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 third quarter
of 2009.
"We are pleased to announce record earnings for the third quarter of
2009. However, these continue to be highly challenging times and we will
work to position our Bank to persevere and grow under the current
economic conditions," stated Mark
D. Mordell, Chairman of the Board. "As a result, we plan to continue
to grow deposits while underwriting loans very carefully and maintaining
a high level of loan loss reserves."
Financial Results
In thousands (unaudited)
9/30/09 9/30/08 Increase 12/31/08 Increase
Assets $285,262 $229,367 24 % $271,507 5 %
Loans $209,011 $187,206 12 % $201,886 4 %
Deposits $256,166 $204,913 25 % $247,998 3 %
Shareholders' Equity* $27,494 $23,688 $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
9/30/09 9/30/08 9/30/09 9/30/08
Net Income (Loss) $561 $119 ($1,207) ($582)
Earnings (Loss) Per $0.22 $0.05 ($0.46) ($0.27)
Share
"The Bank's core operations remain strong, allowing us to achieve
profitability and further increase our loan loss reserves. Our healthy
net interest margin and controlled expenses have been big contributors.
We are well positioned to manage the Bank through these uncertain
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