Click here to close now.

Welcome!

.NET Authors: Carmen Gonzalez, Elizabeth White, Liz McMillan, Greg O'Connor, Jason Bloomberg

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 StorPool Storage will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. StorPool is distributed storage software that allows service providers, enterprises and other cloud builders to run data storage on standard x86 servers, instead of using expensive and inefficient storage arrays (SAN).
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business application (BYOA) platform, and workflow automation system.
SYS-CON Events announced today that Site24x7, the cloud infrastructure monitoring service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Site24x7 is a cloud infrastructure monitoring service that helps monitor the uptime and performance of websites, online applications, servers, mobile websites and custom APIs. The monitoring is done from 50+ locations across the world and from various wireless carriers, thus providing a global perspective of the end-user experience. Site24x7 supports monitoring H...
SYS-CON Events announced today that Intelligent Systems Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-critical systems. ISS has completed many successful projects in Healthcare, Commercial, Manufacturing, ...
WebRTC is an up-and-coming standard that enables real-time voice and video to be directly embedded into browsers making the browser a primary user interface for communications and collaboration. WebRTC runs in a number of browsers today and is currently supported in over a billion installed browsers globally, across a range of platform OS and devices. Today, organizations that choose to deploy WebRTC applications and use a host machine that supports audio through USB or Bluetooth can use Plantronics products to connect and transit or receive the audio associated with the WebRTC session.
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provides a high level technical overview of many cloud services available to mobile app developers, includi...
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
SYS-CON Events announced today that Tufin, the market-leading provider of Security Policy Orchestration Solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. As the market leader of Security Policy Orchestration, Tufin automates and accelerates network configuration changes while maintaining security and compliance. Tufin's award-winning Orchestration Suite™ gives IT organizations the power and agility to enforce security policy across complex, multi-vendor enterprise networks. With more than 1...
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications Unified Communications Suite gives CSPs the capability to do just that. In addition, its integration ...
SYS-CON Events announced today that Cloudian, Inc., the leading provider of hybrid cloud storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cloudian, Inc., is a Foster City, California - based software company specializing in cloud storage software. The main product is Cloudian, an Amazon S3-compliant cloud object storage platform, the bedrock of cloud computing systems, that enables cloud service providers and enterprises to build reliable, affordable and scalable cloud storage solu...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
BroadSoft on Tuesday announced that it is a recipient of the 2014 Frost & Sullivan Market Leadership Award in the Hosted/Cloud Internet Protocol (IP) Telephony market for Latin America. According to Frost & Sullivan market research, the Latin America (LATAM) hosted/cloud Internet Protocol (IP) telephony market, including integrated unified communications and collaboration (UC&C) applications, is currently experiencing a rapid growth trajectory and is expected to exhibit a tenfold rise in annual revenues in the 2013-2020 period. With more than 600 cloud deployments internationally, BroadSoft w...
In 2015, 4.9 billion connected "things" will be in use. By 2020, Gartner forecasts this amount to be 25 billion, a 410 percent increase in just five years. How will businesses handle this rapid growth of data? Hadoop will continue to improve its technology to meet business demands, by enabling businesses to access/analyze data in real time, when and where they need it. Cloudera's Chief Technologist, Eli Collins, will discuss how Big Data is keeping up with today's data demands and how in the future, data and analytics will be pervasive, embedded into every workflow, application and infra...
Participants will reach the final if their IoT solution is liked. A community vote will determine the best solutions submitted in each country, after which an expert jury will select the national winners and the best international IoT solution. Each country's best solution can win a national marketing campaign worth up to €30,000 and become a partner in Deutsche Telekom's participating markets. The winning international solution can become partner of Deutsche Telekom Group across all eight countries and reach out to a potential of 10,8 million business customers. Deutsche Telekom Group has a...
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable older adults to live independent lives while staying connected to loved ones. M2M will continue to gr...
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) application providers dating back to 2004. Cybozu's kintone.com is a leading global BYOA (Build Your O...
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements around Unified Networks, Cloud Computing strategies, Virtualization around Software defined Data Ce...