LOS ANGELES--(BUSINESS WIRE)--The Private Bank of California (the “Bank”) (OTCBB: PBCA) announced its unaudited financial results for the year and quarter ended December 31, 2010.
2010 Financial Highlights:
- Total assets grew 54% during the year to a record $436 million at December 31, 2010
- Total deposits rose 60% during the year to $383 million at December 31, 2010, accompanied by an impressive 133% increase in demand deposits
- Demand deposits were $177 million at December 31, 2010, comprising 46% of total deposits
- Earning loans increased 20% during the year from $179 million at December 31, 2009 to $214 million at December 31, 2010
- Credit quality improved, as nonperforming loans declined from $4.8 million at yearend 2009 to $1.4 million at December 31, 2010 and past due loans dropped from $3.2 million at yearend 2009 to $19,000 at December 31, 2010
- The allowance for credit losses was $3.9 million or 1.80% of total loans outstanding at December 31, 2010
- Capital ratios remain strong, continuing to significantly exceed the regulatory levels required to be considered “well-capitalized”:
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“Well- | |||||||
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Actual |
Capitalized” | |||||||
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12/31/10 |
Minimum | |||||||
| Tier 1 leverage ratio | 9.50 | % | 5.00 | % | ||||
| Tier 1 risk-based capital ratio | 17.50 | % | 6.00 | % | ||||
| Total risk-based capital ratio | 18.76 | % | 10.00 | % | ||||
- Net income totaled $105,000 for 2010, representing the third consecutive year of positive income statement results despite strategic investments during the year in an expanded Los Angeles County presence and infrastructure to support future growth
“We accomplished a lot at The Private Bank of California in 2010 and our balance sheet is quickly approaching the milestone of $500 million in total assets,” stated Chief Executive Officer David R. Misch. “We achieved exceptional deposit growth, improved our credit quality and significantly increased our earning loans during the year.”
President Richard Smith added, “We invested in our team, our business and our future as we opened our Hollywood Office and Downtown Los Angeles Loan Production Office and undertook infrastructure initiatives to support our continued, high quality growth. As we enter 2011, we believe that we have great momentum and are well-positioned for another year of accomplishments and success.”
About The Private Bank of California: The Private Bank of California is a premier, community-based bank in Southern California serving private businesses, private clients and their advisors. The Bank is a California-chartered commercial bank operating from its headquarters office at 10100 Santa Monica Boulevard, Suite 2500, Los Angeles, California 90067, its Hollywood Office at 7083 Hollywood Boulevard, Suite 650, Los Angeles 90028 and its recently opened Loan Production Office at 601 South Figueroa Street, Suite 1850, Los Angeles 90017. Additional information about the Bank is available at www.tpboc.com or by calling 310.286.0710.
Forward-Looking Statements: Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to The Private Bank of California’s current expectations regarding deposit and loan growth and operating results. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: (1) the impact of changes in interest rates, (2) a decline in economic conditions, (3) an increase in competition among financial service providers impacting on the Bank’s operating results and ability to attract deposit and loan customers and the quality of the Bank’s earning assets and (4) an increase in government regulation. The Bank does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
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THE PRIVATE BANK OF CALIFORNIA |
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FINANCIAL HIGHLIGHTS (Unaudited) |
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| December 31, | September 30, | ||||||||||||||||
| 2010 | 2009 | 2010 | |||||||||||||||
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AT END OF THE PERIOD: |
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| Total assets | $ | 435,550,000 | $ | 282,515,000 | $ | 394,480,000 | |||||||||||
| Securities available-for-sale, at fair value | $ | 198,231,000 | $ | 90,584,000 | $ | 179,029,000 | |||||||||||
| Total loans | $ | 215,150,000 | $ | 183,450,000 | $ | 187,772,000 | |||||||||||
| Less allowance for credit losses | (3,872,000 | ) | (3,926,000 | ) | (3,329,000 | ) | |||||||||||
| Net loans | $ | 211,278,000 | $ | 179,524,000 | $ | 184,443,000 | |||||||||||
| Transactional deposit accounts | $ | 199,374,000 | $ | 93,907,000 | $ | 157,207,000 | |||||||||||
| Money market deposit accounts | 136,843,000 | 104,684,000 | 132,864,000 | ||||||||||||||
| Other nontransactional deposit accounts | 46,483,000 | 40,900,000 | 41,702,000 | ||||||||||||||
| Total deposits | $ | 382,700,000 | $ | 239,491,000 | $ | 331,773,000 | |||||||||||
| Total shareholders' equity | $ | 39,708,000 | $ | 40,707,000 | $ | 42,777,000 | |||||||||||
| Allowance for credit losses to total loans ratio | 1.80 | % | 2.14 |
% |
1.77 |
% |
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| Tier 1 leverage ratio | 9.50 | % | 12.52 | % | 10.91 |
% |
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| Tier 1 risk-based capital ratio | 17.50 | % | 20.41 | % | 20.26 |
% |
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| Total risk-based capital ratio | 18.76 | % | 21.67 | % | 21.52 |
% |
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FOR THE QUARTER ENDED: |
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| Net interest income | $ | 3,030,000 | $ | 2,555,000 | $ | 2,760,000 | |||||||||||
| Provision for credit losses | 540,000 | 419,000 | 65,000 | ||||||||||||||
| Noninterest income | 378,000 | 268,000 | 300,000 | ||||||||||||||
| Noninterest expense | 3,104,000 | 2,096,000 | 2,934,000 | ||||||||||||||
| Income (loss) before income taxes | (236,000 | ) | 308,000 | 61,000 | |||||||||||||
| Provision for income taxes | --- | --- | --- | ||||||||||||||
| Net income (loss) | $ | (236,000 | ) | $ | 308,000 | $ | 61,000 | ||||||||||
| Net income (loss) | $ | (236,000 | ) | $ | 308,000 | $ | 61,000 | ||||||||||
| Less preferred stock dividends and adjustments | (88,000 | ) | (13,000 | ) | (88,000 | ) | |||||||||||
| Net income (loss) available to common shareholders | $ | (324,000 | ) | $ | 295,000 | $ | (27,000 | ) | |||||||||
| Net income (loss) per common share outstanding-basic | $ | (0.08 | ) | $ | 0.08 | $ | (0.01 | ) | |||||||||
| Average common shares outstanding | 3,816,501 | 3,722,979 | 3,811,289 | ||||||||||||||
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YEAR-TO-DATE: |
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| Net interest income | $ | 10,754,000 | $ | 9,750,000 | |||||||||||||
| Provision for credit losses | 1,165,000 | 1,527,000 | |||||||||||||||
| Noninterest income | 1,172,000 | 354,000 | |||||||||||||||
| Noninterest expense | 10,655,000 | 8,368,000 | |||||||||||||||
| Income (loss) before income taxes | 106,000 | 209,000 | |||||||||||||||
| Provision for income taxes | 1,000 | 1,000 | |||||||||||||||
| Net income (loss) | $ | 105,000 | $ | 208,000 | |||||||||||||
| Net income (loss) | $ | 105,000 | $ | 208,000 | |||||||||||||
| Less preferred stock dividends and adjustments | (352,000 | ) | (266,000 | ) | |||||||||||||
| Net income (loss) available to common shareholders | $ | (247,000 | ) | $ | (58,000 | ) | |||||||||||
| Net income (loss) per common share outstanding-basic | $ | (0.07 | ) | $ | (0.02 | ) | |||||||||||
| Average common shares outstanding | 3,795,497 | 3,695,754 | |||||||||||||||