LOS ANGELES, CA — (Marketwire) — 02/15/12 — 1st Enterprise Bank (“the Bank”) (OTCBB: FENB), a full-service commercial bank serving the Southern California business community, reported net income of $3,152,000 for the year ended December 31, 2011 and total assets of $567 million as of December 31, 2011.
Net income for 2011 was $3,152,000, an 81% increase over 2010 net income of $1,740,000
Net income was $961,000 for the fourth quarter of 2011, a 55% increase over the fourth quarter of 2010 and a 26% increase over the third quarter of 2011
Diluted earnings per common share were $.32 for the fourth quarter, compared to $.16 for the fourth quarter of 2010 and $.15 for the third quarter of 2011
Total Assets grew by 13% in 2011, ending the year at $567 million
Total Loans outstanding grew by 35% in 2011, ending the year at $293 million
Total Deposits grew by 13% in 2011, ending the year at $497 million
The Bank continues to be well capitalized with Tier 1 Leverage Ratio of 8.5% & Total Risk Based Capital Ratio of 13.2%
The Bank continued to have no charged-off or past due loans
John Black, CEO, stated, “We are proud to announce that 1st Enterprise Bank achieved record full year earnings of $3.2 million in 2011 and record quarterly earnings of $961,000 in the fourth quarter. The Bank continues to have strong growth in both net interest income and non-interest income. During the fourth quarter, net interest income before provision for loan losses increased by 18% over the prior year and 9% over the prior quarter. Non-interest income grew by 49% over the prior year and 12% over the prior quarter. In addition to our outstanding financial performance during 2011, we were also successful in adding four highly experienced bankers to our team. They include two income property lending specialists, a strong C&I relationship manager based in our Orange County Regional Office and an experienced Relationship Manager in our Inland Empire Regional Office. These individuals contributed to our success last year and we look forward to even greater contributions from them in 2012. We continue to aggressively pursue experienced and talented bankers to join our winning team here at 1st Enterprise Bank.”
For the three months ended December 31, 2011, net interest income before provision was $4.1 million, an increase of more than $600,000 or 18% compared to the fourth quarter of 2010 and an increase of more than $300,000 or 9% compared to the third quarter of 2011. The growth in net interest income was the result of both growth in earning assets and an increase in net interest margin. Earning assets were $532 million in the fourth quarter of 2011, a 13% increase over the prior year and a 6% increase from the prior quarter. Outstanding loans averaged $269 million during the fourth quarter, which was an increase of 33% over the prior year and 8% over the prior quarter. Net interest margin was 3.04% for the fourth quarter, compared to 2.90% and 2.96% for the prior year and prior quarter, respectively. Non-interest income increased by $253,000 or 49% from the prior year and increased by $84,000 or 12% from the prior quarter. Non-interest expense increased by $311,000 or 10% over the prior year and increased by $81,000 or 3% over the prior quarter. The Bank had no loan charge-offs during 2011 and has no non-accrual loans. During the fourth quarter a provision for loan losses was recorded in the amount of $565,000.
Brian Horton, President, concluded, “These strong results are the collective efforts of a committed team of very talented bankers. With this team and the hiring initiatives we have in place, we look forward to continued growth in the years to come.”
Founded in 2006, 1st Enterprise Bank is a full service 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, 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