Pacific Alliance Bank Announces Second Quarter Results
July 10 2008 - 8:00AM
Business Wire
Pacific Alliance Bank (OTCBB:PFBN) announced today its second
quarter 2008 results, with highlights as follows: Total Assets
increased $5.8 million to $56 million, or 11.5% growth from $50.2
million at June 30, 2007, and increased 6.3% from $52.7 million at
December 31, 2007. Loans outstanding increased $17 million to $31.8
million, or 116% increase from $14.7 million at June 30, 2007, and
increased 23.7% from $25.7 million at December 31, 2007. Deposits
grew by 6.9% to $37.4 million from $35 million at June 30, 2007,
and grew 3% from $36.3 million at December 31, 2007. Provision for
loan losses was $84,000, with allowance for loan losses to total
loans at 1.39%. As of June 30, 2008, all Bank loans were current,
with none being adversely classified internally. The Bank continued
to be categorized as �well-capitalized� under the regulatory
guidelines, with Tier 1 leverage capital ratio of 25.2%, Tier 1
risk-based capital ratio of 35.5%, and Total risk-based capital
ratio of 36.7%. The operating loss for 2nd quarter 2008 was lower
than the same quarter last year, ($437,000) or (26 cents) per share
for 2nd quarter 2008, and ($599,000), or (36 cents) per share for
the second quarter of 2007. The operating loss for the six months
ended June 30, 2008 was much lower than the period in the prior
year. For the six months ended June 30, 2008, the loss was
($811,000), or (49 cents) per share, compared with loss of
($1,266,000), or (76 cents) per share for the same period last
year. 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. This document may include
forward-looking information, which is subject to the "safe harbor"
created by Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act and the Private
Securities Litigation Reform Act of 1995. When the Bank uses or
incorporates by reference in this document the words "anticipate,"
"estimate," "expect," "project," "intend," "commit," "believe" and
similar expressions, the Bank intends to identify forward-looking
statements. Our actual results may differ materially from those
projected in any forward-looking statements, as they will depend on
many factors about which we are unsure, including many factors
which are beyond our control.
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