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PBB BANCORP REPORTS EARNINGS FOR FIRST QUARTER 2015

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LOS ANGELES, CA - April 27, 2015  - PBB Bancorp (“the Company”) (OTCQX: PBCA), the parent company of Premier Business Bank (“Premier”), today reported net income for the quarter ended March 31, 2015 of $384,000, compared to $104,000 for the same period last year. Pre-tax and Pre-provision earnings for the quarter ended March 31, 2015 were $760,000, compared to $181,000, for the same period last year. 

PBB Bancorp elected to use pre-tax and pre-provision earnings as a financial metric as a result of the deferred tax asset that was booked in 2013. Although it may be a non-GAAP financial measure that is not commonly used, it does provide an effective way for investors and shareholders to evaluate the operating profitability of the company. 

“We’ve achieved phenomenal loan growth over the past two years, especially for a company of our asset size. This was a direct result of successfully leveraging the last two recent capital raises; in fact, we exceeded our own loan growth expectations. As we move forward, our goal is to take advantage of this momentum as we continue to build our franchise. We are very proud of our recent achievements, and our future financial success will be the measurement of our focus and hard work” stated John R. Polen, President and Chief Executive Officer.” 

“Our management team, led by Mr. Polen, has done a superb job of developing and executing a profitable growth plan to increase earnings and shareholder value. We are encouraged by the operating performance of the company and feel confident about our ability to achieve our long-term goals,” stated David G. Lake, Chairman of the Board. 

2015 1ST QUARTER HIGHLIGHTS: 

  • Net Interest Income increased 45% or $625,000, to $2.0 million from $1.4 million for the same period in 2014, primarily due to the increase in loans of $68.4 million, or 51% compared to 2014. 
  • Net Income increased $280,000, or 271% to $384,000 at March 31, 2015, as compared to $104,000 at March 31, 2014. 
  • Non-interest Income increased $94,000, or 69% to $230,000 at March 31, 2015, as compared to $136,000 at March 31, 2014. The increase was primarily due to a higher gain on the sale of SBA loans in the first quarter 2015, which amounted to $197,000. 
  • Total Loans increased $68.4 million or 51% as compared to the same period last year. For the quarter, total loans increased $18.8 million or 10% as compared to the end of last year. 
  • Asset Quality is outstanding with no non-accrual loans and no loans past due at the end of the quarter. 
  • Total Deposits increased $33.4 million or 24% from the same period last year to $174.4 million at March 31, 2015. 
  • Non-interest Bearing Deposits increased $7.3 million or 25% from the same period last year to $36.1 million at March 31, 2015. 

ABOUT PBB BANCORP AND PREMIER BUSINESS BANK: 

PBB Bancorp is the parent company of Premier Business Bank, a full service community business bank headquartered in downtown Los Angeles, California. Premier has two other locations in the South Bay region of Los Angeles County; a community-based full service retail branch in Palos Verdes and a loan center in Torrance. Premier has a client-centric service philosophy that focuses on building banking relationships with individuals, small to medium size businesses, family owned and closely held middle market businesses, real estate investors, professional management firms, and entrepreneurs. Premier offers a wide range of business and real estate lending products including SBA loans, 24/7 high-tech online banking services that include remote deposit capture and cash management, plus many in-branch banking services to meet the unique needs of the clients and the communities it serves. For more information, please visit us at www.ibankpremier.com

FORWARD LOOKING INFORMATION: 

This financial information 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 risk 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. 

For more information, contact:
John R. Polen 
President and Chief Executive Officer
Phone: 213-689-4800
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.


Consolidated Statement of Condition
Prior Year Comparison
(unaudited)

      For the Period Ended March 31,
  Consolidated Bank Only
  2015 2014
 
Assets
Cash and due from banks $  32,977,904 $  44,249,426
Investment securities
Loans and leases held for sale 1,267,198 
Loans and leases 202,130,684  133,760,063 
Non Accrual loans
Deferred loan costs / (fees) 133,627  155,695 
Allowance for loan losses (1,965,000)  (1,715,000) 
     Net loans and leases 200,299,311  132,200,758 
   
Fixed assets, net 215,051  321,446 
Accrued interest receivable 498,752  327,335 
Other assets 4,129,989  3,870,955 
     Total assets $  239,388,205  $  180,969,920 
     
Liabilities
Deposits:
     Demand deposits $  36,067,123  $  28,815,560 
     Interest bearing demand deposits 20,467,505  8,261,802 
     Money market accounts 38,639,411  34,859,112 
     Savings accounts 432,165  77,384 
     Certificates of deposit less than $100K 16,600,794  7,803,405 
     Certificates of deposit $100K or more 62,189,274 61,191,721
          Total deposits 174,396,272  141,008,985 
     
Federal funds purchased
Overnight Borrowings - FHLB 5,000,000 
FHLB Term Borrowings 35,000,000  19,000,000 
Accrued interest payable on deposits 52,368  40,769 
Other liabilities 735,014 733,221
     Total liabilities 215,183,653  160,782,975 
     
Stockholders' equity 
Common stock; issued and outstanding
     3,396,550 shares at 03/31/15 and
     2,851,063 shares at 03/31/14
26,985,142  24,031,343 
Add'l paid-in-capital - stock based comp. 1,313,693  1,262,513 
Retained earnings - preopening expenses (863,858)  (863,858) 
Retained earnings (3,614,343) (4,346,642)
Cash dividend
Current year net income (loss) 383,918  103,588 
Unrealized gain (loss) on securities AFS 
     Total stockholders' equity 24,204,552  20,186,945 
     Total liabilities and stockholders' equity $  239,388,205 $  180,969,920 

 

Consolidated Statement of Operations 
Prior Year to Date Comparison
(unaudited)
 
  For the 3 Months Ended
  Consolidated Bank Only
  3/31/15 3/31/14
Interest income:
     Loans and leases, including fees $  2,315,259  $  1,633,765
     Other interest income 40,002  36,877 
         Total interest income 2,355,261  1,670,642 
     
Interest expense:
     Deposit interest expense 259,753  221,081 
     FHLB borrowings interest expense 79,855  58,556 
          Total interest expense 339,608  279,637 
     
          Net int. income before prov. for loan losses 2,015,654  1,391,005 
     
Provision for loan losses 100,000 
     
          Net int. income after prov. for loan losses 1,915,654  1,391,005 
     
Noninterest income:
     Gain (loss) on sale of SBA loans 197,636  16,125 
     Other noninterest income 32,170  120,148 
          Total noninterest income 229,806  136,273 
     
Noninterest expense:
     Salaries and benefits 1,022,201  848,139 
     Occupancy expense 90,315  91,534 
     Furniture, fixtures and equipment 43,503  45,489 
     Other noninterest expense 329,846  360,852 
          Total noninterest expense 1,485,865  1,346,014 
     
Income before tax provision 659,595  181,264 
     
Provision for income taxes 275,677  77,676 
Net income (loss) $  383,918 $  103,588