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| 8/16/06 |
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Community Bank Of Orange, N.A. Announces Second Quarter 2006 Results |
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CONTACT: Ronald J. Gentile, President and CEO
Community Bank of Orange, N.A.
PHONE: 845-695-7400
(Middletown, NY) – Community Bank of Orange, N.A. today reported a net loss of $(99,000), or $(0.05) per share for the three month period ending June 30, 2006, as compared to the Bank's net loss for the second quarter of fiscal 2005 of $(193,000), or $(0.09) per share. For the six month period ending June 30, 2006, the Bank reported a net loss of $(228,000), or $(0.10) per share, as compared to the Bank's net loss of $(424,000), or $(0.25) per share for the comparable year earlier period (6-30-06: based upon 2,175,961 weighted average shares outstanding ; 6-30-05: based upon 1,719,607 weighted average shares outstanding).
Our balance sheet components registered sharp increases, with total assets increasing by $13.2 million, or 29%, to $58.1 million as of June 30, 2006, as compared to $44.9 million as of December 31, 2005. Total deposits increased by $13.6 million, or 38%, to $49.9 million as of June 30, 2006, as compared to $36.3 million as of December 31, 2005. Total loans increased by $8.3 million, or 38%, to $30.5 million as of June 30, 2006, as compared to $22.1 million as of December 31, 2005. While earnings continue to be negative, total shareholders' equity remains high at $7.6 million, as of June 30, 2006, representing a Tier 1 capital leverage ratio of 15.71%.
At June 30, 2006, the Bank had non-performing(90 days or more delinquent plus nonaccrual) loans aggregating $191 thousand, or 0.61% of total loans, and an allowance for loan and lease losses of $509 thousand as of June 30, 2006, which represents 266% of total non-performing loans.
Commenting on the second quarter's results, President & CEO Gentile stated, "We continue to be encouraged by the improvement in operating results, with the quarterly net loss shrinking by 23%, to $99 thousand, as compared to the first quarter's net loss of $129 thousand. This improvement is even more satisfying considering the flat/inverted yield curve, which is squeezing most financial institutions today; our spreads and margins are also holding up well, at 3.25% and 3.99%, respectively, for the six months ending June 30, 2006. Most importantly, our commercial loan pipeline remains strong, at $17.7 million as of quarter end. And, our recently opened initial branch office in Warwick, NY(opened for business May 30, 2006) is off to a very good start, having reached $4.2 million in deposits as of today, after only 2 _ months of operation." Mr. Gentile further stated that, "I am pleased to report that on July 10, 2006, the Office of the Comptroller of the Currency(OCC) declared effective the Bank's registration statement for the 1,618,750 shares of our common stock sold in the private placement offering concluded on March 1, 2005. This registration with the OCC will enable holders of shares of stock purchased in that private placement to sell such shares without restriction."
The Bank, founded in 2002 is headquartered in Middletown, New York, and operates one branch office in Warwick, New York. It is the first community bank chartered in Orange County, New York in over 50 years. The Bank offers a full array of commercial and consumer banking services and products, including free personal checking and expanded banking hours. It also offers non-depository products, such as mutual funds, tax deferred annuities and insurance. The Bank is chartered by the OCC and its deposits are insured by the Federal Deposit Insurance Corporation.
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