MIAMI, Oct. 24, 2013 (GLOBE NEWSWIRE) -- Pacific National Bank reported today net income of $866,000 for the three months ended September 30, 2013, compared with net income of $440,000 for the three months ended September 30, 2012.
Non-Performing loans decreased to $4.7 million as of September 30, 2013, a decrease of $4.8 million or 50.5 percent from $9.5 million on September 30, 2012.
Performing loans grew by $16 million to $154 million as of September 30, 2013, an increase of 11 percent from $139 million on September 30, 2012.
The Bank's third quarter net income of $866,000 was primarily due to core operating earnings of $355,000, a reduction of the allowance for loan loss of $371,000, and net gains on sale of securities of $140,000. That compares with net income of $440,000 in the third quarter of 2012, which included core operating earnings of $326,000, a release of tax valuation allowances of $339,000, and gains on sale of investment securities of $35,000, partially offset by provisioning for loan losses of $163,000 and other extraordinary costs of $97,000.
For the nine months ended September 30, 2013, core operating earnings were $1,002,000. In comparison, core operating earnings for the same period in 2012 were $480,000.
Tier 1 capital at September 30, 2013 was 11.39 percent, while total risk-based capital was 20.93 percent.
The allowance for loan losses now stands at 1.66 percent of gross loans. The Bank's ratio of non-performing assets today stands at 18.74 percent of Tier 1 capital and loan loss reserves.
"September 30, 2013 marks the 10th consecutive quarter of positive core operating earnings for PNB, this sustained improvement in the Bank's core performance coupled with the recently announced definitive agreement to sell PNB to a group of U.S. private investors give us a great deal of confidence that we are building a stronger franchise to better serve the growing needs of South Florida's residents, business community and our loyal Ecuadorian customers," said Carlos Fernandez-Guzman, President and CEO of PNB.
Pacific National Bank, headquartered at 1390 Brickell Avenue, was a subsidiary of Banco del Pacifico, Ecuador until 2011, was established as a national bank in 1985 and has $355 million in assets.
CONTACT: Carlos Fernandez-Guzman firstname.lastname@example.org Office: (305) 539-7524 or Mobile: (305) 992-3224 Jorge Martinez JMartinez@conroymartinez.com Office: (305) 445-7550 or Mobile: (305) 790-2828
Source:Pacific National Bank