LOS ANGELES, CA - February 7, 2018 - PBB Bancorp ("PBCA") (OTCQX: PBCA), the parent company of Premier Business Bank ("Premier"), announced another record year in the bank's 11 year history. The Consolidated Balance Sheet as of December 31, 2017 reflected exceptional results: total assets of $626.4 million; net loans of $523.3 million; total deposits of $479.1 million; and total equity of $50.6 million.
Net income for the 3 month period ended December 31, 2017 was $940,500, or $0.19 per share and net income for the 12 month period ended December 31, 2017 was $4.8 million, or $0.96 per share. Net income for the current quarter and the 12 month period ended December 31, 2017 was impacted by $184,600 for the remeasurement of the deferred tax asset as a result of the reduced corporate tax rate that was signed into law on December 22, 2017. Normalized quarterly earnings would have been $1.1 million or $0.23 per share and annual earnings would have been $5.0 million or $1.00 per share. Net income for the year ended December 31, 2017 was $4.8 million compared to $5.7 million recorded in previous year. In 2016, net income included a $2.1 million one-time non-taxable bargain purchase gain from the acquisition of First Mountain Bank in January 2016. Adjusted net income for the year ended December 31, 2017 reflected an increase of $1.4 million or 39% increase compared to the adjusted net income for 2016.
With a record 25+ consecutive quarters of positive growth, Premier is very pleased to announce the 2017 year-end record results. Our team of experienced bankers and focused strategic efforts created an environment to meet and exceed strategic goals set for 2017. "I am pleased with such a productive and successful year. We reached our goals, invested in our communities, and continued to build upon our successes to offer the best community banking," stated President and Chief Executive Officer, John R. Polen.
HIGHLIGHTS for the Year-End 2017
- PBB Bancorp to merge into First Foundation Inc. was announced in a joint press release on December 19, 2017. The merger is expected to close in the second quarter of 2018 subject to customary closing conditions (see Business Wire press release dated 12-19-17).
- Net Interest Income before provisions increased $4.1 million, or 23.7% for the 12 months ended December 2017 as compared to the same period last year.
- Total Assets were an all-time high of $626.4 million reflecting an increase of $109.4 million, or 21.2% as compared to the prior year.
- Net Loans were an all-time high of $523.3 million increasing $110.7 million, or 26.8% as compared to the prior year.
- Total Deposits were an all-time high of $479.1 million increasing $63.6 million, or 15.3% 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.