As we have reached the halfway point of 2019, I am pleased to report that Partners Bank of California has achieved significant growth in the 12 month period ending June 30, 2019. Highlights of our financial performance during this period include:
• Total assets increased $77.1 million, or 36.0%, to a total of $290.9 million
• Loans increased a substantial $63.0 million, or 36.3%, totaling $236.7 million
• Deposits increased to an all-time high of $212.8 million, up 20.5% from $176.6
million a year earlier
• The bank’s loan loss reserve increased from $2.87 million to $3.55 million
• Net interest income before provision for loan losses was 21.2% higher than the
previous year’s level
Partners Bank completed a new $2.75 million capital raise in June. Combined with earnings retention, this has resulted in an increase in equity for the bank of $4.6 million in the past year. Thank you to our new and existing shareholders; we are honored by your trust and support of our institution.
Carrying a strong sense of momentum into the second half of the year, we have considerable optimism for what we can accomplish in 2019 and beyond. Our optimism is grounded in our conviction that we are operating from a position of strength and experience, and our passion for success…the success of our clients as well as the success of our shareholders and employees. We will continue to strive for growth, enhanced shareholder value, and providing the best possible commercial banking experience for all of our clients.
One of the best parts of my role here at Partners is having the opportunity to speak with our wonderful clients and shareholders. If you have any questions or would like to discuss anything about our bank, please feel free to contact me directly.
Thank you for choosing Partners Bank of California, where we’re passionate about your success!