This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The Private Bank Of California Reports First Quarter 2012 Results

The Private Bank of California (the “Bank”) (OTCBB:PBCA.OB) today announced its unaudited financial results for the quarter ended March 31, 2012.

First Quarter 2012 Highlights:

  • Net income improved to $473,000 in 2012, up 42% from $333,000 in the same quarter of the prior year despite added income tax expense. The Bank’s income before income taxes doubled:
                2012     2011
Income before income taxes $ 663,000 $ 334,000
Provision for income taxes   190,000   1,000
Net income $ 473,000 $ 333,000
  • Net interest income totaled $4.3 million in 2012, reflecting growth of the Bank’s balance sheet and an $888,000 or 26% increase over the same quarter in 2011.
  • Total assets grew $44 million or 7% from the linked quarter to $641 million at March 31, 2012, a new record for the Bank.
  • Total deposits rose $73 million or 15% from the linked quarter to $569 million at March 31, 2012. Demand deposits totaled $270 million and accounted for 47% of total deposits at March 31, 2012 as compared to $230 million or 46% of total deposits at the linked quarter.
  • Total earning loans were $317 million at March 31, 2012, an increase of $18 million or 6% from the linked quarter.
  • Non-accrual loans totaled $2.7 million at March 31, 2012 and continue to account for less than 1% of total loans outstanding. The coverage ratio of the allowance for credit losses to non-accrual loans was 211% at March 31, 2012. The Bank had no earning loans past due 90 days or more at March 31, 2012.
  • The allowance for credit losses was $5.8 million or 1.81% of total loans at March 31, 2012, compared to $5.3 million or 1.76% at the linked quarter. The provision for credit losses for the quarter ended March 31, 2012 totaled $438,000 and is primarily attributable to loan growth; there was no provision for credit losses for the same period in the prior year. The Bank experienced net loan recoveries of $28,000 in the quarter ended March 31, 2012 and $18,000 in the same quarter of the prior year.
  • The Bank’s capital ratios continued to significantly exceed all regulatory guidelines for “well-capitalized” financial institutions:
             

Actual 03/31/12

 

“Well-capitalized”minimum

Tier 1 leverage ratio 7.59 % 5.00 %
Tier 1 risk-based capital ratio 13.96 % 6.00 %
Total risk-based capital ratio 15.22 % 10.00 %

“We are pleased with our steady earnings and balance sheet growth in this first quarter of 2012,” said Chief Executive Officer David R. Misch. “Our Century City, Hollywood and Los Angeles Offices have all contributed to our success.”

“The addition of our recently announced Orange County team and Branch Office will add to our momentum,” added President Richard A. Smith. “2012 is shaping up to be another year of new achievements and milestones for The Private Bank of California.”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,829.33 -82.78 -0.49%
S&P 500 1,967.67 -2.28 -0.12%
NASDAQ 4,455.3480 +12.65 0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs