Welcome!

News Feed Item

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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
As the rapid adoption of containers continues, companies are finding that they lack the operational tools to understand the behavior of applications deployed in these containers, and how to identify issues in their application infrastructure. For example, how are multiple containers within an application impacting each other’s performance? If an application’s service is degraded, which container is to blame? In the case of an application outage, what was the root cause of the outage?
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...