Pacific Alliance Bank, a full service commercial bank, has reported an operating loss of $437,000 or $0.26 per share for the second quarter of 2008, compared to an operating loss of $599,000, or $0.36 per share for the same quarter of 2007.
For the six months ended June 30, 2008, operating loss was $811,000, or $0.49 per share, compared to loss of $1.27 million, or $0.76 per share for the same period of 2007.
Total assets increased $5.8 million to $56 million, or 11.5% growth from $50.2 million at June 30, 2007, and increased 6.3% from $52.7 million at December 31, 2007.
Loans outstanding increased $17 million to $31.8 million, or 116% increase from $14.7 million at June 30, 2007, and increased 23.7% from $25.7 million at December 31, 2007. Deposits grew by 6.9% to $37.4 million from $35 million at June 30, 2007, and grew 3% from $36.3 million at December 31, 2007.