Premier Commercial Bancorp, parent company of Premier Commercial Bank, N.A., reported a sizable increase in consolidated earnings for the second quarter of this year. Earnings totaled $206,000, compared to $113,000 for the same period last year. For the six months ended June 30, 2009 earnings totaled $411,000 compared to $485,000 for the same period last year and $352,000 for 2007.
Premier Commercial Bank Chairman and CEO Kenneth J. Cosgrove commented, â€œThe financial results for the second quarter of 2009 are reflective of the continued challenges of the financial environment. At PCB, we have responded cautiously through prudent loan loss allocations and proactive loan portfolio management. Although the impact to earnings has been negative we feel it will reinforce the continued stability of the Company and contribute to future growth potential.â€
As of June 30, 2009, total assets were $400 million, increasing slightly from $390 million for the same period last year. Total deposits were $292 million, down notably from $336 million at June 30, 2008. Net loans grew 11.6%, increasing from $313 million to $349 million within a 12 month period. Shareholdersâ€™ equity at June 30, 2009 was approximately $38.2 million, representing the companyâ€™s strong, well-capitalized position.
Premier Commercial Bank President and COO Ash Patel stated, â€œThe solid platform from which we operate has allowed us to meet current client needs and develop new relationships. Our historically sound banking practices have permitted us to remain active in lending to both existing and new clients.â€
Cosgrove added, â€œCore earnings and margins showed strong improvement through six months. Earnings prior to tax, loan loss allocation and the special FDIC assessment imposed on all banks, was actually more than double than that of the prior year. Our commitment to the fundamentals of a solid and proven business plan position us well to participate in the economic recovery when it occurs.â€