PALO ALTO, Calif.--(BUSINESS WIRE)--
The Private Bank of the Peninsula, a subsidiary of Peninsula Bank
Holding Co., today announced its unaudited results for the second
quarter of 2009.
"For the second quarter we generated positive trends in net interest
margin, loan growth, and expense control while proactively dealing with
the impact of the recession on some of our borrowers," stated Mark
D. Mordell, Chairman of the
Board. "Specifically we increased our loan loss reserve to over 1.9% and
recognized a write-off of $1.9 million attributable to one relationship.
The Bank continues to be liquid, well-capitalized and actively making
loans in order to serve our clients."
Financial Results
In thousands (unaudited)
6/30/09 6/30/08 Increase 12/31/08 Increase
Assets $273,903 $228,100 20 % $271,507 1 %
Loans $210,384 $164,793 28 % $201,886 4 %
Deposits $245,837 $204,049 20 % $247,998 -1 %
Shareholders' Equity* $26,796 $23,390 $22,634
* The Shareholders' Equity balance includes the $6 million of TARP funds
that were received on January 30, 2009.
Quarter Ending Quarter Ending Year-to-Date Year-to-Date
6/30/09 6/30/08 6/30/09 6/30/08
Net Income (Loss) ($2,111) ($1,008) ($1,769) ($701)
Earnings (Loss) ($0.81) ($0.53) ($0.69) ($0.37)
Per Share
"The Bank's core operations continue to strengthen and expand despite
the impact of higher loan loss reserves. Our net interest margin is
nearing all time highs while our operating expenses rose marginally over
the first quarter despite significantly increased FDIC insurance costs.
We are well positioned to manage the Bank through these challenging
times," said Kenneth
D. Brenner, the Bank's Chief Executive Officer.
About the Bank
The Private Bank of the Peninsula, a subsidiary of Peninsula Bank
Holding Co. (OTCBB:PBKH), is headquartered in Palo Alto, California. The
Private Bank focuses on the banking needs of businesses, entrepreneurs
and business leaders, not-for-profit organizations and individuals in
the greater San Francisco Bay Area. A true community bank with a team of
veteran bankers, The Private Bank offers access to senior level
decision-makers who are dedicated to helping clients with all their
banking and financing needs. Personalized, responsive, exceptional
service is The Private Bank of the Peninsula's standard.
Source: The Private Bank of the Peninsula
Contact: The Private Bank of the Peninsula
Steve Leen, 650-843-2204
Chief Financial Officer
www.the-private-bank.com