PASADENA, California, – Community Bank (CYHT, OTC) founded in 1945, is an independent Southern California regional community bank with assets of $3.6 billion, 17 business centers and its headquarters in Pasadena.
Community Bank today announced revised earnings for the fourth quarter and year ended December 31, 2016. Subsequent to the publication of our press release on January 31, 2017 and prior to the completion of our audited financial statements, we identified credit impairment in the financial condition of one loan customer that relates to conditions that existed at December 31, 2016.
Accordingly, we have adjusted our reported financial results to reflect this change. The adjustment consists of charging off $4.5 million of this collateral dependent loan, adding $3.048 million to the provision for loan losses and placing the remaining loan principal balance of $9.378 million on non-accrual status as of December 31, 2016. These adjustments reduced our reported earnings for the fourth quarter and year ended December 31, 2016 by $1.766 million, to $4.2 million and $26.8 million, respectively.
We believe the credit situation with this customer is isolated, customer specific and not indicative of general business conditions in our market area or the Bank’s overall credit quality and processes.
Community Bank’s audited financial statements for 2016 are being published simultaneously on our website at www.cbank.com. Revised financial highlights are included with this press release.
CBank is pleased to include the following as market makers in Community Bank stock. Community Bank stock trades on OTC pink sheets under the ticket of CYHT. Contact information for our market makers is as follows:
Raymond James & Associates
John T. Cavender, SVP Financial Institutions
D.A. Davidson & Co.
Michael R. Natzic, Senior Vice President
Keefe Bruyette & Woods, a Stifel Company
Cathy Bellina, Equity Trader
Sandler O’Neill + Partners, L.P.
Tom Thurston, Principal