SOURCE: San Diego Private Bank

October 23, 2014 12:55 ET

San Diego Private Bank Reports Third Quarter Earnings

CORONADO, CA--(Marketwired - Oct 23, 2014) -  San Diego Private Bank (OTCQB: SDPB) today announced the bank's condition and results of operations for the third quarter 2014. Based on unaudited financial results for the quarter ended September 30, 2014, San Diego Private Bank reported net profit of $723,000 for the quarter, up from quarter ended September 30, 2013 of $456,000, an increase of 58.6% and an increase of 21.7% over the prior quarter.

As of September 30, 2014 total assets were $343.4 million, an increase of 5.6% over the prior year. Net loans ended the quarter at $277.4 million, up 5.7% for the quarter and 31.2 % above the prior year. Total deposits were $282.4 million, up 1.4% for the quarter and 6.8% over the prior year. Shareholder Equity was $50.6 million. The bank maintained very strong capital ratios, finishing the quarter with a Tier 1 Leverage Capital Ratio of 13.93% and a Total Risk Weighted Capital Ratio of 17.26%. Net Interest Margin was for the quarter was 4.36%, up from 4.11% for the prior quarter.

Maria P. Kunac, President and Chief Executive Officer of San Diego Private Bank, stated, "Loan volume continued to grow as we expanded our commercial real estate and construction lending businesses. Increased utilization of liquidity resulted in higher margins. Interest expense as well as operating expenses declined for the quarter. This 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 23rd consecutive quarter by Bauer Financial, the premier independent bank rating and research firm in the nation. A 5-Star rating implies that San Diego Private Bank is considered one of the strongest banking institutions in the country.

"Our relocated Downtown San Diego branch got off to a quick start with excellent deposit growth based on providing clients with Distinctly Different and superior personalized service. Loans generated at the branch grew by offering customized funding solutions to commercial real estate investors, high net worth individuals and professional firms," 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 is a SBA Preferred Lender.

 
San Diego Private Bank Balance Sheets
(Unaudited - in thousands)
 
    September 30, 2014   September 30, 2013
Assets            
Cash and Cash Equivalents   $ 33,416   $ 76,982
Investments     20,403     25,969
Loans, Net     277,417     211,447
Premises, Equipment and Other Assets     12,183     10,919
    Total Assets     343,419     325,317
             
Liabilities and Shareholders' Equity            
Demand Deposits     101,300     99,285
Interest Bearing Deposits     181,699     165,238
    Total Deposits     282,999     264,523
             
FHLB Advances / Borrowings     7,500     11,876
Other Liabilities     2,338     2,500
Shareholders' Equity     50,582     46,418
    Total Liabilities and Shareholders' Equity   $ 343,419   $ 325,317
   
   
   
San Diego Private Bank  
Income Statements  
(Unaudited - in thousands)  
   
    Three months
ended
September 30, 2014
  Nine months
ended
September 30, 2014
    Three months
ended
September 30, 2013
  Nine months
ended
September 30, 2013
 
Interest Income                            
Interest Income   $ 3,859   $ 11,033     $ 3,448   $ 8,499  
Interest Expense     310     928       318     921  
    Net Interest Income     3,549     10,105       3,130     7,578  
Provision for Loan Losses     151     566       374     614  
    Net Interest Income after Provision for Loan Losses    
 3,398
   
 9,539
     
 2,756
   
 6,964
 
Other Income     238     923       423     1,258  
Operating Expenses     2,421     7,420       2,386     6,332  
    Operating Income     1,215     3,042       793     1,890  
Income Taxes     492     1,252       337     858  
    Net Earnings   $ 723   $ 1,790     $ 456   $ 1,032  
                             
Selected Ratios:                            
Earnings Per Share   $ 0.18   $ 0.44     $ 0.11   $ 0.30  
(Weighted Average Shares)                            
Tangible Book Value Per Share         $ 12.14           $ 11.19  
Tier 1 Leverage Ratio           13.93 %           13.16 %
Total Risk Based Capital Ratio           17.26 %           19.29 %
                             
Asset Quality                            
(Non-Performing Assets + 90 Days Past Due Accruing) divided by (Equity + Allowance for Loan Losses)           1.96 %           2.99 %
                             

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