1st Enterprise Bank Announces Continued Strong Growth in Total Assets, Core Deposits and a Reduction in Operating Loss for the Quarter Ended March 31, 2007
Tuesday, May 8, 6:00 am ET
LOS ANGELES, CA--(MARKET WIRE)--May 8, 2007 -- 1st Enterprise Bank (the Bank) (OTC BB:FENB.OB - News) today announced results for the 1st quarter of 2007 ended March 31, 2007.
1st Enterprise Bank continued to experience strong growth during the 1st quarter of 2007. At March 31, 2007 total assets were $131.9 million, an increase of $17.5 million, or 15.3%, over year end 2006. Net loans were up $3.4 million, or 16%, to $24.7 million. The Bank's investments were $35.4 million, an increase of $11.5 million, or 48.3%, over the prior year end. Total deposits stood at $105.7 million, an increase of $27.5 million, or 35.2%, over the year end 2006 level. Non-interest bearing DDA increased 36.2%, or $10.5 million, to $39.7 million, while Money Market, NOW and Savings Accounts increased $14.5 million, or 29.7%, to $63.2 million. Shareholders' equity stood at $25.2 million at quarter end. The net loss for the 1st quarter of 2007 was $424 thousand, a reduction of $209 thousand, or 33%, from the $633 thousand loss during the 4th quarter of 2006. The first quarter loss included $179 thousand of stock-based compensation expense, and a $59 thousand addition to the loan loss and off-balance sheet exposure reserves.
"We are extremely pleased with the results of the first quarter, especially in the area of core deposit growth," said John C. Black, CEO of 1st Enterprise Bank. "This growth underscores the business market's need for a full service, locally owned and managed commercial business bank like ours. Further, it is a tremendous vote of confidence in the highly experienced and capable staff that we have assembled here at 1st Enterprise Bank. Our increased revenue and significant reduction in operating loss during the first quarter, as compared to the fourth quarter of 2006, is a direct result of our continued growth in all core areas of the bank," Black went on to say.
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