March 13, 2025, the Bank was successful in obtaining our Small Business Administration's Preferred Lending Program (PLP) Status. The Bank was incorporated under the laws of the State of California on April 11, 2022. The Bank opened for business on June 12, 2023, after receiving all necessary regulatory approvals, and it began providing a full range of banking services from its branch locations in Irvine and Encinitas, California. The Bank operates primarily in the Southern California commercial markets, offering business and personal deposit accounts. The lending products include loans secured by commercial real estate, commercial and industrial loans, guidance lines of credit supporting bridge loans, lines of credit, SBA 7A and 504 loans, SBA express lines of credit, and State guaranteed loans. The Bank has a state-of-the-art technology platform and offers cash management products and services to allow its customers the ability to focus on their business and not worry about banking. Significant items for the period include: Total assets were $153.9 million as of March 31, 2025, which increased by $91.9 million from March 31, 2024 (148% growth). Total loans were $123.5 million as of March 31, 2025, which increased by $83.5 million from March 31, 2024 (209% growth). Total deposits were $132.1 million as of March 31, 2024, which increased by $91.0 million from March 31, 2024 (222%). Total liquidity remains high at $27.3 million, which equates to 17.75% of the Bank's total assets. The Bank also maintains contingent borrowing sources at $35.9 million which equals 23.3% of total assets. The loan portfolio average yield was 7.59% which contributed to a healthy net interest margin at 3.38% as of March 31, 2025. The Bank maintains a reserve for credit losses of $1.214 million which equates to 0.98% of total loans. As of March 31, 2025, the Bank had zero dollars in delinquent, and non-performing loans. The shareholders' equity was at $15.2 million as of March 31, 2025, which was reduced by $42.6k from December 31, 2024. The reduction was due to the recording of $141.8k in operating losses. The Bank's tier 1 capital to average assets ratio was at 11.27% which is considered well-capitalized under the regulatory framework. The Bank reported the first quarter of 2025 net loss of $141.8k which reduced from the fourth quarter of 2024 loss of $989k. During the first quarter, the Bank increased its loan portfolio by $17.8 million, which increased its quarterly interest income by $405.1k. During the first quarter of 2025 the total interest income was $2.27 million compared to $1.86 million recorded during the fourth quarter of 2024, an increase of 21%. The Bank's interest expense from the interest-bearing deposits was $1.07 million for the first quarter of 2025 compared to $847k for the fourth quarter of 2024, an increase of 26%. The interest expense increased due to the growth in the short-term institutional CDs deposits. The Bank has launched a campaign to replace these high-cost institutional CD deposits with non-interest-bearing deposits to reduce the interest cost. The first quarter 2025 net interest income increased by $185k from the fourth quarter 2024, an increase of 19%. In the first quarter 2025, the Bank sold SBA loans which netted gains of $255k compared to $127k in gain on sale realized in the fourth quarter 2024. Total non-interest expenses for the first quarter of 2025 were $1.71 million compared to $1.74 million incurred during the fourth quarter 2024, a slight decrease of $26.6k. The Bank continues to manage its operating expenses tightly. As noted above, the Bank's liquidity remains above 17.75% of total assets. The Bank has also established contingent lines of borrowings with its correspondent banks, including Federal Home Loan Bank of San Francisco. As of March 31, 2025, total contingent borrowing sources unused totaled $35.9 million or 23.3% of total assets outstanding. 'The Bank's asset quality remains strong with no delinquent and non-performing loans on its balance sheet,' commented Matt Blackmer, Chief Credit Officer. 'As we continue to grow our earning assets, the Bank's goal to achieving profitability was realized in March 2025. As a result, our quarterly loss reported in the first quarter of 2025 was $142k, compared to the fourth quarter 2024 loss of $989k,' stated Najam Saiduddin, Chief Financial Officer. 'As the Bank continues to grow in a safe and sound manner, we are excited about the remaining three quarters for 2025. On March 13, 2025, the Bank was successful in obtaining our Small Business Administration's Preferred Lending Program (PLP) Status and hired Lily Kim, Senior Vice President, to oversee our Specialty Lending Division. Our Board and the entire Beach Cities Commercial Bank team is laser focused in achieving our strategic goals and objectives,' commented Angela Bienert, Vice Chairperson. Beach Cities Commercial Bank is a full-service bank, serving the business, commercial and professional markets. The Bank meets the financial needs of its business clients with loans for working capital, equipment, owner-occupied and investment commercial real estate, and a full array of cash management services and deposit products for businesses and their owners. Beach cities Commercial Bank meets its clients' needs through its head office and branch in Irvine and regional office and branch in Encinitas, California. The Bank's stock is currently trading on the OTCQB platform under the 'BCCB' stock symbol. For more information, please visit FORWARD-LOOKING STATEMENT: This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified using words such as "anticipate." "Believe." "Continue," "could." "Estimate," "expect," "intend," "likely." "May," "outlook." "Plan," "potential," "predict." "Project." "Should," "will." "would" and similar terms and phrases. including references to assumptions. Forward-looking statements are based upon various assumptions and analyses made by the Bank (which includes the Bank) considering management's experience and its perception of historical trends. Current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements do not guarantee future performance and are subject to risks, uncertainties, and other factors (many of which are beyond the Bank's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. factors that could affect the Bank's results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Bank's control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Bank; unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines may cause the Bank's financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Bank's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Bank conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Bank currently anticipates; legislation or regulatory changes may adversely affect the Bank's business; technological changes may be more difficult or expensive than the Bank anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Bank anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Bank anticipates. BEACH CITIES COMMERCIAL BANK UNAUDITED STATEMENT OF OPERATIONS For the Three Months Ended For the Twelve Months Ended for the Twelve Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Interest Income: Interest and fees on loans $ 2,045,807 $ 1,634,021 $ 1,414,644 $ 1,039,820 $ 603,552 $ 4,692,037 $ 336,181 Interest on securities 13,586 13,814 13,981 13,216 13,043 54,054 17,320 Interest on federal funds sold and other interest-bearing deposits 207,270 213,719 179,138 220,164 246,997 860,018 821,283 Total Interest Income 2,266,663 1,861,554 1,607,763 1,273,200 863,592 5,606,109 1,174,784 Interest Expense: Interest on Deposits 1,074,406 847,141 716,112 557,882 283,838 2,404,973 348,700 Interest on Borrowings 4,968 12,941 - - - 12,941 - Total Interest Expense 1,079,374 860,082 716,112 557,882 283,838 2,417,914 348,700 Net Interest Income 1,187,289 1,001,472 891,651 715,318 579,754 3,188,195 826,084 Provisions for Credit Losses - 385,000 117,000 180,000 245,000 927,000 317,000 Net interest income after provisions for loan losses 1,187,289 616,472 774,651 535,318 334,754 2,261,195 509,084 Non-interest income: Service charges, fees and other 124,645 3,036 6,362 4,117 5,147 18,662 1,706 Gain on sale of loans 255,034 127,399 - - - 127,399 - Non-Interest expense: Salaries and employee benefits 1,134,486 1,134,175 1,106,821 1,135,056 1,105,393 4,481,445 2,318,336 Occupancy and Equipment expenses 167,812 170,923 174,256 175,312 171,013 691,504 408,909 Organization Expenses - - - - - - 1,045,800 Data Processing 150,569 139,545 185,053 175,117 128,315 628,030 332,424 Professional and Legal 16,485 59,734 101,407 171,546 111,763 444,450 469,110 Other Expenses 239,501 231,090 153,761 147,836 151,366 684,053 294,946 Total Non-interest expense 1,708,853 1,735,467 1,721,298 1,804,867 1,667,850 6,929,482 4,869,525 Income (Loss) before taxes (141,885 ) (988,560 ) (940,285 ) (1,265,432 ) (1,327,949 ) (4,522,226 ) (4,358,735 ) Income tax expense - - - 800 800 1,600 800 Net Income (Loss) $ (141,885 ) $ (988,560 ) $ (940,285 ) $ (1,266,232 ) $ (1,328,749 ) $ (4,523,826 ) $ (4,359,535 ) Earnings per share ("EPS"): Basic $ (0.06 ) $ (0.39 ) $ (0.37 ) $ (0.50 ) $ (0.52 ) $ (1.77 ) $ (1.71 ) Common Shares Outstanding 2,565,864 2,565,864 2,556,112 2,556,112 2,556,112 2,565,864 2,556,112 Expand
