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Both describes david ortiz are former jason varitek unravels part owners of the New York Islanders National Hockey League Team.(Reporting by Martha Graybow and Grant McCool, editing by Matthew Lewis and Carol Bishopric) U.S.. PASADENA, Calif.--(Business Wire)--Community Bank, a leading Southern California business bank, independently ownedand operated for over six decades, with assets exceeding $2.5 billion, todayreported net income for the second quarter of 2009 of $2.2 million as comparedto $5.5 million for the second quarter of 2008. For the six months ended June30, 2009, the Bank reported net income of $4.8 million compared to $11.2 millionfor the same period last year. Return on average equity and return on average assets for the second quarter of2009 were 3.76% and 0.36%, as compared to 9.61% and 0.99%, for the secondquarter of 2008. Return on average equity and return on average assets for thesix months ended June 30, 2009 were 4.07% and 0.39%, as compared to 9.86% and1.05%, for the same period last year. In the past twelve months the Bank experienced an influx of new customersresulting in strong growth in both loans and deposits.
Total loans as of June30, 2009 were $1.8 billion, representing an increase of approximately $112.0million or 6.7% over June 30, 2008 yawkey way store . Total deposits as of June 30, 2009 were $2.0billion, representing an increase of approximately $394.0 million or 25.0% overJune 30, 2008 baseball tickets . Unfortunately the continuing pressure on interest margins mitigated the positiveimpact of the loan and deposit growth red socks tickets . In that regard, net interest income forthe second quarter of 2009 was $19.0 million as compared to $19.8 million forthe second quarter of 2008, representing a decrease of $758.0 thousand or 3.8%.Net interest income for the six months ending June 30, 2009 totaled $37.4million as compared to $38.6 million for the same period last year representinga decrease of $1.1 million or 2.9% red socks t shirt . During the past quarter the Bank continued its cautionary approach to potentialcustomer credit issues.
The Bank`s reserve for loan losses as of June 30, 2009was $27.2 million or 1.53% of total loans as compared to $22.5 million or 1.35%on June 30, 2008 dirt dogs . The Bank`s provision for loan losses for the second quarter of2009 was $4.0 million as compared to $911.0 thousand for the second quarter of2008 red socks t shirts . The provision for loan losses for the six months ended June 30, 2009totaled $7.0 million as compared to $1.9 million for the same period last year red socks tee shirts . Non-interest Income was $1.9 million for the second quarter of 2009 as comparedto $2.3 million for the second quarter of 2008 dirtdogs .
Non-interest Income totaled $3.7million for the six months ended June 30, 2009 as compared to $5.4 million forthe same period last year, with the variance largely attributed to anon-recurring $1.1 million gain on the sale of securities in the first quarterof 2008 bostondirtdogs . Non-interest Expense was $13.6 million for the second quarter of 2009 ascompared to $12.4 million for the second quarter of 2008 red socks baseball tickets . Non-interest Expensewas $27.1 million for the six months ended June 30, 2009 as compared to $24.0million for the same period last year jason varitek . The increase in expense levels isprimarily attributable to additional insurance charges assessed by the FDIC baseball tickets . The Bank`s capital ratios remain exceptionally strong with Tier 1 Leverage, Tier1 Risk Based Capital and Total Risk Based Capital Ratios of 9.11%, 11.15%, and12.40%, as of June 30, 2009. All three ratios exceed the regulatory requirementsfor a well-capitalized bank which are 5%, 6% and 10%, for Tier 1 Leverage, Tier1 Risk Based Capital and Total Risk Based Capital Ratios, respectively David P. Malone, President and Chief Executive Officer commented that, "We arepleased with our financial performance during the first half of 2009, in a verydifficult business environment.
We experienced good profitability whileproviding increased reserves for possible credit deterioration chowdaheadz . Unlike manyother banks, our capital position is strong which allows us to continue to makeinvestment in long term growth opportunities red socks tickets . An example is the recent openingof our new and already successful Irvine Office red socks t shirt . "The key to our success is our wonderful customer base and the Bank`s commitmentto quality service . We expect to implement continuing strategic initiativeswhich we believe will result in future accelerated growth.
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