PBB Bancorp (PBCA: OTCQX U.S. Premier) | PBB Bancorp Reports Continual Strong Earnings Through 3rd Quarter 2016

OTC

PBB Bancorp Reports Continual Strong Earnings Through 3rd Quarter 2016

Oct 31, 2016

OTC Disclosure News Service

PBB Bancorp (“PBCA”) (OTCQX: PBCA), the parent company of Premier
Business Bank (“Premier”), announces continued strong earnings and
growth for the third quarter of 2016. The Consolidated Balance Sheet as
of September 30, 2016, reflected all-time high results: total assets of
$484.5 million, net loans of $383.0 million, total deposits of $369.8
million, and total equity of $44.6 million.

Net income for the three month period ended September 30, 2016, was
$1,200,000, or $0.23 per share, and net income for the nine month period
ended was $4.5 million, or $0.91 per share. Net income for the nine
month period included a one-time after-tax net gain of $1.7 million
associated with the merger of First Mountain Bank in January 2016.
Today, our core earnings outpace previous year’s results by $1.1 million
for the nine month period ended September 30, 2016.

Premier is pleased to deliver strong results again this quarter, a
recorded 20+ consecutive quarters of positive growth. Our team of
experienced bankers are invested in the communities we serve, and work
closely with customers and clients to achieve financial success.
“Looking ahead, we strive to continue revenue growth, manage risk, and
invest in new product enhancements and improvements to enrich our
customer experience and benefit shareholder value,” stated President and
CEO, John Polen.

HIGHLIGHTS for the 3rd Quarter 2016

  • Net Income increased for the nine month period ended September
    30, 2016, to $4.5 million compared to $1.7 million for same period
    last year.
  • Net Interest Income before provisions increased $5.8 million,
    or 86.5% for the nine months ended September 2016 as compared to the
    same period last year.
  • Total Assets were an all-time high of $484.5 million,
    reflecting an increase of $219.2 million, or 82.6% as compared to the
    prior year.
  • Net Loans were an all-time high of $383.0 million, increasing
    $160.8 million, or 72.4% as compared to the prior year.
  • Total Deposits were an all-time high of $369.8 million,
    increasing $176.1 million, or 90.9% when compared to the prior
    year.

ABOUT PBB BANCORP AND PREMIER BUSINESS BANK

PBB Bancorp is the parent company of Premier Business Bank and its full
service community bank divisions, Premier Bank of Palos Verdes and First
Mountain Bank. Premier Business Bank is headquartered in downtown Los
Angeles, California, and has three additional locations in Los Angeles
County, two community-based full service retail branches in Rolling
Hills Estates and Palos Verdes Estates, and an SBA loan center in
Torrance. Our First Mountain Bank division has three full service retail
branches located in San Bernardino County, California. Branches are
located in Big Bear Lake, Running Springs, and Lucerne Valley.

Premier Business Bank, Premier Bank of Palos Verdes, and First Mountain
Bank have a client-centric service philosophy that focuses on client
relationships with individuals, small to medium size businesses, real
estate investors, professional management firms, and entrepreneurs. PBB
Bancorp currently trades on OTCQX under the symbol “PBCA.” For more
information, please visit us at: ibankpremier.com or
firstmountainbank.com

FORWARD-LOOKING INFORMATION:

This financial information in this release is based on unaudited
financial results. Certain statements contain “forward-looking”
statements (as such term is defined in the Private Securities Litigation
Reform Act of 1995) such as statements about certain plans,
expectations, and projections which are subject to numerous risks and
uncertainties. Such risks and uncertainties may include but are not
necessarily limited to fluctuations in interest rates, inflation,
government regulations, and general economic conditions, including the
real estate market in California, the adequacy of the Bank’s allowance
for loan losses, and other factors beyond the Bank’s control. Such risks
and uncertainties could cause results for subsequent interim periods or
for entire years to differ materially from those indicated. Readers
should not place undue reliance on the forward-looking statements, which
reflect management’s view only as the date hereof. The Bank undertakes
no obligation to publicly revise these forward-looking statements to
reflect subsequent events or circumstances.

 

 

 

 

 

 

 

 

PBB BANCORP

Consolidated Statement of Condition

Prior Year Comparison

(unaudited)

 

For the Period Ended September 30,

2016

 

 

 

 

 

2015

Assets

 

Cash and due from banks

$

72,827,801

$

37,362,364

Federal funds sold

Investment securities

12,063,578

Investment in subsidiary

 

Loans and leases held for sale

2,955,165

1,494,019

 

Loans and leases

384,849,563

224,142,785

Non accrual loans

1,079,814

Deferred loan costs / (fees)

(582,201

)

174,779

Allowance for loan losses

 

(2,333,953

)

 

 

 

 

 

 

(2,100,000

)

Net loans and leases

383,013,224

222,217,565

 

Fixed assets, net

3,061,908

167,025

Accrued interest receivable

990,313

571,076

Bank owned life insurance

3,932,596

Other assets

 

5,628,449

 

 

 

 

 

 

 

3,476,772

 

Total assets

$

484,473,035

 

 

 

 

 

 

$

265,288,820

 

 

Liabilities

 

Deposits:

Demand deposits

$

105,690,240

$

41,002,386

Interest bearing demand deposits

53,190,869

17,054,287

Money market accounts

59,581,877

37,119,023

Savings accounts

24,943,663

650,472

Certificates of deposit

 

126,392,178

 

 

 

 

 

 

 

97,904,579

 

Total deposits

369,798,826

193,730,748

 

Federal funds purchased

Overnight borrowings – FHLB

15,000,000

FHLB term borrowings

51,000,000

45,000,000

Accrued interest payable

72,786

75,482

Other liabilities

 

4,010,035

 

 

 

 

 

 

 

973,874

 

Total liabilities

 

439,881,647

 

 

 

 

 

 

 

239,780,103

 

 

Stockholders’ equity

 

Common stock; issued and outstanding 4,967,458 shares at 09/30/16
and 3,396,550 shares at 09/30/15

38,364,550

26,985,142

Add’l paid-in-capital – stock based comp.

4,228,632

1,348,793

Retained earnings – preopening expenses

(863,858

)

(863,858

)

Retained earnings

(1,744,367

)

(3,614,343

)

Cash dividend

Current year net income (loss)

4,510,091

1,652,983

Unrealized gain (loss) on securities AFS

 

96,340

 

 

 

 

 

 

 

 

Total stockholders’ equity

 

44,591,388

 

 

 

 

 

 

 

25,508,717

 

Total liabilities and stockholders’ equity

$

484,473,035

 

 

 

 

 

 

$

265,288,820

 

 

 

 

 

 

 

 

 

 

 

PBB BANCORP

Consolidated Statement of Operations

Prior Year Quarterly Comparison

(unaudited)

 

For the 3 Months Ended

9/30/16

 

 

 

 

 

9/30/15

Interest income:

Loans and leases, including fees

$

5,000,412

$

2,724,083

Investment securities

71,225

Federal funds sold

Interest Income-FRB

46,944

18,275

Interest Income-Other

 

57,821

 

 

 

 

 

 

44,356

Total interest income

5,176,403

2,786,714

 

Interest expense:

Interest bearing demand deposits

12,447

8,148

Money market accounts

52,116

42,118

Savings accounts

7,500

306

Retail certificates of deposit

145,166

49,822

Qwickrate and brokered certificates of deposit

156,273

190,062

FHLB overnight borrowings and federal funds purchased

17,471

FHLB term borrowings

148,195

129,853

Other borrowings

 

25,556

 

 

 

 

 

 

Total interest expense

564,723

420,307

 

Net int. income before prov. for loan losses

4,611,680

2,366,407

 

Provision for loan losses

135,000

 

Net int. income after prov. for loan losses

4,476,680

2,366,407

 

Noninterest income:

Fees and service charges on dep. accts.

29,343

5,643

Analysis charges

20,391

20,861

Gain (loss) on sale of SBA loans

80,668

Other income

 

335,131

 

 

 

 

 

 

25,122

Total noninterest income

384,866

132,294

 

Noninterest expense:

Salaries and benefits

1,738,528

1,015,606

Occupancy expense

231,094

105,176

Furniture, fixtures and equipment

85,467

47,642

Other expenses

 

918,296

 

 

 

 

 

 

372,347

Total noninterest expense

2,973,385

1,540,770

 

Income before tax provision

 

1,888,160

 

 

 

 

 

 

957,931

 

Provision for income taxes

 

727,990

 

 

 

 

 

 

398,506

Net income (loss)

$

1,160,170

 

 

 

 

 

$

559,425

 

 

 

 

 

 

 

 

 

 

PBB BANCORP

Consolidated Statement of Operations

Prior Year to Date Comparison

(unaudited)

 

For the 9 Months Ended

9/30/16

 

 

 

 

 

9/30/15

Interest income:

Loans and leases, including fees

$

13,647,696

$

7,688,934

Investment securities

194,050

Federal funds sold

0

Interest Income-FRB

121,727

43,838

Interest Income-Other

 

161,230

 

 

 

 

 

 

149,623

Total interest income

14,124,704

7,882,396

 

Interest expense:

Interest bearing demand deposits

35,964

23,201

Money market accounts

142,892

130,975

Savings accounts

19,626

705

Retail certificates of deposit

405,106

146,757

Qwickrate and brokered certificates of deposit

444,682

512,526

FHLB overnight borrowings and federal funds purchased

50,173

516

FHLB term borrowings

411,681

329,977

Other borrowings

 

51,389

 

 

 

 

 

 

Total interest expense

1,561,512

1,144,656

 

Net int. income before prov. for loan losses

12,563,192

6,737,740

 

Provision for loan losses

210,000

235,000

 

Net int. income after prov. for loan losses

12,353,192

6,502,740

 

Noninterest income:

Fees and service charges on dep. accts.

91,643

17,128

Analysis charges

64,093

70,153

Gain (loss) on sale of SBA loans

297,485

706,233

Other income

 

2,735,486

 

 

 

 

 

 

38,103

Total noninterest income

3,188,708

831,617

 

Noninterest expense:

Salaries and benefits

5,230,348

3,037,070

Occupancy expense

599,633

291,131

Furniture, fixtures and equipment

251,526

135,958

Other expenses

 

3,166,601

 

 

 

 

 

 

1,039,248

Total noninterest expense

9,248,108

4,503,407

 

Income before tax provision

 

6,293,791

 

 

 

 

 

 

2,830,950

 

Provision for income taxes

 

1,783,700

 

 

 

 

 

 

1,177,967

Net income (loss)

$

4,510,091

 

 

 

 

 

$

1,652,983

 

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