CORRECTING and REPLACING Pacific Alliance Bank Announces Annual Results

Share Name	Share Symbol	Market	Type
Pacific Alliance Bank (PK)	USOTC:PFBN	OTCMarkets	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	8.30	8.35	8.65				0.00	11:47:23

Pacific Alliance Bank (PK) (USOTC:PFBN)
Historical Stock Chart

From Nov 2019 to Nov 2024

Click Here for more Pacific Alliance Bank (PK) Charts.

Headline of release should read: Pacific Alliance Bank Announces Annual Results (sted Pacific Alliance Bank Announces Third Quarter Results). The release reads: PACIFIC ALLIANCE BANK ANNOUNCES ANNUAL RESULTS Pacific Alliance Bank (OTCBB:PFBN) is pleased to report its results for the year ending December 31, 2007. From its opening with a capital account of $16.4 million, the Bank�s assets increased from $18.2 million as of December 31, 2006 to $52.7 million as of December 31, 2007. Total gross loans were $25.7 million, up from $19.1 million as of September 30th. All loans were current as of December 31, 2007. Total liabilities as of December 31, 2007 were $38.5 million, including total deposits of $36.3 million. Total revenue for the year of 2007 before operating expense was $2,502 thousand, comprised of $2,463 thousand in interest income and $1,136 thousand in net interest income. Additionally, the Bank provided $311 thousand for loan losses reserves and benefited from $39 thousand in other non-interest income. Net Operating Loss for the year of 2007 was $2,393 thousand, including stock option expenses. Pacific Alliance Bank was formed to achieve its mission of delivering business value in its market, serving small to mid-size businesses, owners, and key employees who seek a personal bank ready to meet their needs with customized services. Pacific Alliance Bank is a full-service FDIC insured community bank, headquartered at 8400 E. Valley Blvd., Rosemead, California 91770. For more information, contact Ms. Trish Lomeli-Sproles (626) 773-8897 or tsproles@pacificalliancebank.com and visit http://www.pacificalliancebank.com. Pacific Alliance Bank Balance Sheet (unaudited) December 31, 2007 & 2006 $ in 000's � � Assets 2007 2006 � Cash and due from banks $ 685 $ 517 Federal funds sold � 7,950 � � 16,620 � Cash and Cash Equivalents 8,635 17,137 Investment (net) 17,014 - Loans, net of unearned income 25,666 0 Less allowance for loan losses � (311 ) � 0 � Net Loans 25,355 0 Premises and equipment, net 1,160 1,006 Accrued interest receivable and other assets � 523 � � 24 � Total Assets $ 52,687 � $ 18,167 � � Liabilities and Shareholders' Equity Liabilities Deposits Noninterest-bearing deposits $ 3,109 $ 28 Interest-bearing deposits � 33,233 � � 580 � Total Deposits 36,342 608 � Investor Seed Money - 1,035 Organization Loan - 700 Other borrow money (FHLB Advance) 1,900 - Accrued interest payable and other liabilities � 283 � � 132 � Total Liabilities $ 38,525 � $ 2,475 � � Commitments and Contingencies � Shareholders' Equity Common stock, no par value, 5,000,000 shares authorized; 1,657,686 shares issued & outstanding 16,365 16,365 Preferred Stock, no par value, 5,000,000 shares authorized; 0 share issue & outstanding 0 0 Additional paid in capital 972 111 Accumulated deficit (3,177 ) (784 ) Accumulated other comprehensive loss 2 0 Total Shareholders' Equity � 14,162 � � 15,692 � Total Liabilities and Shareholders' Equity $ 52,687 � $ 18,167 � � Book Value per Share 8.54 9.47 Pacific Alliance Bank Statement of Income for the Years Ended 2007 & 2006 (unaudited) $ in 000's � � � 2007 2006 � Interest Income Interest and fees on loans $ 1,048 $ 0 Interest on Federal funds sold 865 83 Interest on securities � 550 � � 20 � Total Interest Income 2,463 103 Interest Expense Interest expense on deposits � 1,327 � � 5 � � 1,327 � � 5 � Net Interest Income 1,136 98 � Provision for loan losses � 311 � � 0 � � Net Interest Income After Provision for Loan Losses � 825 � � 98 � Other Income Service charges on deposit accounts 1 0 Other non-interest income � 38 � � 0 � Total Other Income � 39 � � 0 � Other Expenses Salaries and other employee benefits (1) 1,579 305 Premises & Equipment 370 254 Legal fees 21 50 Professional fees 196 98 Other (1) � 1,090 � � 175 � Total Operating Expenses � 3,256 � � 882 � � Income Before Provision for Income Taxes (2,392 ) (784 ) � Provision for Income Taxes � 1 � � 0 � � Net Loss $ (2,393 ) $ (784 ) � Loss Per Share - Basic $ (1.44 ) $ (0.47 ) Pacific Alliance Bank Statement of Cash Flow (unaudited) For the Years Ended 2007 & 2006 $ in 000's � � � 2007 2006 Operating Activities Net income $ (2,393 ) $ (784 ) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 125 - Provision for loan loss 311 - Share-based compensation expense (1) 861 111 Increase in accrued interest receivable and other assets (499 ) (24 ) Increase in accrued interest payable and other liabilities � 315 � � 1,867 � Net Cash Provided by Operating Activities � (1,280 ) � 1,170 � Investing Activities Purchases of investment securities available-for-sale (17,011 ) - Purchases of premises and equipment (279 ) (1,006 ) Net increase in loans � (25,666 ) � - � Net Cash Used in Investing Activities � (42,956 ) � (1,006 ) Financing Activities Net increase in deposits 35,734 608 Proceeds from initial capitalization - 16,577 Organization expenses, net � - � � (212 ) Net Cash Provided by Financing Activities � 35,734 � � 16,973 � Net Increase in Cash and Cash Equivalents (8,502 ) 17,137 Cash and Cash Equivalents, Beginning of Year � 17,137 � � - � Cash and Cash Equivalents, End of Period $ 8,635 � $ 17,137 � � � Note (1): Beginning in fiscal year 2006 all companies that utilize equity compensation will be required to recognize the cost of that compensation in their financial statements pursuant to FASB's revision to Statement No. 123, Accounting for Stock-Based Compensation (SFAS No. 123R). The bank's equity total stock based compensation for fiscal year was $111 thousand, and $861 thousand for year 2006 & 2007 respectively. Pacific Alliance Bank Shareholders Equity For the Year Ended 2007 $ in 000's � � � � � � � � Accumulated Additional Other Shares Common Paid In Comprehensive Accumulated Comprehensive Outstanding Stock Capital Loss Deficit � Loss Total � Balance, January 1, 2007 1,657,686 $ 16,365 $ 111 $ (784 ) $ - $ 15,692 � Share-based compensation expense (1) 861 861 Net loss (1) (2,393 ) (2,393 ) (2,393 ) Unrealized gains (losses) 2 2 2 � Total Comprehensive loss $ (2,391 ) � � � � � � � Balance, December 31, 2007 1,657,686 $ 16,365 $ 972 $ (3,177 ) � $ 2 $ 14,162 �

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

PFBN Pacific Alliance Bank (PK)