Welcome!

Microsoft Cloud Authors: Liz McMillan, Elizabeth White, Mihai Corbuleac, Pat Romanski, David Bermingham

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 BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
18th Cloud Expo, taking place June 7-9, 2016, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some...
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...