SOURCE: San Diego Private Bank

July 24, 2014 12:04 ET

San Diego Private Bank Reports Second Quarter Earnings

CORONADO, CA--(Marketwired - Jul 24, 2014) - San Diego Private Bank (OTCQB: SDPB) today announced the bank's condition and results of operations for the second quarter 2014. Based on unaudited financial results for the quarter ended June 30, 2014, San Diego Private Bank reported net profit of $594,000 for the quarter, up from quarter ended June 30, 2013 of $253,000, which included certain merger related expenses.

As of June 30, 2014 total assets were $339.5 million, a decrease of 1.0% over the prior quarter and an increase of 8.4% over the prior year. Net loans ended the quarter at $262.4 million, up 6.8% for the quarter and 30.3% above the prior year. Total deposits were $278.4 million, flat for the quarter and 10.5% over the prior year. Shareholder Equity was $49.8 million. The bank maintained very strong capital ratios, finishing the quarter with a Tier 1 Leverage Capital Ratio of 13.4% and a Total Risk Weighted Capital Ratio of 17.1%. Net Interest Margin for the quarter was 4.11%.

Maria P. Kunac, President and Chief Executive Officer of San Diego Private Bank, stated, "We experienced another solid quarter of growth which 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 22nd consecutive quarter by Bauer Financial, the premier independent bank rating and research firm in the nation and were awarded the classification of Super Premier Performance by the Findley Reports on Financial Institutions." A 5-Star rating implies that San Diego Private Bank is considered one of the strongest banking institutions in the country. The designation of Super Premier Performance by the Findley Report is highly regarded amongst financial institutions and recognized throughout the Western United States for attaining exceptional performance.

"We relocated our Downtown San Diego branch on June 30th to provide Distinctly Different, customized financial solutions to high net worth individuals, professional firms and businesses of all sizes. Our experienced downtown Private Bankers focus on adding value for local law firms, sole practitioners and real estate developers. This office also houses the Bank's real estate lending group which specializes in investor commercial properties, owner occupied buildings and construction loans," 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, a SBA Preferred Lender, was ranked 3rd Top SBA Lender in San Diego in 2013.

 
San Diego Private Bank Balance Sheets
(Unaudited -in thousands)
 
    June 30, 2014   June 30, 2013
Assets            
Cash and Cash Equivalents   $ 44,216   $ 80,645
Investments     20,884     20,131
Loans, Net     262,398     201,360
Premises, Equipment and Other Assets     12,006     11,204
  Total Assets     339,504     313,340
             
Liabilities and Shareholders' Equity            
Demand Deposits     93,613     84,052
Interest Bearing Deposits     184,767     167,854
  Total Deposits     278,380     251,906
             
FHLB Advances / Borrowings     8,764     13,242
Other Liabilities     2,513     2,382
Shareholders' Equity     49,847     45,810
  Total Liabilities and Shareholders' Equity   $ 339,504   $ 313,340
             
             
             
San Diego Private Bank  
Income Statements  
(Unaudited - in thousands)  
   
    Three months
ended
June 30, 2014
  Six months
ended
June 30, 2014
    Three months
ended
June 30, 2013
  Six months
ended
June 30, 2013
 
Interest Income                            
Interest Income   $ 3,711   $ 7,174     $ 3,121   $ 5,051  
Interest Expense     327     618       326     603  
  Net Interest Income     3,384     6,556       2,795     4,448  
Provision for Loan Losses     211     416       173     240  
  Net Interest Income after Provision for Loan Losses     3,173     6,140       2,622     4,208  
Other Income     303     686       660     835  
Operating Expenses     2,459     4,999       2,824     3,946  
  Operating Income     1,017     1,827       458     1,097  
Income Taxes     423     760       215     521  
  Net Earnings   $ 594   $ 1,067     $ 243   $ 576  
                             
Selected Ratios:                            
Earnings Per Share   $ 0.14   $ 0.26     $ 0.06   $ 0.17  
(Weighted Average Shares)                            
Tangible Book Value Per Share         $ 11.95           $ 11.15  
Tier 1 Leverage Ratio           13.32 %           14.08 %
Total Risk Based Capital Ratio           17.06 %           21.22 %
                             
Asset Quality                            
(Non-Performing Assets + 90 Days Past Due Accruing) divided by (Equity + Allowance for Loan Losses)           1.94 %           2.80 %
                             

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