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Monday, Feb 26, 2024

California United Bank announces Q1 2009 results

Encino-based California United Bank announced the unaudited results for the first quarter of 2009. Total assets grew to $412.6 million, a 41.1 percent increase over the first quarter of 2008 and an 8.8 percent increase over fourth quarter 2008. Net income was $202,000, compared to $2.29 million in the first quarter of 2008. Loans were $234.1 million, up 31.1 percent from Q1 2008 and 0.80 percent from Q4 2008. The bank says the relatively flat level of overall growth from Q4 2008 to Q1 2009 reflects primarily amortization, pay-downs and scheduled pay-offs of existing relationships. During the same period the bank generated $32 million in new loan commitments. Total deposits were $280.5 million, an $86.1 million or 44.3 percent increase over Q1 2008 and a $34.9 million or 14.2 percent increase over Q4 2008. The bank is considered “well capitalized,” with Total Risk Based Capital of 19.48 percent, Tier I Risk Capital of 18.31 percent and a Tier I Leverage Ratio of 14.72 percent. The bank also reports no nonperforming loans, 30+ day delinquencies, or loans in foreclosure. Eric Billingsley

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