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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