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TheStreet Open House

The Private Bank Of California Reports Second Quarter 2012 Results

Stocks in this article: PBCA

The Private Bank of California (the “Bank”) (OTCBB: PBCA) today announced its unaudited financial results for the quarter ended June 30, 2012.

Second Quarter 2012 Highlights:

  • Net income for the quarter improved to $585,000, up 24% from $473,000 in the linked quarter and up 72% from $341,000 in the same quarter in the prior year. Year-to-date June 30, 2012 net income is $1.1 million, up an impressive 57% from $674,000 in 2011; year-to-date income before income taxes more than doubled:
                    2012     2011
Income before income taxes $ 1,503,000 $ 675,000
Provision for income taxes   445,000   1,000
Net income $ 1,058,000 $ 674,000
 
  • Net interest income totaled $4.4 million for the quarter ended June 30, 2012, slightly higher than the linked quarter’s $4.3 million. Year-to-date 2012 net interest income totaled $8.7 million, a 21% increase over the prior year.
  • Total assets were $639 million, stable from the linked quarter. “We are very focused on improving our profitability and enhancing our risk management infrastructure,” stated Chief Executive Officer David R. Misch.
  • Total deposits declined slightly over the linked quarter, to $553 million at June 30, 2012, as the Bank favorably restructured certain brokered certificates of deposit issued for interest rate risk management purposes to take advantage of record-low, long-term interest rates.
  • Demand deposits totaled $247 million and accounted for 45% of total deposits at June 30, 2012 as compared to $270 million or 46% of total deposits at the linked quarter. The decline reflects the planned withdrawal of a short-term demand deposit at the beginning of the second quarter.
  • Total earning loans were $315 million at June 30, 2012, a slight decrease from the linked quarter.
  • Non-accrual loans totaled $2.7 million at June 30, 2012 and continue to account for less than 1% of total loans outstanding. At June 30, 2012, the coverage ratio of the allowance for credit losses to non-accrual loans was 215% and the Bank had no earning loans past due 90 days or more.
  • The allowance for credit losses was $5.9 million or 1.84% of total loans at June 30, 2012, compared to $5.8 million or 1.81% in the linked quarter. The provision for credit losses, primarily attributable to loan growth, totaled $39,000 for the second quarter and $477,000 for year-to-date 2012. The Bank has incurred no gross loan charge-offs in 2012.
  • The Bank’s capital ratios continued to significantly exceed all regulatory guidelines for “well-capitalized” financial institutions:
                 

Actual 06/30/12

 

“Well-capitalized”minimum

Tier 1 leverage ratio 7.34 % 5.00 %
Tier 1 risk-based capital ratio 13.58 % 6.00 %
Total risk-based capital ratio 14.84 % 10.00 %
 

“We are very excited about our new Orange County office, which opened in June 2012 and is being led by David Cobb and his team. The Orange County market is a great fit for our blend of business and private banking and it demonstrates our commitment to long-term growth,” said Misch. “We strengthened our operations with the hiring of Suzanne Dondanville as our Chief Operations Officer and by investing in our risk management infrastructure. Reflecting our commitment to being ahead of the curve on the basics of good banking practices, these actions will help us to continue to grow prudently in an increasingly complex risk and regulatory environment.”

Added President Richard A. Smith, “Our next growth spurt is already underway. The Bank continues to have a very strong pipeline and we are well-positioned for a strong third quarter.”

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