CORONADO, CA--(Marketwired - Oct 26, 2015) - San Diego Private Bank (
As of September 30, 2015, total assets were $438.3 million, an increase of 28% over the prior year. Net loans ended the quarter at $330.3 million, 19% above the prior year. Total deposits were $327.0 million, up 15% over the prior year. Shareholder equity was $56.2 million, up 11% from prior year. The bank maintained very strong capital ratios, finishing the quarter with a Tier 1 Leverage Capital Ratio of 11.84% and a Total Risk Weighted Capital Ratio of 16.28%. Net interest margin for the quarter was 4.43%. In addition, year to date net interest income increased 37% from the same period last year.
Thomas V. Wornham, President and Chief Executive Officer of San Diego Private Bank, stated, "We continue to upgrade our team and our product offerings, to insure we continue to provide the best possible solution based customer service possible. The 107% increase in our Diluted Earnings per Share from $0.43 for the first nine months of FY14 to $0.89 for the first nine months of FY15 reflects our continued focus on shareholder return. In addition to booking a record amount of loan commitments in the third quarter, our team did an outstanding job of introducing our mobile banking app in September. Bank credit quality remained excellent and capital ratios remained well above all regulatory well-capitalized measures. We maintained a 5-Star rating for the 27th consecutive quarter by BauerFinancial and were awarded an A+ Health and Stability rating by DepositAccounts.com."
SDPB also announced that on September 30, 2015 it received approval from its shareholders and the Federal Reserve Bank to form a holding company. Private Bancorp of America, Inc. (PBOA). PBOA's ownership, management and Board of Directors will mirror that of SDPB.
San Diego Private Bank (
San Diego Private Bank | ||||||||||||||
Income Statements | ||||||||||||||
(Unaudited - in thousands) | ||||||||||||||
Three months ended Sept 30, 2015 |
Three monthss ended Sept 30, 2014 |
Nine months ended Sept 30, 2015 |
Nine months ended Sept 30, 2014 |
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Interest Income | ||||||||||||||
Interest Income | $ | 5,101 | $ | 3,859 | $ | 15,009 | $ | 11,033 | ||||||
Interest Expense | 363 | 310 | 1,115 | 928 | ||||||||||
Net Interest Income | 4,738 | 3,549 | 13,894 | 10,105 | ||||||||||
Provision for Loan Losses | 2 | 151 | 76 | 566 | ||||||||||
Net Interest Income after Provision for Loan Losses | 4,736 | 3,398 | 13,818 | 9,539 | ||||||||||
Other Income | 366 | 238 | 1,148 | 923 | ||||||||||
Operating Expenses | 2,797 | 2,421 | 8,553 | 7,420 | ||||||||||
Operating Income | 2,305 | 1,215 | 6,413 | 3,042 | ||||||||||
Income Taxes | 946 | 492 | 2,648 | 1,252 | ||||||||||
Net Earnings | $ | 1,359 | $ | 723 | $ | 3,765 | $ | 1,790 | ||||||
Earnings Per Share | $ | 0.33 | $ | 0.18 | $ | 0.91 | $ | 0.44 | ||||||
Diluted Earnings Per Share | $ | 0.32 | $ | 0.17 | $ | 0.89 | $ | 0.43 | ||||||
Weighted Average Shares | 4,155,139 | 4,084,535 | 4,131,458 | 4,054,727 | ||||||||||
Diluted Weighted Average Shares | 4,265,379 | 4,209,205 | 4,241,698 | 4,179,397 | ||||||||||
San Diego Private Bank | |||||||||
Balance Sheets | |||||||||
(Unaudited - in thousands) | |||||||||
September 30, 2015 | September 30, 2014 | ||||||||
Assets | |||||||||
Cash and Cash Equivalents | $ | 71,503 | $ | 33,416 | |||||
Investments | 24,058 | 20,403 | |||||||
Loans, Net | 330,254 | 277,417 | |||||||
Premises, Equipment and Other Assets | 12,478 | 12,183 | |||||||
Total Assets | 438,293 | 343,419 | |||||||
Liabilities and Shareholders' Equity | |||||||||
Demand Deposits | 113,036 | 101,300 | |||||||
Interest Bearing Deposits | 213,966 | 181,699 | |||||||
Total Deposits | 327,002 | 282,999 | |||||||
FHLB Advances / Borrowings | 52,500 | 7,500 | |||||||
Other Liabilities | 2,623 | 2,338 | |||||||
Shareholders' Equity | 56,168 | 50,582 | |||||||
Total Liabilities and Shareholders' Equity | $ | 438,293 | $ | 343,419 | |||||
Tier 1 Leverage Ratio | 11.84 | % | 13.93 | % | |||||
Total Risk Based Capital Ratio | 16.28 | % | 17.26 | % | |||||
(Non-Performing Assets + 90 Days Past Due Accruing) divided by (Equity + Allowance for Loan Losses) | 0.76 | % | 1.96 | % | |||||
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