Pacific Alliance Bank Announces First Quarter Results
April 10 2008 - 11:40AM
Business Wire
Pacific Alliance Bank (OTCBB:PFBN) is pleased to report its results
for the 1st quarter of 2008. 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 $53.3 million as of March 31,
2008. Total gross loans were $28.4 million as of March 31, 2008, up
from $25.7 million as of December 31, 2007. All loans were current
as of March 31, 2008. Total liabilities as of March 31, 2008 were
$39.3 million, including total deposits of $37.1 million. Total
revenue for the 1st quarter of 2008 before operating expense was
$724 thousand, comprised of $711 thousand in interest income and
$390 thousand in net interest income. Additionally, the Bank
provided $39 thousand for loan losses reserves and benefited from
$13 thousand in other non-interest income. Net Operating Loss for
the 1st quarter of 2008 was $374 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 banking 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) $ in 000's � � Assets March 31, 2008 March 31,
2007 � Cash and due from banks $ 1,154 $ 957 Federal funds sold �
7,280 � � 18,360 � Cash and Cash Equivalents 8,434 19,317
Investment (net) 15,163 5,995 Loans, net of unearned income 28,449
10,806 Less allowance for loan losses � (350 ) � (139 ) Net Loans
28,099 10,667 Premises and equipment, net 1,127 1,226 Accrued
interest receivable and other assets � 534 � � 177 � Total Assets $
53,357 � $ 37,382 � � Liabilities and Shareholders' Equity
Liabilities Deposits Noninterest-bearing deposits $ 4,273 $ 780
Interest-bearing deposits � 32,850 � � 21,262 � Total Deposits
37,123 22,042 � Investor Seed Money - - Other borrow money 1,900 -
Accrued interest payable and other liabilities � 350 � � 98 � Total
Liabilities � 39,373 � � 22,140 � � Commitments and Contingencies 0
0 � 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
1,079 332 Accumulated deficit (3,551 ) (1,452 ) Accumulated other
comprehensive loss 91 (3 ) Total Shareholders' Equity � 13,984 � �
15,242 � Total Liabilities and Shareholders' Equity $ 53,357 � $
37,382 � � Book Value per Share 8.44 9.19 Pacific Alliance Bank
Statement of Income (unaudited) $ in 000's � � March 31, 2008 March
31,2007 Interest Income Interest and fees on loans $ 438 $ 84
Interest on Federal funds sold 56 195 Interest on securities � 217
� � 52 � Total Interest Income 711 331 Interest Expense Interest
expense on deposits � 321 � � 117 � � 321 � � 117 � Net Interest
Income 390 214 � Provision for loan losses � 39 � � 139 � � Net
Interest Income After Provision for Loan Losses � 351 � � 75 �
Other Income Service charges on deposit accounts 1 1 Other
non-interest income � 12 � � 10 � Total Other Income � 13 � � 11 �
Other Expenses Salaries and other employee benefits 415 348
Premises & Equipments 97 100 Other (1) � 226 � � 305 � Total
Operating Expenses � 738 � � 753 � � Income Before Provision for
Income Taxes (374 ) (667 ) � Provision for Income Taxes � 0 � � 0 �
� Net Loss $ (374 ) $ (667 ) � Loss Per Share � Basic $ (0.23 ) $
(0.40 ) Statement of Cash Flow (unaudited) $ in 000's � � March 31,
2008 December 31, 2007 Operating Activities Net income $ (374 ) $
(2,393 ) Adjustments to reconcile net income to net cash provided
by operating activities: � Depreciation and amortization 33 125
Provision for loan loss 39 311 Net amortization of
premiums/discounts on securities 0 1 Share-based compensation
expense (1) 107 861 Increase in accrued interest receivable and
other assets (11 ) (408 ) Decrease in accrued interest payable and
other liabilities � (67 ) � 176 � Net Cash Provided by Operating
Activities � (273 ) � (1,327 ) Investing Activities Proceeds from
matured investment securities available-for-sale 5,000 16,000
Purchases of investment securities available-for-sale (3,000 )
(33,013 ) Purchase of FHLB Stock (0 ) (89 ) Purchases of premises
and equipment - (279 ) Net increase in loans � (2,783 ) � (25,666 )
Net Cash Used in Investing Activities � (783 ) � (43,047 )
Financing Activities Net increase in deposits 854 35,708 Net
increase (decrease) in other borrowings - (1,735 ) Net increase in
FHLB borrowings � - � � 1,900 � Net Cash Provided by Financing
Activities � 854 � � 35,873 � Net Increase in Cash and Cash
Equivalents (202 ) (8,501 ) Cash and Cash Equivalents, Beginning of
Year � 8,636 � � 17,137 � Cash and Cash Equivalents, End of Period
$ 8,434 � $ 8,636 � � � 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). � Pacific
Alliance Bank Statement of Changes in Shareholders' Equity
(unaudited) For the period January 1, 2008 through March 31, 2008 $
in 000's � � � � � � � � Accumulated Common Stock Additional Other
Total Shares Common Paid In Comprehensive Accumulated Comprehensive
Shareholders' Outstanding Stock Capital Loss Deficit Loss Equity �
Balance, January 1, 2008 1,657,686 $ 16,365 $ 972 $ (3,177 ) $ 2 $
14,162 � Share-based compensation expense (1) 107 107 Net loss (1)
(374 ) (374 ) (374 ) Unrealized gains (losses) 89 89 89 � Total
Comprehensive loss $ (285 ) � � � � � � Balance, March 31, 2008
1,657,686 $ 16,365 $ 1,079 $ (3,551 ) $ 91 $ 13,984 � � � � 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).
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