Print Page   |   Your Cart   |   Sign In
Press Release
Group HomeGroup Home Blog Home Group Blogs
Search all posts for:   

 

View all (120) posts »
 

Metro Phoenix Bank Reports Earnings of $417,000 or $0.11 per Diluted Share in 4Q2017 and Efficiency Ratio of 50.53%

Posted By Eve Tzinas, Metro Phoenix Bank, Thursday, February 15, 2018

PHOENIX, Arizona, February 14, 2018 /PRNEWSWIRE/-- Metro Phoenix Bank (OTCPink: MPHX)(“Bank”) announced net income for quarter ending December 31, 2017 of $417,000, or $0.11 per diluted share.  Excluding the one-time Deferred Tax Asset (DTA) write down of $374,000, adjusted net income for quarter ending December 31, 2017 was $791,000, or $0.21 per diluted share, which remains comparable to 3Q 2017 net income of $795,000 or $0.21 per diluted share.  

For the full twelve months of 2017, the Bank reported net income of $2.91 million, or $0.77 per diluted share, compared to a negative $786,000, or negative $0.32 per diluted share for the same period of 2016.  Excluding non-recurring income and the one-time DTA write down for the full twelve months of 2017, the adjusted net income of the Bank grew to $2.43 million, or $0.64 per diluted share.

“The Bank’s pre-tax earnings performance in the fourth quarter solidifies management’s confidence that our business model is working well within the framework of the local market and provides optimism that sound core earnings can be sustained throughout 2018,” stated Stephen P. Haggard, President and Chief Executive Officer.  “It is very satisfying to see the business potential of Arizona finally being unlocked after years of sluggish growth.  Arizona currently has a healthy economic environment in which businesses are thriving, banks are profitable and local communities are benefitting.”   

Fourth Quarter 2017 Highlights:

  • Net Income for the quarter was $417,000, or $0.11 per diluted share.
    • ROA of 0.95% and 1.28% for the quarter and for the twelve months excluding non-recurring income, respectively;
    • ROE of 5.98% and 9.00% for the quarter and for twelve months excluding non-recurring income, respectively;
    • ROA of 1.50% and ROE of 10.61% for the twelve months excluding non-recurring income and the one-time DTA write down.
  • NIM of 5.54% and 5.15% for the quarter and the twelve months, respectively, with the cost of funds stable at 0.37% compared to the linked quarter, and slightly higher than the fourth quarter 2016 of 0.31%.
  • SBA Gains on Sale of $230M and $998M for the quarter and for the twelve months, respectively.
  • Provision Expense of $44M and $214M for the quarter and for twelve months, respectively.
  • Efficiency Ratio of 50.53% and 55.14% for the quarter and for the twelve months excluding non-recurring income, respectively.
  • Loan growth was 1.96% and 24.27% for the quarter and for the twelve months, respectively.
  • Non-Performing Assets remained at zero for the third consecutive quarter.

Balance Sheet

Total assets grew by 4.48% to $174.9 million for quarter ending December 31, 2017, and increased 23.65% compared to $141.5 million a year ago.  Total loans grew by 1.96% to $137.7 million for quarter ending December 31, 2017, and increased 24.27% compared to $110.8 million a year ago. Total deposits grew by 5.07% to $146.9 million for quarter ending December 31, 2017, and increased 15.10% compared to $125.9 million a year ago. 

The allowance for loan losses totaled $1.6 million at December 31, 2017, or 1.15% of total loans.  No material changes have occurred in the credit quality of the loan portfolio since the preceding quarter.

Shareholders’ equity increased to $27.6 million at December 31, 2017, from $27.2 million the preceding quarter.  At December 31, 2017, book value and tangible book value were $8.15 per share compared to $8.02 per share at September 30, 2017.

Capital Management

The Bank’s capital ratios exceeded the regulatory guidelines for a well-capitalized financial institution under the Basel III and Dodd Frank Wall Street Reform requirements at December 31, 2017.  The Bank reported the following capital ratios:

About the Company

Metro Phoenix Bank, Inc., headquartered in Phoenix, Arizona is a full-service community Bank that caters to small-to mid-sized businesses and real estate professionals.   It offers deposit and loan products and services as well as convenient on-line banking.  The Bank was established in 2007 and operates out of single corporate office.   The company is traded over-the-counter as MPHX.  For further information please visit the website: www.metrophoenixbank.com.

Forward-looking Statements

This press release may include forward-looking statements about Metro Phoenix Bank.  These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in in the forward-looking statements.  Such risks and uncertainties include, but are not limited to, the following factors: competition, fluctuations in interest rates, dependency on key individuals, loan defaults, geographical concentration, litigation and changes in federal laws, regulations and interpretations thereof.  All forward-looking statements included in this press release are based on information available at the time of the release, and Metro Phoenix Bank assumes no obligation to update any forward-looking statement.

 

Contact:     Stephen P. Haggard

                      President & CEO

                      602-346-1800

                      shaggard@metrophoenixbank.com

 

 

 

Tags:  commercial lending  Press Release 

Share |
Permalink | Comments (0)
 

Affordable Dental Plans for ASBA Members

Delta Dental of Arizona

2 employees? No problem! We’ve got a dental plan to meet your needs & budget. Click to learn more!

LEARN MORE

Switch. Save. Donate. All with NPS, your Local Payment Processor

NPS

Specialized Pricing for ASBA Members
No PCI, No Annual Fees, No Start-up Fees or Contracts
24 Hour Next Day Funding & Deposits
Full EMV Integration to Current Setup
PCI Compliant
NPS gives back 20% to ASBA 

LEARN MORE

Need Space for your Upcoming Training?

ASBA

Whether it's a small classroom or for 50+ ASBA has a space for you! Click to learn more on how you can rent our Business Education Center (BEC).

LEARN MORE

RSVP

Experience ASBA

REGISTER

Date: Held monthly
Time: Click for times based on location
Location: Phoenix or Tucson

RSVP

ASBA Speed Networking

REGISTER

Date: Held monthly
Time: Click for times based on location
Location: Phoenix or Tucson

Have Questions on Health Insurance?

Health Insurance

Do you have questions on plans for Individual, sole proprietor, or group? We can get the answers needed to make sure you find the right plan for you and your employees.

LEARN MORE

CopperPoint...at work for you

CopperPoint

CopperPoint delivers peace of mind to Arizona employers and their employees. We are the state's premier provider of workers compensation insurance, serving Arizona businesses, small and large, since 1925.

LEARN MORE

Speakers Forum

Speakers Form

ASBA is on the cutting-edge of what is happening right now in the business community. We are looking for dynamic speakers to present inspiring and relevant content at future events. If you or someone you know is experienced capturing a crowd and delivering insightful information on sales, marketing, HR, finances, or other topics we invite you to share your knowledge and apply today. We are your partner in business.

APPLY TODAY

Association Management Software Powered by YourMembership  ::  Legal