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Pacific Commerce Bank Reports 2012 Second Quarter Financial Results






LOS ANGELES, CA — (Marketwire) — 07/30/12 — Pacific Commerce Bank (OTCBB: PFCI) today announced net income of $164,000, or $0.04 per share for the second quarter of 2012. This compares to a net loss of $612,000, or ($0.18) per share, for the same quarter 2011. For the six months ended June 30, 2012, net income was $483,000 or $0.11 per share, compared to a net loss of $313,000 or ($0.09) per share for the same period in 2011.

The Bank continued to experience a notable improvement in asset quality during the second quarter of 2012. Total Classified Assets decreased to approximately 73% of Tier 1 Capital plus ALLL as of June 30, 2012 from 89% as of March 31, 2012. This is a sequential quarter decrease in problem loans of approximately 18%, or $4.2 million. As a result of the improvement in asset quality the Bank did not have to provide additional loan loss provisions in the second quarter of 2012.

Selected financial highlights for the second quarter of 2012:

Total assets were $166.0 million compared to $186.3 million in the second quarter of 2011

Securities portfolio was $27.0 million compared to $35.1 million in the second quarter of 2011

Gross loans were $110.6 million compared to $139.2 million for the same quarter a year ago

Allowance for loan losses was $4.98 million compared to $6.24 million, a year ago

Total deposits were $144.0 million compared to $166.4 million in the second quarter of 2011

Non-accrual loans decreased by $938,000 when compared to the first quarter 2012, but increased by $1.63 million compared to the second quarter 2011.

Net interest margin for the first quarter was 3.77% versus 3.67% for the same quarter 2011

Average cost of funds was 0.42% in the second quarter 2012, versus 0.52% for the same quarter 2011

Allowance for Loan Losses to Total Loans was 4.51% versus 4.48%, a year ago

Total Tangible Equity to Total Tangible Assets was 12.48% versus 10.09%, a year ago

The Bank-s regulatory capital ratios as of June 30, 2012 were as follows:

Scott R. Andrews, newly appointed Chief Executive Officer, commented, “We are pleased with our second quarter and year-to-date results, which are indicative of the improving overall financial performance of Pacific Commerce Bank. Asset quality is improving and we expect that trend to continue. With our strong capital position and significant on-balance sheet liquidity, Pacific Commerce Bank is poised to seek new growth opportunities, as evidenced by the hiring of Commercial Banking Manager, Eric Karasawa, who joined the Bank in June.”

Andrews continued, “Our market focus remains on small-to-medium sized businesses and professionals, with a full complement of loan and deposit product offerings, including SBA financing, remote deposit capture and online treasury management capabilities.”

Established in 2002, Pacific Commerce Bank is a business-oriented community bank with offices in downtown Los Angeles and West Los Angeles. Founded by local business owners and professionals, the Bank is focused on meeting the diverse financial needs of its clients, and offers a full range of loan, deposit and treasury management products. Information about the Bank can be obtained on its website:

The financial information in this press release is based on unaudited financial results. Certain statements in this press release are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements are subject to risks and uncertainties and therefore the bank-s actual results may differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that the bank is subject to include, but are not limited to, risks related to the local and national economy, including fluctuations in interest rates and costs and changes in economic policy; the ability of the bank to perform in accordance with its plans; competition; regulatory matters; and other risks detailed in its filings with the State of California Department of Financial Institutions and the Federal Deposit Insurance Corporation. The bank cautions readers not to place undue reliance on any forward-looking statements. The bank does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Pacific Commerce Bank
Richard Koh
Chief Financial Officer
213-617-0082

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Posted by on Jul 30 2012. Filed under Commercial & Investment Banking, Picture Gallery. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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