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Pacific Commerce Bank Reports 2012 Fourth Quarter Financial Results

LOS ANGELES, CA -- (Marketwire) -- 01/28/13 -- Pacific Commerce Bank (OTCBB: PFCI) today announced net income of $274,000 or $0.06 per share for the fourth quarter of 2012, and $908,000 or $0.20 per share for the twelve months ended December 31, 2012. This compares to a net loss of $5,000, or ($0.00) per share for the same quarter of 2011 and a net loss of $1.1 million, or ($0.32) per share for the twelve months ended December 31, 2011.

2012 was a year of positive transition for Pacific Commerce Bank, with Chairman Thomas Iino announcing the hiring of Scott R. Andrews, as President and Chief Executive Officer in June, and the subsequent restructuring of the Bank's management team and organizational structure. With the hiring of a new Chief Credit Officer, Gary Weitner, and Senior Commercial Lending Manager, Eric Karasawa, a renewed emphasis on quality, measured balance sheet restructuring occurred in the second half of 2012. The renewed business development culture achieved success with $40 million in new loan originations and the addition of significant new customer relationships.

CEO Andrews commented, "The positive momentum generated in the second half of 2012 has solidified the financial turnaround at Pacific Commerce Bank. Our asset quality problems are behind us, and the continuing high level of loan demand is encouraging for the measured growth in the loan portfolio seen in 2012 to continue."

With the hiring of SBA Department Manager, Tom Welch in September, the Bank renewed its efforts in Small Business Administration Lending, with the goal being to selectively hold and sell SBA loans over the coming years to take advantage of opportunities to recognize non-interest income. In September, Pacific Commerce Bank re-launched its Remote Deposit Capture product and will introduce "Business Online Banking," a robust suite of treasury management products, to its business customers in the first quarter of 2013.

Andrews continued, saying, "Investments in technology and treasury management products will enable the Bank to expand its market presence in current and future markets it seeks to serve."

Asset quality improved dramatically in the second half of 2012 as well. Total classified assets fell to 38% of Total Equity plus ALLL as of December 31, 2012. Year-to-date, total classified assets reduced by 66% or $19.7 million. Asset quality improvements are expected to continue throughout the first half of 2013, bringing the Bank up to, and perhaps better than, peer group levels in all asset quality categories.

2012 also saw enhancements to the Bank's risk management efforts with the hiring of Senior Risk Manager Joan Bolduc, who oversaw major improvements in both technology and operating risk management results. The Bank plans major technology enhancements and safeguards during the first half of 2013.

"The strong capital and liquidity position of Pacific Commerce Bank is a key strategic advantage as the Bank positions itself to capitalize on opportunities in the Southern California Market," commented Chairman Thomas Iino.

With the second successful capital raise in two years completed in March, 2012, the Bank is exceptionally well capitalized and poised for future growth opportunities. The Bank's regulatory capital ratios as of December 31, 2012 were as follows:

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:

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

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