SOURCE: San Diego Private Bank

October 26, 2015 18:56 ET

San Diego Private Bank Reports Record Third Quarter Earnings

CORONADO, CA--(Marketwired - Oct 26, 2015) - San Diego Private Bank (OTCQB: SDPB), today announced the bank's condition and results of operations for the third quarter 2015. Based on unaudited financial results for the quarter ended September 30, 2015, San Diego Private Bank reported net income of $1,359,000 for the quarter, up 88% from quarter ended September 30, 2014 of $723,000. This is the most profitable third quarter results in the Bank's history. The net income for the nine months ending September 30, 2015 was a record $3,765,000, up 110% from $1,790,000 for the same period last year.

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 (OTCQB: SDPB) provides a Distinctly Different banking experience through unparalleled service and creative funding solutions to high net worth individuals, professionals, small businesses and real estate entrepreneurs through Coronado, San Diego, La Jolla and Newport Beach offices as well as efficient electronic banking offerings. 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
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
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