San Diego Private Bank Reports Net Income of $473,000 for Q1Thursday, May 1, 2014
San Diego Private Bank, celebrating its first year since the merger with Coronado First Bank in April 2013, reported first quarter net income of $473,000, compared with net income of $333,000 for the like first quarter of 2013, prior to the merger being completed.
Total assets as of March 31 were $342.8 million, up 5.4 percent, while total loans were $245.8 million, up from $229.7 million in the like quarter of 2013.
Total deposits increased 6 percent to $279.3 million.
Capital ratios were all in excess of regulatory minimum standards, with total risk-based capital at 18 percent.
CEO Maria Kunac said the bank added a new service in cross-border lending through the Export-Import Bank guarantee program.