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Preferred Bank Reports Record Quarterly Earnings

LOS ANGELES, April 19, 2018 (GLOBE NEWSWIRE) --

Preferred Bank (NASDAQ:PFBC), an independent commercial bank, today reported results for the quarter ended March 31, 2018. Preferred Bank (“the Bank”) reported net income of $16.6 million or $1.09 per diluted share for the first quarter of 2018. This compares to net income of $10.3 million or $0.71 per diluted share for the first quarter of 2017 and compares to net income of $7.7 million or $0.52 per diluted share for the fourth quarter of 2017. Net income for the fourth quarter of 2017 was negatively impacted by a charge recorded to the Bank’s deferred tax asset (“DTA”) of $6.7 million as a result of the passage of the Tax Cuts and Jobs Act.

Highlights from the first quarter of 2018:

 
  • Return on Assets
  1.85%  
 
  • Return on Beginning Equity
  18.97%  
 
  • Linked quarter loan growth
  5.26%  
 
  • Efficiency ratio
  36.4%  
 
  • Net interest margin
  4.14%  

Li Yu, Chairman and CEO commented, “Our first quarter 2018 net income of $16.6 million or $1.09 per diluted share is a record for the Bank.  The quarter compares very well with prior quarters in every aspect of the Bank’s operations.  A reduced tax rate, an increased net interest margin and an increase in total loans are the primary reasons for this quarter’s strong performance.

“Loan growth was $154.6 million or 5.3% in the first quarter.  Included in this growth was a $36 million home mortgage portfolio that we purchased as we continue to diversify our loan portfolio.

“Deposits did not grow during the quarter.  During the first two months of the quarter, we were not increasing our deposit rates as market rates were rising. This was primarily due to the large amount of liquidity on our balance sheet as of year end ($555 million).  The change of loan / deposit mix, therefore, produced margin expansion that was greater than expected.  For the quarter, our net interest margin (“NIM”) was 4.14%, a 28 basis point improvement from the previous quarter.

“As there is now more competition among banks and as fintech begins to compete with banks, we plan to accelerate the buildup of our loan / deposit professionals as well as improvements in our technology.  We are currently in the middle of converting our core processing system to one with much greater capabilities.

“We have recently decided to terminate the process of raising new capital by using the ‘At The Market or ATM’ method.  With the new tax rate and improving margin, our operating results should generate sufficient profitability to sustain our capital levels that will be required by our planned growth.”

Net Interest Income and Net Interest Margin. Net interest income before provision for loan and lease losses was $36.1 million for the first quarter of 2018. This compares favorably to the $28.4 million recorded in the first quarter of 2017 and to the $34.6 million recorded in the fourth quarter of 2017. The increase over last year is due primarily to growth in interest income on loans partially offset by an increase in interest expense on deposits. The Bank’s taxable equivalent net interest margin was 4.14% for the first quarter of 2018, a 47 basis point increase over the 3.67% achieved in the first quarter of 2017 and a 28 basis point increase over the fourth quarter of 2017. This was primarily due to an increase in overall loan yields as the Bank fully benefitted from the December 2017 Prime rate increase and partially benefitted from the March 2018 rate hike. In addition to this, the Bank’s deposits did not grow during the first quarter (and were down during most of the quarter) due mainly to the significantly higher market deposit rates being paid in the market and the Bank’s large stockpile of cash on hand. Deposit growth was not a priority in this environment so the Bank used existing cash to fund loan growth and this shift in mix of assets greatly aided the net interest margin.

Noninterest Income. For the first quarter of 2018, noninterest income was $1,562,000 compared with $2,090,000 for the same quarter last year and compared to $1,215,000 for the fourth quarter of 2017. The decrease from the first quarter of 2017 is primarily due to OREO Income of $345,000 recorded in the first quarter of 2017. Service charges on deposits were up slightly over the fourth quarter of 2017 but below the $353,000 recorded in the first quarter of 2017. Letter of credit income totaled $991,000 for the first quarter of 2018, up from both the $795,000 recorded in the first quarter of 2017 and over the $627,000 posted in the fourth quarter of 2017.

Noninterest Expense. Total noninterest expense was $13.7 million for the first quarter of 2018, an increase of $1,953,000 over the fourth quarter of 2017 and an increase of $551,000 from the $13.2 million recorded in the first quarter of 2017. Salaries and benefits expense totaled $8.6 million for the first quarter of 2018, an increase of $1,646,000 over the $7.0 million recorded for the fourth quarter of 2017 and an increase of $1,118,000 over the $7.5 million recorded in the first quarter of 2017. The increase over both periods is due to staffing increases and higher merit increases due to the Tax Cuts and Jobs Act. Occupancy expense totaled $1.3 million for the quarter, an increase of $156,000 over the $1.2 million recorded in the same period in 2017 and an increase of $49,000 over the fourth quarter of 2017. The increase over the same period last year is due to the new San Francisco branch office which opened in January of 2018 as well as the leasing of additional space in the Bank’s administrative offices in El Monte, California. Professional services expense was $1.4 million for the first quarter of 2018 compared to $1.2 million for both the same quarter of 2017 and the fourth quarter of 2017. The increase over both periods is for the partial cost ($507,000) for de-conversion files from the Bank’s current core processor as the Bank prepares to convert its core processing systems in July of 2018 to a new core processor. The Bank expects to incur further costs for de-conversion files in both the second and third quarters of 2018. Other expenses were $1.7 million for the first quarter of 2018 compared to $1.6 million for the fourth quarter of 2017 and $2.6 million for the first quarter of 2017. The decrease from the first quarter of 2017 was mainly due to the $1.5 million legal settlement reserve the Bank recorded in that period last year. Also included in the $1.7 million in other expense is a $300,000 provision for off balance sheet reserve for unfunded loans. Other expense in the first quarter of 2017 also included a provision for off balance sheet reserve of $120,000.

Income Taxes

The Bank recorded a provision for income taxes of $5.9 million for the first quarter of 2018. This represents an effective tax rate (“ETR”) of 26.1% and is down significantly from the ETR of 35.2% for the first quarter of 2017. The ETR for the fourth quarter was 65.7% and included $6.7 million in DTA charges related to the Tax Cuts and Jobs Act.The decrease in the ETR from the first quarter of 2017 to the current quarter was mainly due to the lowered Federal Corporate tax rate from 35% to 21% as mandated by the Tax Cuts and Jobs Act.

Balance Sheet Summary

Total gross loans and leases at March 31, 2018 were $3.10 billion, an increase of $154.6 million or 5.3% over the total of $2.94 billion as of December 31, 2017. Total deposits dipped by $1 million from the $3.26 billion as of December 31, 2017. Total assets reached $3.78 billion as of March 31, 2018, an increase of $12.1 million or 0.32% over the total of $3.77 billion as of December 31, 2017.

Asset Quality

Loans
As of March 31, 2018 nonaccrual loans totaled $3.3 million, a decrease of $3.2 million over the $6.5 million total as of December 31, 2017. Total net charge-offs for the first quarter of 2018 were $2.9 million compared to net charge-offs of $334,000 in the fourth quarter of 2017 and compared to net charge-offs of $121,000 for the first quarter of 2017. The charge off this quarter represented 50% of the book value of the Bank’s C&I nonaccrual loan as the grading was reduced from substandard to doubtful during the quarter. This charge-off amount was already reserved for against this loan in prior quarters. This credit has been paying as agreed for many years but missed scheduled principal reductions due to the bankruptcy of this client’s customer. Interest payments are continuing and the likelihood of a loan recovery may occur when the borrower resumes principal payments. The Bank recorded a provision for loan loss of $1.5 million for the first quarter of 2018, compared to the same amount in both comparable quarters. The allowance for loan loss at March 31, 2018 was $28.6 million or 0.92% of total loans compared to $29.9 million or 1.02% of total loans at December 31, 2017. The percentage reduction is partially due to the $36 million mortgage pool purchase which was purchased at fair market value, thus requiring no allowance.

OREO

As of March 31, 2018 and December 31, 2017, the Bank held one OREO property, a $4.1 million multi-family property located outside of California.

Capitalization
As of March 31, 2018, the Bank’s leverage ratio was 10.07%, the common equity tier 1 capital ratio was 10.03% and the total capital ratio was 13.58%. As of December 31, 2017, the Bank’s leverage ratio was 9.52%, the common equity tier 1 ratio was 10.07% and the total risk based capital ratio was 13.83%.

Conference Call and Webcast
A conference call with simultaneous webcast to discuss Preferred Bank’s first quarter 2018 financial results will be held tomorrow, April 20, 2018 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank's website at www.preferredbank.com. Web participants are encouraged to go to the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.

Preferred Bank's Chairman and CEO Li Yu,  President and COO Wellington Chen, Chief Financial Officer Edward J. Czajka, and Chief Credit Officer Nick Pi will be present to discuss Preferred Bank's financial results, business highlights and outlook. After the live webcast, a replay will remain available in the Investor Relations section of Preferred Bank's website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through May 4 2018; the passcode is 10119003.

About Preferred Bank 
Preferred Bank is one of the larger independent commercial banks in California. The bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Company conducts its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices in the California cities of Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana and San Francisco (2), and one office in Flushing, New York. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank's plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank's results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2016 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.

Financial Tables to Follow

 
 PREFERRED BANK 
 Condensed Consolidated Statements of Operations 
 (unaudited) 
 (in thousands, except for net income per share and shares) 
                   
                   
           For the Quarter Ended 
          March 31,   December 31,   March 31,
            2018       2017       2017  
 Interest income:             
   Loans, including fees    $   40,293     $   38,456     $   31,919  
   Investment securities        2,950         3,198         2,482  
   Fed funds sold        409         347         231  
     Total interest income        43,652         42,001         34,632  
                   
 Interest expense:             
   Interest-bearing demand        2,422         2,229         1,465  
   Savings        16         17         21  
   Time certificates        3,520         3,641         3,108  
   FHLB borrowings        19         21         65  
   Subordinated debit        1,531         1,531         1,531  
     Total interest expense        7,508         7,439         6,190  
     Net interest income        36,144         34,562         28,442  
 Provision for loan losses        1,500         1,500         1,500  
     Net interest  income after provision for loan losses        34,644         33,062         26,942  
                   
 Noninterest income:             
   Fees & service charges on deposit accounts        321         312         353  
   Letters of credit fee income        991         627         795  
   BOLI income        89         89         86  
   Net gain on sale of investment securities        -         4         -  
   Other income        163         183         856  
     Total noninterest income        1,564         1,215         2,090  
                   
 Noninterest expense:             
   Salary and employee benefits        8,627         6,981         7,509  
   Net occupancy expense        1,338         1,289         1,182  
   Business development and promotion expense        150         204         240  
   Professional services        1,431         1,227         1,162  
   Office supplies and equipment expense        375         344         353  
   Other real estate owned related expense        106         169         108  
   Other        1,703         1,562         2,624  
     Total noninterest expense        13,730         11,776         13,178  
     Income before provision for income taxes        22,478         22,501         15,854  
 Income tax expense        5,867         14,775         5,573  
     Net income    $   16,611     $   7,726     $   10,281  
                   
 Dividend and earnings allocated to participating securities        (253 )       (89 )       (110 )
 Net income available to common shareholders    $   16,358     $   7,637     $   10,171  
                   
 Income per share available to common shareholders             
     Basic    $   1.09     $   0.52     $   0.71  
     Diluted    $   1.09     $   0.52     $   0.71  
                   
 Weighted-average common shares outstanding             
     Basic        15,035,265         14,710,680         14,314,624  
     Diluted        15,044,180         14,751,145         14,386,402  
                   
 Dividends per share    $   0.22     $   0.22     $   0.18  
                   

 

 
 PREFERRED BANK 
 Condensed Consolidated Statements of Financial Condition 
 (unaudited) 
 (in thousands) 
           
      March 31,   December 31,
        2018       2017  
      (Unaudited)   (Audited)
Assets       
             
Cash and due from banks $ 308,524     $ 446,822  
Fed funds sold   112,500       108,500  
  Cash and cash equivalents   421,024       555,322  
           
Securities held to maturity, at amortized cost   8,556       8,780  
Securities available-for-sale, at fair value   177,823       188,203  
Securities trading, at fair value   4,667       -  
Loans and leases   3,096,143       2,941,093  
Less allowance for loan and lease losses   (28,570 )     (29,921 )
Less net deferred loan fees   (1,935 )     (3,099 )
  Net loans and leases   3,065,638       2,908,073  
           
Loans held for sale, at lower of cost or fair value   -       440  
           
Other real estate owned   4,112       4,112  
Customers' liability on acceptances   4,272       7,272  
Bank furniture and fixtures, net   5,711       5,684  
Bank-owned life insurance   9,128       9,066  
Accrued interest receivable   12,000       11,291  
Investment in affordable housing   33,650       34,708  
Federal Home Loan Bank stock   11,076       11,077  
Deferred tax assets   18,448       17,476  
Income tax receivable   -       2,713  
Other assets   5,819       5,642  
  Total assets $ 3,781,924     $ 3,769,859  
           
           
 Liabilities and Shareholders' Equity       
           
Liabilities:      
Deposits:      
  Demand $ 677,629     $ 659,487  
  Interest-bearing demand   1,346,479       1,353,974  
  Savings   25,373       24,429  
  Time certificates of $250,000 or more   627,031       621,648  
  Other time certificates   585,165       603,152  
    Total deposits $ 3,261,677     $ 3,262,689  
  Acceptances outstanding   4,272       7,272  
  Advances from Federal Home Loan Bank   6,373       6,401  
  Subordinated debt issuance   98,994       98,963  
  Commitments to fund investment in affordable housing partnership   17,861       18,523  
  Accrued interest payable   5,379       3,833  
  Other liabilities   16,340       17,143  
        Total liabilities   3,410,896       3,414,824  
           
Commitments and contingencies      
Shareholders' equity:      
                 
  Preferred stock. Authorized 25,000,000 shares; issued and no outstanding shares at March 31, 2018 and December 31, 2017          
                 
  Common stock, no par value. Authorized 100,000,000 shares; issued and outstanding 15,318,119 at March 31, 2018 and 15,122,313 at December 31, 2017, respectively.   210,882       207,948  
  Treasury stock   (33,789 )     (33,233 )
  Additional paid-in-capital   42,330       39,462  
  Accumulated income   152,728       139,684  
  Accumulated other comprehensive income (loss):      
    Unrealized gain (loss) on securities, available-for-sale, net of tax of $(467) and $504 at March 31, 2018 and December 31, 2017, respectively   (1,123 )     1,173  
        Total shareholders' equity   371,028       355,034  
  Total liabilities and shareholders' equity  3,781,924      3,769,859  
           


 
PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)
                       
      For the Quarter Ended
       
      March 31,   December 31,
  September 30,   June 30,   March 31,
        2018       2017       2017       2017       2017  
Unaudited historical quarterly operations data:                      
    Interest income $ 43,652     $ 42,001     $ 42,854     $ 38,113     $ 34,632  
  Interest expense   7,508       7,439       7,432       6,835       6,190  
      Interest income before provision for credit losses   36,144       34,562       35,422       31,278       28,442  
  Provision for credit losses   1,500       1,500       1,300       1,200       1,500  
  Noninterest income   1,564       1,215       1,243       1,275       2,090  
  Noninterest expense   13,730       11,776       12,179       12,414       13,178  
  Income tax expense   5,867       14,775       9,516       7,222       5,573  
    Net income   16,611       7,726       13,670       11,717       10,281  
 
  Earnings per share          
    Basic $ 1.09     $ 0.52     $ 0.94     $ 0.81     $ 0.71  
    Diluted $ 1.09     $ 0.52     $ 0.94     $ 0.80     $ 0.71  
 
Ratios for the period:          
  Return on average assets   1.85 %     0.83 %     1.48 %     1.36 %     1.29 %
  Return on beginning equity   18.97 %     9.67 %     17.77 %     15.96 %     13.99 %
  Net interest margin (Fully-taxable equivalent)   4.14 %     3.86 %     3.95 %     3.75 %     3.67 %
  Noninterest expense to average assets   1.53 %     1.27 %     1.32 %     1.44 %     1.66 %
  Efficiency ratio   36.41 %     32.92 %     33.22 %     38.13 %     43.16 %
  Net charge-offs (recoveries) to average loans (annualized)   0.39 %     0.05 %     0.06 %     0.18 %     0.02 %
 
Ratios as of period end:          
  Tier 1 leverage capital ratio   10.07 %     9.52 %     8.54 %     8.69 %     9.01 %
  Common equity tier 1 risk-based capital ratio   10.03 %     10.07 %     9.24 %     9.13 %     9.15 %
  Tier 1 risk-based capital ratio   10.03 %     10.07 %     9.24 %     9.13 %     9.15 %
  Total risk-based capital ratio   13.58 %     13.83 %     13.08 %     13.04 %     13.21 %
  Allowances for credit losses to loans and leases at end of period   0.92 %     1.02 %     1.00 %     1.00 %     1.04 %
  Allowance for credit losses to non-performing loans and leases   861.44 %     461.28 %     415.32 %     426.43 %     357.09 %
 
Average balances:
         
  Total loans and leases  $ 2,958,382     $ 2,853,134     $ 2,817,271     $ 2,695,208     $ 2,563,473  
  Earning assets $ 3,550,333     $ 3,572,826     $ 3,579,578     $ 3,401,193     $ 3,167,031  
  Total assets $ 3,648,857     $ 3,678,237     $ 3,658,833     $ 3,466,094     $ 3,228,142  
  Total deposits $ 3,131,660     $ 3,179,679     $ 3,190,344     $ 3,002,583     $ 2,775,830  


 
 PREFERRED BANK 
 Selected Consolidated Financial Information 
 (unaudited) 
 (in thousands, except for ratios) 
                         
        As of 
                         
        March 31,   December 31,   September 30,   June 30,   March 31,
          2018       2017       2017       2017       2017  
Unaudited quarterly statement of financial position data:                   
Assets:                  
    Cash and cash equivalents $ 421,024     $ 555,322     $ 503,240     $ 502,534     $ 450,355  
  Securities held-to-maturity, at amortized cost   8,556       8,780       9,076       9,611       9,912  
  Securities available-for-sale, at fair value   177,823       188,203       193,890       192,474       197,455  
  Securities trading, at fair value   4,667       -       -       -       -  
  Loans and Leases:                  
      Real estate - Single and multi-family residential   552,828       513,953       507,738     $ 494,725     $ 479,279  
    Real estate - Land   10,766       10,863       15,723       16,512       16,546  
    Real estate - Commercial   1,315,296       1,244,486       1,279,981       1,217,254       1,160,077  
    Real estate - For sale housing construction   95,884       85,199       94,033       95,462       109,703  
    Real estate - Other construction   216,571       198,602       165,244       148,580       150,322  
    Commercial and industrial, trade finance and other   904,798       887,990       815,880       817,481       771,676  
      Gross loans   3,096,143       2,941,093       2,878,599       2,790,014       2,687,603  
  Allowance for loan and lease losses   (28,570 )     (29,921 )     (28,756 )     (27,863 )     (27,857 )
  Net deferred loan fees   (1,935 )     (3,099 )     (3,376 )     (3,245 )     (2,572 )
    Net loans, excluding loans held for sale $ 3,065,638     $ 2,908,073     $ 2,846,467     $ 2,758,906     $ 2,657,174  
  Loans held for sale $ -     $ 440       -       -       -  
    Net loans and leases $ 3,065,638     $ 2,908,513     $ 2,846,467     $ 2,758,906     $ 2,657,174  
                         
  Other real estate owned $ 4,112     $ 4,112     $ 4,112     $ 4,112     $ 4,112  
  Investment in affordable housing   33,650       34,708       35,939       37,029       22,904  
  Federal Home Loan Bank stock   11,076       11,077       11,077       11,078       9,330  
  Other assets   55,378       59,144       61,671       63,651       61,687  
    Total assets $ 3,781,924     $ 3,769,859     $ 3,665,472     $ 3,579,395     $ 3,412,929  
                         
Liabilities:                  
  Deposits:                  
    Demand $ 677,629     $ 659,487     $ 599,722     $ 641,153     $ 576,060  
    Interest-bearing demand   1,346,479       1,353,974       1,298,895       1,231,595       1,137,145  
    Savings   25,373       24,429       27,132       27,870       34,434  
    Time certificates of $250,000 or more   627,031       621,648       617,231       535,211       495,177  
    Other time certificates   585,165       603,152       651,502       685,445       707,830  
      Total deposits $ 3,261,677     $ 3,262,690     $ 3,194,482     $ 3,121,274     $ 2,950,646  
                         
  Advances from Federal Home Loan Bank $ 4,272     $ 7,272     $ 6,431     $ 6,459     $ 26,487  
  Subordinated debt issuance   98,994       98,963       98,932       98,901       98,870  
  Commitments to fund investment in affordable housing partnership   17,861       18,523       20,684       20,966       10,354  
  Other liabilities   28,092       27,377       27,918       26,570       32,189  
    Total liabilities $ 3,410,896     $ 3,414,825     $ 3,348,447     $ 3,274,170     $ 3,118,546  
                         
Equity:                  
  Net common stock, no par value $ 219,423     $ 214,177     $ 180,700     $ 180,110     $ 178,884  
  Retained earnings   152,728       139,684       135,497       124,740       115,931  
  Accumulated other comprehensive income   (1,123 )     1,173       828       375       (432 )
    Total shareholders' equity $ 371,028     $ 355,034     $ 317,025     $ 305,225     $ 294,383  
    Total liabilities and shareholders' equity $ 3,781,924     $ 3,769,859     $ 3,665,472     $ 3,579,395     $ 3,412,929  
 

 

 
Preferred Bank
Loan and Credit Quality Information
             
Allowance For Credit Losses & Loss History
        Quarter Ended   Year ended
        March 31, 2018   December 31, 2017
         (Dollars in 000's)
Allowance For Credit Losses        
Balance at Beginning of Period   $   29,921     $   26,478  
  Charge-Offs        
    Commercial & Industrial       2,872         2,274  
    Mini-perm Real Estate       -          -   
    Construction - Residential       -          -   
    Construction - Commercial       -          -   
    Land - Residential       -          -   
    Land - Commercial       -          -   
    Others       -          -   
      Total Charge-Offs       2,872         2,274  
             
  Recoveries        
    Commercial & Industrial       21         55  
    Mini-perm Real Estate       -          -   
    Construction - Residential       -          -   
    Construction - Commercial       -          17  
    Land - Residential       -          -   
    Land - Commercial       -          145  
      Total Recoveries       21         217  
             
  Net Loan Charge-Offs       2,851         2,057  
  Provision for Credit Losses       1,500         5,500  
Balance at End of Period   $   28,570     $   29,921  
Average Loans and Leases   $   3,431,985     $   3,431,985  
Loans and Leases at end of Period   $   3,096,143         2,941,533  
Net Charge-Offs to Average Loans and Leases     0.39 %     0.08 %
Allowances for credit losses to loans and leases at end of period     0.92 %     1.02 %
             
             


AT THE COMPANY:
Edward J. Czajka 
Executive Vice President
Chief Financial Officer(213) 891-1188
AT FINANCIAL PROFILES:
Kristen Papke
General Information
(425) 615-0051kpapke@finprofiles.com

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