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As of 8:10 PM 09/24/14 All times are local (Market data is delayed by at least 15 minutes).

pacific commerce bank/ca (PFCI) Key Developments

Pacific Commerce Bank Reports Unaudited Earnings Results for Second Quarter and Six Months Ended June 30, 2014

Pacific Commerce Bank reported unaudited earnings results for second quarter and six months ended June 30, 2014. For the quarter, the company’s total interest income was $1,870,000 against $1,670,000 a year ago. Net interest income was $1,762,000 against $1,553,000 a year ago. Total income was $2,126,000 against $1,761,000 a year ago. Net income was $406,000 against $567,000 a year ago. EPS was $0.09 against $0.13 a year ago. For the six months, the company’s total interest income was $3,623,000 against $3,312,000 a year ago. Net interest income was $3,411,000 against $3,074,000 a year ago. Total income was $3,908,000 against $3,367,000 a year ago. Net income was $1,296,000 against $802,000 a year ago. EPS was $0.29 against $0.18 a year ago.

Pacific Commerce Bank Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2014

Pacific Commerce Bank reported unaudited earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net income after tax of $891,000 along with another solid quarter of loan growth. This compares favorably to net income of $235,000 in the first quarter of 2013. Loans outstanding grew $12.2 million, or 8.4% in the first quarter and have increased $28.7 million, or 22.2% since the first quarter of 2013. Net interest income was $1,649,000 against $1,522,000, increased $109,000 or 7.2% from the prior quarter as a result of the strong loan growth experienced in the first quarter, and the continuing reduction in cost of funds. Loss before Loan loss provision and income taxes was $22,000 against income before Loan loss provision and income taxes of $235,000 a year ago. EPS was $0.20 against $0.05 a year ago.

Pacific Commerce Mulls Acquisitions

Pacific Commerce Bank (CA) (OTCPK:PFCI) is looking for acquisitions. Chairman, Thomas Iino said, “The Board of Directors continues to focus on providing meaningful shareholder returns over the long-term, and with pursuing in-market opportunities for strategic mergers and acquisitions in 2014.”

Founder, Kenneth Kasamatsu to Retire from the Pacific Commerce Bank, Effective April 1, 2014

Pacific Commerce Bank reported that its Founder, Kenneth Kasamatsu will be retiring effective April 1, 2014. Mr. Kasamatsu served as the Bank's first president and chief executive officer and has been instrumental in Pacific Commerce Bank's active leadership role in the local Japanese-American community over the past twelve years.

Pacific Commerce Bank Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

Pacific Commerce Bank announced unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest income was $1,655,000 against $1,676,000 a year ago. Net interest income was $1,548,000 against $1,548,000 a year ago. Income before loan loss provision, stock options and income tax expenses was $169,000 against $284,000 a year ago. Net loss was $266,000 against net income of $274,000 a year ago. Loss per share was $0.06 against earnings per share of $0.06 a year ago. 2013 fourth quarter net income before tax reflected several one-time income and expense items, including expenses relating to sale of one OREO property and write down of the bank's other OREO property totaling $448,000, offset by a gain on sale of one of two OREO properties in the amount of $487,000. For the full year, the company reported total interest income was $6,654,000 against $6,744,000 a year ago. Net interest income was $6,208,000 against $6,161,000 a year ago. Income before loan loss provision, stock options and income tax expenses was $1,097,000 against $932,000 a year ago. Net income was $4,926,000 against net income of $909,000 a year ago. Earnings per share were $1.10 against earnings per share of $0.20 a year ago.

 

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