Pan Pacific Bank Announces Results for March 31, 2014 (4/16/14)
FREMONT, Calif., April 16, 2014 /PRNewswire/ -- Pan Pacific Bank (OTCBB:PPFC) today announced its unaudited financial results for the quarter ended March 31, 2014, including total assets of $110.6 million, net loans of $79.4 million, and deposits of $91.5 million. Chief Executive Officer Wayne Doiguchi commented, "Pan Pacific Bank is pleased to report continued positive earnings with net after-tax earnings of $74 thousand for the three months ended March 31, 2014."
CEO Doiguchi added, "The Bank is very proud to announce continued positive earnings and growth in both loans and deposits from year end 2013 while maintaining very strong asset quality and capital levels. Also, as of the end of March 2014, the Bank is no longer subject to any informal regulatory agreements."
CEO Doiguchi went on to say, "We are really seeing traction in loan and deposit growth from all of our Relationship Managers. This current growth, coupled with a robust new business pipeline is very encouraging. "
The following are Bank highlights for the Quarter ended March 31, 2014:
•Year over year total assets increased $6.0 million or 5.8% and $673 thousand or 0.6% from year end 2013.
•Year over year net loans decreased $1.2 million or 1.6% but increased $3.2 million or 4.2% from year end 2013.
•Year over year total deposits increased $1.8 million or 2.0% and $503 thousand or 0.6% from year end 2013.
•Charge offs, net of recoveries were $1 thousand which represented less than 0.01% of average loans.
•Year over year non-performing loans decreased from $1.3 million to $432 thousand. At March 31, 2014, non-performing loans were 0.53% as a percent of total gross loans and 0.39% as a percent of total assets.
•Regulatory capital ratios remain strong at 18.21%, 16.95% and 13.44% for Total Risked Based, Tier 1 Risk Based and Tier 1 Leverage, respectively.
•Positive net earnings of $74 thousand or $0.015 per diluted share for the three months ended March 31, 2014 compared to $88 thousand or $0.018 per diluted share for the same period in 2013.
•Reduced the cost of interest bearing funds and cost of funds by 4 basis points and 6 basis points, respectively compared to Q4 2013.
•Maintained a very favorable Net Interest Margin of 3.97%.
Stockholders' equity increased $193 thousand, or 1.3%, to $14.7 million at March 31, 2014 compared with $14.5 million at December 31, 2013. This increase was due to earnings of $74 thousand, $21 thousand in stock option related items, plus $98 thousand net change in other comprehensive income. Tangible book value was $2.97 at March 31, 2014 and $2.94 at December 31, 2013.
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 Margaret A. Torres, CFO at 510 809 8888.
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