SOURCE: San Diego Private Bank

April 17, 2015 19:57 ET

San Diego Private Bank Reports Record First Quarter 2015 Earnings

CORONADO, CA--(Marketwired - Apr 17, 2015) - San Diego Private Bank (OTCQB: SDPB) today announced the bank's condition and results of operations for the first quarter of 2015. Based on unaudited financial results for the quarter ended March 31, 2015, San Diego Private Bank reported net profit of $1,303,000 for the quarter, up 77.8% from the prior quarter ended December 31, 2014 of $734,000 and up 175.5% from the $473,000 earned in the same quarter of 2014.

At March 31, 2015, total assets were $445.0 million, an increase of 5.1% over the prior quarter and 29.8% over the prior year. Total deposits were up 10.5% to $337.0 million for the quarter and 20.7% over the prior year. Net loans after allowance for loan losses were $333.0 million and Shareholder Equity was $53.0 million at the end of the first quarter. The bank maintained very strong capital ratios, finishing the quarter with a Tier 1 Leverage Capital Ratio of 11.49% and a Total Risk Weighted Capital Ratio of 15.63%. Net Interest Margin for the quarter was 4.40%.

Maria P. Kunac, who will step down as President and Chief Executive Officer of San Diego Private Bank on April 30, 2015 but remain a consultant and Director, stated, "In the first quarter we saw the bottom-line impact of the acquisition of the First Security Business Bank loan and deposit acquisition at the end of December 2014. The business was integrated effectively into our operations at limited cost and the incremental margin on the loans increased Net Interest Margin. In addition, we continue to experience solid organic loan and deposit growth. Credit quality remained excellent and capital ratios remained well above all regulatory well-capitalized measures."

Thomas V. Wornham who becomes President and Chief Executive Officer of San Diego Private Bank on May 1, 2015, emphasized, "Our focus remains providing a Distinctly Different banking experience through unparalleled service and creative funding solutions to individuals and businesses through our Coronado, San Diego, La Jolla and Newport Beach offices as well as efficient electronic banking offerings. For the 24th consecutive quarter, we maintained a 5-Star Bauer Financial rating."

San Diego Private Bank provides a broad array of banking services to high net worth individuals, professionals, small businesses and real estate entrepreneurs. The Bank also offers various portfolio and government guaranteed lending programs, including SBA and cross-border Export-Import Bank programs. San Diego Private Bank is a SBA Preferred Lender.

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 4,140,120.

 
 
San Diego Private Bank
Balance Sheets
(Unaudited - in thousands)
             
    March 31,
 2015
  December 31,
 2014
  March 31,
 2014
Assets                  
Cash and Cash Equivalents   $ 81,078   $ 58,760   $ 58,717
Investments     18,152     19,321     25,946
Loans, Net     333,178     332,229     245,848
Premises, Equipment and Other Assets     12,630     13,203     12,243
  Total Assets     445,038     425,513     342,754
                   
Liabilities and Shareholders' Equity                  
Demand Deposits     106,772     87,467     91,373
Interest Bearing Deposits     230,491     217,933     187,901
  Total Deposits     336,263     305,400     279,274
                   
FHLB Advances / Borrowings     52,500     64,500     11,812
Other Liabilities     2,322     2,122     2,451
Shareholders' Equity     52,953     51,491     49,217
Total Liabilities and Shareholders' Equity   $ 445,038   $ 423,513   $ 342,754
                   
                   
San Diego Private Bank
Statements of Income
 (Unaudited - in thousands)
             
    Three months
ended
March 31, 2015
    Three months
ended
March 31, 2014
 
Interest Income                
Interest Income   $ 4,843     $ 3,463  
Interest Expense     370       291  
  Net Interest Income     4,473       3,172  
Provision for Loan Losses     35       205  
  Net Interest Income after Provision for Loan Losses     4,438       2,967  
Other Income     502       407  
Operating Expenses     2,714       2,564  
  Operating Income     2,226       810  
Income Taxes     923       337  
  Net Earnings   $ 1,303     $ 473  
                 
Selected Ratios:                
Basic Earnings Per Share   $ 0.32     $ 0.12  
Diluted Earnings Per Share   $ 0.31     $ 0.12  
(Weighted Average Shares)                
                 
Tangible Book Value Per Share   $ 12.57     $ 11.81  
Tier 1 Leverage Ratio     11.49 %     13.97 %
Total Risk Based Capital Ratio     15.63 %     17.96 %
                 
Asset Quality                
(Non-Performing Assets + 90 Days Past Due Accruing) divided by (Equity + Allowance for Loan Losses)     3.49 %     1.38 %
                 
                 

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

    Selwyn Isakow
    Chairman of the Board
    San Diego Private Bank
    (858) 875.6900