Net income increased 141 per cent year-over-year for the first quarter at Private Bank of California, while assets under management expanded 44 per cent.  

Net income at the bank was $333,000 for Q1 2011, compared to $138,000 for the same quarter a year earlier. Meanwhile, the growth in AuM saw these standing at $462 million at quarter-end.

Deposits at the bank also rose by 44 per cent, from $267 million in the first quarter of 2010 to $385 million at 31 March 2011. Demand deposits reached $157 million, accounting for 41 per cent of the total, compared with $88 million or 33 per cent of the total for the same quarter a year ago.

Net income available to common shareholders totaled $245,000 or $0.06 per basic share for the quarter, compared with $50,000 or $0.01 per basic share for the first quarter of 2010.

Total earning loans were $235 million, an increase of 34 per cent from $175 million against the first quarter of 2010.

Founded in 2005, the bank says its capital ratios “significantly exceed all regulatory guidelines for well-capitalized financial institutions”.

“The bank delivered another solid performance in the first quarter of 2011,” said chief executive David Misch. “We are particularly proud of our earnings performance and of breaking through the $450 million asset mark.”