PBB Bancorp Reports Record High Total Asset Increase for First Quarter 2017

LOS ANGELES--()--PBB Bancorp (“PBCA”) (OTCQX: PBCA), the parent company of Premier Business Bank (“Premier”), announced a 21% increase in assets over the previous years’ same quarter. Reported total assets is another record high in the Bank’s history. The Consolidated Balance Sheet as of March 31, 2017 reflected exceptional results: total assets of $529.4 million; net loans of $428.2 million; total deposits of $417.8 million; and total equity of $47.1 million.

Net income for the 3 month period ended March 31, 2017 was $1,348,000, or $0.27 per share, compared to $2,357,000, or $0.47 per share. Net income for the 3 month period in 2016 included a one-time after-tax net gain, associated with the merger of First Mountain Bank in January 2016, of $1.8 million in non-interest income less $325,000 in after-tax non-interest expenses. Today, net interest income for the three months ended March 31, 2017 reflects $5.1 million, an increase of $1.4million, or 38%, compared to the same period last year. This was primarily due to the loan portfolio growth of $68.6 million, or 19%, compared to the same period ended last year. Non-interest expenses for the three months ended March 31, 2017 increased $730,000, adjusted for the merger related expenses, as compared to the same three month period last year. The increase was primarily a result of system and interior upgrades needed at the newly merged branches, along with our strategic core deposit branch expansion in Palos Verdes Estates. Total deposits as of March 31, 2017 were $417.8 million reflecting an increase of $86.0 million, or 26%, as compared to the same period ending last year. Strategic deposit growth was primarily in Money Market Demand Accounts of $74.7 million, and non-interest bearing Demand Deposits of $16.1 million.

“We are extremely pleased with our strong financial performance for the first quarter of 2017. A solid outcome reflecting the results of strategic positive growth in assets, loans, and deposits. As we move forward into the second quarter, we look to increase our core deposit footprint with planned expansion; all while continuing to leverage our diversified loan portfolio,” stated President and Chief Executive Officer, John R. Polen.

HIGHLIGHTS for the 1st Quarter ended March 31, 2017

  • Core Net Income increased for the 3 month period ended March 31, 2017 to $1,348,000 compared to the same period last year.
  • Net Interest Income before provisions increased $1.4 million, or 38%, for the 3 months ended March 31, 2017 as compared to the same period last year.
  • Total Assets were at another record high of $529.4 million reflecting an increase of $90.9 million, or 21%, as compared to the prior year.
  • Net Loans continue to increase to a record high of $428.2 million increasing $68.6 million, or 19%, as compared to the prior year.
  • Total Deposits reached a record high of $417.8 million increasing $86.0 million, or 26%, when compared to the prior year.


PBB Bancorp is the parent company of Premier Business Bank and its full service community bank divisions, Premier Bank of Palos Verdes and First Mountain Bank. Premier Business Bank is headquartered in downtown Los Angeles, California, and has three additional locations in Los Angeles County; two community-based full service retail branches in Rolling Hills Estates and Palos Verdes Estates, and an SBA loan center in Torrance. Our First Mountain Bank division has three full service retail branches located in San Bernardino County, California. Branches are located in Big Bear Lake, Running Springs and Lucerne Valley.

Premier Business Bank, Premier Bank of Palos Verdes, and First Mountain Bank have a client-centric service philosophy that focuses on client relationships with individuals, small to medium size businesses, real estate investors, professional management firms, and entrepreneurs. PBB Bancorp currently trades on OTCQX under the symbol “PBCA.” For more information, please visit us at: ibankpremier.com or firstmountainbank.com


This financial information in this release is based on unaudited financial results. Certain statements contain "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) such as statements about certain plans, expectations and projections which are subject to numerous risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California, the adequacy of the Bank’s allowance for loan losses, and other factors beyond the Bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for entire years to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Consolidated Statement of Condition
Prior Year Comparison
For the Period Ended March 31,
  2017       2016  
Cash and due from banks $ 76,552,828 $ 49,486,987
Federal funds sold - -
Investment securities 10,351,033 15,102,930
Investment in subsidiary - -
Loans and leases held for sale 105,471 712,351
Loans and leases 429,548,617 360,414,845
Non accrual loans 1,079,814 1,079,814
Deferred loan costs / (fees) 66,081 209,276
Allowance for loan losses   (2,515,052 )     (2,121,130 )
Net loans and leases 428,179,461 359,582,805
Fixed assets, net 3,614,735 2,614,895
Accrued interest receivable 1,046,690 849,839
Bank owned life insurance 3,986,916 3,878,085
Other assets   5,573,730       6,239,627  
Total assets $ 529,410,864     $ 438,467,519  
Demand deposits $ 111,553,033 $ 95,492,815
Interest bearing demand deposits 37,048,513 45,202,832
Money market accounts 125,430,089 50,701,514
Savings accounts 25,415,194 24,038,604
Certificates of deposit   118,340,310       116,311,764  
Total deposits 417,787,138 331,747,529
Federal funds purchased - -
Overnight borrowings - FHLB 8,000,000 15,000,000
FHLB term borrowings 52,000,000 45,000,000
Accrued interest payable 146,589 66,242
Other liabilities   4,407,199       4,308,273  
Total liabilities   482,340,927       396,122,044  
Stockholders' equity
Common stock; issued and outstanding 38,364,550 38,364,550
4,967,458 shares at 03/31/17 and 4,967,458 shares at 03/31/16
Add'l paid-in-capital - stock based comp. 4,298,370 4,174,491
Retained earnings - preopening expenses (863,858 ) (863,858 )
Retained earnings 3,961,011 (1,744,367 )
Cash dividend - -
Current year net income (loss) 1,347,976 2,356,918
Unrealized gain (loss) on securities AFS   (38,112 )     57,741  
Total stockholders' equity   47,069,938       42,345,475  
Total liabilities and stockholders' equity $ 529,410,864     $ 438,467,519  
Consolidated Statement of Operations
Prior Year to Date Comparison
For the 3 Months Ended
  3/31/17     3/31/16
Interest income:
Loans and leases, including fees $ 5,533,226 $ 4,011,412
Investment securities 51,386 50,506
Federal funds sold - 0
Interest Income-FRB 80,874 46,775
Interest Income-Other   67,815     42,793
Total interest income 5,733,301 4,151,486
Interest expense:
Interest bearing demand deposits 11,509 11,181
Money market accounts 195,397 45,491
Savings accounts 7,285 4,985
Retail certificates of deposit 112,086 147,335
Qwickrate and brokered certificates of deposit 157,104 138,541
FHLB overnight borrowings and federal funds purchased 175 16,389
FHLB term borrowings 166,143 131,076
Other borrowings   25,000     556
Total interest expense 674,699 495,554
Net int. income before prov. for loan losses 5,058,602 3,655,933
Provision for loan losses 85,000 -
Net int. income after prov. for loan losses 4,973,602 3,655,933
Noninterest income:
Fees and service charges on dep. accts. 27,980 28,832
Analysis charges 3,915 21,159
Gain (loss) on sale of SBA loans 434,546 227,490
Other income   153,656     1,926,989
Total noninterest income 620,097 2,204,470
Noninterest expense:
Salaries and benefits 1,853,120 1,650,900
Occupancy expense 266,588 158,139
Furniture, fixtures and equipment 130,824 73,335
Other expenses   1,036,701     1,210,520
Total noninterest expense 3,287,233 3,092,894
Income before tax provision   2,306,466     2,767,508
Provision for income taxes   958,490     410,590
Net income (loss) $ 1,347,976   $ 2,356,918


PBB Bancorp
John R. Polen
President and Chief Executive Officer
Phone: 213-689-4800
Email: john.polen@pbbla.com


PBB Bancorp
John R. Polen
President and Chief Executive Officer
Phone: 213-689-4800
Email: john.polen@pbbla.com