San Diego Private Bank Reports Record First Quarter 2015 Earnings
(firmenpresse) - CORONADO, CA -- (Marketwired) -- 04/17/15 -- San Diego Private Bank (OTCQB: SDPB) today announced the bank's condition and results of operations for the first quarter of 2015. Based on unaudited financial results for the quarter ended March 31, 2015, San Diego Private Bank reported net profit of $1,303,000 for the quarter, up 77.8% from the prior quarter ended December 31, 2014 of $734,000 and up 175.5% from the $473,000 earned in the same quarter of 2014.
At March 31, 2015, total assets were $445.0 million, an increase of 5.1% over the prior quarter and 29.8% over the prior year. Total deposits were up 10.5% to $337.0 million for the quarter and 20.7% over the prior year. Net loans after allowance for loan losses were $333.0 million and Shareholder Equity was $53.0 million at the end of the first quarter. The bank maintained very strong capital ratios, finishing the quarter with a Tier 1 Leverage Capital Ratio of 11.49% and a Total Risk Weighted Capital Ratio of 15.63%. Net Interest Margin for the quarter was 4.40%.
Maria P. Kunac, who will step down as President and Chief Executive Officer of San Diego Private Bank on April 30, 2015 but remain a consultant and Director, stated, "In the first quarter we saw the bottom-line impact of the acquisition of the First Security Business Bank loan and deposit acquisition at the end of December 2014. The business was integrated effectively into our operations at limited cost and the incremental margin on the loans increased Net Interest Margin. In addition, we continue to experience solid organic loan and deposit growth. Credit quality remained excellent and capital ratios remained well above all regulatory well-capitalized measures."
Thomas V. Wornham who becomes President and Chief Executive Officer of San Diego Private Bank on May 1, 2015, emphasized, "Our focus remains providing a Distinctly Different banking experience through unparalleled service and creative funding solutions to individuals and businesses through our Coronado, San Diego, La Jolla and Newport Beach offices as well as efficient electronic banking offerings. For the 24th consecutive quarter, we maintained a 5-Star Bauer Financial rating."
San Diego Private Bank provides a broad array of banking services to high net worth individuals, professionals, small businesses and real estate entrepreneurs. 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 is publicly traded on the Over-the Counter Bulletin Board (OTCQB) under the ticker symbol "SDPB" with total shares outstanding of 4,140,120.
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.
Selwyn Isakow
Chairman of the Board
San Diego Private Bank
(858) 875.6900
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Datum: 17.04.2015 - 23:57 Uhr
Sprache: Deutsch
News-ID 386688
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CORONADO, CA
Kategorie:
Commercial & Investment Banking
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