For the first quarter of this year, the bank reported a net income of $839,000, or $0.12 per weighted average share, compared with $837,000, or $0.12 per share, for the same period in 2005.
Net interest income increased by $683,000, or 20 percent, over the same period last year, as loans grew by $75 million, or 28 percent, since March 31, 2005. Noninterest expense grew by $703,000, or 31 percent, compared with the same period in 2005, as the bank's branch network grew by 50 percent to 12 branches.
Local commercial real estate brokers and agents have described a developing booming market in small-space sales for small- to medium-sized businesses that want to buy new space instead of lease.
That market has taken off in the past two years as developers of big-box projects began turning out space that could be sold as smaller business condominiums. Such projects have been common in the Bay Area and Los Angeles but have shown up in the Central Valley only in the past couple of years.
According to commercial real estate company Colliers International, not a single square foot of such space was developed in San Joaquin County in 2002, for example, but this year, more than 700,000 square feet of such space is either built, under construction or planned.
[Record, The (Stockton, CA) (KRT) -- 05/03/06]