Pacific National Bank Reports Strong Third Quarter

MIAMI, Oct. 24, 2013 (GLOBE NEWSWIRE) -- Pacific National Bank reported today net income of $866,000 for the three months ended September 30, 2013, compared with net income of $440,000 for the three months ended September 30, 2012.

Non-Performing loans decreased to $4.7 million as of September 30, 2013, a decrease of $4.8 million or 50.5 percent from $9.5 million on September 30, 2012.

Performing loans grew by $16 million to $154 million as of September 30, 2013, an increase of 11 percent from $139 million on September 30, 2012.

The Bank's third quarter net income of $866,000 was primarily due to core operating earnings of $355,000, a reduction of the allowance for loan loss of $371,000, and net gains on sale of securities of $140,000. That compares with net income of $440,000 in the third quarter of 2012, which included core operating earnings of $326,000, a release of tax valuation allowances of $339,000, and gains on sale of investment securities of $35,000, partially offset by provisioning for loan losses of $163,000 and other extraordinary costs of $97,000.

For the nine months ended September 30, 2013, core operating earnings were $1,002,000. In comparison, core operating earnings for the same period in 2012 were $480,000.

Tier 1 capital at September 30, 2013 was 11.39 percent, while total risk-based capital was 20.93 percent. 

The allowance for loan losses now stands at 1.66 percent of gross loans. The Bank's ratio of non-performing assets today stands at 18.74 percent of Tier 1 capital and loan loss reserves.

"September 30, 2013 marks the 10^th consecutive quarter of positive core operating earnings for PNB, this sustained improvement in the Bank's core performance coupled with the recently announced definitive agreement to sell PNB to a group of U.S. private investors give us a great deal of confidence that we are building a stronger franchise to better serve the growing needs of South Florida's residents, business community and our loyal Ecuadorian customers," said Carlos Fernandez-Guzman, President and CEO of PNB. 

Pacific National Bank, headquartered at 1390 Brickell Avenue, was a subsidiary of Banco del Pacifico, Ecuador until 2011, was established as a national bank in 1985 and has $355 million in assets.

Carlos Fernandez-Guzman Office: (305) 539-7524 or Mobile: (305) 992-3224 Jorge Martinez Office: (305) 445-7550 or Mobile: (305) 790-2828