Welcome!

.NET Authors: Jim Kaskade, Adine Deford, TJ Randall, Sandi Mappic, Ivan Antsipau

News Feed Item

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: www.pacificcommercebank.com

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
213-617-0082

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accelerate their digital channels with APIs, drive partner adoption, monetize their assets, and achieve a...
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
SYS-CON Events announced today that AgilePoint, the leading provider of Microsoft-centric Business Process Management software, will exhibit at SYS-CON's 2nd International @ThingsExpo which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. AgilePoint is the leading provider of Microsoft-based Business Process Management (BPM) software products, has 1,300+ on-premise and cloud deployments in 25+ countries and provides the same advanced BPM feature set as J2EE vendors like IBM and Appian for the Microsoft .NET native environment. AgilePoint customer...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at Internet of @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., will show what is needed to leverage the IoT to transform your business. He will discuss opportunities and challenges ahead for the IoT from a market and tec...
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customizable platform to easily integrate into existing software solutions, embed business logic and build s...
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, will describe an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device experiences grounded in people’s real needs and desires.
SYS-CON Events announced today that TeleStax, the main sponsor of Mobicents, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. TeleStax provides Open Source Communications software and services that facilitate the shift from legacy SS7 based IN networks to IP based LTE and IMS networks hosted on private (on-premise), hybrid or public clouds. TeleStax products include Restcomm, JSLEE, SMSC Gateway, USSD Gateway, SS7 Resource Adaptors, SIP Servlets, Rich Multimedia Services, Presence Services/RCS, Diame...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: Samsung recognizes that true, accelerated innovation cannot be driven from one source, but requires a...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: Esmeralda Swartz, CMO of MetraTech, has spent 16 years as a marketing, product management, and busin...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
SYS-CON Events announces a new pavilion on the Cloud Expo floor where WebRTC converges with the Internet of Things. Pavilion will showcase WebRTC and the Internet of Things. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices--computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridsto...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at Internet of @ThingsExpo, Andrew Bolwell, Director of Innovation for HP’s Printing and Personal Systems Group, will discuss how key attributes of mobile technology – touch input, senso...
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.