<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
- --------------------------------------------------------------------------------
FORM 10 - Q
X QUARTERLY REPORT PURSUANT TO SECTION 13 OF 15(d) OF
----- THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended March 31, 1996
--------------
Commission File Number 2-78788
-------
CALIFORNIA COMMERCIAL BANKSHARES
CALIFORNIA 95-3819471
- ------------------------------- ------------------------------------
(State of Other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
4100 NEWPORT PLACE, NEWPORT BEACH, CA 92660
--------------------------------------------
(Address of principal executive offices)
Registrant's telephone number (714) 863-2300
--------------
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year if changed from last report
Indicate by check (X) whether the registrant (1) has filed all reports required
to be filed by Section 13 of 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes x No
----- -----
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding
of each of the issuer's classes of common stock, as of the latest practicable
date 2,944,000 .
---------
1
<PAGE>
CALIFORNIA COMMERCIAL BANKSHARES
INDEX
PART I. FINANCIAL INFORMATION
- -------------------------------------------------
Item 1. Financial Statements.
Consolidated Condensed Statements of Income for three months
ended March 31, 1996 and March 31, 1995.
Consolidated Condensed Balance Sheets March 31, 1996 and December 31, 1995.
Consolidated Statement of Cash Flow for the three months
ended March 31, 1996 and March 31, 1995.
Notes to Consolidated Financial Statements,March 31, 1996.
Item 2. Management Discussion and Analysis of the Financial Condition and
Results of Operations.
2
<PAGE>
CALIFORNIA COMMERCIAL BANKSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(000'S Omitted)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31,
1996 1995
------ ------
<S> <C> <C>
INTEREST AND FEE INCOME:
Loans and Leases 4,770 5,068
Investment Securities 928 810
Federal Funds Sold 573 78
------ ------
Total Interest and Fee Income 6,271 5,956
INTEREST EXPENSE:
Deposits 1,664 1,626
Securities Sold Under Agreement
to Repurchase 0 8
Note Payable 59 43
------ ------
Total Interest Expense 1,723 1,677
NET INTEREST INCOME 4,548 4,279
PROVISION FOR LOAN/LEASE LOSSES 300 775
NET INTEREST INCOME AFTER PROVISION
FOR LOAN/LEASE LOSSES 4,248 3,504
OTHER INCOME:
Escrow Fees 121 27
Service Charges 291 253
Securities gains or (losses) 0 (72)
Other Income 291 201
------ ------
Total Other Income 703 409
OTHER EXPENSES:
Salaries and Employee Benefits 2,178 1,828
Occupancy, Furniture and Equipment 511 523
Data Processing 218 71
Supplies 97 94
Legal Fees 198 118
Regulatory Assessments 140 208
Losses on OREO 99 212
Other 726 508
------ ------
Total Other Expenses 4,167 3,562
INCOME BEFORE INCOME TAXES 784 351
INCOME TAXES 314 141
NET INCOME 470 210
EARNINGS PER COMMON SHARE $0.16 $0.08
</TABLE>
3
<PAGE>
CALIFORNIA COMMERCIAL BANKSHARES
CONSOLIDATED CONDENSED BALANCE SHEETS
(000'S Omitted)
ASSETS
<TABLE>
<CAPTION>
March 31 December 31
1996 1995
-------- --------
<S> <C> <C>
Cash and Due From Banks
Non Interest-bearing $25,933 $28,549
Interest-bearing 50
Investment Securities - Available for Sale 74,682 62,283
Federal Funds Sold 36,000 45,000
Loans, net of unearned interest:
Commercial 72,552 84,271
Real Estate - Construction 21,217 22,593
Real Estate - Equity Line 6,611 7,039
Real Estate - Mortgage 71,383 55,207
Installment and Other 11,175 13,120
Lease Contracts Receivable 3,099 3,064
-------- --------
186,037 185,294
Less: Deferred Loan Fees & Costs (500) (702)
-------- --------
185,537 184,592
Less: Reserve for Loan Loss (6,736) (6,542)
-------- --------
Total Loans, net 178,801 178,050
-------- --------
Loans Available for Sale 8,474 9,620
Real Estate Owned 2,598 2,165
Bank Premises, Furniture & Equipment 1,214 1,150
Accrued Interest Receivable 2,504 2,649
Deferred Income Taxes 2,249 2,249
Prepaid Expenses and Other Assets 2,099 2,328
-------- --------
Total Assets $334,604 $334,043
-------- --------
-------- --------
LIABILITIES AND SHAREHOLDERS EQUITY
Deposits:
Demand Deposit
Non Interest Bearing $124,439 $130,660
Interest Bearing 71,229 65,301
Savings Deposits 52,014 45,312
Time Certificates $100,000 and over 30,923 34,718
Other Time Deposits 29,616 32,513
-------- --------
Total Deposits 308,221 308,504
Note Payable 2,350 2,351
Interest Payable 220 221
Other Liabilities 2,424 1,848
Shareholders Equity:
Capital Stock - Authorized 10,000,000 shares;
Issued and outstanding 2,944,000 in 1996 and
2,922,000 in 1995 14,147 14,077
Paid in Capital 469 470
Retained Earnings 6,919 6,448
Unrealized Gain (Loss) on investment securities
available for sale (net of tax) (146) 124
-------- --------
Total Liabilities and Shareholders Equity 334,604 334,043
-------- --------
-------- --------
</TABLE>
4
<PAGE>
CALIFORNIA COMMERICAL BANKSHARES
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE THREE MONTHS ENDED MARCH 31
(000's Omitted)
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
------ ------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (loss) 470 210
Adjustments to reconcile net income
(loss) to net cash from operating
activities:
Depreciation and Amortization 104 131
Amortization of discounts and premiums on
investment securities available for sale 140 218
Provision for loan and lease losses 300 775
Provision for losses on other real estate owned 57
Loss (gain) on sale of investment securities
available for sale 72
Loss (gain) on sale of other real estate owned 20 50
(Gain) loss on sale of property
Decrease (increase) in accrued interest
receivable 145 567
(Decrease) increase in deferred loan fees (202) 123
Increase (decrease) in unearned lease income 24 (38)
(Increase) decrease in other assets 393 364
Net increase (decrease) in interest payable and
other liabilities 575 492
------ ------
Net cash from operating activities 1,969 3,021
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturity of investment securities
available for sale 13,079 40
Proceeds from sale of investment securities
available for sale 21,012
Purchase of investment securities available for
sale (26,053) (17)
Net (increase) decrease in loans and investment
in leases (186) (4,548)
Recoveries of loans and investment in leases 148 65
Purchases of property (167) (96)
Proceeds from sale of property
Additions to other real estate owned (142)
Proceeds from sale of other real estate owned 398
------ ------
Net cash from investing activities (13,321) 16,854
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in deposits (283) (5,670)
(Decrease) increase in note payables (1)
Proceeds from excercise of common stock options 70 8
------ ------
Net cash from financing activities (214) (5,662)
Net (Decrease) Increase In Cash And Cash
Equivalents (11,566) 14,213
Cash And Cash Equivalents At Beginning Of Year 73,549 23,315
------ ------
Cash And Cash Equivalents At March 31 61,983 37,528
------ ------
------ ------
</TABLE>
5
<PAGE>
CALIFORNIA COMMERCIAL BANKSHARES
Notes To Consolidated Condensed Financial Statements:
Note 1 - Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the three months ended March 31, 1996 are
not necessarily indicative of the results that may be expected for the year
ended December 31, 1996.
Note 2 - Earnings per share were computed based on the following weighted
average outstanding shares:
Three Months Ended March 31, 1996..........2,939,000
Three Months Ended March 31, 1995..........2,455,000
6
<PAGE>
CALIFORNIA COMMERCIAL BANKSHARES
Item 2. Management's Discussion and Analysis of the Financial Condition and
Results of Operations.
The purpose of this discussion is to provide additional information about the
Company's financial condition and results of operations which is not otherwise
apparent from the consolidated financial statements included in this interim
report. Since the banking subsidiary represents most of the Company's activity
and investment, the following discussion relates primarily to the financial
condition and operations of the Bank. It should be read in conjunction with the
consolidated financial statements of the Company and the notes thereto.
The following chart shows comparative data for selected items of the financial
statements:
Averages for the Three Months Ended:
<TABLE>
<CAPTION>
Percent
March 31 March 31 Increase/
1996 1995 (Decrease)
-------- -------- --------
(in thousands)
<S> <C> <C> <C>
Total Assets: $329,468 $292,957 12.46
Investment securities: 63,136 61,322 2.96
Fed funds sold: 43,330 5,472 691.85
Gross loans: 195,141 202,096 ( 3.44)
Total deposits: 303,405 267,209 13.55
Interest bearing deposits 183,370 177,646 3.22
Other interest bearing liabilities: 2,350 2,851 (17.57)
</TABLE>
During 1995 the Company employed additional staff in its business development
department which resulted in increased deposits and total assets. However, the
total loans declined as the Bank continued to work on collecting problem loans
and economic growth in the area remained modest. The combination of increased
deposits and lower loans outstanding, resulted in increased liquidity which was
invested in Fed Funds sold. Other interest bearing liabilities are comprised of
note payable in the amount of $2,350,000 and Securities sold under agreement to
repurchase. In the first quarter of 1996, no securities were sold under
repurchase agreement.
The following table shows average earning assets and interest bearing
liabilities and their relative cost and yield without loan fees and loan costs.
For the Three Months Ended March 31,
<TABLE>
<CAPTION>
1996 1995 Percent
---- ---- Increase/ Yield
(in thousands) Amt Yld Amt Yld (Decrease) Diff
--- --- --- --- -------- ----
<S> <C> <C> <C> <C> <C> <C>
Average Earning
Assets $301,606 8.01 $268,757 8.72 12.22 (.71)
Average interest
bearing liabilities $185,720 3.73 $180,457 3.77 2.92 (.04)
</TABLE>
7
<PAGE>
According to Company policy loans past due 90 days or more as to interest or
principal payments are placed on non-accrual. Loans accounted for on a non-
accrual basis amounted to $15,144,000 on March 31, 1996 as compared to
$15,588,000 on March 31, 1995. Other real estate owned totaled $2,598,000 on
March 31, 1996 as compared to $3,647,000 on March 31, 1995.
The Company follows SFAS 114 with respect to impaired loans which states - "A
loan is impaired when, based on current financial information and events, it is
probable that a creditor will be unable to collect all amounts due according to
the contractual terms of the loan agreement...All amounts due according to the
contractual terms means that both the contractual interest payments and the
contractual principal payments of a loan will be collected as scheduled in the
loan agreement." (See Accounting Pronouncements)
A loan is not considered impaired during a period of delay in payment if the
Company expects to collect all amounts due including interest accrued at the
contractual interest rate for the period of delay. Six months is the maximum
period of delay allowed before a loan is considered impaired. As of March 31,
1996 the aggregate amount of impaired loans measured under present value method
and fair value methods were $14,775,000.
The following loans are exempt from SFAS 114 due to their characteristics as
smaller balance homogeneous loans; credit card loans, leases, overdraft
protection loans and consumer loans. Risk in these loans is accounted for by
applying an historic loss percentage to the loan pool.
Difference between nonaccrual and impaired loans:
Non Accrual Loans - These loans are on non accrual primarily for one of two
reasons; 1) the loan is past due in interest or principal payments for 90 days
or more but sufficient collateral is held to offset any potential loss, or 2)
full payment of all principal plus interest is doubtful.
Impaired Loan - A loan can be impaired also for two reasons; 1) a restructure of
the original note has occurred resulting in a reduced interest rate. Then the
loan is considered impaired due to present value calculations, or 2) full
collection of all principal and interest as currently scheduled is not expected.
The Company's policy with respect to the recognition of interest income for
impaired loans is to recognize the income on an accrual basis for only those
loans that are not on nonaccrual. If the loan is on nonaccrual the interest
received is generally not recognized as income however, applied as reduction to
the principal. Income may be recognized on a cash basis on nonaccrual only if
the net principal balance is adequately covered by collateral and has shown
minimum of six months performance to current program.
According to Company policy a loan that is not performing or has been non
performing for over 90 days is charged off unless sufficient collateral is held
to offset the loss amount. If collateral is held, then appropriate measures
should be taken to obtain possession of the collateral for immediate sale. This
policy applies to all types of loans including impaired loans.
8
<PAGE>
The following table shows the total charge offs, recoveries and the net result
for the three months ended March 31, 1996 and 1995.
<TABLE>
<CAPTION>
Three Months Ended:
March 31
1996 1995
(in thousands) ---- ----
<S> <C> <C>
Charge Offs 253 619
Recoveries 148 64
Net Charge Offs 105 555
</TABLE>
For the three months March 31, 1996 and 1995 the Company added $300,000 and
$775,000 respectively to its reserve for loan and lease losses. The reserve
balance as of March 31, 1996 was $6,736,000 which was 3.53% of total loans and
leases which compares with $5,880,000 and 2.89%, respectively, on March 31,
1995.
RESULTS OF OPERATIONS
INTEREST INCOME AND INTEREST EXPENSE
The Company's primary source of revenue is interest income. The average
interest earning assets increased to $301,607,000 in the first quarter of 1996
compared to $268,757,000 in the first quarter of 1995. The net interest income
without the loan fees increased from $4,101,00 to $4,284,000 from the first
quarter of 1995 to the same period of 1996 . The net yield without the loan
fees decreased from 6.19 to 5.71 as the yield on earning assets decreased from
8.72% to 8.01% from the first quarter of 1995 to first quarter of 1996. This
was due to reduced interest rates and because a significantly larger percentage
of earning assets was invested in low yielding Fed Funds Sold in the first
quarter of 1996 compared to the same period of 1995. The Company continued to
focus on monitoring the performance of the outstanding loans, identifying
potential problems and collecting identified problem loans and real estate
owned. At the same time, the Company has maintained its refined loan
underwriting and approval process, seeking higher quality credits which reduced
the volume of loans meeting the tightened criteria.
9
<PAGE>
The following table shows the average balances of interest earning assets and
interest bearing liabilities and interest earned and paid on those balances.
<TABLE>
<CAPTION>
1st Quarter 1996 1st Quarter 1995
---------------- ----------------
Average Interest Average Interest
Balance Interest Rate Balance Interest Rate
------- -------- -------- ------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Assets
Securities 63,136 928 5.91 61,354 810 5.35
Fed Funds 43,330 573 5.32 5,314 78 5.94
Loans 195,141 4,505 9.29 202,089 4,890 9.81
------- ----- ---- ------- ----- ----
TOTAL 301,607 6,007 8.01 268,757 5,778 8.72
------- ----- ---- ------- ----- ----
Liabilities
Savings 119,168 843 2.85 120,009 842 2.85
Time 64,203 821 5.14 57,581 784 5.52
Other 2,350 59 10.09 2,867 51 7.13
----- -- ----- ----- ----- ----
TOTAL 185,720 1,723 3.73 180,457 1,677 3.77
------- ----- ---- ------- ----- ----
Net Interest Income 4,284 4,101
Net Spread on Earning Assets 5.71 6.19
</TABLE>
OTHER INCOME AND OTHER EXPENSES - Non-interest income increased by $294,000 to
$703,000 in the first quarter of 1996 compared to $409,000 for the same period a
year ago. The increase was largely in three categories:
1. Escrow fees increased by $94,000 from $27,000 in the first quarter of 1995
to $121,000 in 1996. The increase was due to increased marketing efforts
and an increase in staff in the escrow division.
2. During first quarter of 1995 the Company sold some securities in the amount
of approximately $21,000,000 at a loss of $72,000. These securities were
originally purchased with very short maturities to meet a projected cash
outflow during the first quarter of 1995.
3. Rental income on other real estate owned increased from $5,000 in the first
quarter of 1995 to $53,000 in the first quarter of 1996.
Non-interest expense increased by $605,000 from $3,562,000 in the first quarter
of 1995 to $4,167,000 in 1996. Following is a summary of changes in various
categories of non-interest expense for the first quarter of 1996 compared to the
same period of 1995.
<TABLE>
<S> <C>
Advertising $59,000
Loan Related Expense 54,000
Salaries & Benefits 350,000
Occupancy, Furniture & Eq. (13,000)
Data Processing 147,000
Legal Fees 80,000
Regulatory Assessments (67,000)
Losses on OREO (113,000)
-------
Other 108,000
Total $605,000
</TABLE>
10
<PAGE>
The major increases or decreases were in the following categories:
1. Salaries and benefits increased due to additions to the staff in the escrow
division due to increasing business activity(see Results of Operation-Other
Income), in business development to generate future loan and deposit growth
and opening of a new branch in Fountain Valley.
2. Data Processing increased due to upgrading the Bank's data processing
systems and increases related to data processing expenses that the Bank
pays for its customers who maintain large profitable accounts.
3. Legal fees remained high as the Bank continues to resolve problem loans and
other litigation matters.
4. Regulatory Assessments decreased as FDIC reduced the assessment rate from
.29% per $100 in annualized deposits in the first quarter of 1995 to .17%
in 1996.
ACCOUNTING PRONOUNCEMENTS
The Financial Accounting Standards Board (FASB) has issued Statement of
Financial Accounting Standards No. 121, ACCOUNTING FOR THE IMPAIRMENT OF LONG-
LIVED ASSETS TO BE DISPOSED OF and SFAS No. 122, ACCOUNTING FOR MORTGAGE
SERVICING RIGHTS, an amendment to FASB Statement No. 65. The provisions of
these statements are effective for financial statements for fiscal years
beginning after December 15, 1995. The Company does not believe the application
of SFAS Nos. 121 and 122 will have a material impact on its financial condition
and results of operations.
In October 1995, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 123, "Accounting for Stock-Based
Compensation" which requires adoption of the disclosure provisions no later than
fiscal years beginning after December 15, 1995 and adoption of the recognition
and measurement provisions for nonemployee transactions no later than after
December 15, 1995. The new standard defines a fair value method of accounting
for stock options and other equity instruments. Under the fair value method,
compensation cost is measured at the grant date based on the fair value of the
award and is recognized over the service period, which is usually the vesting
period.
Pursuant to the new standard, companies are encouraged, but are not required, to
adopt the fair value method of accounting for employee stock-based transactions.
Companies are also permitted to continue to account for such transactions under
Accounting principles Board Opinion No. 25, "Accounting for Stock Issued to
Employees," but would be required to disclose in a note to the financial
statements pro forma net income and, if presented, earnings per share as if the
company had applied the new method of accounting.
The accounting requirements of the new method are effective for all employee
awards granted after the beginning of the fiscal year of adoption. The Company
has not yet determined if it will elect to change to fair value method, nor has
it determined the effect the new standard will have on net income and earnings
per share should it elect to make such a change. Adoption of the new standard
will have no effect on the Company's cash flow.
11
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
It is the Company's policy to always maintain adequate liquidity in cash,
federal funds and in readily marketable government securities. The Company's
total liquid assets on March 31, 1996 were: Cash and Due From Banks
$25,983,000, Federal Funds Sold $36,000,000, and Investment Securities free of
collateral $64,250,000; totaling $126,233,000 or 38% of total assets.
Additionally, the majority of the Company's loans are on a short term basis,
maturing in approximately one year, which, combined with lines of credit with
correspondent banks, provides additional liquidity.
In December 1988, the Company obtained a $3,000,000 term loan from another
financial institution for the purpose of providing additional capital to the
Bank. The Credit Agreement for this loan was amended pursuant to a Second
Amendment to the credit agreement dated August 25, 1994. The loan, as amended,
bears interest at a fluctuating rate per annum equal to .75% in excess of the
lender's reference rate. Interest was payable monthly on the unpaid principal
balance of the loan and required prepayment of 40% of the proceeds of any stock
offering or placement of debt or equity. Principal was to be repaid January 1,
1997. The Second Amendment was supported by a Support Agreement between a
shareholder Director of the Company and the Company whereby the shareholder
guaranteed the payment of the loan.
To compensate the shareholder for signing the Support Agreement, the Company
signed a Holding Company Support Agreement whereby the Company: (1) paid the
shareholder a standby fee of $23,500 in 1994 and 1995, and (2) will issue to the
shareholder on or prior to March 31, 1997 warrants to purchase 25,000 shares of
common stock of the Company at an exercise price per share equal to 80% of the
book value per share of the Company on December 31, 1996.
During 1995, the Company obtained $3,200,000 in proceeds from a private
placement of the Company's common stock. The Company contributed $2,900,000 of
the proceeds into the Bank as additional capital. One shareholder who purchased
289,000 shares at $6.75 per share (9.9% of the total shares outstanding), has an
option to purchase an additional 267,000 shares at $ 6.75 per share (which would
bring total shares owned by the shareholder to 556,000 shares or 17.4% of the
shares which would then be outstanding). The option was subject to the approval
by the Federal Reserve Board. The optionee has indicated interest in exercising
this option, subject to mutual agreement upon conditions.
In March of 1996 the shareholder paid off the outstanding balance of $2,350,000
to the lending financial institution to allow the Company to contribute the
maximum amount from the proceeds of the stock offering into the Capital of the
Bank. The new note bears an interest rate of 3% over prime rate with interest
only payable quarterly for the first year and thereafter $125,000 plus interest
payable quarterly. The remaining principal and interest is due on April 1,
1999.
On December 31, 1990, new risk based capital requirements became effective.
Under the requirements, holding companies and banks are required currently to
maintain minimum ratios of total capital and "core" (Tier 1) capital to risk-
weighted assets; however, under the terms of its formal agreement with the
Comptroller, the Bank is required to maintain capital in excess of this minimum
requirement. The regulatory capital requirements, capital requirements under
the formal agreement and the Bank and Company's actual capital ratios are shown
in the following table as of the dates indicated:
12
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
March 31,
1996 1995
Excess Excess
Per Excess to Per Excess to
Minimum Formal to Formal Minimum Formal to Formal
Statutory Agreement Actual Statutory Agreement Statutory Agreement Actual Statutory Agreement
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FOR THE BANK
Risk-based Capital:
Tier 1 4.00% n/a 10.36% 6.36% n/a 4.00% n/a 10.47% 6.47% n/a
Total Risk-based 8.00% 9.00% 11.61% 3.61% 2.61% 8.00% 9.00% 11.72% 3.72% 2.72%
Tier 1 leverage
Ratio(1) 4.00% 6.00% 6.85% 2.85% .85% 4.00% 6.00% 7.69% 3.69% 1.69%
FOR THE COMPANY
Risk-based Capital:
Tier 1 4.00% n/a 9.73% 5.73% n/a 4.00% n/a 9.68% 5.68% n/a
Total Risk-based 8.00% n/a 10.98% 2.98 n/a 8.00% n/a 10.92% 2.92% n/a
Tier 1 leverage
Ratio 4.00% n/a 6.43% 2.43% n/a 4.00% n/a 7.16% 3.16% n/a
</TABLE>
(1) In some circumstances this minimum ratio may be 3%.
As of March 31, 1996 and 1995, the Bank and the Company were in compliance with
statutory risk-based capital requirements and the Bank was in compliance with
the more stringent capital requirements imposed by the Formal Agreement.
13
<PAGE>
SIGNATURES:
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CALIFORNIA COMMERCIAL BANKSHARES
(Registrant)
Date: May 11, 1996 William H. Jacoby
---------------- ----------------------------------
William H. Jacoby
President
Date: May 11, 1996 Abdul S. Memon
---------------- ----------------------------------
Abdul S. Memon
Chief Financial Officer
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 25,933
<INT-BEARING-DEPOSITS> 50
<FED-FUNDS-SOLD> 36,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 74,682
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 0
<ALLOWANCE> 0
<TOTAL-ASSETS> 334,604
<DEPOSITS> 308,221
<SHORT-TERM> 0
<LIABILITIES-OTHER> 2,644
<LONG-TERM> 2,350
0
0
<COMMON> 14,147
<OTHER-SE> 7,242
<TOTAL-LIABILITIES-AND-EQUITY> 334,604
<INTEREST-LOAN> 4,770
<INTEREST-INVEST> 928
<INTEREST-OTHER> 573
<INTEREST-TOTAL> 6,271
<INTEREST-DEPOSIT> 1,664
<INTEREST-EXPENSE> 1,723
<INTEREST-INCOME-NET> 4,548
<LOAN-LOSSES> 300
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 4,167
<INCOME-PRETAX> 784
<INCOME-PRE-EXTRAORDINARY> 784
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 470
<EPS-PRIMARY> .16
<EPS-DILUTED> .16
<YIELD-ACTUAL> 5.71
<LOANS-NON> 15,144
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 6,907
<ALLOWANCE-OPEN> 6,542
<CHARGE-OFFS> 253
<RECOVERIES> 148
<ALLOWANCE-CLOSE> 6,736
<ALLOWANCE-DOMESTIC> 6,736
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 5,746
</TABLE>
