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Bank of Alameda Parent Company Reports Profit

NorCal Community Bancorp, the parent company for Bank of Alameda, reported financial results yesterday. The company realized third quarter net income of $265,000 or $0.02 per diluted share, compared to net income of $98,000, or $0.01 per diluted share, in the same quarter last year.

“We are pleased to report a return to quarterly earnings following the second quarter loss associated with a one-time provision expense of $2.575 million,” President and CEO, Stephen G. Andrews stated. Andrews further stated, “We believe the Company is on track to build quarterly profitability, with significant growth in mortgage brokerage fee income and modestly increasing loan demand. We are also pleased to report continued growth in new customers and the resulting deposit growth, up 7% over a year ago, while maintaining a very favorable cost of funds. Demand for the Company’s electronic banking, cash management and mobile banking services continue to increase.”

As of September 30, 2012, total assets were $271.9 million; up 6.7% or $17.2 million compared to September 30, 2011 total assets of $254.7 million. Total loans and leases increased $1.2 million, or 0.7% to $162.5 million at September 30, 2012 compared to $161.3 million at September 30, 2011. Total deposits increased $16.2 million, or 7.2% to $240.2 million at September 30, 2012, compared to $224.0 million at September 30, 2011.

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