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San Diego Private Bank Reports Increased Fourth Quarter Earnings

CORONADO, CA -- (Marketwired) -- 01/31/14 -- 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  Three months   Three months
                                         ended         ended          ended
                                  Dec 31, 2013  Dec 31, 2013   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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