Pacific Alliance Bank Announces First Quarter 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
	-0.0513	-0.61%	8.3887	8.25	8.65	8.44	8.3887	8.44	2,500	21:01:35

Pacific Alliance Bank (PK) (USOTC:PFBN)
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Pacific Alliance Bank (OTCBB:PFBN) is pleased to report its results for the 1st quarter of 2008. 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 $53.3 million as of March 31, 2008. Total gross loans were $28.4 million as of March 31, 2008, up from $25.7 million as of December 31, 2007. All loans were current as of March 31, 2008. Total liabilities as of March 31, 2008 were $39.3 million, including total deposits of $37.1 million. Total revenue for the 1st quarter of 2008 before operating expense was $724 thousand, comprised of $711 thousand in interest income and $390 thousand in net interest income. Additionally, the Bank provided $39 thousand for loan losses reserves and benefited from $13 thousand in other non-interest income. Net Operating Loss for the 1st quarter of 2008 was $374 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 banking 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) $ in 000's � � Assets March 31, 2008 March 31, 2007 � Cash and due from banks $ 1,154 $ 957 Federal funds sold � 7,280 � � 18,360 � Cash and Cash Equivalents 8,434 19,317 Investment (net) 15,163 5,995 Loans, net of unearned income 28,449 10,806 Less allowance for loan losses � (350 ) � (139 ) Net Loans 28,099 10,667 Premises and equipment, net 1,127 1,226 Accrued interest receivable and other assets � 534 � � 177 � Total Assets $ 53,357 � $ 37,382 � � Liabilities and Shareholders' Equity Liabilities Deposits Noninterest-bearing deposits $ 4,273 $ 780 Interest-bearing deposits � 32,850 � � 21,262 � Total Deposits 37,123 22,042 � Investor Seed Money - - Other borrow money 1,900 - Accrued interest payable and other liabilities � 350 � � 98 � Total Liabilities � 39,373 � � 22,140 � � Commitments and Contingencies 0 0 � 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 1,079 332 Accumulated deficit (3,551 ) (1,452 ) Accumulated other comprehensive loss 91 (3 ) Total Shareholders' Equity � 13,984 � � 15,242 � Total Liabilities and Shareholders' Equity $ 53,357 � $ 37,382 � � Book Value per Share 8.44 9.19 Pacific Alliance Bank Statement of Income (unaudited) $ in 000's � � March 31, 2008 March 31,2007 Interest Income Interest and fees on loans $ 438 $ 84 Interest on Federal funds sold 56 195 Interest on securities � 217 � � 52 � Total Interest Income 711 331 Interest Expense Interest expense on deposits � 321 � � 117 � � 321 � � 117 � Net Interest Income 390 214 � Provision for loan losses � 39 � � 139 � � Net Interest Income After Provision for Loan Losses � 351 � � 75 � Other Income Service charges on deposit accounts 1 1 Other non-interest income � 12 � � 10 � Total Other Income � 13 � � 11 � Other Expenses Salaries and other employee benefits 415 348 Premises & Equipments 97 100 Other (1) � 226 � � 305 � Total Operating Expenses � 738 � � 753 � � Income Before Provision for Income Taxes (374 ) (667 ) � Provision for Income Taxes � 0 � � 0 � � Net Loss $ (374 ) $ (667 ) � Loss Per Share � Basic $ (0.23 ) $ (0.40 ) Statement of Cash Flow (unaudited) $ in 000's � � March 31, 2008 December 31, 2007 Operating Activities Net income $ (374 ) $ (2,393 ) Adjustments to reconcile net income to net cash provided by operating activities: � Depreciation and amortization 33 125 Provision for loan loss 39 311 Net amortization of premiums/discounts on securities 0 1 Share-based compensation expense (1) 107 861 Increase in accrued interest receivable and other assets (11 ) (408 ) Decrease in accrued interest payable and other liabilities � (67 ) � 176 � Net Cash Provided by Operating Activities � (273 ) � (1,327 ) Investing Activities Proceeds from matured investment securities available-for-sale 5,000 16,000 Purchases of investment securities available-for-sale (3,000 ) (33,013 ) Purchase of FHLB Stock (0 ) (89 ) Purchases of premises and equipment - (279 ) Net increase in loans � (2,783 ) � (25,666 ) Net Cash Used in Investing Activities � (783 ) � (43,047 ) Financing Activities Net increase in deposits 854 35,708 Net increase (decrease) in other borrowings - (1,735 ) Net increase in FHLB borrowings � - � � 1,900 � Net Cash Provided by Financing Activities � 854 � � 35,873 � Net Increase in Cash and Cash Equivalents (202 ) (8,501 ) Cash and Cash Equivalents, Beginning of Year � 8,636 � � 17,137 � Cash and Cash Equivalents, End of Period $ 8,434 � $ 8,636 � � � 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). � Pacific Alliance Bank Statement of Changes in Shareholders' Equity (unaudited) For the period January 1, 2008 through March 31, 2008 $ in 000's � � � � � � � � Accumulated Common Stock Additional Other Total Shares Common Paid In Comprehensive Accumulated Comprehensive Shareholders' Outstanding Stock Capital Loss Deficit Loss Equity � Balance, January 1, 2008 1,657,686 $ 16,365 $ 972 $ (3,177 ) $ 2 $ 14,162 � Share-based compensation expense (1) 107 107 Net loss (1) (374 ) (374 ) (374 ) Unrealized gains (losses) 89 89 89 � Total Comprehensive loss $ (285 ) � � � � � � Balance, March 31, 2008 1,657,686 $ 16,365 $ 1,079 $ (3,551 ) $ 91 $ 13,984 � � � � 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).

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PFBN Pacific Alliance Bank (PK)