San Diego Private Bank Reports Increased Fourth Quarter Earnings

CORONADO, CA--(Marketwired - Jan 31, 2014) - 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 ended Dec 31, 2013   Three months ended Dec 31, 2013     Three months ended 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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