Printer Friendly

PACIFIC BANCORPORATION REPORTS IMPROVED EARNINGS AND ASSET QUALITY

 FRESNO, Calif., July 21 /PRNewswire/ -- Pacific Bancorporation (NASDAQ: PABC), the holding company for Community First Bank of Bakersfield, Calif., today announced consolidated net earnings of $191,792, or 11 cents per common share, for the quarter ending June 30, 1993, as compared to a net loss $382,612, or 32 cents per common share, during the second quarter 1992.
 For the six months ending June 30, 1993, the consolidated net earnings after extraordinary item was $873,044, or 57 cents per common share, as compared to a net loss of $283,196, or 28 cents per common share for the same period in 1992.
 Henry Wheeler, president of Pacific Bancorporation, attributed Pacific's improved performance to several factors. "We enjoyed a 7.4 percent increase in net interest income, indicating that while the general weakness in the U.S. and California economies reduced our interest expense, loan demand in our markets was robust enough to increase our loan portfolio to $152 million from $146 million at Dec. 31, 1992.
 "At the same time, on a year to year comparison, we have been able to reduce Other Real Estate Owned (OREO) to $192,248 from $3,456,116 for the same quarter last year. This was accomplished through further discounting of properties which effected six months' earnings by some $231,000. In addition, loan loss reserves were enhance by some $280,000 to bring reserve ratios more in line with our peers. These charges were offset somewhat by extraordinary income of $511,003, which resulted from a change in accounting principles."
 John Tait, chairman and chief executive officer of Community First Bank, Pacific's subsidiary bank, indicated that noninterest expenses were down more than 21 percent from the comparable six month period last year and that earning assets have increased 13 percent, or $22.9 million, over the same period in 1992. In addition, net interest income increased by $571,745 for the six month period. The bank's capital ratios continue to exceed those called for by the regulatory agencies.
 Pacific Bancorporation (PBC) announced that ValliCorp Holdings, Inc. ("ValliCorp") has agreed to waive the financing condition that it complete a $7 million offering of securities as a condition precedent to closing the merger transaction between ValliCorp and PBC. The merger remains subject to regulatory approval and to certain other conditions. PBC hopes to complete the merger transaction before the end of 1993.
 Pacific Bancorporation is traded on the NASDAQ National Market System under the symbol PABC. Bakersfield headquartered Community First Bank serves the San Joaquin Valley and adjacent areas.
 FINANCIAL HIGHLIGHTS:
 PACIFIC BANCORPORATION UNAUDITED CONSOLIDATED FINANCIAL DATA
 (Dollars in thousands, except share data)
 For the quarter For the six months
 ended ended
 June 30, June 30,
 1993 1992 1993 1992
 STATEMENT OF INCOME DATA
 Net interest income $3,047 $2,838 $6,083 $5,511
 Provision for possible
 credit losses 380 135 530 220
 Other income 828 824 1,641 1,586
 Other expenses 3,135 3,985 6,522 7,204
 Income taxes (net NOL) 168 (75) 310 (43)
 Net income (loss) 192 (383) 873 (283)
 BALANCE SHEET DATA June 30, Dec. 31,
 1993 1992
 Total assets $213,351 $209,047
 Total loans 148,989 143,476
 Total deposits 196,572 193,060
 Stockholders' equity 12,035 11,256
 SHARE DATA
 Earnings per share $0.57 $(0.28)
 Book value 8.88 7.68
 SELECTED FINANCIAL RATIOS
 Return on average total assets 0.58 percent (0.29 percent)
 Return on average equity 6.38 percent (5.26 percent)
 Net interest margin 6.46 percent 6.39 percent
 Non-interest expenses to
 average assets 6.19 percent 7.28 percent
 Allowance for possible credit
 losses to total loans 1.58 percent 1.36 percent
 Net charge-offs to total loans 0.11 percent 0.55 percent
 Nonperforming assets to total
 loans and OREO 1.69 percent 3.63 percent
 Nonperforming assets to
 total assets 1.20 percent 2.45 percent
 Risk-based capital-total 8.73 percent 8.66 percent
 -0- 7/21/93
 /CONTACT: Henry Wheeler, Pacific Bancorporation president and CEO, 209-221-7381; Gary Strong, for Pacific Bancorporation, at The Financial Relations Board, 312-266-7800/
 (PABC)


CO: Pacific Bancorporation ST: California IN: FIN SU: ERN

LG-MG -- NY067 -- 3989 07/21/93 13:25 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 21, 1993
Words:706
Previous Article:HAGGAR ANNOUNCES THIRD QUARTER RESULTS NET INCOME TO STOCKHOLDERS INCREASES 84 PERCENT
Next Article:TOROTEL TO ACQUIRE OPT INDUSTRIES, INC.
Topics:


Related Articles
COMMUNITY FIRST BANK'S HOLDING COMPANY ANNOUNCES SECOND QUARTER PERFORMANCE
GLENDALE BANCORPORATION ANNOUNCES 1992 NINE MONTHS RESULTS
PACIFIC BANCORPORATION REPORTS IMPROVED EARNINGS, ASSET QUALITY; ANNUAL MEETING SET FOR NOV. 16
PACIFIC BANCORPORATION NET INCOME CLIMBS 59 PERCENT; IMPROVED OPERATIONS, ASSET QUALITY ACCOUNT FOR GAIN
PACIFIC BANCORPORATION REPORTS DRAMATIC IMPROVEMENTS IN EARNINGS, ASSET QUALITY
GLENDALE BANCORPORATION ANNOUNCES FIRST QUARTER RESULTS
FIRST BANCORPORATION OF OHIO ANNOUNCES YEAR END RESULTS
NATIONAL CITY BANCORPORATION ANNOUNCES 1994 EARNINGS
Southwest Bancorporation of Texas, Inc. Announces Fourth Quarter Results; Assets Reach $1 Billion as Growth Continues
Zions Bancorporation Reports Record First-Quarter Earnings

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters