1st Enterprise Bank Grows to $400 Million in Assets
Tuesday, April 20, 2010 14:32 ET
LOS ANGELES, CA – (Marketwire - April 20, 2010) – 1st Enterprise Bank ("the Bank") (OTCBB: FENB)
- Total Assets Reach $404 Million
- 1st Quarter Pre-tax Income grows by $694,000 over Prior Year
- 1st Quarter Net Income of $467,000
- Total Assets grow by 54% from the Prior Year
1st Enterprise Bank ("the Bank") (OTCBB: FENB), a full-service commercial bank serving businesses and their owners throughout Southern California, today reported first quarter net income of $467,000, an increase of $356,000 or 321% over the first quarter of 2009. "The Bank reached a great milestone at the end of the first quarter by exceeding $400 million in assets before the Bank is even four years old," said John C. Black, CEO. "The Bank continued to add quality customer relationships, growing its assets by more than $140 million from the prior year and by $20 million from the end of the prior quarter," added Mr. Black. "The Bank has grown its loan portfolio by more than 30% over the last year, while continuing its outstanding asset quality."
Total assets at March 31, 2010 were $404 million, an increase of 54% or $142 million compared to March 31, 2009 and an increase of 5% or $20 million compared to December 31, 2009. Deposits increased by $129 million or 57% over the prior year and by $17 million or 5% over the prior quarter. The Bank continues to maintain strong capital ratios, with a Tier 1 leverage capital ratio of 10% and a total risk based capital ratio of 16.5%.
The Bank reported net income (unaudited) of $467,000 for the first quarter of 2010, compared to $111,000 in the prior year and $921,000 in the prior quarter. As a valuation allowance on deferred tax assets was eliminated during 2009, the Bank recorded a net tax benefit in the fourth quarter of 2009 in the amount of $187,000. On a pretax basis, earnings grew by $694,000 over the prior year and by $60,000 from the prior quarter.
Net income applicable to common shareholders for the quarter ending March 31, 2010 was $343,000 and basic and diluted earnings per share were both $0.12. This compares to basic and diluted earnings per share of $0.04 in the prior year.
The Bank continues to experience excellent asset quality, as the Bank had no loan charge-offs or any "other-than-temporary impairments" of its assets.
"We are very pleased with our continued growth and operating performance," said Mr. Black. "As the economy stabilizes and improves over the coming years our customers' businesses will do the same and we will all benefit as a result. Our sound financial condition positions us to take advantage of market opportunities and continue our strong organic growth."
About 1st Enterprise Bank
Founded in 2006, 1st Enterprise Bank is a full-service commercial banking institution, whose highly experienced bankers personally serve Southern California entrepreneurial businesses, professional firms and nonprofit organizations, along with their owners and key managers. Headquartered in the Los Angeles financial district, with full-service regional banking offices in Irvine and Ontario, 1st Enterprise Bank offers a full range of credit and depository services, with special emphasis on superior customer service, sophisticated cash management services and direct access to bank decision makers. Customers work directly with a dedicated Relationship Manager, a seasoned professional who understands their unique challenges serving as a sounding board and an active participant in their client's success. For more information on 1st Enterprise Bank, please visit www.1stenterprisebank.com.
This news release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about 1st Enterprise Bank's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: 1st Enterprise Bank's timely implementation of new products and services, technological changes, changes in consumer spending and savings habits and other risks discussed from time to time in 1st Enterprise Bank's reports and filings with banking regulatory agencies. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and 1st Enterprise Bank does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
John C. Black