SOURCE: Premier Commercial Bank

Premier Commercial Bank

April 29, 2010 09:00 ET

Premier Commercial Bancorp Announces 1st Quarter Earnings

ANAHEIM, CA--(Marketwire - April 29, 2010) -  Premier Commercial Bancorp (OTCBB: PCBP), parent company of Premier Commercial Bank, N.A., reported consolidated earnings for the three months ended March 31, 2010 of $132,000, compared to $205,000 for the same period last year. Pretax, pre-provision profit of $892,000 for the first quarter was actually up 17% compared to the three months ended March 31, 2009.

Premier Commercial Bank Chairman and CEO Kenneth J. Cosgrove stated, "We are experiencing positive trends in many areas of our operations as both interest expense and non-interest expense were reduced during the quarter. We are actively engaging our markets and using our balance sheet strength and internal expertise to effectively fulfill the banking needs of our existing clients while capturing valued new ones. We feel we are well positioned as the economic recovery gains momentum and are pleased that this strong foundation has provided the basis for our Bank to report its 31st consecutive quarter of profitability."

As of March 31, 2010, on a consolidated basis, total assets were $425 million, a 5.5% increase from $403 million for the same period last year. Total deposits were $367 million, rising 21% from $304 million at March 31, 2009. Net loans were reported at $321 million at March 31, 2010, down slightly compared to $352 million at March 31, 2009. Shareholders' equity at March 31, 2010 was reported at $38.6 million, reflecting a well capitalized position per regulatory guidelines along with a Total Capital (to Risk-Weighted Assets) ratio of 12.6%.

Premier Commercial Bank President and COO, Ash Patel indicated, "We are gratified that the initiatives we have implemented over the last two years, as we managed through the economic downturn, have put us in position to capture increased market share and improve profitability. Our healthy reserve for loan loss and our strong asset quality will serve us well going forward."

About Premier Commercial Bancorp
Premier Commercial Bancorp is a registered bank holding company based in Anaheim, Calif. Premier Commercial Bank, a wholly owned subsidiary of Premier Commercial Bancorp, is a full-service bank specializing in small- to medium-size businesses, professionals, entrepreneurs and hospitality industry clients. Launched in November 2001, Premier Commercial Bank is the only independent bank with headquarters in Anaheim. For further information, call (714) 978-2400 or visit the Web site at

Cautionary Statement: Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made, and Premier Commercial Bancorp assumes no obligation to update this information. In addition, these forward-looking statements, and Premier Commercial Bancorp's business, are subject to the risk factors described in the filings of Premier Commercial Bancorp with the Securities Exchange Commission.

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