PALO ALTO, Calif.--(BUSINESS WIRE)--
The Private Bank of the Peninsula, a subsidiary of Peninsula Bank
Holding Co., today announced its audited results for the fourth quarter
of 2009.
"We are pleased to announce another record for earnings during the
fourth quarter of 2009. The efforts we have undertaken to improve
operationally are generating the results we had planned. We are
committed to work hard in 2010 to continue improving performance and
profitability," stated Chairman, Mark
D. Mordell. "Our plan is to carefully grow loans and deposits,
control expenses and maintain a conservative level of loan loss
reserves."
Financial Results
In thousands (audited)
12/31/09 12/31/08 Increase
Total Assets $308,004 $271,507 13%
Loans $203,604 $201,886 1%
Deposits $278,318 $247,998 12%
Shareholders' Equity* $28,086 $22,634 24%
* 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
12/31/09 12/31/08 12/31/09 12/31/08
Net Income (Loss) $716 ($1,220 ) ($491 ) ($1,802 )
Earnings (Loss) Per $0.24 ($0.47 ) ($0.30 ) ($0.81 )
Share
"We achieved record levels of deposits, loans and total assets in 2009.
All of us at the Bank must continue to be focused and diligent in the
face of continuing economic challenges in 2010. Our high level of loyal
core deposits gives us ample capacity to expand our lending. We are
actively lending in all areas of our portfolio," 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
General Office: 650-843-2265
www.the-private-bank.com