LOS ANGELES--(BUSINESS WIRE)--Grandpoint Bank, a wholly owned subsidiary of Grandpoint Capital, Inc., reported net income of $21.6 million for the first nine months of 2015, an increase of 63 percent over the same period in 2014. The Bank also reported total assets of $3.1 billion at September 30, 2015, up from $2.5 billion at the end of the prior year third quarter, and $2.8 billion at year-end 2014.
“During the third quarter, we continued the steady, organic growth of our core business with solid increases in both deposits and loans,” said Don M. Griffith, Chairman and CEO of Grandpoint Capital, Inc., and Grandpoint Bank. “Our focus on further improving our operating efficiencies enabled us to achieve a core efficiency ratio of 52 percent in the third quarter.”
Grandpoint serves clients through six Grandpoint Bank branches in Los Angeles and Orange counties. It also has three divisions: Regents Bank, which has four offices in San Diego County and one in Vancouver, Wash.; Bank of Tucson, with two offices in Tucson, Ariz.; and The Biltmore Bank of Arizona, with an office in Phoenix, Ariz.
At September 30, 2015, total deposits increased to $2.5 billion and total loans were $2.3 billion. Asset quality remained strong during the quarter as the Bank continued to maintain a prudent and disciplined risk strategy. Key performance measures also demonstrated the Bank's sustained strength. Return on average assets was 1.0 percent and return on tangible equity was 12.3 percent for the nine months ended September 30, 2015.
Throughout the third quarter 2015, the Bank's capital ratios were above levels considered well-capitalized by bank regulators. At September 30, 2015, the Bank's Leverage Ratio was 9.2 percent; Common Equity Tier 1 Risk-Based Capital Ratio was 11.6 percent; Tier 1 Risk-Based Capital Ratio was 11.6 percent; and Total Risk-Based Capital Ratio was 12.4 percent.
In September 2015, Grandpoint received a superior 5-star rating from independent rating and research firm BauerFinancial for the ninth consecutive quarter. The latest rating was based on June 30, 2015, financial data. The 5-star rating, for strength, stability and soundness, is only awarded to the nation's strongest banks.
Grandpoint Bank is headquartered in Los Angeles, Calif. More information about the Bank is available at www.grandpointbank.com.