US-based Community Business Bank has reported a net income of $69,000, or $0.03 per diluted share, for the first quarter of 2009, compared to $42,000, or $0.02 per diluted share, for the corresponding quarter of 2008.
Net interest income for the first quarter of 2009 was $1.52m, compared to $1.24m in the first quarter of 2008.
As of March 31, 2009, total assets of the bank were $129.99m, compared to $124.75m as of March 31, 2008. Total loans grew by 1.4% or $2m to $118m from $116m at the end of the first quarter of 2008.
Total deposits declined 3% to $83.95m, compared with $86.49m at the end of the first quarter of 2008, primarily reflecting fewer brokered certificate of deposit balances.
John DiMichele, president and CEO of Community Business Bank, said: After three years of rapid growth and significant success in building our customer base, we are able to improve our operating efficiency while investing in facilities, programs and people to support continued growth.
We have invested in technology and people to improve our growing franchise and demonstrate our value proposition to businesses, and we have virtually eliminated product offerings such as promotional high-yield certificates of deposits that may win customers but don’t develop long-term full-service banking relationships. Our results, such as increases in noninterest bearing accounts and total loans, demonstrate that this is the right strategy for supporting long-term growth and customer loyalty.
