LOS ANGELES, CA – April 28, 2017 - PBB Bancorp (“PBCA”) (OTCQX: PBCA), the parent company of Premier Business Bank (“Premier”), announced a 21% increase in assets over the previous years’ same quarter. Reported total assets is another record high in the Bank’s history. The Consolidated Balance Sheet as of March 31, 2017 reflected exceptional results: total assets of $529.4 million; net loans of $428.2 million; total deposits of $417.8 million; and total equity of $47.1 million.
Net income for the 3 month period ended March 31, 2017 was $1,348,000, or $0.27 per share, compared to $2,357,000, or $0.47 per share. Net income for the 3 month period in 2016 included a one-time after-tax net gain, associated with the merger of First Mountain Bank in January 2016, of $1.8 million in non-interest income less $325,000 in after-tax non-interest expenses. Today, net interest income for the three months ended March 31, 2017 reflects $5.1 million, an increase of $1.4million, or 38%, compared to the same period last year. This was primarily due to the loan portfolio growth of $68.6 million, or 19%, compared to the same period ended last year. Non-interest expenses for the three months ended March 31, 2017 increased $730,000, adjusted for the merger related expenses, as compared to the same three month period last year. The increase was primarily a result of system and interior upgrades needed at the newly merged branches, along with our strategic core deposit branch expansion in Palos Verdes Estates. Total deposits as of March 31, 2017 were $417.8 million reflecting an increase of $86.0 million, or 26%, as compared to the same period ending last year. Strategic deposit growth was primarily in Money Market Demand Accounts of $74.7 million, and non-interest bearing Demand Deposits of $16.1 million.
“We are extremely pleased with our strong financial performance for the first quarter of 2017. A solid outcome reflecting the results of strategic positive growth in assets, loans, and deposits. As we move forward into the second quarter, we look to increase our core deposit footprint with planned expansion; all while continuing to leverage our diversified loan portfolio,” stated President and Chief Executive Officer, John R. Polen.
HIGHLIGHTS for the 1st Quarter ended March 31, 2017
- Core Net Income increased for the 3 month period ended March 31, 2017 to $1,348,000 compared to the same period last year.
- Net Interest Income before provisions increased $1.4 million, or 38%, for the 3 months ended March 31, 2017 as compared to the same period last year.
- Total Assets were at another record high of $529.4 million reflecting an increase of $90.9 million, or 21%, as compared to the prior year.
- Net Loans continue to increase to a record high of $428.2 million increasing $68.6 million, or 19%, as compared to the prior year.
- Total Deposits reached a record high of $417.8 million increasing $86.0 million, or 26%, when compared to the prior year.
ABOUT PBB BANCORP AND PREMIER BUSINESS BANK
PBB Bancorp is the parent company of Premier Business Bank and its full service community bank divisions, Premier Bank of Palos Verdes and First Mountain Bank. Premier Business Bank is headquartered in downtown Los Angeles, California, and has three additional locations in Los Angeles County; two community-based full service retail branches in Rolling Hills Estates and Palos Verdes Estates, and an SBA loan center in Torrance. Our First Mountain Bank division has three full service retail branches located in San Bernardino County, California. Branches are located in Big Bear Lake, Running Springs and Lucerne Valley.
Premier Business Bank, Premier Bank of Palos Verdes, and First Mountain Bank have a client-centric service philosophy that focuses on client relationships with individuals, small to medium size businesses, real estate investors, professional management firms, and entrepreneurs. PBB Bancorp currently trades on OTCQX under the symbol “PBCA.” For more information, please visit us at: ibankpremier.com or firstmountainbank.com.
FORWARD LOOKING INFORMATION
This financial information in this release is based on unaudited financial results. Certain statements contain "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) such as statements about certain plans, expectations and projections which are subject to numerous 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 California, the adequacy of the Bank’s allowance for loan losses, and other factors beyond the Bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for entire years to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.