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Friday, Jul 19, 2024
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San Diego Private Bank Parent Co. Reports Q2 Assets

Private Bancorp of America Inc., the parent company of La Jolla-based San Diego Private Bank, reported a 17 percent increase in total assets to $564.9 million as of June 30, compared to the same date in 2016.

Net loans rose by the same percentage over the year from about $383.7 million to about $449 million, the company said, while deposits grew 13 percent from about $346.1 million to about $391.3 million.

Private Bancorp had net income available to common shareholders of $1,025,000 at the end of the second quarter of the year, up 35 percent from $759,000 in the second quarter of last year, but down 24 percent from $1,346,000 in the first quarter of the year.

The bank recently began staffing its new Beverly Hills office, called Los Angeles Private Bank. The expansion was funded in part by a private placement of the bank’s common stock completed in April, which resulted in about $16.3 million in net proceeds.

Earnings per share in the second quarter of the year was 23 cents, down from 33 cents per share in the first quarter as a result of additional stock issued.

In addition to its new office in Los Angeles, San Diego Private Bank has offices in Coronado, San Diego, La Jolla and Newport Beach.

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