Home » Commercial & Investment Banking, Picture Gallery » 1st Enterprise Bank Announces Net Income of $1 Million for the 1st Quarter of 2013

1st Enterprise Bank Announces Net Income of $1 Million for the 1st Quarter of 2013






LOS ANGELES, CA — (Marketwired) — 04/18/13 — 1st Enterprise Bank (“the Bank”) (OTCBB: FENB), an independent full-service commercial bank serving the Southern California business community, reported net income of $1,017,000 for the quarter ending March 31, 2013.

Total Assets grew by 21%, from $579 million at March 31, 2012 to $702 million at March 31, 2013

Total Loans outstanding grew by $113 million or 36%, from $312 million at March 31, 2012 to $425 million at March 31, 2013

Total Deposits grew by $82 million or 16%, from $520 million at March 31, 2012 to $601 million at March 31, 2013

Net interest income of $5.2 million was the highest in the Bank-s history and 20% higher than the first quarter of 2012

Income before taxes, loan loss provision and gain on sale of securities was $1.98 million for the quarter, a 19% increase over the prior quarter and a 46% increase over the prior year

Net Income applicable to common shareholders was $976,000 for the first quarter of 2013, compared to $1,189,000 for the fourth quarter of 2012 and $1,008,000 for the first quarter of 2012

Diluted earnings per common share was $.24 for the quarter, compared to $.29 in the fourth quarter of 2012 and $.34 in the first quarter of 2012

“The Bank-s financial results for the first quarter demonstrate our continued focus on balancing strong organic growth with quality earnings,” said John Black, CEO. “Our record levels of net interest income and 46% growth in earnings before taxes, loan loss provision and gain on sale of securities demonstrate the quality of the Bank-s earnings growth.” Brian Horton, President added, “we are very pleased to have added a significant number of new clients in the quarter, adding to our diverse base of customer relationships throughout Southern California. The Bank is also excited to announce the opening of its fourth office on March 1st, located in the Warner Center area of Woodland Hills.”

For the three months ended March 31, 2013, net interest income before provision was $5.2 million, an increase of 20% compared to the first quarter of 2012 and an increase of 2% compared to the fourth quarter of 2012. The year-over-year growth in net interest income was the result of growth in earning assets offsetting a decline in net interest margin. Earning assets were $653 million in the first quarter of 2013, a 26% or $136 million increase over the prior year. The net interest margin was 3.23% during the first quarter of 2013, compared to 3.37% for the prior year. The decrease in net interest margin was the result of declining loan and investment yields due to the continuation of the current low rate environment. The growth in net interest income over the prior quarter was the result of an increase in the net interest margin from 3.13% to 3.23%. This increase resulted from the yield on earning assets increasing by 0.10% from the prior quarter as loan balances grew from 60% of earning assets to 63%, while balances at the Federal Reserve declined from 5% to 1% of earning assets. The provision for loan loss was $542,000 for the first quarter of 2013, a $532,000 increase year over year and a $29,000 sequential increase. Net loan charge-offs during the first quarter of 2013 totaled $349,000, compared to zero charge-offs in the prior year and net charge-offs of $598,000 in the prior quarter. The remaining balance of a non-accrual loan at December 31, 2012 was charged-off during the current quarter resulting in no non-accrual loans at March 31, 2013.

Non-interest income, excluding gain on sale, was $749,000 for the quarter, which was a 7% increase year over year and a 2% sequential increase. Growth in non-interest income was generally due to increased deposit related fees. There was no gain on sale of securities during the first quarter of 2013. The first quarter and the fourth quarter of 2012 included gain on sale of securities totaling $135,000 and $629,000, respectively.

Non-interest expense increased by $289,000 or 8% over the prior year and decreased by $208,000 or 5% over the prior quarter.

Founded in 2006, 1st Enterprise Bank is a full service independent commercial banking institution, whose highly experienced bankers personally serve Southern California entrepreneurial businesses, professional firms and nonprofit organizations, along with their owners and key managers. Headquartered in the Los Angeles financial district, with full service regional banking offices in Irvine and Ontario and an LPO in Woodland Hills, 1st Enterprise Bank offers a full range of credit and depository services, with special emphasis on superior customer service, sophisticated cash management services and direct access to bank decision makers. Customers work directly with a dedicated Relationship Manager, a seasoned professional who understands their unique challenges serving as a sounding board and an active participant in their client-s success. For more information on 1st Enterprise Bank, please visit .

This news release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about 1st Enterprise Bank-s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: 1st Enterprise Bank-s timely implementation of new products and services, technological changes, changes in consumer spending and savings habits and other risks discussed from time to time in 1st Enterprise Bank-s reports and filings with banking regulatory agencies. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and 1st Enterprise Bank does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

Contact:
John C. Black
CEO
213-430-7000

Short URL: https://www.88finance.com/?p=250727





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