CORONADO, CA -- (Marketwired) -- 10/26/15 -- 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 Three monthss Nine months Nine months
ended ended ended ended
Sept 30, 2015 Sept 30, 2014 Sept 30, 2015 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.
Investor Relations Contact
Thomas V. Wornham
President and Chief Executive Officer
San Diego Private Bank
(858) 875.6900
