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
Pan Pacific Bank Announces Results for March 31, 2014
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