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Community Bank Reports Net Income of $17.0 Million for 2002.

Publication: Business Wire
Publication Date: 03-FEB-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Business Editors

PASADENA, Calif.--(BUSINESS WIRE)--Feb. 3, 2003

Community Bank, a commercial bank with assets in excess of $1.4 billion, today reported net income of $17.0 million for the year ended December 31, 2002 as compared to $14.4 million for 2001, representing an increase of 18.3% over the prior year. Return on average equity, prior to mark-to-market adjustments, and return on average assets for 2002 were 14.83% and 1.28%, respectively, as compared to 14.41% and 1.17% for 2001.

Net income for the fourth quarter of 2002 was $4.7 million as compared to $3.9 million for the fourth quarter of 2001, representing an increase of 19.4%. Return on average equity, prior to mark-to-market adjustments, and return on average assets for the fourth quarter of 2002 were 15.63% and 1.35%, respectively, as compared to 14.97% and 1.23% for the same quarter last year.

Total loans as of December 31, 2002 were $968.1 million representing an increase of approximately...

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