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Private Bancorp of America, Inc. Reports Continued Strong Year Over Year Growth

/EIN News/ -- LA JOLLA, Calif., July 24, 2017 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM)

Private Bancorp of America, Inc. (the “Company” or “PBAM”), the holding company for San Diego Private Bank (the “Bank” or “SDPB”), announced financial results for the three and six months ended June 30, 2017.

Total assets at June 30, 2017 were a record $564,901,000, up 17% over total assets June 30, 2016. Net loans at June 30, 2017 were also up 17% over the same date a year ago. Total deposits grew 13% during the same comparative period. “We are pleased with the double digit growth year over year in all areas of our business and it is very rewarding to see the investments we made in 2016 paying off,” said Thomas V. Wornham, President and CEO. “We saw our largest growth in Commercial loans, up 28% for the quarter, and the deposit mix continues to reflect the investments we’ve made in technology and new treasury management products.”

PBAM recognized record net interest income of $10,683,000 for the first six months of 2017. This 15% increase over the first half of 2016 reflects both the increase in loan volume and solid interest margin maintenance. Pre-tax income was $4,052,000 for the first six months of 2017, an increase of 26% over $3,197,000 for the same period in 2016.

The Bank began staffing its new office in Beverly Hills in the second quarter. “We are very excited about being able to expand our footprint further up the coastal Southern California market place. Our customer centric, solution based business model is being very well received in West Los Angeles,” said Selwyn Isakow, Chairman of PBAM.

As previously reported, PBAM completed a private placement capital raise in April 2017. The proceeds are being used to help fund the Los Angeles expansion as well as the continued organic growth of the Bank. The Bank’s Orange County location also relocated to new offices in Newport Beach in May 2017.

Wornham commented that the improved EPS and ROE are somewhat muted by the additional shares issued in the capital raise. He noted the efficiency ratio reflects the startup costs associated with Beverly Hills and the Newport move.

All Capital and leverage ratios remain very strong as does the Bank’s credit quality, as reflected by the Texas ratio of 0.16% at June 30, 2017.  PBAM’s Tangible book value per share increased to $15.58 at June 30, 2017.

About Private Bancorp of America, Inc.

Private Bancorp of America, Inc. (OTCQX:PBAM), is the holding company for San Diego Private Bank.  San Diego Private Bank, provides a Distinctly Different banking experience through unparalleled service and creative funding solutions to high net worth individuals, professionals, locally owned  businesses and real estate entrepreneurs; serviced through offices in Coronado, San Diego, La Jolla and Newport Beach as well as efficient electronic banking offerings. The Bank also offers various portfolio and government guaranteed lending programs, including SBA and cross-border Export-Import Bank programs. San Diego Private Bank is a SBA Preferred Lender.

Investor Relations Contact
Thomas V. Wornham
President/CEO
Private Bancorp of America, Inc. and San Diego Private Bank
(858) 875.6900

Safe Harbor Paragraph

This press release may include forward-looking statements that involve inherent risks and uncertainties. Private Bancorp of America, Inc. cautions readers that a number of important factors could cause actual results to differ materially from those in the forwardlooking statements. These factors include economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate the operations of merged banks, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forwardlooking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.

 
      For the three months ended   June 30, 2017   June 30, 2017  
                  Q-o-Q   Y-o-Y  
  SELECT FINANCIAL DATA AND PERFORMANCE RATIOS   June 30,
2017
  March 31,
2017
  June 30,
2016
  change ($) change (%)   change ($) change (%)  
  (unaudited)                          
                             
  Common shares outstanding at period-end       4,989,211         4,169,450         4,082,381         819,761   20 %       906,830   22 %  
                             
  Book value per common share   $   15.70     $   14.56     $   13.73     $   1.14   8 %   $   1.97   14 %  
  Tangible book value per common share   $   15.58     $   14.24     $   13.55     $   1.34   9 %   $   2.03   15 %  
                             
  PERFORMANCE RATIOS (%):                          
  Return on average assets (annualized)     0.76 %     1.00 %     0.66 %     -0.24 % -24 %     0.10 % 15 %  
  Return on average equity (annualized)     5.66 %     8.99 %     5.59 %     -3.33 % -37 %     0.06 % 1 %  
  Return on average tangible common equity (annualized)     6.14 %     9.14 %     5.74 %     -3.00 % -33 %     0.40 % 7 %  
  Net interest margin     4.20 %     4.06 %     4.18 %     0.13 % 3 %     0.02 % 0 %  
  Net interest spread     4.14 %     4.02 %     4.14 %     0.12 % 3 %     0.01 % 0 %  
  Efficiency ratio     65.64 %     59.05 %     65.49 %     6.59 % 11 %     0.16 % 0 %  
  Noninterest expense / average assets     2.74 %     2.46 %     2.75 %     0.29 % 12 %     -0.01 % 0 %  
                             
  CAPITAL RATIOS (%):                          
  Tier 1 leverage ratio     14.89 %     11.27 %     12.32 %     3.62 % 32 %     2.57 % 21 %  
  Tier 1 risk-based capital ratio     16.81 %     13.99 %     13.49 %     2.82 % 20 %     3.32 % 25 %  
  Common equity Tier 1 ratio     16.81 %     13.99 %     13.49 %     2.82 % 20 %     3.32 % 25 %  
  Total risk-based capital ratio     17.73 %     14.94 %     14.39 %     2.79 % 19 %     3.34 % 23 %  
  Tangible equity / tangible assets     13.77 %     11.05 %     11.50 %     2.72 % 25 %     2.27 % 20 %  
                             
                  June 30, 2017   June 30, 2017  
      Quarter ended:           Q-o-Q   Y-o-Y  
  CREDIT QUALITY PROFILE AND METRICS:   June 30,
2017
  March 31,
2017
  June 30,
2017
  change ($) change (%)   change ($) change (%)  
                             
  Total Loans ($000s)       453,207         421,410         387,268         31,797   8 %       65,939   17 %  
  30-89 day past due loans ($000s)       1,530         1,601         865         (71 ) -4 %       665   77 %  
  90+ day past due loans ($000s)       -          -          -          -    NM       -    NM  
  Nonaccrual loans ($000s)       139         137         196         2   1 %       (57 ) -29 %  
                             
  NPAs / Assets (%)     0.02 %     0.03 %     0.04 %       (0 ) -3 %       (0 ) -40 %  
  NPLs / loans & REO (%)     0.03 %     0.03 %     0.05 %       (0 ) -6 %       (0 ) -39 %  
  Net chargeoffs ($000s)     0       0       0         -    NM       -    NM  
  NCOs / avg loans (annualized) (%)     0       0       0         -    NM       -    NM  
  Reserve ratio (%)     0.93 %     0.95 %     0.93 %     -0.03 % -3 %     0.00 % 0 %  
  Reserve coverage ratio (%)     3024 %     2933 %     1835 %     92 % 3 %     1189 % 65 %  
                             
                  June 30, 2017   June 30, 2017  
      Quarter ended:           Q-o-Q   Y-o-Y  
  LOAN PORTFOLIO COMPOSITION ($000s)   June 30,
2017
  March 31,
2017
  June 30,
2017
  change ($) change (%)   change ($) change (%)  
  Real estate - investor owned       183,936         171,221         138,329         12,715   7 %       45,607   33 %  
  Real estate - owner occupied       48,086         47,229         48,195         857   2 %       (109 ) 0 %  
  Real estate - multifamily       49,518         48,423         47,133         1,095   2 %       2,385   5 %  
  Real estate - single family       54,559         52,704         52,415         1,855   4 %       2,144   4 %  
  Commercial business       89,739         69,965         66,543         19,774   28 %       23,196   35 %  
  Land and construction       25,461         29,957         33,389         (4,496 ) -15 %       (7,928 ) -24 %  
  Consumer       258         139         252         119   86 %       6   2 %  
  Leases       -          -          -          -    NM       -    NM  
  Other       -          -          -          -    NM       -    NM  
  Total loans held for investment       451,557         419,638         386,256         31,919   8 %       65,301   17 %  
                             
  Loans held for sale       1,650         1,772         1,012         (122 ) -7 %       638   63 %  
  Total loans, including loans held for sale       453,207         421,410         387,268         31,797   8 %       65,939   17 %  
                             
  Allowance for loan losses       (4,204 )       (4,018 )       (3,597 )       (186 ) 5 %       (607 ) 17 %  
  Net loans       449,003         417,392         383,671         31,611   8 %       65,332   17 %  
                             
  DEPOSIT COMPOSITION ($000S)                          
  Non interest bearing DDA       120,197         126,486         105,115         (6,289 ) -5 %       15,082   14 %  
  Interest bearing DDA       14,616         14,772         13,090         (156 ) -1 %       1,526   12 %  
  Savings & MMA       193,396         193,965         156,806         (569 ) 0 %       36,590   23 %  
  Retail CD       5,703         6,216         6,348         (513 ) -8 %       (645 ) -10 %  
  Jumbo CD       57,424         74,866         65,150         (17,442 ) -23 %       (7,726 ) -12 %  
  Total deposits       391,336         416,305         346,509         (24,969 ) -6 %       44,827   13 %  
             

 

                             
                  June 30, 2017    June 30, 2017  
                  Q-o-Q   Y-o-Y  
  BALANCE SHEET June 30,
2017
  March 31,
2017
  June 30,
2017
  change ($) change (%)   change ($) change (%)  
  (unaudited - in $000s)                        
                             
  Assets                        
                             
  Cash and due from banks   12,179       38,273       28,490       (26,094 ) -68 %     (16,311 ) -57 %  
  Interest-bearing deposits at Federal Reserve Bank   57,189       40,419       27,112       16,770   41 %     30,077   111 %  
        69,368       78,692       55,602       (9,324 ) -12 %     13,766   25 %  
  Interest-bearing time deposits with other institutions   2,997       1,245       996       1,752   141 %     2,001   201 %  
  Investment securities available for sale   31,693       29,058       29,774       2,635   9 %     1,919   6 %  
  Investment securities held to maturity   -        -        -                 
                             
  Loans   453,207       421,410       387,268       31,797   8 %     65,939   17 %  
  Allowance for loan losses   (4,204 )     (4,018 )     (3,597 )     (186 ) 5 %     (607 ) 17 %  
        449,003       417,392       383,671       31,611   8 %     65,332   17 %  
                             
  Federal Home Loan Bank stock, at cost   2,295       2,135       2,135       160   7 %     160   7 %  
  Premises and equipment, net   1,187       980       927       207   21 %     260   28 %  
  Goodwill   -        -        -                 
  Other intangible assets   609       665       744       (56 ) -8 %     (135 ) -18 %  
  Deferred tax asset/liability   5,532       5,632       5,436       (100 ) -2 %     96   2 %  
  Accrued interest receivable   1,376       1,273       1,227       103   8 %     149   12 %  
  Other assets   841       869       1,204       (28 ) -3 %     (363 ) -30 %  
        564,901       537,941       481,716       26,960   5 %     83,185   17 %  
                             
  Liabilities and Shareholders' Equity                        
                             
  Liabilities                        
        120,197       126,486       105,115       (6,289 ) -5 %     15,082   14 %  
        271,139       289,818       241,000       (18,679 ) -6 %     30,139   13 %  
  Total Deposits   391,336       416,304       346,115       (24,968 ) -6 %     45,221   13 %  
  FHLB Borrowings   85,000       50,000       70,000       35,000   70 %     15,000   21 %  
  Other borrowings   7,889       7,886       7,876       3   0 %     13   0 %  
  Accrued interest payable and other liabilities   2,339       3,047       1,685       (708 ) -23 %     654   39 %  
        486,564       477,237       425,676       9,327   2 %     60,888   14 %  
                             
  Shareholders' equity                        
  Common stock   57,426       41,065       39,812       16,361   40 %     17,614   44 %  
  Additional paid-in capital   2,543       2,445       2,531       98   4 %     12   0 %  
  Retained earnings   18,184       17,160       13,370       1,024   6 %     4,814   36 %  
  Accumulated other comprehensive income   184       34       327       150   441 %     (143 ) -44 %  
        78,337       60,704       56,040       17,633   29 %     22,297   40 %  
                             
  Total liabilities and shareholders' equity   564,901       537,941       481,716       26,960   5 %     83,185   17 %  
         

 

 
                  June 30, 2017   June 30, 2017  
      For the three months ended   Q-o-Q   Y-o-Y  
  INCOME STATEMENT   June 30,
2017
  March 31,
2017
  June 30,
2016
  change ($) change (%)   change ($) change (%)  
  (unaudited - in $000s, except per share data)                          
                             
  Interest Income                          
  Loans       5,697         5,501       4,855       196   4 %       842   17 %  
  Investment securities       186         188       191       (2 ) -1 %       (5 ) -3 %  
  Deposits in other financial institutions       138         119       60       19   16 %       78   130 %  
          6,021         5,808       5,106       213   4 %       915   18 %  
                             
  Interest Expense                          
  Deposits        340         375       316       (35 ) -9 %       24   8 %  
  Borrowings       223         209       185       14   7 %       38   21 %  
          563         584       501       (21 ) -4 %       62   12 %  
                             
  Net interest income       5,458         5,224       4,605       234   4 %       853   19 %  
  Provision for credit losses       186         -        364       186   NM       (178 ) -49 %  
  Net interest income after provision for credit losses       5,272         5,224       4,241       48   1 %       1,031   24 %  
                             
  Noninterest income:                          
  Service charges on deposit accounts       82         96       76       (14 ) -15 %       6   8 %  
  Net gain on sale of loans & leases       91         146       31       (55 ) -38 %       60   194 %  
  Gain (loss) on sale of investment securities       8         -        -        8   NM       8   NM  
  Other noninterest income       (4 )       153       89       (157 ) -103 %       (93 ) -104 %  
          177         395       196       (218 ) -55 %       (19 ) -10 %  
                             
  Noninterest expense:                          
  Salary and employee benefits       2,318         2,226       2,065       92   4 %       253   12 %  
  Occupany and equipment       393         318       291       75   24 %       102   35 %  
  Data processing       265         289       303       (24 ) -8 %       (38 ) -13 %  
  Professional services       314         168       157       146   87 %       157   100 %  
  Other expenses       409         317       328       92   29 %       81   25 %  
          3,699         3,318       3,144       381   11 %       555   18 %  
                             
  Income before provision for income tax       1,750         2,301       1,293       (551 ) -24 %       457   35 %  
  Provision for income tax        725         955       534       (230 ) -24 %       191   36 %  
  Net income available to common shareholders       1,025         1,346       759       (321 ) -24 %       266   35 %  
                             
  Earnings per share                          
  Basic earnings per share   $   0.23     $   0.33   $   0.19   $   (0.09 ) -29 %   $   0.04   20 %  
  Diluted earnings per share   $   0.23     $   0.32   $   0.18   $   (0.10 ) -30 %   $   0.05   28 %  
                             
  Average shares outstanding       4,413,085         4,112,967       3,916,623       300,118   7 %       496,462   13 %  
  Diluted average shares outstanding       4,545,771         4,187,627       4,301,221       358,144   9 %       244,550   6 %  
 

 

                                         
      For the three months ended       For the three months ended       For the three months ended      
      June 30, 2017         March 31, 2017         June 30, 2016        
      Average       Average   Average       Average   Average       Average  
  RATE AND YIELD TABLE   Balance   Interest   Yield/Rate   Balance   Interest   Yield/Rate   Balance   Interest   Yield/Rate  
  (unaudited - in $000s)                                      
                                         
  Interest-Earnings Assets:                                      
  Deposits in other financial institutions   58122   138   0.95 %   61,198   119   0.79 %   51,304   60   0.47 %  
  Investment securities   31932   186   2.34 %   30,340   188   2.51 %   32,046   190   2.38 %  
  Loans   431644   5697   5.29 %   429,768   5,501   5.19 %   358,338   4,855   5.43 %  
  Total interest-earning assets   521698   6021   4.63 %   521,306   5,808   4.52 %   441,688   5,106   4.64 %  
  Noninterest-earning assets   19251           20,725           17,108          
  Total Assets   540949           542,031           458,796          
                                         
  Interest-Bearing Liabilities                                      
  Interest-bearing transaction accounts   15170   7   0.19 %   13,490   7   0.21 %   11,718   6   0.21 %  
  Money market   189070   198   0.42 %   183,483   192   0.42 %   151,271   157   0.42 %  
  Savings deposits   5673   3   0.21 %   5,734   3   0.21 %   5,048   3   0.24 %  
  Certificates of deposit   63612   132   0.83 %   89,355   173   0.79 %   67,024   151   0.90 %  
  Total Interest-Bearing Deposits   273525   340   0.50 %   292,062   375   0.52 %   235,061   317   0.54 %  
                                         
  FHLB advances   50385   120   0.96 %   50,400   107   0.86 %   51,808   81   0.63 %  
  Other borrowings   7886   103   5.24 %   7,885   102   5.25 %   7,871   104   5.30 %  
  Total Interest-Bearing Liabilities   58271   223   1.53 %   58,285   209   1.45 %   59,679   185   1.24 %  
                                         
  Noninterest-bearing deposits   134087           129,043           107,379          
  Total Funding Sources   465883   563   0.48 %   479,390   584   0.49 %   402,119   502   0.50 %  
                                         
  Noninterest-bearing liabilities   2385           2,556           2,246          
                                         
  Shareholders' equity   72681           60,085           54,431          
                                         
  Total Liabilities and Shareholders' Equity   540949           542,031           458,796          
                                         
  Net interest spread           4.14 %           4.02 %           4.14 %  
                                         
  Net interest income       5458   4.20 %       5,224   4.06 %       4,604   4.18 %  
  Net interest margin