CORONADO, CA--(Marketwired - Jul 23, 2015) - San Diego Private Bank (
As of June 30, 2015, total assets grew to $440.9 million, an increase of 29.9% over the prior year. Net loans ended the quarter at $332.5 million, 30.3 % above the prior year. Total deposits were $331.5 million, up 19% over the prior year. Shareholder equity was $54.6 million, up 9.6% from prior year. The bank maintained very strong capital ratios, finishing the quarter with a Tier 1 Leverage Capital Ratio of 11.27% and a Total Risk Weighted Capital Ratio of 16.11%. Net interest margin for the quarter was 4.33%. In addition, year to date net interest income increased 39% from the same period last year.
Thomas V. Wornham, President and Chief Executive Officer of San Diego Private Bank, stated, "We maintained our momentum and experienced solid earnings for the quarter during which we completed the restructuring and repositioning of our Orange County operations. John C. Kelterer, Jr., a fifty year banking, investment banking and financial services veteran, was appointed Market President of the Newport Private Bank division. Bank credit quality remained excellent and capital ratios remained well above all regulatory well-capitalized measures. We maintained a 5-Star rating for the 26th consecutive quarter by BauerFinancial."
"During the quarter Marjory Kaplan, CEO of the Jewish Community Foundation of San Diego, and Keith B. Jones, Managing Partner of Ace Parking, were elected to our Board of Directors," Mr. Wornham continued. "Both bring great talent, energy and diversity to the Board."
San Diego Private Bank (
San Diego Private Bank | |||||||
Balance Sheets | |||||||
(Unaudited - in thousands) | |||||||
June 30, 2015 | June 30, 2014 | ||||||
Assets | |||||||
Cash and Cash Equivalents | $ | 71,837 | $ | 44,216 | |||
Investments | 24,339 | 20,884 | |||||
Loans, Net | 332,477 | 262,398 | |||||
Premises, Equipment and Other Assets | 12,268 | 12,006 | |||||
Total Assets | 440,921 | 339,504 | |||||
Liabilities and Shareholders' Equity | |||||||
Demand Deposits | 108,127 | 93,613 | |||||
Interest Bearing Deposits | 223,778 | 184,767 | |||||
Total Deposits | 331,905 | 278,380 | |||||
FHLB Advances / Borrowings | 52,500 | 8,764 | |||||
Other Liabilities | 1,930 | 2,513 | |||||
Shareholders' Equity | 54,586 | 49,847 | |||||
Total Liabilities and Shareholders' Equity | $ | 440,921 | $ | 339,504 | |||
San Diego Private Bank | |||||||||||||||
Income Statements | |||||||||||||||
(Unaudited - in thousands) | |||||||||||||||
Three months ended June 30, 2015 |
Three months ended June 30, 2014 |
Six months ended June 30, 2015 |
Six months ended June 30, 2014 |
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Interest Income | |||||||||||||||
Interest Income | $ | 5,066 | $ | 3,711 | $ | 9,908 | $ | 7,174 | |||||||
Interest Expense | 382 | 327 | 752 | 618 | |||||||||||
Net Interest Income | 4,684 | 3,384 | 9,156 | 6,556 | |||||||||||
Provision for Loan Losses | 39 | 211 | 74 | 416 | |||||||||||
Net Interest Income after Provision for Loan Losses | 4,645 |
3,173 |
9,082 |
6,140 |
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Other Income | 240 | 303 | 762 | 686 | |||||||||||
Operating Expenses | 3,002 | 2,459 | 5,735 | 4,999 | |||||||||||
Operating Income | 1,883 | 1,017 | 4,109 | 1,827 | |||||||||||
Income Taxes | 779 | 423 | 1,702 | 760 | |||||||||||
Net Earnings | $ | 1,104 | $ | 594 | $ | 2,407 | $ | 1,067 | |||||||
Selected Ratios: | |||||||||||||||
Earnings Per Share | $ | 0.27 | $ | 0.14 | $ | 0.59 | $ | 0.26 | |||||||
Diluted Earnings Per Share | $ | 0.26 | $ | 0.14 | $ | 0.57 | $ | 0.26 | |||||||
Weighted Average Shares | 4,129,918 | 4,087,906 | 4,110,036 | 4,039,576 | |||||||||||
Diluted Weighted Average Shares | 4,244,705 | 4,212,576 | 4,224,823 | 4,164,246 | |||||||||||
Tier 1 Leverage Ratio | 11.27 | % | 13.32 | % | |||||||||||
Total Risk Based Capital Ratio | 16.11 | % | 17.06 | % | |||||||||||
Asset Quality | |||||||||||||||
(Non-Performing Assets + 90 Days Past Due Accruing) divided by (Equity + Allowance for Loan Losses) | 2.37 | % | 1.94 | % | |||||||||||
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
Thomas V. Wornham
President and Chief Executive Officer
San Diego Private Bank
(858) 875.6900