CORONADO, CA--(Marketwired - Oct 23, 2014) - San Diego Private Bank (
As of September 30, 2014 total assets were $343.4 million, an increase of 5.6% over the prior year. Net loans ended the quarter at $277.4 million, up 5.7% for the quarter and 31.2 % above the prior year. Total deposits were $282.4 million, up 1.4% for the quarter and 6.8% over the prior year. Shareholder Equity was $50.6 million. The bank maintained very strong capital ratios, finishing the quarter with a Tier 1 Leverage Capital Ratio of 13.93% and a Total Risk Weighted Capital Ratio of 17.26%. Net Interest Margin was for the quarter was 4.36%, up from 4.11% for the prior quarter.
Maria P. Kunac, President and Chief Executive Officer of San Diego Private Bank, stated, "Loan volume continued to grow as we expanded our commercial real estate and construction lending businesses. Increased utilization of liquidity resulted in higher margins. Interest expense as well as operating expenses declined for the quarter. This resulted in improved earnings. Credit quality remained excellent and capital ratios remained well above all regulatory well-capitalized measures. We maintained a 5-Star rating for the 23rd consecutive quarter by Bauer Financial, the premier independent bank rating and research firm in the nation. A 5-Star rating implies that San Diego Private Bank is considered one of the strongest banking institutions in the country.
"Our relocated Downtown San Diego branch got off to a quick start with excellent deposit growth based on providing clients with Distinctly Different and superior personalized service. Loans generated at the branch grew by offering customized funding solutions to commercial real estate investors, high net worth individuals and professional firms," Ms. Kunac added.
San Diego Private Bank also offers various portfolio and government guaranteed programs, including SBA and cross-border Export-Import Bank programs. San Diego Private Bank is a SBA Preferred Lender.
San Diego Private Bank Balance Sheets | ||||||||
(Unaudited - in thousands) | ||||||||
September 30, 2014 | September 30, 2013 | |||||||
Assets | ||||||||
Cash and Cash Equivalents | $ | 33,416 | $ | 76,982 | ||||
Investments | 20,403 | 25,969 | ||||||
Loans, Net | 277,417 | 211,447 | ||||||
Premises, Equipment and Other Assets | 12,183 | 10,919 | ||||||
Total Assets | 343,419 | 325,317 | ||||||
Liabilities and Shareholders' Equity | ||||||||
Demand Deposits | 101,300 | 99,285 | ||||||
Interest Bearing Deposits | 181,699 | 165,238 | ||||||
Total Deposits | 282,999 | 264,523 | ||||||
FHLB Advances / Borrowings | 7,500 | 11,876 | ||||||
Other Liabilities | 2,338 | 2,500 | ||||||
Shareholders' Equity | 50,582 | 46,418 | ||||||
Total Liabilities and Shareholders' Equity | $ | 343,419 | $ | 325,317 |
San Diego Private Bank | ||||||||||||||||
Income Statements | ||||||||||||||||
(Unaudited - in thousands) | ||||||||||||||||
Three months ended September 30, 2014 |
Nine months ended September 30, 2014 |
Three months ended September 30, 2013 |
Nine months ended September 30, 2013 |
|||||||||||||
Interest Income | ||||||||||||||||
Interest Income | $ | 3,859 | $ | 11,033 | $ | 3,448 | $ | 8,499 | ||||||||
Interest Expense | 310 | 928 | 318 | 921 | ||||||||||||
Net Interest Income | 3,549 | 10,105 | 3,130 | 7,578 | ||||||||||||
Provision for Loan Losses | 151 | 566 | 374 | 614 | ||||||||||||
Net Interest Income after Provision for Loan Losses | 3,398 |
9,539 |
2,756 |
6,964 |
||||||||||||
Other Income | 238 | 923 | 423 | 1,258 | ||||||||||||
Operating Expenses | 2,421 | 7,420 | 2,386 | 6,332 | ||||||||||||
Operating Income | 1,215 | 3,042 | 793 | 1,890 | ||||||||||||
Income Taxes | 492 | 1,252 | 337 | 858 | ||||||||||||
Net Earnings | $ | 723 | $ | 1,790 | $ | 456 | $ | 1,032 | ||||||||
Selected Ratios: | ||||||||||||||||
Earnings Per Share | $ | 0.18 | $ | 0.44 | $ | 0.11 | $ | 0.30 | ||||||||
(Weighted Average Shares) | ||||||||||||||||
Tangible Book Value Per Share | $ | 12.14 | $ | 11.19 | ||||||||||||
Tier 1 Leverage Ratio | 13.93 | % | 13.16 | % | ||||||||||||
Total Risk Based Capital Ratio | 17.26 | % | 19.29 | % | ||||||||||||
Asset Quality | ||||||||||||||||
(Non-Performing Assets + 90 Days Past Due Accruing) divided by (Equity + Allowance for Loan Losses) | 1.96 | % | 2.99 | % | ||||||||||||
San Diego Private Bank is publicly traded on the Over-the Counter Bulletin Board (OTCQB) under the ticker symbol "SDPB," with total shares outstanding of 4,089,635.
This press release may include forward looking statements that involve inherent risks and uncertainties. San Diego Private Bank cautions readers that a number of important factors could cause actual results to differ materially from those in the forward‐looking statements. These factors include economic conditions and competition in the geographic and business areas in which San Diego Private Bank operates, our ability to successfully integrate the operations of merged banks, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward‐looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.
Contact Information:
Investor Relations Contact
Maria P. Kunac
President and Chief Executive Officer
San Diego Private Bank
(858) 875.6900