1st Enterprise Bank Announces Net Income of $1.39 Million for the 3rd Quarter of 2013
(firmenpresse) - LOS ANGELES, CA -- (Marketwired) -- 10/18/13 -- 1st Enterprise Bank ("the Bank") (OTCQB: FENB), an independent full-service commercial bank serving the Southern California business community, reported net income of $1,388,000 for the quarter ending September 30, 2013.
Total Assets grew by 11%, from $662 million at September 30, 2012 to $731 million at September 30, 2013
Total Loans outstanding grew by $83 million or 22%, from $381 million at September 30, 2012 to $464 million at September 30, 2013
Total Deposits grew by 6%, from $592 million at September 30, 2012 to $629 million at September 30, 2013
Net interest income of $5.5 million was the highest in the Bank's history and 14% higher than the third quarter of 2012
Net Income applicable to common shareholders was $1,347,000 for the third quarter of 2013, compared to $608,000 for the third quarter of 2012
Income before taxes, loan loss provision and gain on sale of securities was $2,119,000 for the quarter, a 29% increase over the prior year
Diluted earnings per common share was $.33 for the quarter, compared to $.15 in the third quarter of 2012
"Our third quarter earnings reflect a significant improvement over last year, and our continuing momentum in terms of both growth and return," said John Black, CEO. "We are very pleased that the Bank's return on common equity exceeded 10% for the second consecutive quarter."
For the three months ended September 30, 2013, net interest income before provision was $5.5 million, an increase of 14% compared to the third quarter of 2012 and an increase of 1% compared to the second quarter of 2013. The year-over-year growth in net interest income was the result of both earning asset and net interest margin growth. Earning assets were $672 million in the third quarter of 2013, an 8% or $51 million increase over the prior year. The net interest margin was 3.23% during the third quarter of 2013, compared to 3.08% for the prior year. This increase resulted from the yield on earning assets increasing from the prior quarter as loan balances grew from 57% of earning assets, to 67%. The 1% increase over the second quarter of 2013 was due to growth in earning assets of $16 million that was offset by a decline in the net interest margin from 3.32% to 3.23%. 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 provision for loan loss was $4,000 for the third quarter of 2013, a $741,000 decrease year over year and a $62,000 sequential decrease. The Bank had net recoveries of $11,000 in the third quarter and $21,000 during the second quarter of 2013. As of September 30, 2013 there were no non-accrual loans.
Non-interest income, excluding gain on sale, was $904,000 for the quarter, which was a $23,000 decrease year over year and a $27,000 sequential increase.
Non-interest expense increased over the prior year and prior quarter by $174,000 and $131,000, respectively. Growth in non-interest expense was generally due to staff additions during the third quarter.
"We are very proud of these results and improving metrics, which are the result of the efforts of our very talented staff," said Brian Horton, President. "We thank our shareholders and customers for their continued support of our vision of being the recognized leader in the field of business banking."
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: 18.10.2013 - 22:46 Uhr
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News-ID 307270
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Commercial & Investment Banking
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