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Bank reports 2006 financial results

 

Last updated 4/26/2007 at Noon



Pacific Coast National Bancorp has announced certain financial results for year-end December 31, 2006. Total assets increased 80 percent, to $56.2 million at December 31, 2006, from $31.2 million at December 31, 2005. During the same time period, loans increased 237 percent, to $34.4 million at December 31, 2006, from $10.2 million at December 31, 2005, with commercial loans increasing 296 percent and real estate secured loans up 169 percent.

“Loan demand from local borrowers for commercial real estate and Small Business Administration [SBA] loans remains strong throughout San Diego and Orange counties. We are pleased to serve the niche market of businesses with annual sales of $1 to $30 million. We can customize the product and the pricing to fit their needs,” stated Michael Hahn, President and Chief Operating Officer.

Deposits increased 223 percent, to $39.9 million at December 31, 2006, from $12.4 million at December 31, 2005. Deposit growth was focused on transaction accounts, with non-interest bearing demand deposit accounts increasing 183 percent, to $12.1 million at December 31, 2006, from $4.3 million at December 31, 2005, and money market accounts increasing by 480 percent during the same time period.

“We are extremely pleased with the way the local business community has embraced the bank. We believe these deposits are relationship oriented, not rate-driven. Unlike some new banks, we have chosen not to compete in the high-rate time deposit arena in order to fund our strong loan growth,” added Hahn.

One of the many successes during 2006 occurred in October when the bank was named a SBA Preferred Lender. “The benefit to turning to a Preferred Lender,” said Hahn, “can translate into saving time on the approval process and waiting period by providing quick turnaround on lending decisions.

“The size of our bank enables us to provide more personal service to our business customers combined with offering additional flexibility in processing the loan request. We’re proud to have helped many individuals fulfill their dream of owning their own business or commercial building by obtaining a 7(a) or 504 SBA loan.”

 

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