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Pacific Commerce Bank Q1 net income down

Pacific Commerce Bank has reported net income of $183,000 for the first quarter ended March 31, 2008, compared to $410,000 for the corresponding period of 2007.

The company said that the decrease in net income was attributable to a $318,000 decrease in income tax benefits offset by higher net interest income and non-interest income.

The total income was $1.5 million for the first quarter of 2008, an increase of 36% compared to $1.1 million for the same period in 2007. The non-interest expense was $1.3 million for the first quarter of 2008, an increase of 28% compared to $1.03 million for the corresponding period of 2007.

The company’s adjusted income before loan loss provision, stock options expense and income tax benefits was $182,000 for the first quarter of 2008, compared to $67,000 for the corresponding period of 2007.

The company’s total assets increased to $161.2 million for the first quarter of 2008, an increase of 41% compared to $114.6 million for the same period in 2007.

The company’s total loans increased 43% to $129 million for the first quarter of 2008, compared to $90.3 million for the corresponding period of 2007. Total deposits increased 12% to $109.6 million for the first quarter of 2008, compared to $98 million for the same period in 2007. Allowance for loan losses was $1.5 million for the first quarter of 2008, compared to $897 million for the corresponding period of 2007.

Brian Kelley, CEO, said: I am happy to report that our bank has finished a strong first quarter 2008. We achieved our sixth consecutive profitable quarter.