Canyon Bancorp Reports Annual Results
Canyon Bancorp [[CYBA.OB]] today announced total assets at December 31, 2008 were $298.0 million and net loans receivable were $251.6 million. Canyon Bancorp incurred a loss of $3,377,000 or $1.32 per diluted share for the full year ended December 31, 2008 compared to income of $3,519,000 or $1.39 per diluted share for the year ended December 31, 2007. For the three months ended December 31, 2008, Canyon Bancorp incurred a loss of $2,239,000 or $0.80 per diluted share compared to earning $421,000 or $0.17 per diluted share for the same period in 2007.
Like many Southern California banks, the Company’s earnings were adversely affected by the deterioration in the real estate market. Classified loans and loan charge-offs have increased. As a result, the Company increased the provision for loan losses from $900,000 in the fourth quarter of 2007 to $3,350,000 in the fourth quarter of 2008.
Other financial highlights as of year-end 2008 compared to year-end 2007:
- Total assets increased $8.9 million or 3.1 percent to $298.0 million.
- Net loans receivable increased $3.1 million or 1.3 percent to $251.6 million.
- Total deposits increased $18.7 million or 8.1 percent to $249.3 million.
- Capital to assets ratio for the year ended December 31, 2008 was 9.81 percent compared to 9.88 percent for the same period in 2007.
President and CEO Stephen G. Hoffmann said, “Canyon Bancorp and Canyon National Bank maintain a ‘Well-Capitalized’ regulatory rating and are financially strong. To supplement our capital base, during the fourth quarter we are pleased with the successful private placement of $3.9 million of common stock in a private placement. We have responded aggressively to changes in the economy and real estate markets to mitigate risk.”
Canyon Bancorp is a bank holding company with one banking subsidiary, Canyon National Bank, a full-service commercial bank and member of the FDIC. Palm Springs branch locations are at 1711 East Palm Canyon Drive at the Smoke Tree Village Shopping Center and 901 East Tahquitz Canyon Way. Palm Desert branch locations are at 74-150 Country Club Drive and 77-933 Las Montanas Road across from Sun City Palm Desert. Shares of the Company’s common stock are traded on the Over the Counter Bulletin Board – stock symbol CYBA.
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