SOURCE: Premier Commercial Bank

Premier Commercial Bank

April 21, 2011 09:00 ET

Premier Commercial Bancorp Announces Strong Increase in 1st Quarter Earnings

ANAHEIM, CA--(Marketwire - Apr 21, 2011) - Premier Commercial Bancorp (OTCBB: PCBP), parent company of Premier Commercial Bank, N.A., reported consolidated earnings for the three months ended March 31, 2011 of $367,000, compared to $132,000 for the same period last year. Pretax, pre-provision profit of $1,321,000 for the first quarter was up 72% compared to the three months ended March 31, 2010.

Premier Commercial Bank Chairman and CEO Kenneth J. Cosgrove, stated, "We are experiencing positive trends in many key areas of the Bank, while at the same time seeing evidence of improvement and stabilization in the local and national economies. We continue to actively engage our markets and leverage internal strengths to effectively meet the banking needs of our existing clients, while capturing valued new ones. Our 'fortress like' balance sheet provides us the opportunity to actively participate in the pending economic recovery while it is also the foundation for our Bank's ability to report its 35th consecutive quarter of profitability."

As of March 31, 2011, on a consolidated basis, total assets were $522 million, a 23% increase from $425 million for the same period last year. Total deposits were $462 million, rising 26% from $367 million at March 31, 2010. Net loans were reported at $295 million at March 31, 2011, down slightly compared to $321 million at March 31, 2010. Shareholders' equity at March 31, 2011 was reported at $39.9 million, reflecting a well capitalized position per regulatory guidelines along with a Total Capital (to Risk-Weighted Assets) ratio of 13.0%.

Premier Commercial Bank President and COO Ash Patel indicated, "We are gratified that the initiatives we have implemented over the last three years, as we managed through the economic downturn, have put us in position to capture increased market share and improve profitability. Our strong asset quality, solid deposit base and innovative lending programs 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 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