California United Bank has posted financial results for the second quarter of 2009. The pre-tax net income increased 191.8% to $604,000 from $207,000 for the second quarter of 2008.
Reportedly, net income increased to $347,000, a 281.3% increase over the second quarter 2008. This net income was achieved, despite the expense of a special FDIC insurance assessment of $189,000; total assets reached $426.9 million, a 33.8% or $107.8 million increase from the second quarter 2008; total deposits increased to $304.4 million, a 42.1% or $90.1 million increase over the second quarter 2008; loans grew to $230.2 million, a 15.5% or $30.8 million increase over the second quarter 2008; EPS was $0.07 based on approximately 4.95 million diluted weighted average shares outstanding, compared to EPS of $0.02 based on approximately 5.04 million diluted weighted average shares outstanding in the second quarter of 2008.
David Rainer, chairman, president & CEO of California United Bank, said: “We believe we have a strong credit culture and loan portfolio and remain extremely well capitalized. 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. We will continue to further invest and expand, in order to best serve our customers and the important and vital Southern California business community.
