San Diego Private Bank Reports Increased Fourth Quarter Earnings
01 February 2014 - 12:09PM
Marketwired
San Diego Private Bank Reports Increased Fourth Quarter Earnings
CORONADO, CA--(Marketwired - Jan 31, 2014) - San Diego Private
Bank (OTCQB: SDPB) today announced the bank's condition and results
of operations for the fourth quarter and full year 2013. This is
the third quarterly report of the combined Coronado First Bank and
San Diego Private Bank since the merger was completed on April 2,
2013.
Based on unaudited financial results for the year ended December
31, 2013, San Diego Private Bank reported net profit of $3,125,000,
which included the effects of a fourth-quarter adjustment for
one-time increase in recognition of release of deferred tax reserve
and resultant increase in bargain purchase gain in an amount of
$1,132,000. Without this gain, net income for the year would have
been $1,993,000. Fourth quarter net profit was
$2,093,000. Fourth quarter profit with the bargain purchase
gain adjustment and an associated tax accrual adjustment would have
been $814,000, up 79% from $456,000 for the third
quarter.
As of December 31, 2013 total assets were $324,412,000. Net
loans after allowance for loan losses grew 8.6% during the fourth
quarter to $229,729,000. Total deposits were $261,651,000 and
Shareholder Equity grew to $48,611,000. The bank maintained very
strong capital ratios, finishing the quarter with a Tier 1 Leverage
Capital Ratio of 14.15% and a Total Risk Weighted Capital Ratio of
18.57%. Loan quality remained strong with a Texas Ratio of
1.64%.
Maria P. Kunac, President and Chief Executive Officer of San
Diego Private Bank, stated, "We are pleased with our progress
during the quarter. The growth in loans increased net interest
income, we were able to grow core deposit and lower the overall
cost of funds, non-interest income increased and operating expenses
declined. We expect to maintain this momentum into next year."
"During the quarter all departments of the bank grew. The core
banking and real estate businesses expanded, the Newport Private
Bank office continued its growth and the Export/Import division
established earlier in 2013 showed strength. In addition, the SBA
division became the third largest SBA 7(a) loan provider in San
Diego County with its Preferred Lender status."
| |
| |
| San Diego Private Bank |
| Balance Sheets |
| (Unaudited - in thousands) |
| |
| |
December 31, 2013 |
|
September 30, 2013 |
| Assets |
|
|
|
|
|
| Cash and Cash Equivalents |
$ |
58,578 |
|
$ |
76,982 |
| Investments |
|
23,654 |
|
|
25,969 |
| Loans, Net |
|
229,729 |
|
|
211,447 |
| Premises, Equipment and Other Assets |
|
12,451 |
|
|
10,919 |
| |
Total
Assets |
|
324,412 |
|
|
325,317 |
| |
|
|
|
|
|
| Liabilities
and Shareholders' Equity |
|
|
|
|
|
| Demand Deposits |
|
91,885 |
|
|
99,285 |
| Interest Bearing Deposits |
|
169,766 |
|
|
165,238 |
| |
Total
Deposits |
|
261,651 |
|
|
264,523 |
| |
|
|
|
|
|
| FHLB Advances / Borrowings |
|
11,844 |
|
|
11,876 |
| Other Liabilities |
|
2,306 |
|
|
2,500 |
| Shareholders' Equity |
|
48,611 |
|
|
46,418 |
| |
Total
Liabilities and Shareholders' Equity |
$ |
324,412 |
|
$ |
325,317 |
| |
|
| |
|
| San Diego Private Bank |
|
| Statements of Income |
|
| (Unaudited - in thousands) |
|
| |
|
| |
Year ended Dec 31, 2013 |
|
Three months ended Dec 31, 2013 |
|
|
Three months ended Sep 30, 2013 |
|
| Interest Income |
|
|
|
|
|
|
|
|
|
|
| Interest Income |
$ |
12,100 |
|
$ |
3,601 |
|
|
$ |
3,448 |
|
| Interest Expense |
|
1,221 |
|
|
300 |
|
|
|
318 |
|
| |
Net
Interest Income |
|
10,879 |
|
|
3,301 |
|
|
|
3,130 |
|
| Provision for Loan Losses |
|
735 |
|
|
121 |
|
|
|
374 |
|
| |
Net
Interest Income after Provision for Loan Losses |
|
10,144 |
|
|
3,180 |
|
|
|
2,756 |
|
| Other Income |
|
2,853 |
|
|
1,595 |
|
|
|
423 |
|
| Operating Expenses |
|
8,577 |
|
|
2,245 |
|
|
|
2,386 |
|
| |
Operating Income |
|
4,420 |
|
|
2,530 |
|
|
|
793 |
|
| Income Taxes |
|
1,295 |
|
|
437 |
|
|
|
337 |
|
| |
Net
Earnings |
$ |
3,125 |
|
$ |
2,093 |
|
|
$ |
456 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Selected Ratios: |
|
|
|
|
|
|
|
|
|
|
| Earnings Per Share |
$ |
0.81 |
|
$ |
0.51 |
|
|
$ |
0.11 |
|
| (Weighted Average Shares) |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Tangible Book Value Per Share |
|
|
|
$ |
11.67 |
|
|
$ |
11.20 |
|
| Tier 1 Leverage Ratio |
|
|
|
|
14.15 |
% |
|
|
13.16 |
% |
| Total Risk Based Capital Ratio |
|
|
|
|
18.57 |
% |
|
|
19.29 |
% |
| Asset Quality |
|
|
|
|
|
|
|
|
|
|
| (Non-Performing Assets + 90 Days Past Due Accruing)
divided by (Equity + Allowance for Loan Losses) |
|
|
|
|
1.64 |
% |
|
|
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 4,089,384.
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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