CORONADO, CA--(Marketwired - May 1, 2014) - San Diego Private Bank (
As of March 31, 2014 total assets were $342.8 million, an increase of 5.4% over the prior quarter and 203.3% over the prior year. Total deposits were up 6.0% to $279.3 million for the quarter and 217.9% over the prior year. Shareholder Equity was $49.2 million. The bank maintained very strong capital ratios, finishing the quarter with a Tier 1 Leverage Capital Ratio of 14.0% and a Total Risk Weighted Capital Ratio of 18.0%. Net Interest Margin for the quarter was 4.13%.
Maria P. Kunac, President and Chief Executive Officer of San Diego Private Bank, stated, "We experienced solid growth in loans and deposits again during this quarter and continued to gain the benefits of merger integration efficiencies. Credit quality remained excellent and capital ratios remained well above all regulatory well-capitalized measures."
"Our focus remains providing a Distinctly Different banking experience through unparalleled service and creative funding solutions to individuals and businesses with complex financial needs. The Bank's Private Banking group services high net worth individuals and small businesses. Our real estate lending group specializes in investor commercial properties, owner occupied buildings and construction loans. We also provide commercial loans through various portfolio and government-guaranteed programs. This year the Bank added cross-border lending capabilities under the Export-Import Bank guarantee program," Ms. Kunac added.
San Diego Private Bank | |||||||
Balance Sheets | |||||||
(Unaudited -in thousands) | |||||||
March 31, 2014 | December 31, 2013 | ||||||
Assets | |||||||
Cash and Cash Equivalents | $ | 58,717 | $ | 58,573 | |||
Investments | 25,946 | 23,654 | |||||
Loans, Net | 245,848 | 229,729 | |||||
Premises, Equipment and Other Assets | 12,243 | 11,697 | |||||
Total Assets | 342,754 | 323,653 | |||||
Liabilities and Shareholders' Equity | |||||||
Demand Deposits | 91,373 | 92,254 | |||||
Interest Bearing Deposits | 187,901 | 169,397 | |||||
Total Deposits | 279,274 | 261,651 | |||||
FHLB Advances / Borrowings | 11,812 | 11,844 | |||||
Other Liabilities | 2,451 | 1,547 | |||||
Shareholders' Equity | 49,217 | 48,611 | |||||
Total Liabilities and Shareholders' Equity | $ | 342,754 |
$ | 323,653 |
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San Diego Private Bank | |||||||||
Statements of Income | |||||||||
(Unaudited - in thousands) | |||||||||
Three months ended March 31, 2014 |
Three months ended March 31, 2013 |
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Interest Income | |||||||||
Interest Income | $ | 3,463 | $ | 1,930 | |||||
Interest Expense | 291 | 277 | |||||||
Net Interest Income | 3,172 | 1,653 | |||||||
Provision for Loan Losses | 205 | 67 | |||||||
Net Interest Income after Provision for Loan Losses | 2,967 |
1,586 |
|||||||
Other Income | 407 | 175 | |||||||
Operating Expenses | 2,564 | 1,122 | |||||||
Operating Income | 810 | 639 | |||||||
Income Taxes | 337 | 306 | |||||||
Net Earnings | $ | 473 | $ | 333 | |||||
Selected Ratios: | |||||||||
Earnings Per Share | $ | 0.12 | $ | 0.13 | |||||
(Weighted Average Shares) | |||||||||
Tangible Book Value Per Share | $ | 11.81 | $ | 11.15 | |||||
Tier 1 Leverage Ratio | 13.97 | % | 16.67 | % | |||||
Total Risk Based Capital Ratio | 17.96 | % | 23.88 | % | |||||
Asset Quality | |||||||||
(Non-Performing Assets + 90 Days Past Due Accruing) divided by (Equity + Allowance for Loan Losses) | 1.38 | % | 0.00 | % | |||||
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 4,085,634.
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