LOS ANGELES--()--The Private Bank of California (the “Bank”) (OTCBB: PBCA) announced its unaudited financial results for the year and quarter ended December 31, 2012.
“As the Bank moves forward into 2013, we are well positioned for continued growth in the coming year which we believe will accelerate when we become part of the First PacTrust organization.”
2012 Financial Highlights:
- Net income available to common shareholders totaled $621,000 for the quarter ended December 31, 2012 ($.16 per diluted common share), compared to $380,000 for the same period in the prior year. Net income available to common shareholders totaled $2,139,000 for the year ended December 31, 2012 ($.56 per diluted common share), up 41% from 1,521,000 for 2011.
| 2012 | 2011 | |||||||||||||||||||||||
| Income before income taxes | $ | 2,414,000 | $ | 1,963,000 | ||||||||||||||||||||
| Provision for income taxes | 175,000 | 1,000 | ||||||||||||||||||||||
| Net income | 2,239,000 | 1,962,000 | ||||||||||||||||||||||
| Preferred stock dividends | 100,000 | 441,000 | ||||||||||||||||||||||
| Net income available to common shareholders | $ | 2,139,000 | $ | 1,521,000 | ||||||||||||||||||||
- Net interest income totaled $4,452,000 for the quarter ended December 31, 2012, an improvement of 10% from the same period in the prior year. Year-to-date 2012 net interest income totaled $17,772,000, a 17% increase over the prior year.
- The Bank achieved record levels of total assets, loans and deposits in 2012 at the same time it invested in the franchise by opening its Orange County Office and increased its operational and risk management staff. As a result, the Bank’s full-time equivalent employee headcount increased from 68 to 83.
- Total assets grew to $712 million during 2012, up $115 million or 19% from December 31, 2011, a new record for the Bank.
- Total deposits rose $85 million or 17% during 2012 to $582 million and total loans rose $72 million or 24% to $374 million, record levels for both.
- Total nonaccrual loans were $6.5 million at December 31, 2012, representing less than 2% of total loans outstanding. The Bank had no earning loans past due 90 days or more at December 31, 2012.
- The allowance for credit losses was $6.5 million or 1.75% of total loans outstanding at December 31, 2012, compared to $5.3 million or 1.76% at year-end 2011. The allowance is roughly equal to the Bank’s non-performing asset totals at December 31, 2012.
- Capital ratios remain strong, continuing to significantly exceed all regulatory guidelines for “well-capitalized” financial institutions:
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Actual |
“Well-Capitalized” |
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| Tier 1 leverage ratio | 7,06 | % | 5.00 | % | ||||||||||||||||||||
| Tier 1 risk-based capital ratio | 12.83 | % | 6.00 | % | ||||||||||||||||||||
| Total risk-based capital ratio | 14.08 | 10.00 | % | |||||||||||||||||||||
“After a mid-year lull, our projected growth for assets and loans finally materialized and we are very proud of our performance in 2012,” stated Chief Executive Officer David R. Misch.
"We are extremely excited about the results of the recent quarter, having achieved tremendous loan growth," said Richard A. Smith, President of the Bank. "As the Bank moves forward into 2013, we are well positioned for continued growth in the coming year which we believe will accelerate when we become part of the First PacTrust organization." he continued.
About The Private Bank of California
The Private Bank of California is a full-service depository financial institution that specializes in Private, Entertainment and Business Banking and caters to a select group of individuals and private companies. The Bank is a member of the Federal Deposit Insurance Corporation, chartered in California and administratively headquartered at 10100 Santa Monica Boulevard, Suite 2500, Los Angeles 90067. The Bank has Branch Offices in Century City (10100 Santa Monica Boulevard, Suite 2430, Los Angeles 90067), Hollywood (7083 Hollywood Boulevard, Suite 650, Los Angeles 90028), and Orange County (1920 Main Street, Suite 1140, Irvine, California 92614), as well as a Loan Production Office in Downtown Los Angeles (601 South Figueroa Street, Suite 1850, Los Angeles 90017). Additional information 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, |
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2012 |
2011 |
2012 |
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AT END OF THE PERIOD: |
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| Total assets | $ | 712,410,000 | $ | 596,700,000 | $ | 685,073,000 | |||||||||||||
| Securities available-for-sale, at fair value | $ | 299,041,000 | $ | 267,370,000 | $ | 313,190,000 | |||||||||||||
| Total loans | $ | 373,935,000 | $ | 301,809,000 | $ | 331,845,000 | |||||||||||||
| Less allowance for credit losses | (6,532,000 | ) | (5,322,000 | ) | (5,928,000 | ) | |||||||||||||
| Net loans | $ | 367,403,000 | $ | 296,487,000 | $ | 325,917,000 | |||||||||||||
| Transactional deposit accounts | $ | 289,416,000 | $ | 249,860,000 | $ | 294,250,000 | |||||||||||||
| Money market deposit accounts | 197,543,000 | 170,798,000 | 210,070,000 | ||||||||||||||||
| Other nontransactional deposit accounts | 95,143,000 | 76,098,000 | 76,171,000 | ||||||||||||||||
| Total deposits | $ | 582,102,000 | $ | 496,756,000 | $ | 580,491,000 | |||||||||||||
| Total shareholders' equity | $ | 52,448,000 | $ | 49,182,000 | $ | 52,412,000 | |||||||||||||
| Allowance for credit losses to total loans ratio | 1.75 | % | 1.76 | % | 1.79 | % | |||||||||||||
| Tier 1 leverage ratio | 7.06 | % | 8.01 | % | 7.33 | % | |||||||||||||
| Tier 1 risk-based capital ratio | 12.83 | % | 14.54 | % | 13.49 | % | |||||||||||||
| Total risk-based capital ratio | 14.08 | % | 15.80 | % | 14.74 | % | |||||||||||||
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FOR THE QUARTER ENDED: |
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| Net interest income | $ | 4,452,000 | $ | 4,057,000 | $ | 4,582,000 | |||||||||||||
| Provision for credit losses | 571,000 | 762,000 | 319,000 | ||||||||||||||||
| Gain on the sale of securities-available-for-sale | 572,000 | 615,000 | 403,000 | ||||||||||||||||
| Noninterest income | 132,000 | 45,000 | 121,000 | ||||||||||||||||
| Noninterest expense | 4,379,000 | 3,550,000 | 4,082,000 | ||||||||||||||||
| Income (loss) before income taxes | 206,000 | 405,000 | 705,000 | ||||||||||||||||
| Provision for income taxes | (465,000 | ) | --- | 195,000 | |||||||||||||||
| Net income | $ | 671,000 | $ | 405,000 | $ | 510,000 | |||||||||||||
| Net income | $ | 671,000 | $ | 405,000 | $ | 510,000 | |||||||||||||
| Less preferred stock dividends and adjustments | (50,000 | ) | (25,000 | ) | (25,000 | ) | |||||||||||||
| Net income available to common shareholders | $ | 621,000 | $ | 380,000 | $ | 485,000 | |||||||||||||
| Net income per common share outstanding-basic | $ | 0.16 | $ | 0.10 | $ | 0.13 | |||||||||||||
| Average common shares outstanding | 3,872,801 | 3,826,506 | 3,842,481 | ||||||||||||||||
| Net income per common share outstanding-diluted | $ | 0.16 | $ | 0.10 | $ | 0.12 | |||||||||||||
| Average common shares outstanding-diluted | 3,970,510 | 3,826,506 | 3,955,487 | ||||||||||||||||
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YEAR-TO-DATE: |
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| Net interest income | $ | 17,772,000 | $ | 15,193,000 | |||||||||||||||
| Provision for credit losses | 1,367,000 | 1,550,000 | |||||||||||||||||
| Gain on the sale of securities-available-for-sale | 1,886,000 | 977,000 | |||||||||||||||||
| Other noninterest income | 400,000 | 163,000 | |||||||||||||||||
| Noninterest expense | 16,277,000 | 12,820,000 | |||||||||||||||||
| Income before income taxes | 2,414,000 | 1,963,000 | |||||||||||||||||
| Provision for income taxes | 175,000 | 1,000 | |||||||||||||||||
| Net income | $ | 2,239,000 | $ | 1,962,000 | |||||||||||||||
| Net income | $ | 2,239,000 | $ | 1,962,000 | |||||||||||||||
| Less preferred stock dividends and adjustments | (100,000 | ) | (441,000 | ) | |||||||||||||||
| Net income available to common shareholders | $ | 2,139,000 | $ | 1,521,000 | |||||||||||||||
| Net income per common share outstanding-basic | $ | 0.55 | $ | 0.40 | |||||||||||||||
| Average common shares outstanding-basic | 3,872,801 | 3,826,410 | |||||||||||||||||
| Net income per common share outstanding-diluted | $ | 0.56 | $ | 0.40 | |||||||||||||||
| Average common shares outstanding-diluted | 3,843,057 | 3,826,410 | |||||||||||||||||
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