Partners Bank of California Reports 2017 Financial Performance

MISSION VIEJO, Calif.--()--Partners Bank of California (“Partners Bank”) (OTC: PBKX) reported unaudited results for the year ending December 31, 2017, with total assets increasing by 4.8% during the year to a record high of $198.1 million. Over the same period, total deposits increased $8.0 million, or 4.8%, to $174.3 million, while net loans increased 2.3% to $153.0 million. The bank also posted a record level of before-tax income in 2017 of $2.4 million, representing a 60% increase over the previous year’s results.

“We are pleased to have capped a solid year with significant growth in the bank’s core income. Our performance in several key areas shows that the efforts of the Partners Bank team are really paying off,” said Partners CEO Rick Mandelbaum. “I’m pleased to report that Partners Bank is in a strong position at the beginning of 2018 to capitalize on our achievements and continue to drive value to all our clients and shareholders.”

         
Partners Bank of California
Statements of Financial Condition
(unaudited, dollars in thousands)
 
December 31, December 31, Variance
Assets:   2017     2016     $   %  
 
Cash and cash equivalents $ 29,705 $ 19,059 $ 10,646 55.9 %
Investment securities available for sale 12,099 15,660 (3,561 ) -22.7 %
 
Loans held for investment 155,805 152,253 3,552 2.3 %
Allowance for loan losses   (2,756 )   (2,704 )   (52 ) 1.9 %
Loans, net 153,049 149,549 3,500 2.3 %
 
Other assets   3,289     4,771     (1,482 ) -31.1 %
 
Total assets $ 198,142   $ 189,039   $ 9,103   4.8 %
 
Liabilities:
 
Deposits
Noninterest-bearing deposits $ 87,127 $ 81,259 $ 5,868 7.2 %
Savings, NOW and money market accounts 54,814 56,896 (2,082 ) -3.7 %
Certificates of deposit   32,351     28,147     4,204   14.9 %
 
Total deposits 174,292 166,302 7,990 4.8 %
 
FHLB advances and other borrowings - - - 0.0 %
Other liabilities   678     550     128   23.3 %
 
Total liabilities 174,970 166,852 8,118 4.9 %
 
Stockholders' Equity:
 
Common stock 26,501 26,459 42 0.2 %
Additional paid-in capital 1,510 1,236 274 22.2 %
Accumulated deficit   (4,816 )   (5,519 )   703   -12.7 %
23,195 22,176 1,019 4.6 %
Accumulated other comprehensive income (loss)   (23 )   11     (34 ) -309.1 %
Total stockholders' equity   23,172     22,187     985   4.4 %
 
Total liabilities and stockholders' equity $ 198,142   $ 189,039   $ 9,103   4.8 %
 
 
Partners Bank of California
Statements of Income
(unaudited, dollars in thousands)
 
For the Twelve Months Ended
December 31, December 31, Variance
  2017     2016     $   %  
 
Interest income $ 8,185 $ 6,836 $ 1,349 19.7 %
Interest expense   825     542     283   52.2 %
Net interest income before provision for loan losses 7,360 6,294 1,066 16.9 %
 
Provision for loan losses   45     419     (374 ) -89.3 %
Net interest income after provision for loan losses 7,315 5,875 1,440 24.5 %
 
Noninterest income 385 224 161 71.9 %
 
Noninterest expense   5,274     4,583     691   15.1 %
Income before income tax provision 2,426 1,516 910 60.0 %
 
Income tax provision   1,726     691     1,035   149.8 %
Net income $ 700   $ 825   $ (125 ) -15.2 %
 

Founded in 2007, Partners Bank of California provides a wide array of personal and commercial banking services as well as a variety of business lending solutions, including lines of credit, commercial real estate (existing and new construction finance), equipment/industrial, and SBA loans. Headquartered in Mission Viejo, California, Partners Bank is proud to serve clientele throughout Southern California. Partners Bank of California…connect with success!

Contacts

Partners Bank of California
Matthew Terry
Vice President, Marketing Officer & Media Relations
Direct: (949) 732-4052
mterry@partnersbankca.com
www.partnersbankca.com

Release Summary

Partners Bank of California has reported record growth and financial performance results for year ending December 31, 2017.

Contacts

Partners Bank of California
Matthew Terry
Vice President, Marketing Officer & Media Relations
Direct: (949) 732-4052
mterry@partnersbankca.com
www.partnersbankca.com