The Private Bank of the Peninsula, a subsidiary of Peninsula Bank Holding Co. (PBKH.OB), announced this afternoon its unaudited financial results for the first quarter of this year. Compared to the same quarter in the previous year, assets increased 30%, loans increased 43%, and deposits increased 26%. Net income for the first quarter totaled $342,000, up 11.4% from the same period in 2008.
“We are very pleased to report a profit for the first quarter which can be attributed to some of the initiatives we implemented over the past year,” commented Mark D. Mordell, Chairman of the Board. “However, the economic crisis has impacted every business and individual in this country, including our client base. We need to continue working diligently to navigate through these difficult times.”
“We are encouraged that our loan portfolio is continuing to grow and that we are maintaining our core deposits in these challenging times. We have improved our net interest margin and the efficiency of our operations, which together have contributed to our profitability,” added Kenneth D. Brenner, the Bank’s Chief Executive Officer.