Tier 1 Leverage Ratio: 13.21%Tier 1 Risk-Based Capital Ratio: 18.03%Total Risk-Based Capital Ratio: 19.31%
Selected financial highlights for 2012:
•Total assets were $155.9 million compared to $166.3 million a year ago •Total investments were $15.4 million compared to $24.8 million a year ago •Total loans were $116.5 million compared to $128.7 million a year ago •Non-accrual loans were $3.5 million compared to $14.7 million a year ago •Allowance for Loan Losses to Total Loans was 4.04% versus 4.64% a year ago •Net interest margin for the fourth quarter was 3.92%, an improvement by 11 basis points compared to the same quarter a year ago •Net interest margin for the full year 2012 was 3.79% versus 3.91% for the year 2011, a decrease of 12 basis points •Average cost of funds was 0.37% in the fourth quarter 2012, versus 0.46% for the same quarter 2011 •Total deposits were $133.2 million compared to $147.3 million in the fourth quarter of 2011 •Total Tangible Equity to Total Tangible Assets was 13.60% versus 10.68% a year ago
About Pacific Commerce Bank
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: www.pacificcommercebank.com
Forward Looking Information
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 Selected Financial Data - Unaudited ('000)BALANCE SHEET 12/31/2012 12/31/2011 Total Assets $ 155,886 $ 166,342 Total Investments $ 15,426 $ 24,846 Gross Loans $ 116,463 $ 128,716 Allowance for Loan Losses $ (4,704) $ (5,976) Other Real Estate Owned $ 2,581 $ 2,039 Total Deposits $ 133,151 $ 147,384 Total Borrowings $ 0 $ 0 Total Stockholders' Equity $ 21,485 $ 18,061 Net Charge-offs $ 1,273 $ 3,251 Total Classified Loans $ 7,447 $ 27,242 Total Non-Accrual Loans $ 3,498 $ 14,709 ALLL / Total Loans 4.04% 4.64% ALLL / Non-Accrual Loans 134.6% 40.6% Common Shares Outstanding 4,461,255 3,444,255 For the Three Months Ended December 31,STATEMENT OF OPERATIONS 2012 2011 Total Interest Income $ 1,676 $ 1,832 Total Interest Expense 128 179 ----------- ----------- Net Interest Income 1,548 1,653 Non-Interest Income 383 99 ----------- ----------- Total Income 1,931 1,752 Non-Interest Expense 1,647 1,581 ----------- ----------- Income Before Loan Loss Provision, Stock Options and Income Tax Expenses 284 171 ----------- ----------- Provision for Loan Losses 0 184 Stock Option Expense 10 (8) Income Tax Expense 0 0 ----------- ----------- Net Income/(Loss) $ 274 $ (5) =========== =========== EPS $ 0.06 $ (0.00) For the Twelve Months Ended December 31,STATEMENT OF OPERATIONS 2012 2011 Total Interest Income $ 6,744 $ 8,076 Total Interest Expense 583 828 ----------- ----------- Net Interest Income 6,161 7,248 Non-Interest Income 1,299 1,658 ----------- ----------- Total Income 7,460 8,906 Non-Interest Expense 6,528 6,552 ----------- ----------- Income Before Loan Loss Provision, Stock Options and Income Tax Expenses 932 2,354 ----------- ----------- Provision for Loan Losses 0 3,435 Stock Option Expense 23 32 Income Tax Expense 0 0 ----------- ----------- Net Income/(Loss) $ 909 $ (1,113) =========== =========== EPS $ 0.20 $ (0.32)For more information, contact:
Pacific Commerce Bank
Richard Koh
Chief Financial Officer
213-617-0082
