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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

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.”

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