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Bank of Alameda Parent Announces First Quarter Earnings

Yesterday, NorCal Community Bancorp, the parent company of Bank of Alameda, reported earnings for the first quarter of 2012.

Profit for the quarter was $269,000 or $0.03 per diluted share; in the same period in 2011, the company realized a net loss of $195,000 or a loss of $0.02 per diluted share.

In a media release, President and CEO Stephen Andrews said, “This is NorCal’s third consecutive quarter of profitability, and our largest quarter of reported net income since 2008. Improved asset quality combined with first quarter loan growth are the contributing factors leading to our improved results.”

As of March 31, total assets for the firm were $269.2 million, up 6.1 percent from March 31, 2011. Total deposits were $238.5 million and total loans and leases were $174 million.

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