SOURCE: Premier Commercial Bank

Premier Commercial Bank

February 25, 2011 09:30 ET

Premier Commercial Bancorp Announces Improved Earnings for 2010

ANAHEIM, CA--(Marketwire - February 25, 2011) - Premier Commercial Bancorp (OTCBB: PCBP), parent company of Premier Commercial Bank, N.A., reported consolidated earnings for the year ended December 31, 2010 of $607,000 ($.17 per share), compared to net income of $224,000 ($.06 per share) for the year ended December 31, 2009. Net income for the three months ended December 31, 2010 was $150,000 compared with net income of $112,000 for the three months ended December 31, 2009.

Premier Commercial Bank Chairman and CEO Kenneth J. Cosgrove stated, "Much has been written in recent months about an improving economy both nationally and in our local community. At PCB we have seen definite signs of stabilization and recovery. We have continued to manage conservatively, selectively deleverage the balance sheet and focus on proactive solutions to the banking needs of existing clients and new customers. Our actions have proven beneficial for the Company as earnings more than doubled from last year. As a result, our fortress-like balance sheet provided the basis for our Bank to report its 34th consecutive quarter of profitability."

As of December 31, 2010, on a consolidated basis, total assets were $433 million, an 18% increase from $368 million for the same period last year; total deposits were up 26% to $364 million as compared to $288 million at December 31, 2009. Net loans were reported at $305 million at December 31, 2010 compared to $328 million at December 31, 2009. Shareholders' equity at December 31, 2010 was reported at $39.4 million, reflecting a well capitalized position per regulatory guidelines along with a Total Capital (to Risk-Weighted Assets) ratio of 15.7%.

Premier Commercial Bank President and COO Ash Patel indicated, "We have implemented initiatives over the last three years to strengthen the Bank while increasing profitability 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, "Best-in-class asset quality remains a hallmark for the Bank and provides PCB the leverage to expand both our loan and deposit base. This should position the Company well as the economic recovery continues to gain traction."

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 http://www.pcboc.com

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

  • Contact:
    Viktor Uehlinger
    EVP & CFO
    (714) 978-2552