Premier Business Bank (“Bank”) is pleased to report two consecutive years of profitability. Net income for the three-month period ended March 31, 2012 was $133,000 or $0.07 per share as compared to $122,000 or $0.06 per share for the same period ended March 31, 2011. “We are encouraged by the fact that the Bank has earned a profit in for eight consecutive quarters we are very optimistic for the future,” stated Mr. John Polen, President and CEO.
During the first quarter of 2012, the Bank remained its focus on three primary goals; adding quality loans to the loan portfolio, increasing client relationships, and managing non-interest expenses. Total assets at March 31, 2012 were $108.9 million, an increase of $16.5 million as compared to $92.4 million at March 31, 2011. Total loans, net were $90.2 million at March 31, 2012 compared to $75.9 million at March 31, 2011, increasing by $14.3 million. Total deposits were $92.9 million as of March 31, 2012 compared to $77.1 million as of March 31, 2011, reflecting an increase in total deposits of $15.8 million. “We are pleased to report that the Bank is on track with its strategic plan, and has successfully achieved its profit goals for the first quarter,” remarked Mr. John Polen, President and Chief Executive Officer.
The Bank continues to be diligent in maintaining excellent credit quality in its loan portfolio. The allowance for loan losses was $1.9 million, or 2.08% of total loans as of March 31, 2012. “Our asset quality continues to remain strong with no real estate owned (REO) or non-performing assets,” stated Mr. Polen.
The Bank’s consistent operating profits during the past eight quarters have contributed $1.2 million to capital. At March 31, 2012, the Bank had $12.6 million in shareholders’ equity, which translates to a book value of $6.22 per share. The Bank’s capital ratios exceed the applicable regulatory capital requirements to be considered “well-capitalized”. Total-Risk Based Capital Ratio was 15.74%, Tier 1 Risk-Based Capital Ratio was 14.47%, and Tier 1 Leverage Ratio was 12.13% as of March 31, 2012.
As we move forward in 2012, we will continually seek out constructive opportunities as we advance the Bank to the next level. Our main goal is to further enhance the franchise value of Premier Business Bank through strategically planned growth and performance.
Premier Business Bank opened for business in July 2006. It is a full-service, high-tech business bank headquartered in downtown Los Angeles, California, and has a Loan Center in Torrance, California to serve the South Bay region. The Bank has a client-centric service philosophy focused on banking relationships with small to mid-size businesses, family‐owned and closely‐held middle market businesses, real estate investors, professional management firms, and entrepreneurs. For more information, please visit us at www.ibankpremier.com.