San Diego Private Bank reported third quarter net income of $456,000, up 80 percent from the net earnings in the second quarter of this year.
In the second financial report since the merger of San Diego Private Bank and Coronado First Bank in April, the bank reported total assets of $325 million, an increase of nearly 4 percent above the second quarter.
Loans grew by about 5 percent over the prior quarter to $211.4 million, while deposits were up by nearly the same rate to $264 million.
CEO Maria Kunac said the bank experienced solid growth in loans and deposits and with improved efficiencies gained from the merger, its profit also improved. “We expect to maintain this momentum through the fourth quarter,” she said.
Capital ratios at SDPB all exceeded levels needed to be considered well-capitalized with total risk-based capital at 19.29 percent, above the 10 percent threshold on that measure.
Shares of the bank fell 5 cents Oct. 31 to $11.27 on the Over the Counter Market Exchange.
— Mike Allen