SOURCE: Premier Commercial Bank

Premier Commercial Bank

February 12, 2010 09:00 ET

Premier Commercial Bancorp Announces Earnings for 2009

ANAHEIM, CA--(Marketwire - February 12, 2010) - Premier Commercial Bancorp (OTCBB: PCBP), parent company of Premier Commercial Bank, N.A., reported consolidated earnings for the year ended December 31, 2009 of $225,000 ($.06 per share), compared to net income of $1.541 million ($.42 per share) for the year ended December 31, 2008. Net income for the three months ended December 31, 2009 was $112,000 compared with net income of $800,000 for the three months ended December 31, 2008.

Premier Commercial Bank Chairman and CEO Kenneth J. Cosgrove, stated, "Although recent national economic trends reflect improvement, 2009 was truly a challenging time for banks. At PCB, based upon new industry standards and the overall economic climate, we elected to aggressively accelerate our allocations for loan loss reserves. This resulted in subdued earnings. Fortunately, our fortress-like balance sheet provided the basis for our Bank to report its 30th consecutive quarter of profitability."

As of December 31, 2009, on a consolidated basis, total assets were $368 million, down slightly from $406 million for the same period last year; total deposits were $288 million as compared to $296 million at December 31, 2008, although total deposits averaged $356 million for the quarter. Net loans were reported at $328 million at December 31, 2009 compared to $352 million at December 31, 2008. Shareholders' equity at December 31, 2009 was reported at $38.1 million, reflecting a well capitalized position per regulatory guidelines along with a Total Capital (to Risk-Weighted Assets) ratio of 15.08%.

Premier Commercial Bank President and COO, Ash Patel indicated, "We have implemented initiatives over the last two years to fortify and deleverage our balance sheet as we manage growth. At the same time we have remained focused and responsive to the banking needs of our clients and prospects." Cosgrove added, "Core revenues for the year showed continued improvement. Earnings prior to tax, loan loss allocation and extraordinary FDIC assessments totaled $5.5 million as compared to $4.1 million in 2008, representing a 35.5% increase. This should position the Company well as the economic recovery gains momentum."

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.

Contact Information