The Private Bank of California Reports December 31, 2012 Results

The Private Bank of California Reports December 31, 2012 Results

Continued Strong Loan and Deposit Growth

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, 2012.


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:
                             

Actual
12/31/12

         

"Well-Capitalized"
Minimum

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.

                   

THE PRIVATE BANK OF CALIFORNIA

FINANCIAL HIGHLIGHTS (Unaudited)

 

December 31,

September 30,

 

2012

   

2011

   

2012

 

AT END OF THE PERIOD:

 
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 %
 

FOR THE QUARTER ENDED:

 
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
 

YEAR-TO-DATE:

 
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



The Private Bank of California
David R. Misch
Chief Executive Officer
310-728-1949 (direct)
drmisch@tpboc.com
or
Joyce N. Kaneda
Executive Vice President
Chief Financial Officer
310-728-1948 (direct)
jnkaneda@tpboc.com
or
La Voz Marketing
Stacey Kaszton
213-925-8177 (direct)
stacey@lavozmarketing.com

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

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