/EINPresswire.com/ -- 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.

                           San Diego Private Bank
                              Income Statements
                         (Unaudited - in thousands)

                      Three months Three monthss   Nine months   Nine months
                             ended         ended         ended         ended
                     Sept 30, 2015 Sept 30, 2014 Sept 30, 2015 Sept 30, 2014
Interest Income
Interest Income      $       5,101 $       3,859 $      15,009 $      11,033
Interest Expense               363           310         1,115           928
                     ------------- ------------- ------------- -------------
  Net Interest
   Income                    4,738         3,549        13,894        10,105
Provision for Loan
 Losses                          2           151            76           566
                     ------------- ------------- ------------- -------------
    Net Interest
     Income after
     Provision for
     Loan Losses             4,736         3,398        13,818         9,539
Other Income                   366           238         1,148           923
Operating Expenses           2,797         2,421         8,553         7,420
                     ------------- ------------- ------------- -------------
  Operating Income           2,305         1,215         6,413         3,042
Income Taxes                   946           492         2,648         1,252
                     ------------- ------------- ------------- -------------
  Net Earnings       $       1,359 $         723 $       3,765 $       1,790
                     ============= ============= ============= =============


Earnings Per Share   $        0.33 $        0.18 $        0.91 $        0.44
Diluted Earnings Per
 Share               $        0.32 $        0.17 $        0.89 $        0.43
Weighted Average
 Shares                  4,155,139     4,084,535     4,131,458     4,054,727
Diluted Weighted
 Average Shares          4,265,379     4,209,205     4,241,698     4,179,397


                           San Diego Private Bank
                               Balance Sheets
                         (Unaudited - in thousands)

                                     September 30, 2015  September 30, 2014
Assets
Cash and Cash Equivalents            $           71,503  $           33,416
Investments                                      24,058              20,403
Loans, Net                                      330,254             277,417
Premises, Equipment and Other Assets             12,478              12,183
                                     ------------------  ------------------
  Total Assets                                  438,293             343,419
                                     ==================  ==================

Liabilities and Shareholders' Equity
Demand Deposits                                 113,036             101,300
Interest Bearing Deposits                       213,966             181,699
                                     ------------------  ------------------
  Total Deposits                                327,002             282,999

FHLB Advances / Borrowings                       52,500               7,500
Other Liabilities                                 2,623               2,338
Shareholders' Equity                             56,168              50,582
                                     ------------------  ------------------
  Total Liabilities and
   Shareholders' Equity              $          438,293  $          343,419
                                     ==================  ==================

Tier 1 Leverage Ratio                             11.84%              13.93%
Total Risk Based Capital Ratio                    16.28%              17.26%

(Non-Performing Assets + 90 Days
 Past Due Accruing) divided by
 (Equity + Allowance for Loan
 Losses)                                           0.76%               1.96%

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

Thomas V. Wornham
President and Chief Executive Officer
San Diego Private Bank
(858) 875.6900

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