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Last $5.93 USD
Change Today 0.00 / 0.00%
Volume 0.0
PFCI On Other Exchanges
Symbol
Exchange
OTC US
As of 8:10 PM 07/30/15 All times are local (Market data is delayed by at least 15 minutes).

pacific commerce bank/ca (PFCI) Key Developments

Pacific Commerce Bank Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Pacific Commerce Bank reported unaudited earnings results for the second quarter and six months ended June 30, 2015. For the first quarter, the company reported total interest income of $3,630,000 against $1,893,000 a year ago. Net interest income was $3,425,000 against $1,785,000 a year ago. Income before merger related expenses and income taxes was $846,000 compared to $165,000 a year ago. Net loss was $16,000 compared to net income of $405,000 or $0.09 per share a year ago. For the six months ended June 30, 2015, the company reported total interest income of $5,824,000 against $3,646,000 a year ago. Net interest income was $5,492,000 against $3,434,000 a year ago. Income before merger related expenses and income taxes was $2,092,000 compared to $1,643,000 a year ago. Net income was $518,000 compared to $1,296,000 a year ago. Earnings per share were $0.08 against $0.29 a year ago. Net interest income for the period was up 25%, to $2.1 million, from $1.6 million for the same period in 2014, primarily due to increase in loans of $35 million, or 22.1% in 2015. Year-to-date net interest income was up 60%, to $5.5 million, from $3.4 million for the same period in 2014, primarily due to increase in loans of $125.8 million, or 73.4% in 2015.

Pacific Commerce Bank Announces Executive Changes

Pacific Commerce Bank reported that the board has appointed John Nerland as President and Chief Operating Officer effective as of July 7, 2015. Mr. Nerland will fill a vacancy created by Scott Andrews’ departure earlier in the year. Most recently, he was President and Chief Credit Officer of Bank of Manhattan until its sale late in the second quarter. Mr. Nerland will join Chief Executive Officer Frank Mercardante in building on the Pacific Commerce Bank’s past success and taking it to the next level. He currently serves as a board member of the Western Independent Bankers Association headquartered in San Francisco.

Pacific Commerce Bank Appoints Don Evans as Senior Vice President and Manager of its Newly Formed Church Business Division

Pacific Commerce Bank (PFCI) reported that Don Evans has joined the Bank as Senior Vice President and Manager of its newly formed Church Business Division. Mr. Evans helped create Bank of the West’s Church Business Division in 1996. He left Bank of the West to join Southwest Community Bank in early 2006. When Southwest sold to Placer Sierra Bank and later to Wells Fargo Bank, Don continued to build a book of business until retiring from Wells Fargo in 2008. Evans has worked on projects with Billy Graham, launched a worldwide Christian radio station and helped Calvary Chapel of Costa Mesa acquire KWVE Christian radio station.

Pacific Commerce Bank Promotes Gail Jensen-Bigknife to Executive Vice-President and Chief Credit Officer

Pacific Commerce Bank announced that Gail Jensen-Bigknife has been promoted to Executive Vice-President and Chief Credit Officer. Ms. Jensen-Bigknife was most recently Chief Credit Officer with Vibra Bank prior to its merger with Pacific Commerce Bank and has served as Chief Credit Administrator since the merger was completed in April. Mr. Gary Weitner, who has served as Chief Credit Officer for the past three years will continue his engagement with the Bank as Chief Credit Administrator. The change in position came about as a result of Mr. Weitner’s request to spend more time with his family in Arizona.

Pacific Commerce Bank Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2015

Pacific Commerce Bank reported unaudited earnings results for the first quarter ended March 31, 2015. For the first quarter, the company reported total interest income was $2,194,000 against $1,753,000 a year ago. Net interest income was $2,067,000 against $1,649,000 a year ago. Income before merger related expenses and income taxes was $1,005,000 compared to $1,478,000 a year ago. Net income was $534,000 compared to $891,000 a year ago. EPS was $0.12 against $0.20 a year ago. Net interest income for the period was up 25%, to $2.1 million, from $1.6 million for the same period in 2014, primarily due to increase in loans of $35 million, or 22.1% in 2015.

 

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Valuation PFCI Industry Range
Price/Earnings 33.9x
Price/Sales 3.4x
Price/Book 1.0x
Price/Cash Flow 14.9x
TEV/Sales NM Not Meaningful
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