1st Enterprise Bank Continues Strong Loan and Core Deposit Growth for the Quarter Ended September 30, 2007
Friday October 12, 8:31 pm ET
LOS ANGELES, CA--(MARKET WIRE)--Oct 12, 2007 -- 1st Enterprise Bank (the Bank) (OTC BB:FENB.OB - News) today announced results for the 3rd quarter of 2007 ended September 30, 2007.
1st Enterprise Bank, which opened for business on July 3, 2006, continued to experience strong growth in its loans and core deposits during the 3rd quarter of 2007. At September 30, 2007 total assets had grown to $167.5 million, an increase of $16.5 million, or 10.9%, over June 30, 2007. Net loans were up from the prior quarter by $15.5 million, or 38.3%, to $56.0 million. The Bank's investments were $86.0 million, an increase of $43.5 million, or 102.4% over the June 30, 2007 level. Total deposits stood at $141.6 million, an increase of $16.6 million, or 13.2% over June 30, 2007. Non-interest bearing demand deposits increased $5.0 million, or 12.5%, to $45.4 million. Interest bearing deposits increased $11.8 million, or 14.0%, to $96.2 million over the level at June 30, 2007. Shareholders' equity stood at $24.7 million at September 30, 2007. The net loss for the 3rd quarter of 2007 was $372 thousand, $104 thousand, or 24%, less than the 2nd quarter loss. The 3rd quarter net loss included $183 thousand of stock-based compensation expense, and $188 thousand in additions to the loan loss and off-balance sheet exposure reserves.
"We are very excited about the strong growth in loans, core deposits, and total assets, as well as the level of reduced losses, during the third quarter of 2007," said John C. Black, CEO of 1st Enterprise Bank. "It demonstrates that we are fulfilling the business market's need for a full service, locally owned and managed commercial business bank like ours. Our highly experienced and capable staff at 1st Enterprise Bank provides outstanding service to our clientele and takes a personal interest in the success of their businesses. The results during the third quarter provide strong validation of our business model and our understanding of our market niche."
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
Chief Executive Officer