Pacific Alliance Bank (OTC Bulletin Board: PFBN) continues its growth, supported by ongoing referrals of business operating relationships from shareholders and clients.

The Bank has increased its Tier 1 Capital by $2 million (at $10.00 per share) as part of its Profit and Capital Plan designed for achievement of ongoing growth objectives.

We report our operating results for the 1st quarter ending March 31, 2010, as follows:

  • 1st Quarter operating loss of $146,000, which was $577,000 better than the same period 2009 result of net loss of $723,000, the improvement were primarily due to higher net interest income in the 1st quarter of 2010, by $169,000 or 34.5%, and zero loan loss provision for the 1st Quarter 2010 compared with $435,000 for the same period a year ago.
  • Total Assets increased by $3.7 million to $94.7 million, or 3.5% growth from $90.9 million at March 31, 2009.
  • Loans outstanding (gross) as of March 31, 2010 were $50.9, unchanged from March 31, 2009.
  • Deposits outstanding increased by $4.5 million to $78.3 million, or 6.1% growth from $73.7 million at March 31, 2009.
  • No provision for loan losses for the quarter, with allowance for loan losses to total loans at 3.5%.
  • As of March 31, 2010, two SBA 7a loans and one conventional loan were on nonaccrual, with total principal amount of $258,373 (75% SBA guaranteed) and $741,440 respectively.
  • With its successful effort in raising $2 million of new capital in February 2010, the Bank enhanced its “well-capitalized” status under the regulatory guidelines, with Tier 1 leverage capital ratio increased to 13.05%, Tier 1 risk-based capital ratio to 21.18%, and Total risk-based capital ratio to 22.45%.

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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