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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 

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Horizon Community Bank appoints Jim Nelson as senior commercial lending manager in Mesa

Posted By Julie Smith, Horizon Community Bank, Monday, June 13, 2016

MESA, Ariz.—June 13, 2016 To better manage high loan demand at its new Mesa branch, locally owned and operated Horizon Community Bank has appointed Jim Nelson as senior commercial lending manager.

Highly accomplished with more than 33 years in the banking industry, Nelson will be responsible for managing commercial lending at the bank’s Mesa branch, along with growing its loan portfolio, managing customer relationships and promoting business banking products throughout the Phoenix metropolitan area. Most recently chief credit officer at Goldwater Bank, Nelson has robust expertise growing deposits, implementing policies and infrastructures, handling due-diligence and compliance, and making key credit decisions.

“I’m particularly excited that Horizon Community Bank is locally owned and operated. By helping it grow deposits and borrowers, I’m helping the very community that I live in because the dollars remain in our neighborhood. I’m a huge believer in local first,” states Nelson. “It’s also a bank with a robust line of products ranging from construction and SBA (Small Business Administration) loans through permanent loans, working capital loans, business lines-of-credit and more. My background completely fits their business banking focus and I’m very pleased to join the team.” 

Nelson will report to Scott Dickman, newly appointed market president of Greater Maricopa County.

Nelson’s past positions also include Pinnacle Bank, Compass Bank, Wells Fargo, Chase Bank of Arizona, First Federal Bank and Community Bank of Arizona. Nelson has a bachelor’s degree in Finance from Arizona State University and lives in Fountain Hills.

About HCB

Horizon Community Bank is a locally owned and operated FDIC insured bank with branches in Fort Mohave, Lake Havasu City, Mesa, Parker and Quartzsite. It has almost 80 employees and provides high-touch, customized financial services to those in the healthcare, transportation, real estate, and technology industries, as well as general commercial and consumer services. Horizon Community Bank is a subsidiary of holding company Horizon Bancorp, Inc.

Horizon Community Bank supports local communities. April’s non-profit partner of the month is K-12 Foundation. Learn more at HorizonCommunityBank.com.

 

Tags:  banking  commercial lending 

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