Business & Finance
Mon, May 14, 2012 
LOS ANGELES--([ BUSINESS WIRE ])--[ The Private Bank of California ] (the aBanka) (OTCBB:PBCA.OB) today announced its unaudited financial results for the quarter ended March 31, 2012.
"Our Century City, Hollywood and Los Angeles Offices have all contributed to our success."
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 Bankas 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 Bankas 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 Bankas capital ratios continued to significantly exceed all regulatory guidelines for awell-capitalizeda financial institutions:
Actual 03/31/12 | aWell-capitalizeda | |||||||||||
| 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 | % | ||||||||
aWe are pleased with our steady earnings and balance sheet growth in this first quarter of 2012,a said Chief Executive Officer David R. Misch. aOur [ Century City, Hollywood and Los Angeles ] Offices have all contributed to our success.a
aThe addition of our recently announced Orange County team and Branch Office will add to our momentum,a added President Richard A. Smith. a2012 is shaping up to be another year of new achievements and milestones for The Private Bank of California.a
For more information on the Bankas new Orange County team, click [ here ].
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) and Hollywood (7083 Hollywood Boulevard, Suite 650, Los Angeles 90028), as well as a Loan Production Office in Downtown Los Angeles (601 South Figueroa Street, Suite 1850, Los Angeles 90017). The opening of the Bankas Orange County Office (1920 Main Street, Suite 1140, Irvine, California 92614) is planned for July 2012. 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 Californiaas 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 Bankas operating results and ability to attract deposit and loan customers and the quality of the Bankas 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) | ||||||||||||||||||||||||||
| March 31, | December 31, | |||||||||||||||||||||||||
| 2012 | 2011 | 2011 | ||||||||||||||||||||||||
| AT END OF THE PERIOD: | ||||||||||||||||||||||||||
| Total assets | $ | 640,924,000 | $ | 462,296,000 | $ | 596,700,000 | ||||||||||||||||||||
| Securities available-for-sale, at fair value | $ | 288,207,000 | $ | 205,826,000 | $ | 267,370,000 | ||||||||||||||||||||
| Total loans | $ | 319,703,000 | $ | 234,936,000 | $ | 301,809,000 | ||||||||||||||||||||
| Less allowance for credit losses | (5,788,000 | ) | (3,890,000 | ) | (5,322,000 | ) | ||||||||||||||||||||
| Net loans | $ | 313,915,000 | $ | 231,046,000 | $ | 296,487,000 | ||||||||||||||||||||
| Transactional deposit accounts | $ | 288,892,000 | $ | 181,665,000 | $ | 249,860,000 | ||||||||||||||||||||
| Money market deposit accounts | 190,690,000 | 147,240,000 | 170,798,000 | |||||||||||||||||||||||
| Other nontransactional deposit accounts | 89,719,000 | 56,105,000 | 76,098,000 | |||||||||||||||||||||||
| Total deposits | $ | 569,301,000 | $ | 385,010,000 | $ | 496,756,000 | ||||||||||||||||||||
| Total shareholders' equity | $ | 49,630,000 | $ | 40,352,000 | $ | 49,182,000 | ||||||||||||||||||||
| Allowance for credit losses to total loans ratio | 1.81 | % | 1.66 | % | 1.76 | % | ||||||||||||||||||||
| Tier 1 leverage ratio | 7.59 | % | 8.92 | % | 8.01 | % | ||||||||||||||||||||
| Tier 1 risk-based capital ratio | 13.96 | % | 15.93 | % | 14.54 | % | ||||||||||||||||||||
| Total risk-based capital ratio | 15.22 | % | 17.19 | % | 15.80 | % | ||||||||||||||||||||
| FOR THE QUARTER ENDED: | ||||||||||||||||||||||||||
| Net interest income | $ | 4,298,000 | $ | 3,410,000 | $ | 4,057,000 | ||||||||||||||||||||
| Provision for credit losses | 438,000 | --- | 762,000 | |||||||||||||||||||||||
| Noninterest income | 589,000 | 88,000 | 660,000 | |||||||||||||||||||||||
| Noninterest expense | 3,786,000 | 3,164,000 | 3,550,000 | |||||||||||||||||||||||
| Income (loss) before income taxes | 663,000 | 334,000 | 405,000 | |||||||||||||||||||||||
| Provision for income taxes | 190,000 | 1,000 | --- | |||||||||||||||||||||||
| Net income (loss) | $ | 473,000 | $ | 333,000 | $ | 405,000 | ||||||||||||||||||||
| Net income (loss) | $ | 473,000 | $ | 333,000 | $ | 405,000 | ||||||||||||||||||||
| Less preferred stock dividends and adjustments | (25,000 | ) | (88,000 | ) | (25,000 | ) | ||||||||||||||||||||
| Net income (loss) available to common shareholders | $ | 448,000 | $ | 245,000 | $ | 380,000 | ||||||||||||||||||||
| Net income (loss) per common share outstanding-basic | $ | 0.12 | $ | 0.06 | $ | 0.10 | ||||||||||||||||||||
| Average common shares outstanding | 3,826,498 | 3,827,707 | 3,826,506 | |||||||||||||||||||||||
| YEAR-TO-DATE: | ||||||||||||||||||||||||||
| Net interest income | $ | 4,298,000 | $ | 3,410,000 | ||||||||||||||||||||||
| Provision for credit losses | 438,000 | --- | ||||||||||||||||||||||||
| Noninterest income | 589,000 | 88,000 | ||||||||||||||||||||||||
| Noninterest expense | 3,786,000 | 3,164,000 | ||||||||||||||||||||||||
| Income (loss) before income taxes | 663,000 | 334,000 | ||||||||||||||||||||||||
| Provision for income taxes | 190,000 | 1,000 | ||||||||||||||||||||||||
| Net income (loss) | $ | 473,000 | $ | 333,000 | ||||||||||||||||||||||
| Net income (loss) | $ | 473,000 | $ | 333,000 | ||||||||||||||||||||||
| Less preferred stock dividends and adjustments | (25,000 | ) | (88,000 | ) | ||||||||||||||||||||||
| Net income (loss) available to common shareholders | $ | 448,000 | $ | 245,000 | ||||||||||||||||||||||
| Net income (loss) per common share outstanding-basic | $ | 0.12 | $ | 0.06 | ||||||||||||||||||||||
| Average common shares outstanding | 3,826,498 | 3,827,707 | ||||||||||||||||||||||||
