Private Bancorp of America, the parent company of San Diego Private Bank, announced an 8 percent year-over-year increase in quarterly earnings Oct. 18.
The company reported third-quarter earnings of $1.16 million compared with $1.08 million the prior year.
Net interest income also rose. The bank holding company earned $5.7 million in the three months that ended Sept. 30, compared with $4.8 million for the same period in 2016. Net interest income in the first nine months of 2017 was $16.4 million, an increase of more than 17 percent compared to the same period in 2016, when it totaled $14 million, the company reported.
Expenses increased, too, rising by 25 percent year over year to just shy of $3.9 million. The company said a “major factor” in the increase was about $557,000 in expenses connected with the opening of a new branch, its first in Los Angeles. San Diego Private Bank’s Beverly Hills office, Private Bank of America, opened July 31.
The company’s total assets had risen by nearly $100 million as of Sept. 30 to $590 million, up about 18 percent from $498 million one year prior.
Year-over-year net loans at San Diego Private Bank rose by 14 percent to $446 million from $391 million, and total deposits increased to $448 million, up over 19 percent from $375 million.
San Diego Private Bank, founded in 2006, has offices in Coronado, San Diego, La Jolla, Newport Beach and Beverly Hills.