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)





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

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
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Successful transition from traditional IT to cloud computing requires three key ingredients: an IT architecture that allows companies to extend their internal best practices to the cloud, a cost point that allows economies of scale, and automated processes that manage risk exposure and maintain regulatory compliance with industry regulations (FFIEC, PCI-DSS, HIPAA, FISMA). The unique combination of VMware, the IBM Cloud, and Cloud Raxak, a 2016 Gartner Cool Vendor in IT Automation, provides a co...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
Although it has gained significant traction in the consumer space, IoT is still in the early stages of adoption in enterprises environments. However, many companies are working on initiatives like Industry 4.0 that includes IoT as one of the key disruptive technologies expected to reshape businesses of tomorrow. The key challenges will be availability, robustness and reliability of networks that connect devices in a business environment. Software Defined Wide Area Network (SD-WAN) is expected to...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
OnProcess Technology has announced it will be a featured speaker at @ThingsExpo, taking place November 1 - 3, 2016, in Santa Clara, California. Dan Gettens, OnProcess’ Chief Analytics Officer, will discuss how Internet of Things (IoT) data can be leveraged to predict product failures, improve uptime and slash costly inventory stock. @ThingsExpo is an annual gathering of IoT and cloud developers, practitioners and thought-leaders who exchange ideas and insights on topics ranging from Big Data in...