La Jolla-based Private Bancorp of America Inc. (PBAM), parent company of CalPrivate Bank, said its net income for the second quarter was $863,000, 16 percent higher than a year ago.
However, net income was 24 percent lower than the quarter prior. Increased expanses and planned hiring contributed to the quarter-over-quarter decrease, the bank said.
CalPrivate Bank President Rick Sowers said the bank has added 35 new employees so far in 2018.
"We have veteran bankers now managing all of our markets and we continue to look to add related businesses to our franchise as we see opportunities that make sense," he said.
PBAM Chairman Selwyn Isakow said industry consolidation has provided the bank with a window to hire displaced bankers.
"We recognize that this investment may negatively impact our bottom line for a few quarters, but expect significant returns in future years," Isakow said.
Net loans in the second quarter totaled a record $527.4 million, 17 percent higher than a year ago and 12 percent more than in the previous quarter.
Assets were a record $710.64 million, 26 percent above a year prior and 10 percent more than in the previous quarter.
Deposits were $538.48 million, 35 percent higher than a year ago and 5 percent more than in the previous quarter.
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