SOURCE: Premier Commercial Bank

Premier Commercial Bank

July 22, 2011 09:00 ET

Premier Commercial Bancorp Announces Increased Quarter and Year-to-Date Earnings

ANAHEIM, CA--(Marketwire - Jul 22, 2011) - Premier Commercial Bancorp (OTCBB: PCBP), parent company of Premier Commercial Bank, N.A., reported an increase in unaudited consolidated earnings for the six months ended June 30, 2011 to $891,000, compared to $345,000 the same period last year. For the three months ended June 30, 2011 earnings of $523,000 were reported, compared to $213,000 for the same period last year.

Premier Commercial Bank Chairman and CEO Kenneth J. Cosgrove stated, "The financial results for the second quarter of 2011 reflect an ongoing economic stabilization, although we acknowledge that challenges remain for our industry and our local economy. At PCB, as we approach our 10th anniversary, we reflect on those key components that have contributed to our success over a sometimes troublesome environment. A focus on client relationships, prudent decision making and overall consistency stand out. The product of those core values have proven to be the cornerstone of our success and provided the basis for our Bank's ability to report its 36th consecutive quarter of profitability."

As of June 30, 2011, on a consolidated basis, total assets were $453 million, up 22% from $371 million from the same period last year. Total deposits ended the quarter at $391 million, a 33% increase from $294 million for the quarter ended June 30, 2010. Net loans reduced slightly to $301 million at June 30, 2011 from $319 million at June 30, 2010. Shareholders' equity at June 30, 2011 was reported at $40.9 million, a 4.1% increase. This continues to provide a strong, well-capitalized position per regulatory standards along with a Total Capital (to Risk-Weighted Assets) ratio of 15.8%.

Premier Commercial Bank President and COO Ash Patel indicated, "The strength, stability and consistency of our organization have proven invaluable as we strive to meet current client needs and develop new relationships. Many new clients have sought out the soundness represented by our Company and we are pleased to be a safe harbor for clients and prospects at a time of turmoil within our industry. We look forward to participating in the economic recovery as it continues."

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