The tax reform bill passed in late 2017 caused a one-time tax adjustment that reduced net income for the year for Private Bancorp of America Inc. (OTCQX:PBAM), the parent company of San Diego Private Bank, from about $4.9 million to about $3.4 million, the company said.
The bank earned about $4.3 million in 2016.
For San Diego Private Bank, 2017 was a big year. The bank raised $17 million in private capital, opened its first branch in the Los Angeles area and saw its market cap top $125 million for the first time.
Total assets increased 23 percent compared to the prior year to a record $671.2 million.
“We have doubled the asset size of the bank in a little over three years,” board chairman Selwyn Isakow said.
Total deposits rose 30 percent over the year, totaling $530.7 million at the end of 2017. And total loans were $492.6 million as of Dec. 31, a year-over-year increase of 13 percent.