San Diego Private Bank said it had its best second quarter yet, with net income up 85 percent from the year before to $1.1 million.
The bank reported positive income despite the costs associated with finding a new CEO earlier this year and integrating the business of First Security Business Bank in Orange County, acquired late last year. Those costs were all realized in the second quarter, the bank said.
"We maintained our momentum and experienced solid earnings for the quarter during which we completed the restructuring and repositioning of our Orange County operations,” CEO Thomas V. Wornham said. “Bank credit quality remained excellent and capital ratios remained well above all regulatory well-capitalized measures.”
The bank’s total assets were up nearly 30 percent from the second quarter of last year, to $440.9 million. Net loans also rose 30 percent to $332.5 million. Total deposits increased 19 percent to $331.5 million.
While regulators consider banks with a Tier 1 Leverage Capital Ratio of at least 5 percent to be well capitalized, San Diego Private Bank recorded a ratio of 11.27 percent.