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Pan Pacific Bank Announces Eight Consecutive Profitable Quarters

FREMONT, Calif., Feb. 11, 2014 /PRNewswire/ -- Pan Pacific Bank (OTCBB: PPFC) today announced its unaudited financial results for the quarter and year ended December 31, 2013, including total assets of $109.9 million, loans of $77.9 million, and deposits of $91.0 million. Chief Executive Officer Wayne Doiguchi commented, "Pan Pacific Bank is pleased to report net after-tax earnings of $99 thousand and $254 thousand for the three and twelve months ended December 31, 2013, respectively. The results for the quarter ended December 31, 2013 marks eight consecutive profitable quarters."

CEO Doiguchi added, "Everyone at the Bank has worked tirelessly this year to improve asset quality, lower the cost of funding liabilities, maintain valuable customer relationships and achieve positive earnings. With ample capital, a strong balance sheet, a formidable management team and renewed enthusiasm, the Bank is poised for growth."

The following are Bank highlights for 2013:

  • Completed the formation of the new Executive Management Team with experienced and qualified officers
  • Finalized a re-branding project that included a comprehensive re-engineering to the Bank's website
  • Improved already strong capital ratios with positive earnings and changes to risk based assets
  • Reduced non-performing assets by $1.3 million or 74.9% to $450 thousand
  • Maintained low loan losses; charged off loans, net of recoveries, of $113 thousand in 2013 or 0.14% as a percent of average loans
  • For Q4 2013, reduced the cost of interest bearing funds by 32bp compared to Q4 2012
  • For Q4 2013, improved the Net Interest Margin (NIM) by 28bp compared to Q4 2012

Net after-tax income for the three months ended December 31, 2013 was $99 thousand or $.020 per diluted share compared with net after-tax income of $331 thousand, or $.068 per diluted share for the same period in 2012. The primary reason for the $232 variance is a decrease of $406 thousand in non-interest income that in 2012 was driven by a gain of $417 thousand on sale of government guaranteed loans. Net after-tax income for the twelve months ended December 31, 2013, was $254 thousand or $.052 per diluted share compared with net after-tax income of $923 thousand, or $.203 per diluted share for the same period in 2012. For the twelve month period, the primary reason for the decrease in net after-tax income on a year over year basis was the absence in 2013 of any gain on sale of loans, net of incentive associated with the loan sales which amounted to approximately $901 thousand in 2012.

Total assets decreased $3.4 million, or 3.0%, to $109.9 million at December 31, 2013 compared with $113.3 million at December 31, 2012. On a linked quarter basis, total assets increased by $2.7 million or 2.5%. Total deposits, which are a significant driver of asset size, decreased $7.3 million, or 7.4%, to $91.0 million at December 31, 2013, compared with $98.3million at December 31, 2012. From year end 2012 to March 31, 2013, deposits declined to $89.7 million driven by disintermediation of funds into non-bank markets. Since March 31, 2013 through December 31, 2013, total deposits increased $1.3 million. During that same nine month period of time, non-interest bearing demand increased $4.4 million while interest bearing deposits decreased by $3.0 million. This decrease in interest bearing deposits, primarily due to reducing rates paid, contributed to a more favorable net interest margin. 

Gross loans decreased $4.4 million, or 5.3%, to $77.9 million at December 31, 2013, compared with $82.3 million at December 31, 2012.  The year over year decrease in gross loans was due primarily to normal principal payment reductions in the portfolio along with the reduction in non-performing loans. New loan origination and loan payoffs offset one another in the amount of approximately $16 million. Loan payoffs were impacted by borrowers reducing debt as the result of property sales and other injections of cash flow and to a lesser extent, reduced relationship balances caused by rate sensitivity. On a linked quarter basis, gross loans increased by $0.7 million or 0.9%.

Stockholders' equity increased $193 thousand, or 1.4%, to $14.5 million at December 31, 2013 compared with $14.3 million at December 31, 2012.  This increase was due to earnings of $254 thousand, $58 thousand in stock option related items, less $119 thousand net change in other comprehensive income. Tangible book value was $2.94 at December 31, 2013 and $2.92 at December 31, 2012.

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.
Our web address is

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
Margaret A. Torres, CFO at 510-809-8888.


December 31 Financial Data

The following summary presents unaudited selected consolidated financial

data as of and for the 12 months ended December 31, 2013 and 2012 

and income for the 4th quarter ending December 31, 2013 and 2012

As of and For the Twelve Months

As of and For the Three Months

Ended Dec 31,

Ended Dec 31,

Income (Rounded to thousand)





Interest income

$                  4,754

$             5,237

$               1,206

$             1,275

Interest expense





Net interest income





Provision for loan losses





Net interest income after provision for loan losses





Noninterest income





Noninterest expense





Income (loss) before income tax expense (benefit)





Income tax expense (benefit)





Net income (loss)

$                     254

$                923

$                    99

$                331

Per Share Data:

Net Income (loss) per common share:


$                  0.052

$             0.203

$               0.020

$             0.068






Shares Outstanding 











     Basic Weighted Average





     Diluted Weighted Average





As of and For the Twelve Months

As of and For the Nine Months

Ended Dec 31,

Ended Sep 30,

Selected Balance Sheet Data: (Rounded to thousand)




Total assets

$              109,881

$         113,339

$           107,217

Investment securities




Gross loans (1)




Allowance for loan losses




Net loans








Total borrowings



Shareholders' equity



Performance Ratios:

Return on average assets



Return on average shareholders' equity...



Net interest margin ...



Efficiency ratio (2)



Gross loans to deposit



Asset Quality: (Rounded to thousand)

Restructured loans

$                     379

$             1,348

Nonperforming loans



Other real estate owned



Total nonperforming assets



Allowance for loan losses: 

     Percentage of nonperforming loans



     Percentage of gross loans



Net charge offs (recoveries) to average gross loans



Capital Ratios: 


     Total risk-based capital ratio



     Tier 1 risk-based capital ratio



     Leverage ratio



     Average equity to average assets



(1) Gross loans include net deferred loan fees and costs of $(49) and $(167) at December 31, 2013 and 2012, respectively

(2) The efficiency ratio is noninterest expense divided by the sum of net interest income and noninterest income

SOURCE Pan Pacific Bank

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