PALO ALTO, Calif.--(BUSINESS WIRE)--
Peninsula Bank Holding Co., the parent company of The Private Bank of
the Peninsula, today announced its unaudited results for the first
quarter of 2010.
"We are very pleased to announce a profitable first quarter in 2010.
This is a result of continuing improvements in our operations and solid
management of our net interest margin," stated Chairman, Mark
D. Mordell. "We continue with
our plan to carefully grow loans, control expenses and maintain an
appropriate level of loan loss reserves."
Financial Results
In thousands (unaudited)
3/31/10 3/31/09 % Change 12/31/09 % Change
Total Assets $ 312,518 $ 277,795 12 % $ 307,936 1 %
Loans $ 201,139 $ 215,679 -7 % $ 203,604 -1 %
Deposits $ 282,132 $ 247,577 14 % $ 278,318 1 %
Shareholders' $ 28,540 $ 28,739 -1 % $ 28,018 2 %
Equity
Common Shares 2,602 2,602 0 % 2,602 0 %
Quarter Quarter Ending
Ending
3/31/10 3/31/09
Net Income $ 429 $ 342
(Loss)
Earnings
(Loss) Per $ 0.16 $ 0.13
Share
"Although we are actively lending and have ample liquidity, we are being
prudent in our underwriting of new loans. This and increased payoffs
from an improving economy have caused a dip in our loan portfolio," said Kenneth
D. Brenner, the Company's Chief Executive Officer. "The active
maintenance of our net interest margin and ongoing program of expense
control are continuing drivers of the Bank's profitability."
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 and individuals
primarily in the Greater San Francisco Bay Area. The Bank's experienced
senior management team provides personalized, relationship-based
service, giving clientele access to senior level decision-makers. The
Bank specializes in the following markets: commercial & industrial,
asset based, real estate construction, commercial real estate, and real
estate bridge financing.
Source: Peninsula Bank Holding Co.
Contact: Peninsula Bank Holding Co.
Steve Leen, 650-843-2204
Chief Financial Officer