Beach Business Bank Reports Earnings for the 1st Quarter of 2012

ID: 139853

(firmenpresse) - MANHATTAN BEACH, CA -- (Marketwire) -- 04/26/12 -- Beach Business Bank (OTCBB: BBBC) (the "Bank") is pleased to report its results of operations for the first quarter of 2012.

Earnings. For the first quarter, the Bank earned $600,000, before the $120,000 in non-core expenses related to the merger agreement (the "Merger") with First PacTrust Bancorp, which was announced in a joint press release by both companies on August 31, 2011. If those non-core expenses are included, the Bank still earned $480,000 for the quarter. Based upon the earnings before non-core items, the Bank earned 0.81% annualized return on Average Assets for the quarter, and measured upon earnings before non-core items, the Bank earned 7.41% annualized return on Average Common Equity for the quarter.

Net Loan Growth and Funding Quality. Net Loans increased by 4.91% in the 1st Quarter, compared to the previous Quarter-end. Deposit growth was 2.38% for the prior quarter. The Bank's Net Interest Margin rose to 4.62%, compared to 4.43% at the end of the prior quarter. The Bank's Net Interest Margin compared favorably to the same period last year, when it was 4.49%. Non-interest bearing deposits increased from $66.9 million at the end of December 2011 to $69.7 million at the end of the 1st Quarter. The Bank's non-CD or "core" deposits remained very high at 93.88% of total deposits at the end of the 1st Quarter.

Total new loan commitments for the Bank in the quarter amounted to more than $23.6 million. This compares to $24.8 million in new loan commitments for the previous Quarter, and $88.5 million in new loan commitments for all of 2011.

Deposits totaled $256.9 million at the end of the Quarter, as compared to $251.0 million at the end of year 2011.

Total assets stood at $298.5 million at the end of the Quarter, as compared to $305.0 million at the end of year 2011.

Strong Operating Performance, when measured before Non-Core Items

"As we prepare to complete the Merger with First PacTrust Bancorp, we are pleased to announce another profitable quarter. We have had a great run as an independent Bank, and now we are looking forward to a wonderful future working with our new parent and team," commented Jim Gray, the co-chairman of the Bank's board of directors.

Robert Franko, president and chief executive officer of the Bank, commented, "We are anxious to complete the Merger with First PacTrust Bancorp, Inc., which we expect to close before the end of the current Quarter. We look forward to bringing our business banking expertise to their customer base, as well as expanding the product offerings available to our clients."

The Bank's Allowance for Loan & Lease Losses (ALLL) stood at $6.1 million or 2.36% of loans held to maturity at the Quarter-end.

As of the Quarter-end, non-accrual loans stood at $3.4 million, or 1.3% of loans held to maturity

There were no loans more than 30 days past due.

The Bank had net charge-offs of $52,000 in the quarter. The Bank provided $200,000 to the ALLL in the quarter.

At the Quarter-end, the Bank's Total Risk-based Capital Ratio was 15.2%, compared to the regulatory minimum of 10.0% to be "Well Capitalized".

The Bank's other regulatory Capital measurements also continued to be significantly above the regulatory minimums for Well Capitalized for example the Bank's Tier 1 Risk-Based Capital was 13.9%, compared to the regulatory minimum of 6.0%, and the Bank's Tier 1 Leverage Ratio was 11.5%, compared to the regulatory minimum of 5.0%.

On March 7, 2012, as the Bank announced on that date, the Bank repurchased 1,500 of the remaining 3,000 shares of the Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock") that the Bank had issued to the Treasury on January 30, 2009 under the TARP Capital Purchase Program, thereby reducing the preferred equity of the Bank by $1.5 million, so that at the Quarter-end only a combined $1.8 million of the Series A and Series B Preferred Stock remains.

Financial statements in the form of the Bank's Call Report, as filed with the FDIC, will be available on the Bank's web site at , and should be available for review or downloading from the FDIC web site at shortly after the end of this month.

Beach Business Bank is headquartered at 1230 Rosecrans Avenue, Lobby Level, in Manhattan Beach, and has two other full-service offices at 180 E. Ocean Blvd. in Long Beach, CA and at 650 Town Center Drive in Costa Mesa, CA. The Bank is first and foremost a community business bank serving Los Angeles, Long Beach, the South Bay and Orange County residents and businesses. The Bank also has a division named The Doctors Bank®, which serves physicians and dentists nationwide. In addition, Beach Business Bank provides loans to small businesses, focused around the SBA 7(a) and Express lending programs. For more information on the Bank, please visit or call toll-free to (866) 862-3878.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:

The financial information in this press release is based on our unaudited financial results. Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief, and current expectations of the Bank, its directors, or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements are subject to risks and uncertainties and therefore the Bank's actual results may differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that the Bank is subject to include, but are not limited to, risks related to the local and national economy, including fluctuations in interest rates and costs and changes in economic policy; the ability of the Bank to perform in accordance with its plans; competition; regulatory matters; and other risks detailed in its filings with the State of California Department of Financial Institutions and the Federal Deposit Insurance Corporation. The Bank cautions readers not to place undue reliance on any forward-looking statements. The Bank does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Contact:
Beach Business Bank
Robert M. Franko
310-802-2910

Melissa Lanfre
310-802-2919

Weitere Infos zu dieser Pressemeldung:

http://www.beachbusinessbank.com

Themen in dieser Pressemitteilung:

1st-quarter-2012

earnings