Press Releases
Pacific Coast National Bancorp Announces First Quarter 2007 Financial Results
SAN CLEMENTE, Calif.--(BUSINESS WIRE)--Michael S. Hahn, President and Chief Operating Officer of Pacific Coast National Bancorp and Pacific Coast National Bank (the "Bank") (OTCBB:PCST), today announced unaudited financial results for the quarter ended March 31, 2007. Total assets of $61.4 million at March 31, 2007, represented 9.3% growth from year-end assets of $56.2 million at December 31, 2006.
Total deposits were fueled primarily by strong growth in non-interest checking and money market accounts, increasing by 15.0% to $45.8 million at March 31, 2007, compared to $39.9 million at December 31, 2006. Likewise, the Company's net loans grew by 14.4% to $39.3 million at March 31, 2007, compared to $34.4 million. The Bank is considered "well-capitalized" by regulatory definition, with shareholders' equity of $15.3 million at March 31, 2007, compared to $16.0 million at December 31, 2006.
"I am so proud of what we have accomplished as we approach the second anniversary of the Bank's opening. These results represent significant growth and are reflective of our desire to establish quality, profitable relationships, rather than attempting to gain deposits by offering promotional, high-rate CD's," explained Hahn. "Pursuing a strategy of building core banking relationships will result in consistent and sustainable earnings, which creates shareholder value," Hahn added.
Since its inception, Pacific Coast National Bank has reported consistent growth in its loan and deposit portfolios, which has translated into improving cash flow for the de-novo financial institution. The Bank reported a net loss of $1.0 million for the three months ended March 31, 2007, inclusive of a $279 thousand expense relating to FAS 123R, which requires companies to record compensation expense related to stock options. This is compared to a net loss of $632 thousand for the same period last year. There was no expense related to FAS 123R in the first quarter of 2006. Additionally, the Bank continues to report no delinquent or past due loans as of March 31, 2007.
Hahn added, "I am proud to announce the celebration of the Bank's two-year anniversary. The steady increase in the Bank's earning assets reflects the need for delivering local control and hands-on service to the successful business owners in San Clemente, Encinitas and surrounding communities."
Pacific Coast National Bank is a full-service commercial bank headquartered in San Clemente, California, with a full-service banking office in Encinitas, California. The Bank offers a broad range of commercial and consumer banking services to small- and medium-sized businesses, professionals and individuals. Serving San Clemente, Encinitas and neighboring communities with a broad range of commercial and consumer banking services, the Bank is focused on products and service that meet the needs of the local community.
Forward-Looking Statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to significant risks and uncertainties. Forward-looking statements include information concerning our future results, interest rates, loan and deposit growth, operations, new branch openings, and business strategy. These statements often included words such as "may," "will," "believe," "expect," "anticipate," "predict," "intend," "plan," "estimate," or "continue" or the negative thereof, or other variations thereon or comparable terminology. As you consider forward-looking statements, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties, and assumptions that could cause actual results to differ materially from those in the forward-looking statements. These factors include but are not limited to: the timing of regulatory approvals or consents for new branches or other contemplated actions; the availability of suitable and desirable locations for additional branches; the continuing strength of our existing business, which may be affected by various factors, including but not limited to interest rate fluctuations, level of delinquencies, defaults and prepayments, general economic conditions, competition, and the risks and uncertainties discussed elsewhere in the Annual Report on Form 10-KSB for the year ended December 31, 2006, filed with the Securities and Exchange Commission on March 30, 2007; and the uncertainties set forth from time to time in the Company's periodic reports, filings, and other public statements.
You should keep in mind that any forward-looking statements made speak only as of the date on which they were made. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. The Company has no duty to, and does not intend to, update or revise any forward-looking statements after the date on which they are made. In light of these risks and uncertainties, you should keep in mind that any forward-looking statement made in this release may not reflect actual results.
Contact:
Pacific Coast National Bank
Michael S. Hahn, President/COO, 949-361-4300
