PROMERICA BANK Second Quarter 2011 Results Reflect Record Operating Profits, Strong Capitalization and Growth
(firmenpresse) - LOS ANGELES, CA -- (Marketwire) -- 07/28/11 -- PROMÉRICA BANK (OTCQB: PMRA) (PINKSHEETS: PMRA) today reported results of operations for its second quarter ended June 30, 2011. Highlights include:
Three-month Net Income of $146,000 -- the Bank's third straight profitable quarter.
Total Assets at June 30, 2011 increased to $122.3 million, an increase of $13.1 million or 12% from June 30, 2010.
Total Loans at June 30, 2011 increased to $94.9 million, an increase of $24.6 million or 35% from June 30, 2010.
Total Deposits at June 30, 2011 increased to $103.0 million, an increase of $14.1 million or 16% from June 30, 2010.
Capital ratios in excess of all minimums required to be "Well Capitalized" by regulatory agencies, with a Tier 1 Leverage Ratio of 16.0% and a Total Risk-Based Capital Ratio of 19.8% at June 30, 2011. Regulatory "Well Capitalized" definitions are 5% for the Tier 1 Leverage Ratio and 10% for the Total Risk-Based Capital Ratio.
PROMÉRICA BANK reported net income of $146,000 for the second quarter of 2011 or 5 cents per share as compared to a net loss of $125,000 or 5 cents per share in the second quarter of 2010. The Bank reported net income of $170,000 or 6 cents a share in the first six months of 2011 as compared to a loss of $442,000 or 16 cents a share in the first six months of 2010.
The Allowance for Loan and Lease Losses represents 2.3% of total loans. Nonperforming assets, net of government guaranteed loans, totaled approximately $1.1 million or 0.9% of assets at June 30, 2011.
"PROMÉRICA BANK'S performance has shown strength across the board in net income, assets, loans and deposits, which is attributable to our unique positioning and growing loyalties in entrepreneurial-minded communities," said Executive Chairwoman Maria Contreras-Sweet. "While some of our country's largest financial institutions continue to be plagued by the lingering effects of the financial crisis, we are confident of our continued ability to build the PROMÉRICA franchise with our unwavering dedication to helping our clients expand their businesses, build family wealth and create jobs in the region."
"This emerging profitability reflects the efforts of our outstanding staff to deal with the challenges facing banks today and to create the momentum of growth and profitability we desire. I am very pleased with this progress, and look forward to a bright future ahead," said John H. Quinn, President and CEO.
PROMÉRICA BANK provides a full range of financial services, including credit and deposit products, cash management and internet banking for businesses and high net worth individuals from its headquarters office at 888 S. Figueroa Street, Los Angeles, CA 90017. Information on products and services may be obtained by calling (213) 613-5000 or visiting the Bank's website at .
NOTE:
This news release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about PROMÉRICA BANK'S business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: PROMÉRICA BANK'S timely implementation of new products and services, technological changes, changes in consumer spending and savings habits and other risks discussed from time to time in PROMÉRICA BANK'S reports and filings with banking regulatory agencies. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and PROMÉRICA BANK does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
Maria Contreras-Sweet
Chairwoman
213.787.2802
John H. Quinn
CEO / President
213.787.2803
Frank E. Smith
CFO
213.787.2804
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Datum: 28.07.2011 - 10:14 Uhr
Sprache: Deutsch
News-ID 1025553
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