Pan Pacific Bank (fka PPFC)

[Enterprising Investor]

PPFC Announces Four Consecutive Profitable Quarters (1/17/13)

FREMONT, Calif., Jan. 17, 2013 /PRNewswire/ -- Pan Pacific Bank (OTCBB:PPFC) announced unaudited financial results for the quarter ended December 31, 2012. Total assets of $113.3 million, loans of $82.3 million, and deposits of $98.3 million, at December 31, 2012. Chief Executive Officer Wayne Doiguchi commented, "Pan Pacific Bank is pleased to report $330,468 in profits for the fourth quarter of 2012, bringing our total 2012 year profits to $922,527. This is four consecutive profitable quarters."

CEO Wayne Doiguchi added, "The bank has enjoyed significant improvement in its overall asset quality and experienced only 10 basis points in Net Charge Offs during the 2012 year. Our strong 2012 earnings were in part due to the sale of $14.5 million in Government Guaranteed Loans at a premium. Had the bank retained these loans, our year end loan balances would have been $96.8 million or a 12.8% growth over year end 2011."

Net income for the twelve months ended December 31, 2012, was $922,527 or $.203 per diluted share compared with a net loss of $(1,262,976), or $(.605) per diluted share for the twelve months ended December 31, 2011. Net income for the quarter ended December 31, 2012, was $330,468 or $.068 per diluted share compared with a net loss of $(543,748), or $(.153) per diluted share, for the quarter ended December 31, 2011. Net income improved in the twelve months of 2012 primarily due to an increase in net interest income of $895,337, an increase in non-interest income of $1,207,712 driven by a $1,175,914 gain on sale of loans, offset by an increase in non-interest expense of $621,661 and a decrease in the provision for loan loss of $709,117, compared with the twelve months of 2011.

Total assets increased $1.0 million, or 0.9%, to $113.3 million at December 31, 2012 compared with $112.3 million at December 31, 2011. Net loans decreased $3.5 million, or -4.2%, to $80.5 million at December 31, 2012, compared with $84.1 million at December 31, 2011. Total deposits decreased $1.5 million, or -1.5%, to $98.3 million at December 31, 2012, compared with $99.9 million at December 31, 2011.

Stockholders' equity increased $2.3 million, or 19.1%, to $14.3 million at December 31, 2012 compared with $12.0 million at December 31, 2011. This increase was due primarily to the recent successful capital raise and rights offering of $1.3 million and earnings for 2012 of $922,527. Tangible book value remained at $2.92 for period ending December 31, 2012 and 2011.

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 an 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

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