Pan Pacific Bank Announces Results for March 31, 2014

            Pan Pacific Bank Announces Results for March 31, 2014  PR Newswire  FREMONT, Calif., April 16, 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:    oYear over year total assets increased $6.0 million or 5.8% and $673     thousand or 0.6% from year end 2013.   oYear over year net loans decreased $1.2 million or 1.6% but increased $3.2     million or 4.2% from year end 2013.   oYear over year total deposits increased $1.8 million or 2.0% and $503     thousand or 0.6% from year end 2013.   oCharge offs, net of recoveries were $1 thousand which represented less     than 0.01% of average loans.   oYear 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.   oRegulatory 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.   oPositive 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.   oReduced the cost of interest bearing funds and cost of funds by 4 basis     points and 6 basis points, respectively compared to Q4 2013.   oMaintained 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          2014            2013 thousand) 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   1,029           1,048 provision for loan losses Noninterest income          90              74 Noninterest expense         1,043           1,032 Income (loss) before income 76              90 tax expense (benefit) Income tax expense          2               2 (benefit) 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       5,008,073       4,902,334 Average                             As of and For the three        As of and For the                             Months                          Twelve Months                             Ended March 31,                 Ended December 31, Selected Balance Sheet      2014            2013            2013 Data: (Rounded to thousand) 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    0.27%           0.34% (3) Return on average           2.05%           2.48% shareholders' equity (3) 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          380.56%         135.12% nonperforming loans  Percentage of gross    2.03%           2.11% loans Net charge offs (recoveries) to average     0.00%           0.02% gross loans Capital Ratios: Bank:  Total risk-based       18.21%          17.53% capital ratio  Tier 1 risk-based      16.95%          16.27% capital ratio  Leverage ratio         13.44%          13.63%  Average equity to      13.37%          13.63% average assets  (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  Website: http://www.panpacificbank.com  
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