Pan Pacific Bank Announces Results for March 31, 2014

FREMONT, Calif., April 16, 2014 /PRNewswire/ -- Pan Pacific Bank (OTCBB:PPFC) today announced its unaudited financial results for the quarter ended March 31, 2014, including total assets of $110.6 million, net loans of $79.4 million, and deposits of $91.5 million.  Chief Executive Officer Wayne Doiguchi commented, "Pan Pacific Bank is pleased to report continued positive earnings with net after-tax earnings of $74 thousand for the three months ended March 31, 2014."  

CEO Doiguchi added, "The Bank is very proud to announce continued positive earnings and growth in both loans and deposits from year end 2013 while maintaining very strong asset quality and capital levels. Also, as of the end of March 2014, the Bank is no longer subject to any informal regulatory agreements."

CEO Doiguchi went on to say, "We are really seeing traction in loan and deposit growth from all of our Relationship Managers. This current growth, coupled with a robust new business pipeline is very encouraging. "  

The following are Bank highlights for the Quarter ended March 31, 2014:

  • Year over year total assets increased $6.0 million or 5.8% and $673 thousand or 0.6% from year end 2013.
  • Year over year net loans decreased $1.2 million or 1.6% but increased $3.2 million or 4.2% from year end 2013.
  • Year over year total deposits increased $1.8 million or 2.0% and $503 thousand or 0.6% from year end 2013.
  • Charge offs, net of recoveries were $1 thousand which represented less than 0.01% of average loans.
  • Year over year non-performing loans decreased from $1.3 million to $432 thousand. At March 31, 2014, non-performing loans were 0.53% as a percent of total gross loans and 0.39% as a percent of total assets.
  • Regulatory capital ratios remain strong at 18.21%, 16.95% and 13.44% for Total Risked Based, Tier 1 Risk Based and Tier 1 Leverage, respectively.
  • Positive net earnings of $74 thousand or $0.015 per diluted share for the three months ended March 31, 2014 compared to $88 thousand or $0.018 per diluted share for the same period in 2013.
  • Reduced the cost of interest bearing funds and cost of funds by 4 basis points and 6 basis points, respectively compared to Q4 2013.
  • Maintained a very favorable Net Interest Margin of 3.97%.

Stockholders' equity increased $193 thousand, or 1.3%, to $14.7 million at March 31, 2014 compared with $14.5 million at December 31, 2013.  This increase was due to earnings of $74 thousand, $21 thousand in stock option related items, plus $98 thousand net change in other comprehensive income. Tangible book value was $2.97 at March 31, 2014 and $2.94 at December 31, 2013.

Pan Pacific Bank

Pan Pacific Bank is focused on meeting the banking needs of business and individuals in Alameda and Santa Clara counties that are its primary service areas.  The Bank was founded July 2005 and is located at 47065 Warm Springs Blvd, Fremont, California.  The bank is an SBA / USDA lender and offers a variety of banking products to include loans, deposits, remote capture, and other cash management services.  For information concerning this press release please contact Wayne Doiguchi, CEO or Margaret A. Torres, CFO at 510 809 8888.

Our web address is www.panpacificbank.com.

Forward-Looking Statements

This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement.  Forward-looking statements are subject to risks and uncertainties.  Such risks and uncertainties may include, but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in our primary service area and more generally in California and other factors beyond the Bank's control.  Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated.  Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof.  Pan Pacific Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

For information concerning this press release,
please contact Wayne Doiguchi, CEO or
Margaret A. Torres, CFO at 510-809-8888.

 

 


March 31 Financial Data


The following summary presents unaudited selected consolidated financial

data as of and for the 3 months ended March 31, 2014 and 2013 

and income for the 1st quarter ending March 31, 2014 and 2013


















As of and For the Three  Months




Ended March 31,



Income (Rounded to thousand)

2014


2013





















Interest income

$      1,137


$      1,204





Interest expense

108


156





Net interest income

1,029


1,048





Provision for loan losses

-


-





Net interest income after provision for loan losses

1,029


1,048





Noninterest income

90


74





Noninterest expense

1,043


1,032





Income (loss) before income tax expense (benefit)

76


90





Income tax expense (benefit)

2


2





Net income (loss)

$           74


$           88













Per Share Data:








Net Income (loss) per common share:








     Basic

$      0.015


$      0.018





     Diluted

0.015


0.018













Shares Outstanding 








     Basic

4,945,780


4,890,958





     Diluted

5,019,477


4,902,334





     Basic Weighted Average

4,934,376


4,890,958





     Diluted Weighted Average

5,008,073


4,902,334














As of and For the three  Months


As of and For the Twelve Months


Ended March 31,


Ended December 31,

Selected Balance Sheet Data: (Rounded to thousand)

2014


2013


2013











Total assets

$  110,554


$  104,520


$  109,881



Investment securities

11,920


146


12,198











Gross loans (1)

81,085


82,431


77,904



Allowance for loan losses

(1,644)


(1,743)


(1,645)



Net loans

79,441


80,688


76,259











Deposits

91,525


89,708


91,022



Total borrowings

4,000


-





Shareholders' equity

14,673


14,380





Performance Ratios:








Return on average assets (3)

0.27%


0.34%





Return on average shareholders' equity (3)

2.05%


2.48%





Net interest margin (3)

3.97%


4.23%





Efficiency ratio (2)

93.21%


91.98%





Gross loans to deposit

88.59%


91.89%













Asset Quality: (Rounded to thousand)








Restructured loans

$         371


$         740





Nonperforming loans

432


1,290





Other real estate owned

-


-





Total nonperforming assets

432


1,290





Allowance for loan losses: 








     Percentage of nonperforming loans

380.56%


135.12%





     Percentage of gross loans

2.03%


2.11%













Net charge offs (recoveries) to average gross loans

0.00%


0.02%





Capital Ratios: 








Bank: 








     Total risk-based capital ratio

18.21%


17.53%





     Tier 1 risk-based capital ratio

16.95%


16.27%





     Leverage ratio

13.44%


13.63%





     Average equity to average assets

13.37%


13.63%














(1) Gross loans include net deferred loan fees and costs of $(23) and $(124) at March 31, 2014 and 2013, respectively.


(2) The efficiency ratio is noninterest expense divided by the sum of net interest income and noninterest income.


(3) Annualized

 

 

SOURCE Pan Pacific Bank



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