Partners Bank of California Reports 2017 Financial Performance
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 $2.4 million, representing a 60% increase over the previous year’s results.
“We are pleased to have capped a solid year with significant growth in the bank’s core income. Our performance in several key
areas shows that the efforts of the Partners Bank team are really paying off,” said Partners CEO Rick Mandelbaum. “I’m pleased to
report that Partners Bank is in a strong position at the beginning of 2018 to capitalize on our achievements and continue to drive
value to all our clients and shareholders.”
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| Partners Bank of California |
| Statements of Financial Condition |
| (unaudited, dollars in thousands) |
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December 31, |
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December 31, |
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Variance |
| Assets: |
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2017 |
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2016 |
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$ |
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% |
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| Cash and cash equivalents |
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$ |
29,705 |
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$ |
19,059 |
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$ |
10,646 |
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55.9 |
% |
| Investment securities available for sale |
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12,099 |
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15,660 |
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(3,561 |
) |
-22.7 |
% |
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| Loans held for investment |
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155,805 |
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152,253 |
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3,552 |
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2.3 |
% |
| Allowance for loan losses |
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(2,756 |
) |
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(2,704 |
) |
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(52 |
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1.9 |
% |
| Loans, net |
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153,049 |
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149,549 |
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3,500 |
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2.3 |
% |
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| Other assets |
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3,289 |
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4,771 |
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(1,482 |
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-31.1 |
% |
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| Total assets |
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$ |
198,142 |
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$ |
189,039 |
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$ |
9,103 |
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4.8 |
% |
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| Liabilities: |
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| Deposits |
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| Noninterest-bearing deposits |
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$ |
87,127 |
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$ |
81,259 |
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$ |
5,868 |
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7.2 |
% |
| Savings, NOW and money market accounts |
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54,814 |
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56,896 |
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(2,082 |
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-3.7 |
% |
| Certificates of deposit |
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32,351 |
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28,147 |
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4,204 |
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14.9 |
% |
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| Total deposits |
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174,292 |
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166,302 |
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7,990 |
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4.8 |
% |
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| FHLB advances and other borrowings |
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- |
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- |
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- |
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0.0 |
% |
| Other liabilities |
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678 |
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550 |
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128 |
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23.3 |
% |
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| Total liabilities |
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174,970 |
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166,852 |
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8,118 |
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4.9 |
% |
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| Stockholders' Equity: |
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| Common stock |
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26,501 |
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26,459 |
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42 |
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0.2 |
% |
| Additional paid-in capital |
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1,510 |
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1,236 |
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274 |
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22.2 |
% |
| Accumulated deficit |
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(4,816 |
) |
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(5,519 |
) |
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703 |
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-12.7 |
% |
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23,195 |
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22,176 |
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1,019 |
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4.6 |
% |
| Accumulated other comprehensive income (loss) |
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(23 |
) |
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11 |
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(34 |
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-309.1 |
% |
| Total stockholders' equity |
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23,172 |
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22,187 |
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985 |
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4.4 |
% |
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| Total liabilities and stockholders' equity |
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$ |
198,142 |
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$ |
189,039 |
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$ |
9,103 |
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4.8 |
% |
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| Partners Bank of California |
| Statements of Income |
| (unaudited, dollars in thousands) |
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For the Twelve Months Ended |
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December 31, |
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December 31, |
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Variance |
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2017 |
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2016 |
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$ |
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% |
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| Interest income |
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$ |
8,185 |
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$ |
6,836 |
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$ |
1,349 |
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19.7 |
% |
| Interest expense |
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825 |
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542 |
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283 |
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52.2 |
% |
| Net interest income before provision for loan losses |
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7,360 |
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6,294 |
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1,066 |
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16.9 |
% |
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| Provision for loan losses |
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45 |
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419 |
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(374 |
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-89.3 |
% |
| Net interest income after provision for loan losses |
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7,315 |
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5,875 |
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1,440 |
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24.5 |
% |
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| Noninterest income |
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385 |
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224 |
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161 |
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71.9 |
% |
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| Noninterest expense |
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5,274 |
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4,583 |
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691 |
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15.1 |
% |
| Income before income tax provision |
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2,426 |
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1,516 |
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910 |
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60.0 |
% |
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| Income tax provision |
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1,726 |
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691 |
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1,035 |
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149.8 |
% |
| Net income |
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$ |
700 |
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$ |
825 |
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$ |
(125 |
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-15.2 |
% |
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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!
Partners Bank of California
Matthew Terry
Vice President, Marketing Officer & Media Relations
Direct: (949) 732-4052
mterry@partnersbankca.com
www.partnersbankca.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20180228006664/en/