SOURCE: 1st Enterprise Bank

April 20, 2011 20:14 ET

1st Enterprise Bank Reports Results for the Quarter Ending March 31, 2011, Highlighted by $106 Million or 26% Growth in Total Assets Over the Prior Year

LOS ANGELES, CA--(Marketwire - Apr 20, 2011) - 1st Enterprise Bank ("the Bank") (OTCBB: FENB), a full-service commercial bank serving the Southern California business community, reported net income of $595,000 for the first quarter of 2011, a $128,000 or 28% increase over the first quarter of 2010. "The Bank continues to generate strong earnings and asset growth," said Brian Horton, President. "The Bank has grown its deposits by $105 million and its loans by $66 million over the last year. We continue to have no charged-off or past due loans," added Mr. Horton, "and we grew income before both taxes and provision for loan losses by $262,000 or 31% over the first quarter of 2010."

The Bank reported net income of $595,000 and income applicable to common shareholders of $449,000 for the quarter ending March 31, 2011. This compares to net income of $467,000 and income applicable to common shareholders of $343,000 for the quarter ending March 31, 2010. Basic and diluted earnings per share were $0.17 and $0.16 respectively, which compares to basic and diluted earnings per share of $0.12 for the prior year.

Total assets at March 31, 2011 were $510 million, an increase of 26% or $106 million compared to March 31, 2010. Deposits increased by $105 million or 30% over the prior year and outstanding loans grew by $66 million or 40% over the prior year. The Bank's Tier 1 leverage capital ratio for the quarter was 8.2% and its total risk based capital ratio was 12.9%.

"The Bank looks forward to continued growth throughout 2011," said Mr. Horton.

About 1st Enterprise Bank
Founded in 2006, 1st Enterprise Bank is a full service 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, 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 www.1stenterprisebank.com.

Forward-Looking Statement:
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.

1st Enterprise Bank
Condensed Statements of Operations
($000)Unaudited
Three Months Ended
Interest Income3/31/201112/31/20103/31/2010
Total interest income$3,763$3,777$3,667
Total interest expense307324271
Net Interest Income3,4563,4533,396
Provision for loan losses29239857
Net Interest Income After Provision for Loan Losses3,1643,0553,339
Non-interest Income807515194
Non-interest Expenses
Salaries and employee benefits1,8231,6241,547
Stock-based compensation393045
Occupancy and equipment expenses273278273
Other expenses1,0141,063873
Total non-interest expense3,1492,9952,738
Income Before Income Taxes822575795
Provision (benefit) for income taxes225(45)328
Net Income$595$620$467
Preferred dividends146146124
Net Income Applicable to Common Shareholders$449$474$343
1st Enterprise Bank
Condensed Statements of Financial Condition
($000)
UnauditedAuditedUnaudited
Assets3/31/201112/31/20103/31/2010
Total cash and cash equivalents$23,397$4,577$12,534
Interest-bearing deposits in banks29,62825,92623,591
Investment securities - available-for-sale169,773199,292183,458
Investment securities - held-to-maturity39,56739,61613,856
Loans, net of deferred loan fees231,635216,919165,750
Allowance for loan losses(3,757)(3,465)(2,313)
Loans, net of allowance for loan losses227,878213,454163,437
Bank Owned Life Insurance10,16510,062-
Premises and equipment, net1,9492,0532,364
Accrued interest receivable and other assets7,2837,3044,854
Total Assets$509,640$502,284$404,094
Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits$184,951$173,146$153,683
Money market accounts, savings and NOW deposits254,110259,600193,637
Time deposits21,9418,6068,209
Total Deposits461,002441,352355,529
Federal Home Loan Bank borrowings-16,500-
Other liabilities6,3132,3517,543
Total Liabilities467,315460,203363,072
Shareholders' Equity42,32542,08141,022
Total Liabilities and Shareholders' Equity$509,640$502,284$404,094

Contact Information

  • Contact:
    John C. Black
    CEO
    213-430-7000