Business & Finance
Business and Finance
Business and Finance 
Thu, February 26, 2009
Premier Commercial Bancorp Announces Earnings For 2008
ANAHEIM, Calif.--([ BUSINESS WIRE ])--Premier Commercial Bancorp (OTCBB:PCBP), parent company of Premier Commercial Bank, N.A., reported consolidated earnings from Continuing Operations for the year ended December 31, 2008 of $1.541 million ($.42 per share), compared to net income from Continuing Operations of $2.352 million ($.64 per share), a 34% decrease, from the year ended December 31, 2007. Additionally in 2007, the company realized net income of $1.098 from the sale of Discontinued Operations. Consolidated net income for the three months ended December 31, 2008 was $800,000 compared with net income of $688,000 for the three months ended December 31, 2007, a 16.3% increase.
Premier Commercial Bank Chairman and CEO Kenneth J. Cosgrove stated, "The financial challenges experienced this past year were truly unprecedented in recent history. At PCB we adapted to these issues and challenges while continuing to serve our community and client base exceptionally well. Our fortress-like balance sheet supported our ability to report our 26th consecutive quarter of profitability."
As of December 31, 2008, on a consolidated basis, total assets were $406 million, up from $357 million for the same period last year; total deposits were $296 million as compared to $286 million at December 31, 2007. Net loans reflected good growth of 20% increasing from $293 million at December 31, 2007 to $352 million at December 31, 2008. Shareholders' equity at December 31, 2008 was reported at $37.4 million, reflecting a well capitalized position per regulatory guidelines along with a Total Capital (to Risk-Weighted Assets) ratio of 13.7%.
Premier Commercial Bank President and COO Ash Patel indicated, "We have further refined our business model and continue to respond effectively to the banking needs of our clients and prospects. Our highly competent and experienced staff help make that happen." Cosgrove added, "PCB's commitment to the fundamentals of a solid and proven business plan, exceptional loan quality (no non-performing assets or OREO), stable core customer base and a strong capital position, will serve us well in 2009 and beyond."
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.