|By Marketwired .||
|July 24, 2014 12:05 PM EDT||
CORONADO, CA -- (Marketwired) -- 07/24/14 -- San Diego Private Bank (OTCQB: SDPB) today announced the bank's condition and results of operations for the second quarter 2014. Based on unaudited financial results for the quarter ended June 30, 2014, San Diego Private Bank reported net profit of $594,000 for the quarter, up from quarter ended June 30, 2013 of $253,000, which included certain merger related expenses.
As of June 30, 2014 total assets were $339.5 million, a decrease of 1.0% over the prior quarter and an increase of 8.4% over the prior year. Net loans ended the quarter at $262.4 million, up 6.8% for the quarter and 30.3% above the prior year. Total deposits were $278.4 million, flat for the quarter and 10.5% over the prior year. Shareholder Equity was $49.8 million. The bank maintained very strong capital ratios, finishing the quarter with a Tier 1 Leverage Capital Ratio of 13.4% and a Total Risk Weighted Capital Ratio of 17.1%. Net Interest Margin for the quarter was 4.11%.
Maria P. Kunac, President and Chief Executive Officer of San Diego Private Bank, stated, "We experienced another solid quarter of growth which resulted in improved earnings. Credit quality remained excellent and capital ratios remained well above all regulatory well-capitalized measures. We maintained a 5-Star rating for the 22nd consecutive quarter by Bauer Financial, the premier independent bank rating and research firm in the nation and were awarded the classification of Super Premier Performance by the Findley Reports on Financial Institutions." A 5-Star rating implies that San Diego Private Bank is considered one of the strongest banking institutions in the country. The designation of Super Premier Performance by the Findley Report is highly regarded amongst financial institutions and recognized throughout the Western United States for attaining exceptional performance.
"We relocated our Downtown San Diego branch on June 30th to provide Distinctly Different, customized financial solutions to high net worth individuals, professional firms and businesses of all sizes. Our experienced downtown Private Bankers focus on adding value for local law firms, sole practitioners and real estate developers. This office also houses the Bank's real estate lending group which specializes in investor commercial properties, owner occupied buildings and construction loans," Ms. Kunac added.
San Diego Private Bank also offers various portfolio and government guaranteed programs, including SBA and cross-border Export-Import Bank programs. San Diego Private Bank, a SBA Preferred Lender, was ranked 3rd Top SBA Lender in San Diego in 2013.
San Diego Private Bank Balance Sheets (Unaudited -in thousands) June 30, 2014 June 30, 2013 Assets Cash and Cash Equivalents $ 44,216 $ 80,645 Investments 20,884 20,131 Loans, Net 262,398 201,360 Premises, Equipment and Other Assets 12,006 11,204 -------------- -------------- Total Assets 339,504 313,340 ============== ============== Liabilities and Shareholders' Equity Demand Deposits 93,613 84,052 Interest Bearing Deposits 184,767 167,854 -------------- -------------- Total Deposits 278,380 251,906 FHLB Advances / Borrowings 8,764 13,242 Other Liabilities 2,513 2,382 Shareholders' Equity 49,847 45,810 -------------- -------------- Total Liabilities and Shareholders' Equity $ 339,504 $ 313,340 ============== ============== San Diego Private Bank Income Statements (Unaudited - in thousands) Three months Six months Three months Six months ended ended ended ended June 30, 2014 June 30, 2014 June 30, 2013 June 30, 2013 Interest Income Interest Income $ 3,711 $ 7,174 $ 3,121 $ 5,051 Interest Expense 327 618 326 603 ------------- ------------- ------------- ------------- Net Interest Income 3,384 6,556 2,795 4,448 Provision for Loan Losses 211 416 173 240 ------------- ------------- ------------- ------------- Net Interest Income after Provision for Loan Losses 3,173 6,140 2,622 4,208 Other Income 303 686 660 835 Operating Expenses 2,459 4,999 2,824 3,946 ------------- ------------- ------------- ------------- Operating Income 1,017 1,827 458 1,097 Income Taxes 423 760 215 521 ------------- ------------- ------------- ------------- Net Earnings $ 594 $ 1,067 $ 243 $ 576 ============= ============= ============= ============= Selected Ratios: Earnings Per Share $ 0.14 $ 0.26 $ 0.06 $ 0.17 (Weighted Average Shares) Tangible Book Value Per Share $ 11.95 $ 11.15 Tier 1 Leverage Ratio 13.32% 14.08% Total Risk Based Capital Ratio 17.06% 21.22% Asset Quality (Non-Performing Assets + 90 Days Past Due Accruing) divided by (Equity + Allowance for Loan Losses) 1.94% 2.80%
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 4,089,635.
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
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Jan. 18, 2017 02:00 PM EST Reads: 325
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 18, 2017 02:00 PM EST Reads: 891
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 18, 2017 01:00 PM EST Reads: 5,584
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 18, 2017 01:00 PM EST Reads: 5,091
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 18, 2017 01:00 PM EST Reads: 3,453
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Jan. 18, 2017 01:00 PM EST Reads: 4,405
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 18, 2017 12:30 PM EST Reads: 6,294
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Jan. 18, 2017 12:30 PM EST Reads: 2,484
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
Jan. 18, 2017 12:15 PM EST Reads: 1,502
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Jan. 18, 2017 12:00 PM EST Reads: 1,929
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Jan. 18, 2017 12:00 PM EST Reads: 4,221
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Jan. 18, 2017 12:00 PM EST Reads: 5,747
The unique combination of Amazon Web Services and Cloud Raxak, a Gartner Cool Vendor in IT Automation, provides a seamless and cost-effective way of securely moving on-premise IT workloads to Amazon Web Services. Any enterprise can now leverage the cloud, manage risk, and maintain continuous security compliance. Forrester's analysis shows that enterprises need automated security to lower security risk and decrease IT operational costs. Through the seamless integration into Amazon Web Services, ...
Jan. 18, 2017 11:45 AM EST Reads: 1,793
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
Jan. 18, 2017 11:30 AM EST Reads: 1,124
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Jan. 18, 2017 10:30 AM EST Reads: 3,099