Thursday, June 09, 2005
Pacific International Bank
This bank (website) has apparently about 1,000,000 shares. They don't seem to trade on any exchange, although the bank lists a bid/ask/last numbers on their website ($16/$17/$15.50).
FDIC certification #57246
Doing a comparison to Bank of the James (they're a good standard to use for comparison of startup community banks)...
PI Bank was founded in 2001 when more than 240 local Korean-American business owners and investors decided to create a bank to give special attention to the needs of small business owners. Since that time we have added branches in Lakewood and Lynnwood to the service provided from our Seattle headquarters branch. Our officers and staff speak Korean as well as English. [emphasis added]If that's true, then I wonder why there is so little emphasis on commercial/industrial loans (see below in bold).
FDIC certification #57246
Doing a comparison to Bank of the James (they're a good standard to use for comparison of startup community banks)...
- A lot of the numbers are very similar or slightly worse than BOJF
- Fewer net loans and leases/assets: 71% vs 80%
- Less deposits/assets: 81% vs 89%
- More bank premises and fixed assets/total assets: 3.05% vs 2.02%
- Other borrowed funds: 9% vs 0%
- Generally better capitalized
- A lot of real estate loans: 63% vs 30%, this could be a showstopper since they're in Seattle
- Commercial/industrial loans: 9% vs 42%
- Deposits: individuals/partnerships/corporate: 70% vs 89%
- Non-transaction accounts: 59% vs 71%
- Assets past due and non-accrual: 0.09% vs 0.42%
- total interest income: 5.74% vs 6.32%
- total interest expense: 2.05% vs 2.09%
- total non-interest income: 0.32% vs 1.32%
- total non-interest expense: 2.73% vs 3.22%
- net income: 1.09% vs 1.05%
- yield on earning assets: 6.01% vs 6.88%
- net interest margin: 3.87% vs 4.61%
- ROA: 1.09% vs 1.05%
- ROE: 12.07% vs 12.07%
- total risk-based capital ratio: 12.99% vs 11.79%
- equity to assets: 9.00% vs 8.64%
// posted by Bruce @ 9:39 PM 
