Pacific National Bank Reports Improved Results

MIAMI--(BUSINESS WIRE)-- Pacific National Bank posted improved results in the second quarter. The Bank’s capital ratios showed improvement, equity capital levels remained stable and charge-offs and non-performing assets decreased, President and CEO Carlos Fernandez-Guzman announced.

“Pacific National Bank continued to make improvements to its core operations. Additionally, we further strengthened the Bank’s management team with the addition of highly-qualified directors and officers,” Fernandez-Guzman said. “Pacific also continued to prudently manage the process of writing down troubled assets during the quarter to better position the Bank moving forward.”

The Bank reported a net loss of $326,000, primarily due to the bolstering of its provisions for loan losses by $630,000, which compares with a loss of $1.36 million and a provision for loan losses of $1.04 million in the first quarter. The Bank’s capital ratios are significantly higher than those typically required by regulators, and Tier 1 capital increased to 10.67 percent, while total risk-based capital ended at 24.37 percent. Non-performing assets dropped to $12.97 million, or down to 3.4 percent of total assets.

Pacific National added Clemencia de Tobon as Vice Chairman of the Board and Peter J. Phillips as Chairman of the Board’s Audit Committee. Key players were added to the management team with the appointment of Lorrie Candiotti as Executive Vice President and Chief Operating Officer, Robert Garrett as Senior Vice President and Chief Credit Officer, Marta Perez-Pendas as General Counsel and Luis Uria as Vice President responsible for internal controls.

Chief Financial Officer Will Bermudez said the results from operations, excluding the provision for loan losses, showed a positive $305,000, compared with a loss of $318,000 in the first quarter.

“We recognized a provision for loan losses of $630,000 during the quarter, compared with $1.04 million in the first quarter,” Bermudez said. “Our ratio of non-performing assets today stands at 29.8 percent of capital and reserves and at 3.4 percent of total assets. Both are well below the average among South Florida peers.”

Pacific National Bank, headquartered at 1390 Brickell Ave., was established as a national bank in 1985 and has $377 million in assets.

CONTACT:

Pacific National Bank
Carlos Fernandez-Guzman, 305-539-7514
Ray Casas/Mark Sell, 305-372-1234

KEYWORDS:   United States  North America  Florida

INDUSTRY KEYWORDS:   Professional Services  Banking  Consulting  Finance

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