The Private Bank of California Reports December 31, 2010 Results
Quality Growth Accompanies Strong Capital Levels and Improved Credit Quality
LOS ANGELES, February 23, 2010 (BUSINESS WIRE) – The Private Bank of California (the “Bank”) (OTCBB: PBCA.OB) announced its unaudited financial results for the year and quarter ended December 31, 2010.
2010 Finazncial Highlights:
- Total assets grew 54% during the year to a record $436 million at December 31, 2010
- Total deposits rose 60% during the year to $383 million at December 31, 2010, accompanied by an impressive 133% increase in demand deposits
- Demand deposits were $177 million at December 31, 2010, comprising 46% of total deposits
- Earning loans increased 20% during the year from $179 million at December 31, 2009 to $214 million at December 31, 2010
- Credit quality improved, as nonperforming loans declined from $4.8 million at year end 2009 to $1.4 million at December 31, 2010 and past due loans dropped from $3.2 million at yearend 2009 to $19,000 at December 31, 2010
- The allowance for credit losses was $3.9 million or 1.80% of total loans outstanding at December 31, 2010
- Capital ratios remain strong, continuing to significantly exceed the regulatory levels required to be considered “well-capitalized”:
|Actual 12.31.10||“Well-Capitalized” Minimum|
|Tier 1 leverage ratio||9.50%||5.00%|
|Tier 1 risk-based capital ratio||17.50%||6.00%|
|Total risk-based capital ratio||18.76%||10.00%|
- Net income totaled $105,000 for 2010, representing the third consecutive year of positive income statement results despite strategic investments during the year in an expanded Los Angeles County presence and infrastructure to support future growth
“We accomplished a lot at The Private Bank of California in 2010 and our balance sheet is quickly approaching the milestone of $500 million in total assets,” stated Chief Executive Officer David R. Misch. “We achieved exceptional deposit growth, improved our credit quality and significantly increased our earning loans during the year.”
President Richard Smith added, “We invested in our team, our business and our future as we opened our Hollywood Office and Downtown Los Angeles Loan Production Office and undertook infrastructure initiatives to support our continued, high quality growth. As we enter 2011, we believe that we have great momentum and are well-positioned for another year of accomplishments and success.”
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