1st Enterprise Bank Announces Record Net Income of $1.4 Million for the 2nd Quarter of 2013
(firmenpresse) - LOS ANGELES, CA -- (Marketwired) -- 07/17/13 -- 1st Enterprise Bank ("the Bank") (OTCQB: FENB), an independent full-service commercial bank serving the Southern California business community, reported net income of $1,410,000 for the quarter ending June 30, 2013.
Total Assets grew by 16%, from $619 million at June 30, 2012 to $716 million at June 30, 2013
Total Loans outstanding grew by $104 million or 30%, from $341 million at June 30, 2012 to $445 million at June 30, 2013
Total Deposits grew by 9%, from $551 million at June 30, 2012 to $600 million at June 30, 2013
Net interest income of $5.4 million was the highest in the Bank's history and 17% higher than the second quarter of 2012
Income before taxes, loan loss provision and gain on sale of securities was $2.18 million for the quarter, a 10% increase over the prior quarter and a 73% increase over the prior year
Net Income applicable to common shareholders was $1,369,000 for the second quarter of 2013, compared to $976,000 for the first quarter of 2013 and $763,000 for the second quarter of 2012
Diluted earnings per common share was $.34 for the quarter, compared to $.24 in the first quarter of 2013 and $.22 in the second quarter of 2012
"Our second quarter results reflect the Bank's continued focus on a balance between growth and earnings," said John Black, CEO. "Further, our steady growth in quarterly net income to its current all time high reflects the operating efficiencies we are just now beginning to achieve." Brian Horton, President added, "We are very pleased to have made some very strategic hires in the second quarter and we continue to search out experienced bankers to add to our very talented team."
For the three months ended June 30, 2013, net interest income before provision was $5.4 million, an increase of 17% compared to the second quarter of 2012 and an increase of 4% compared to the first quarter of 2013. The year-over-year growth in net interest income was the result of growth in earning assets offsetting a modest decline in net interest margin. Earning assets were $656 million in the second quarter of 2013, a 19% or $106 million increase over the prior year. The net interest margin was 3.32% during the second quarter of 2013, compared to 3.38% for the prior year. The decrease in net interest margin was the result of declining loan and investment yields due to the continuation of the current low rate environment. The growth in net interest income over the prior quarter was the result of an increase in the net interest margin from 3.23% to 3.32%. This increase resulted from the yield on earning assets increasing from the prior quarter as loan balances grew from 63% of earning assets, to 66%. The provision for loan loss was $66,000 for the second quarter of 2013, a $174,000 decrease year over year and a $476,000 sequential decrease. The Bank had net recoveries of $21,000 during the second quarter of 2013, compared to net loan charge-offs of $349,000 during the first quarter of 2013 and zero charge-offs in the prior year. As of June 30, 2013 there were no non-accrual loans.
Non-interest income, excluding gain on sale, was $877,000 for the quarter, which was a 12% increase year over year and a 17% sequential increase. Growth in non-interest income was generally due to increased deposit related fees.
Non-interest expense decreased by $20,000 over the prior year and increased by $157,000 or 4% over the prior quarter.
"We are extremely pleased with these results for the second quarter and first half of the year, but remain focused on meeting the challenges presented by the continued low interest rate environment and the intense competition for quality small to mid-sized business relationships," added Mr. Black.
Founded in 2006, 1st Enterprise Bank is a full service independent commercial banking institution, whose highly experienced bankers personally serve Southern California entrepreneurial businesses, professional firms and nonprofit organizations, along with their owners and key managers. Headquartered in the Los Angeles financial district, with full service regional banking offices in Irvine and Ontario and an LPO in Woodland Hills, 1st Enterprise Bank offers a full range of credit and depository services, with special emphasis on superior customer service, sophisticated cash management services and direct access to bank decision makers. Customers work directly with a dedicated Relationship Manager, a seasoned professional who understands their unique challenges serving as a sounding board and an active participant in their client's success. For more information on 1st Enterprise Bank, please visit .
This news release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about 1st Enterprise Bank's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: 1st Enterprise Bank's timely implementation of new products and services, technological changes, changes in consumer spending and savings habits and other risks discussed from time to time in 1st Enterprise Bank's reports and filings with banking regulatory agencies. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and 1st Enterprise Bank does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
Contact:
John C. Black
CEO
213-430-7000
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Datum: 17.07.2013 - 23:27 Uhr
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News-ID 279466
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Commercial & Investment Banking
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