1st Enterprise Bank Announces Record Loan Growth
(firmenpresse) - LOS ANGELES, CA -- (Marketwire) -- 10/18/12 -- 1st Enterprise Bank ("the Bank") (OTCBB: FENB), an independent full-service commercial bank serving the Southern California business community, reported growth in loans of $126 million, growth in deposits of $91 million and growth in total assets of $99 million over the prior year. Net income was $649,000 and income available to common shareholders was $608,000 for the quarter ended September 30, 2012.
Total Assets grew by 18%, from $563 million at September 30, 2011 to $662 million at September 30, 2012
Total Loans outstanding grew by $126 million or 50%, from $255 million at September 30, 2011 to $381 million at September 30, 2012
Total Deposits grew by $91 million or 18%, from $501 million at September 30, 2011 to $592 million at September 30, 2012
Net interest income of $4.8 million was highest in the Bank's history and 28% higher than the third quarter of 2011
Net interest margin grew to 3.08% from 2.96% in the third quarter of 2011, while the loan-to-deposit ratio increased from 51% to 64%
The Bank continued to have no charged-off or past due loans, or any non-performing assets
The Bank continues to be well capitalized with a Tier 1 Leverage Ratio of 9.6% and a Total Risk Based Capital Ratio of 13.3% -- tangible book value per share was $12.76 at quarter end
Net Income applicable to common shareholders was $608,000 for the third quarter of 2012, compared to $442,000 for the third quarter of 2011
Diluted earnings per common share were $.15 for the quarter, no change from the third quarter of 2011
"We are very pleased with 1st Enterprise Bank's continued strong level of organic growth resulting in record levels of loans, deposits and net interest income," said John Black, CEO. "This growth positions the Bank very well heading into the remainder of 2012, and provides tremendous momentum as we approach the start of 2013." Brian Horton, President, added, "We made some key hires during the third quarter, adding new relationship managers throughout the Bank. These hires, along with continued recruitment of talented bankers, will be a growth driver in the future."
For the three months ended September 30, 2012, net interest income before provision was $4.8 million, an increase of more than $1 million or 28% compared to the third quarter of 2011 and an increase of more than $175,000 or 4% compared to the second quarter of 2012. The year-over-year growth in net interest income was the result of both growth in earning assets and an increase in net interest margin. Earning assets were $621 million in the third quarter of 2012, a 24% or $118 million increase over the prior year. The net interest margin was 3.08% during the third quarter of 2012, compared to 2.96% for the prior year. The increase in net interest margin was mostly the result of a lower cost of funds, which declined from .21% in the prior year to.12% for the third quarter of 2012. Transaction account balances grew by $61 million from the prior year and non-interest bearing deposits comprised 46% of average total deposits in the third quarter. The sequential growth in net interest income was the net result of growth in earning assets of $71 million and a decline in net interest margin from 3.38% to 3.08%. The yield on earning assets declined by .30% from the prior quarter as the Bank maintained more than twice the level of funds at the Federal Reserve, while the yield on investment securities declined by .33%. During the third quarter a provision for loan losses, associated with the significant growth in loans during the quarter, was recorded in the amount of $745,000, as compared to $35,000 in the third quarter of 2011 and $240,000 in the second quarter of 2012. The Bank had no loan charge-offs during the quarter and has no non-accrual loans.
Non-interest income for the quarter increased by $261,000 or 38% from the prior year and increased by $48,000 or 5% from the prior quarter. Growth in non-interest income was attributable to growth in both loan related and deposit related fees. The third quarter of 2012 included gains on sale of securities totaling $18,000, compared to $116,000 in the prior quarter and $190,000 in the prior year.
Non-interest expense increased by $854,000 or 26% over the prior year and decreased by $63,000 or 2% over the prior quarter.
Founded in 2006, 1st Enterprise Bank is a full service independent commercial banking institution, whose highly experienced bankers personally serve Southern California entrepreneurial businesses, professional firms and nonprofit organizations, along with their owners and key managers. Headquartered in the Los Angeles financial district, with full service regional banking offices in Irvine and Ontario, 1st Enterprise Bank offers a full range of credit and depository services, with special emphasis on superior customer service, sophisticated cash management services and direct access to bank decision makers. Customers work directly with a dedicated Relationship Manager, a seasoned professional who understands their unique challenges serving as a sounding board and an active participant in their client's success. For more information on 1st Enterprise Bank, please visit .
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 1st Enterprise 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: 1st Enterprise 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 1st Enterprise 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 1st Enterprise Bank does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
Contact:
John C. Black
CEO
213-430-7000
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Datum: 18.10.2012 - 07:00 Uhr
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News-ID 1161482
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