San Diego Private Bank Reports First Quarter Earnings
May 01 2014 - 11:29AM
Marketwired
San Diego Private Bank Reports First Quarter Earnings
CORONADO, CA--(Marketwired - May 1, 2014) - San Diego Private
Bank (OTCQB: SDPB) today announced the bank's condition and results
of operations for the first quarter 2014. Coronado First Bank and
San Diego Private Bank merged on April 2, 2013. Based on unaudited
financial results for the quarter ended March 31, 2014, San Diego
Private Bank reported net profit of $473,000 for the quarter, up
from pre-merger quarter ended March 31, 2013 of $333,000.
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 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
| San Diego Private Bank |
|
| Statements of Income |
|
| (Unaudited - in thousands) |
|
| |
|
| |
|
Three months ended March 31, 2014 |
|
|
Three months ended March 31, 2013 |
|
| 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.
Investor Relations Contact Maria P. Kunac President and Chief
Executive Officer San Diego Private Bank (858) 875.6900
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