Welcome!

News Feed Item

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 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
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)

2013


2012


2013


2012

















Interest income

$                  4,754


$             5,237


$               1,206


$             1,275

Interest expense

570


775


122


172

Net interest income

4,184


4,462


1,084


1,103

Provision for loan losses

-


128


-


-

Net interest income after provision for loan losses

4,184


4,334


1,084


1,103

Noninterest income

318


1,376


92


498

Noninterest expense

4,238


4,781


1,075


1,265

Income (loss) before income tax expense (benefit)

264


929


101


336

Income tax expense (benefit)

10


6


2


5

Net income (loss)

$                     254


$                923


$                    99


$                331









Per Share Data:








Net Income (loss) per common share:








     Basic

$                  0.052


$             0.203


$               0.020


$             0.068

     Diluted

0.051


0.203


0.020


0.068









Shares Outstanding 








     Basic

4,924,834


4,890,958


4,924,834


4,890,958

     Diluted

4,956,370


4,899,671


4,977,011


4,900,570

     Basic Weighted Average

4,904,941


4,548,975


4,924,834


4,890,958

     Diluted Weighted Average

4,936,476


4,557,688


4,977,011


4,900,570










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)

2013


2012


2013











Total assets

$              109,881


$         113,339


$           107,217



Investment securities

12,198


190


12,673











Gross loans (1)

77,904


82,272


77,242



Allowance for loan losses

(1,645)


(1,758)


(1,741)



Net loans

76,259


80,514


75,501











Deposits

91,022


98,338


92,411



Total borrowings

4,000


-





Shareholders' equity

14,480


14,287





Performance Ratios:








Return on average assets

0.24%


0.80%





Return on average shareholders' equity...

1.76%


6.96%





Net interest margin ...

4.11%


3.97%





Efficiency ratio (2)

94.14%


81.89%





Gross loans to deposit

85.59%


83.66%













Asset Quality: (Rounded to thousand)








Restructured loans

$                     379


$             1,348





Nonperforming loans

450


1,796





Other real estate owned

-


-





Total nonperforming assets

450


1,796





Allowance for loan losses: 








     Percentage of nonperforming loans

365.56%


97.88%





     Percentage of gross loans

2.11%


2.14%













Net charge offs (recoveries) to average gross loans

0.14%


0.10%





Capital Ratios: 








Bank: 








     Total risk-based capital ratio

18.18%


17.69%





     Tier 1 risk-based capital ratio

16.92%


16.43%





     Leverage ratio

13.55%


12.42%





     Average equity to average assets

13.57%


11.46%





















(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

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that StorageCraft Technology Corp, a global leader in backup and disaster, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. The StorageCraft family of companies, founded in 2003, provides award-winning backup, disaster recovery, system migration and data protection solutions for servers, desktops and laptops in addition to powerful data analytics.
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let’s say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...