PROMERICA BANK Third Quarter 2011 Results Reflect Record Operating Profits, Strong Capitalization and Growth
(firmenpresse) - LOS ANGELES, CA -- (Marketwire) -- 10/31/11 -- Promérica Bank (OTCQB: PMRA) (PINKSHEETS: PMRA) today reported results of operations for its third quarter ended September 30, 2011. Highlights include:
Three-month Net Income of $285,000 - the Bank's fourth straight profitable quarter.
Total Assets at September 30, 2011 increased to $130.1 million, an increase of $16.4 million or 14% from September 30, 2010.
Total Loans at September 30, 2011 increased to $100.0 million, an increase of $26.0 million or 35% from September 30, 2010.
Total Deposits at September 30, 2011 increased to $106.6 million, an increase of $12.2 million or 13% from September 30, 2010.
The Bank received $3.8 million in new capital from the sale of preferred stock to the U.S. Treasury under the Small Business Lending Fund.
Capital ratios in excess of all minimums required to be "Well Capitalized" by regulatory agencies, with a Tier 1 Leverage Ratio of 18.4% and a Total Risk-Based Capital Ratio of 22.6% at September 30, 2011. Regulatory "Well Capitalized" definitions are 5% for the Tier 1 Leverage Ratio and 10% for the Total Risk-Based Capital Ratio.
Promérica Bank reported net income of $285,000 for the third quarter of 2011 or 10 cents per share as compared to a net loss of $82,000 or 3 cents per share in the third quarter of 2010. The Bank reported net income of $455,000 or 17 cents per share in the first nine months of 2011 as compared to a loss of $524,000 or 19 cents per share in the first nine months of 2010.
The Allowance for Loan and Lease Losses represents 2.1% of total loans. Nonperforming assets, net of government guaranteed loans, totaled approximately $0.2 million or 0.1% of assets at September 30, 2011.
"With its fourth straight quarter of profitability, Promérica Bank continues to make progress in the market with increases in assets, loans and deposits strengthening its franchise and competitive position in the market," stated Executive Chairwoman Maria Contreras-Sweet. "Promérica's position was further strengthened by its selection -- amid stringent standards -- to participate in the U.S. Treasury's Small Business Lending Fund (SBLF). With a capital investment of $3.8 million by SBLF, the Bank is strategically positioned to provide access to capital to small businesses to build jobs and wealth in the community."
"Our continuing strong performance demonstrates the execution of our plan to become a quality, business-focused and Latino-owned community bank," said John H. Quinn, President and CEO. "We are on target to achieve healthy growth for the year and continue building very strong momentum for our future."
Promérica Bank provides a full range of financial services, including credit and deposit products, cash management and internet banking for businesses and high net worth individuals from its headquarters office at 888 S. Figueroa Street, Los Angeles, CA 90017. Information on products and services may be obtained by calling (213) 613-5000 or visiting the Bank's website at .
NOTE:
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 Promérica 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: Promérica 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 Promérica 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 Promérica Bank does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
Maria Contreras-Sweet
Chairwoman
213.787.2802
John H. Quinn
CEO / President
213.787.2803
Frank E. Smith
CFO
213.787.2804
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Datum: 31.10.2011 - 15:00 Uhr
Sprache: Deutsch
News-ID 81939
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Commercial & Investment Banking
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