San Diego Private Bank Reports Record Third Quarter Earnings
(firmenpresse) - 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.
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.
Thomas V. Wornham
President and Chief Executive Officer
San Diego Private Bank
(858) 875.6900
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Datum: 26.10.2015 - 22:56 Uhr
Sprache: Deutsch
News-ID 429475
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CORONADO, CA
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Commercial & Investment Banking
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