San Diego Private Bank reported second quarter net income of $594,000, up from $253,000 for the like quarter of 2013 when the results were affected by the bank’s merger with Coronado First Bank.
For the six months ended June 30, the bank reported net income of $1 million, compared with $576,000 for the first six months of 2013.
Total assets declined 1 percent from the first quarter to $339.5 million but were up 8 percent from the second quarter of 2013. Loans grew 30 percent over the year to $262.4 million, while deposits were $278.4 million, up 10.5 percent from the like quarter last year.
CEO Maria Kunac said it was another solid quarter of growth for the four branch bank that resulted in improved earnings. Credit quality remains excellent and capital ratios are all above measures to be considered well-capitalized, she said.
SDPB received a five-star rating from Bauer Financial, and was designated as a Super Premier Performing Bank by the Findley Report.