Pacific Commerce Bank (PFCI) in Los Angeles has satisfied enforcement orders imposed by state regulators, but it still has more work to do.
The California Department of Business Oversight on July 8 lifted consent orders that had been in place since 2011, the bank announced Monday. Information about the number of orders and their requirements was not immediately available.
The $163 million-asset bank remains under a 2011 written agreement with the Federal Reserve Bank of San Francisco that requires it to improve its asset quality and lending oversight.
Pacific Commerce had a Tier 1 leverage ratio of 13.77% and total risk-based capital of 18.62% as of June 30, it said Monday.
"Release of the consent orders is an indication of the hard work the board and management team have put in over the past year, and we look forward to executing the bank's long?term strategy of expanding our presence throughout Southern California," Chief Executive Scott Andrews said in the news release.
Pacific Commerce also announced Monday a second-quarter profit of $567,000, up from $164,000 in the same period in 2012. Net interest income rose 6%, to $1.6 million, and noninterest income increased by 60%, to $610,000. Noninterest expenses fell by 6%, to $1.6 million.
Pacific Commerce named Andrews CEO in June 2012, more than a year after its previous CEO stepped down.
The bank owes $4.1 million to the Troubled Asset Relief Program; it received the funds in December 2008.