Pan Pacific Bank (fka PPFC)

[Enterprising Investor]

PPFC Announces Three Consecutive Profitable Quarters (10/18/12)

FREMONT, Calif., Oct. 18, 2012 /PRNewswire/ -- Pan Pacific Bank (OTCBB:PPFC) announced unaudited financial results for the quarter ended September 30, 2012. Total assets of $114.1 million, gross loans of $93.6 million, and deposits of $99.6 million, at September 30, 2012. Chief Executive Officer Wayne Doiguchi commented, "Pan Pacific Bank is pleased to report $169 thousand in profits for the third quarter of 2012, bringing our total year to date 2012 profits to $592 thousand. This is three consecutive profitable quarters."

Net income for the nine months ending September 30, 2012, was $592 thousand or $.133 per diluted share compared with a net loss of $(719) thousand, or $(.451) per diluted share for the nine months ended September 30, 2011. Net income for the quarter ended September 30, 2012, was $169 thousand or $.035 per diluted share compared with a net loss of $(303) thousand, or $(.191) per diluted share, for the quarter ended September 30, 2011. Net income improved in the first nine months of 2012 primarily due to an increase in net interest income of $750 thousand, an increase in non-interest income of $747 thousand driven by a $750 thousand gain on sale of loans, offset by an increase in non-interest expense of $512 thousand and a decrease in the provision for loan loss of $326 thousand, compared with the first nine months of 2011.

Total assets increased $8.7 million, or 8.3%, to $114.1 million at September 30, 2012 compared with $105.4 million at September 30, 2011. Net loans increased $18.7 million, or 25.6%, to $91.6 million at September 30, 2012, compared with $72.9 million at September 30, 2011. Total deposits increased $2.5 million, or 2.6%, to $99.6 million at September 30, 2012, compared with $97.1 million at September 30, 2011. Total non-performing loans and loans over 90 days past due as a percentage of capital and reserves (Texas Ratio) declined from 23.4% as of September 30, 2011 to 9.1% as of September 30, 2012.

Stockholders' equity increased $6.0 million, or 76.1%, to $13.9 million at September 30, 2012 compared with $7.9 million at September 30, 2011. This increase was due primarily to the recent successful capital raise of $5.9 million.

Mr. Doiguchi added "The Bank is sad to announce the sudden passing of Joe Ching, President of Pan Pacific Bank. We will all miss his positive spirit and the significant contributions he made toward the success of Pan Pacific Bank. His influence and relationships will continue to endure in the years ahead. Joe was a long time banker who cultivated business and professional relationships that significantly impacted our community."

Pan Pacific Bank

Pan Pacific Bank is focused on meeting the banking needs of business and individuals in Alameda and Santa Clara counties, that are its primary service areas. The Bank was founded July 2005 and is located at 47065 Warm Springs Blvd, Fremont California. The bank is a SBA / USDA lender and offers a variety of banking products to include loans, deposits, remote capture, and other cash management services. For information concerning this press release please contact Wayne Doiguchi CEO or Dale McKinney CFO at 510 809 8888.

Our web address is www.panpacificbank.com.

Forward-Looking Statements

This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include, but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in our primary service area and more generally in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. Pan Pacific Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

For information concerning this press release,
please contact Wayne Doiguchi CEO or
Dale McKinney CFO at 510 809 8888.

http://www.prnewswire.com/news-releases/pan-pacific-bank-announces-three-consecutive-profitable-quarters-174741441.html