1st Enterprise Bank Continues Strong Core Deposit and Loan Growth for the Year Ended December 31, 2007
Tuesday January 29, 6:00 am ET
LOS ANGELES, CA--(MARKET WIRE)--Jan 29, 2008 -- 1st Enterprise Bank (the Bank) (OTC BB:FENB.OB - News) today announced results for the twelve months ended December 31, 2007.
1st Enterprise Bank continued to experience strong growth in its core deposits and loans during 2007. Total assets of $190.0 million at year end were up $75.6 million, or 66%, from December 31, 2006. Total deposits at December 31, 2007 of $163.6 million represented an increase over the prior year end of $85.4 million, or 109%. Net loans at December 31, 2007 were $69.7 million, an increase of $48.5 million, or 228%, as compared to December 31, 2006. Non-interest bearing demand deposits increased by $21.9 million, or 75%, and interest bearing deposits increased by $63.6 million, or 130%, over the prior year. Shareholders' equity stood at $25.3 million at December 31, 2007 as compared to $25.5 million at December 31, 2006. The net loss for the period ended December 31, 2007 was $1.5 million, a decrease of $791 thousand from the net loss for the period ended December 31, 2006. The net loss reported for 2007 included an increase to our loan loss reserves and off balance sheet exposure reserves of $717 thousand and the recognition of stock option expense of $892 thousand.
"We are extremely pleased with our strong growth in total assets, core deposits and loans during 2007, as well as the substantial decrease in the net loss for the year," said John C. Black, CEO of 1st Enterprise Bank. "Our strong growth during 2007 is attributable to the high quality of our staff and their dedication to serving entrepreneurial businesses and their owners throughout Southern California. We also experienced a significant contribution to our growth through the opening of our Orange County Regional Office in September of last year. We are also very pleased to report that asset quality remains extremely high, and our liquidity remains very strong. As of year-end, we had no past due or non-performing loans in our loan portfolio, and our investments remain in either highly liquid Federal Funds Sold or U. S. Government sponsored Agency securities."
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.
1st Enterprise Bank Condensed Statements of
Financial Condition (In thousands)
John C. Black
Chief Executive Officer