CORRECTING and REPLACING Pacific Alliance Bank Announces Annual Results
January 23 2008 - 5:03PM
Business Wire
Headline of release should read: Pacific Alliance Bank Announces
Annual Results (sted Pacific Alliance Bank Announces Third Quarter
Results). The release reads: PACIFIC ALLIANCE BANK ANNOUNCES ANNUAL
RESULTS Pacific Alliance Bank (OTCBB:PFBN) is pleased to report its
results for the year ending December 31, 2007. From its opening
with a capital account of $16.4 million, the Bank�s assets
increased from $18.2 million as of December 31, 2006 to $52.7
million as of December 31, 2007. Total gross loans were $25.7
million, up from $19.1 million as of September 30th. All loans were
current as of December 31, 2007. Total liabilities as of December
31, 2007 were $38.5 million, including total deposits of $36.3
million. Total revenue for the year of 2007 before operating
expense was $2,502 thousand, comprised of $2,463 thousand in
interest income and $1,136 thousand in net interest income.
Additionally, the Bank provided $311 thousand for loan losses
reserves and benefited from $39 thousand in other non-interest
income. Net Operating Loss for the year of 2007 was $2,393
thousand, including stock option expenses. Pacific Alliance Bank
was formed to achieve its mission of delivering business value in
its market, serving small to mid-size businesses, owners, and key
employees who seek a personal bank ready to meet their needs with
customized services. Pacific Alliance Bank is a full-service FDIC
insured community bank, headquartered at 8400 E. Valley Blvd.,
Rosemead, California 91770. For more information, contact Ms. Trish
Lomeli-Sproles (626) 773-8897 or tsproles@pacificalliancebank.com
and visit http://www.pacificalliancebank.com. Pacific Alliance Bank
Balance Sheet (unaudited) December 31, 2007 & 2006 $ in 000's �
� Assets 2007 2006 � Cash and due from banks $ 685 $ 517 Federal
funds sold � 7,950 � � 16,620 � Cash and Cash Equivalents 8,635
17,137 Investment (net) 17,014 - Loans, net of unearned income
25,666 0 Less allowance for loan losses � (311 ) � 0 � Net Loans
25,355 0 Premises and equipment, net 1,160 1,006 Accrued interest
receivable and other assets � 523 � � 24 � Total Assets $ 52,687 �
$ 18,167 � � Liabilities and Shareholders' Equity Liabilities
Deposits Noninterest-bearing deposits $ 3,109 $ 28 Interest-bearing
deposits � 33,233 � � 580 � Total Deposits 36,342 608 � Investor
Seed Money - 1,035 Organization Loan - 700 Other borrow money (FHLB
Advance) 1,900 - Accrued interest payable and other liabilities �
283 � � 132 � Total Liabilities $ 38,525 � $ 2,475 � � Commitments
and Contingencies � Shareholders' Equity Common stock, no par
value, 5,000,000 shares authorized; 1,657,686 shares issued &
outstanding 16,365 16,365 Preferred Stock, no par value, 5,000,000
shares authorized; 0 share issue & outstanding 0 0 Additional
paid in capital 972 111 Accumulated deficit (3,177 ) (784 )
Accumulated other comprehensive loss 2 0 Total Shareholders' Equity
� 14,162 � � 15,692 � Total Liabilities and Shareholders' Equity $
52,687 � $ 18,167 � � Book Value per Share 8.54 9.47 Pacific
Alliance Bank Statement of Income for the Years Ended 2007 &
2006 (unaudited) $ in 000's � � � 2007 2006 � Interest Income
Interest and fees on loans $ 1,048 $ 0 Interest on Federal funds
sold 865 83 Interest on securities � 550 � � 20 � Total Interest
Income 2,463 103 Interest Expense Interest expense on deposits �
1,327 � � 5 � � 1,327 � � 5 � Net Interest Income 1,136 98 �
Provision for loan losses � 311 � � 0 � � Net Interest Income After
Provision for Loan Losses � 825 � � 98 � Other Income Service
charges on deposit accounts 1 0 Other non-interest income � 38 � �
0 � Total Other Income � 39 � � 0 � Other Expenses Salaries and
other employee benefits (1) 1,579 305 Premises & Equipment 370
254 Legal fees 21 50 Professional fees 196 98 Other (1) � 1,090 � �
175 � Total Operating Expenses � 3,256 � � 882 � � Income Before
Provision for Income Taxes (2,392 ) (784 ) � Provision for Income
Taxes � 1 � � 0 � � Net Loss $ (2,393 ) $ (784 ) � Loss Per Share -
Basic $ (1.44 ) $ (0.47 ) Pacific Alliance Bank Statement of Cash
Flow (unaudited) For the Years Ended 2007 & 2006 $ in 000's � �
� 2007 2006 Operating Activities Net income $ (2,393 ) $ (784 )
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 125 - Provision
for loan loss 311 - Share-based compensation expense (1) 861 111
Increase in accrued interest receivable and other assets (499 ) (24
) Increase in accrued interest payable and other liabilities � 315
� � 1,867 � Net Cash Provided by Operating Activities � (1,280 ) �
1,170 � Investing Activities Purchases of investment securities
available-for-sale (17,011 ) - Purchases of premises and equipment
(279 ) (1,006 ) Net increase in loans � (25,666 ) � - � Net Cash
Used in Investing Activities � (42,956 ) � (1,006 ) Financing
Activities Net increase in deposits 35,734 608 Proceeds from
initial capitalization - 16,577 Organization expenses, net � - � �
(212 ) Net Cash Provided by Financing Activities � 35,734 � �
16,973 � Net Increase in Cash and Cash Equivalents (8,502 ) 17,137
Cash and Cash Equivalents, Beginning of Year � 17,137 � � - � Cash
and Cash Equivalents, End of Period $ 8,635 � $ 17,137 � � � Note
(1): Beginning in fiscal year 2006 all companies that utilize
equity compensation will be required to recognize the cost of that
compensation in their financial statements pursuant to FASB's
revision to Statement No. 123, Accounting for Stock-Based
Compensation (SFAS No. 123R). The bank's equity total stock based
compensation for fiscal year was $111 thousand, and $861 thousand
for year 2006 & 2007 respectively. Pacific Alliance Bank
Shareholders Equity For the Year Ended 2007 $ in 000's � � � � � �
� � Accumulated Additional Other Shares Common Paid In
Comprehensive Accumulated Comprehensive Outstanding Stock Capital
Loss Deficit � Loss Total � Balance, January 1, 2007 1,657,686 $
16,365 $ 111 $ (784 ) $ - $ 15,692 � Share-based compensation
expense (1) 861 861 Net loss (1) (2,393 ) (2,393 ) (2,393 )
Unrealized gains (losses) 2 2 2 � Total Comprehensive loss $ (2,391
) � � � � � � � Balance, December 31, 2007 1,657,686 $ 16,365 $ 972
$ (3,177 ) � $ 2 $ 14,162 �
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