Private Bancorp of America, Inc. Announces Jump in Earnings Per Share and Continued Growth
- Total Assets up 32%
- Net Loans up 50%
- Deposits up 40%
- Non-interest earning DDA up 59%
- Interest Income up 61%
- Net interest Income up 53%
- Non-Interest Income up 278%
- Net Income up 41%
- Earnings Per Share up 38%
All performance measures above reflect year over year comparisons of Q1 2019 vs Q1 2018.
LA JOLLA, Calif., April 17, 2019 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM) (“PBAM”), parent company of CalPrivate Bank (“Bank”), announced unaudited financial results for the first quarter ending March 31, 2019. Total Assets were $852,538,000 at March 31, 2019, a 32% increase of $206,307,000 over Total Assets at March 31, 2018. The asset growth reflects record Loan growth of 50% up $235,132,000 from March 31, 2018 to $706,767,000 and a 40% increase in Deposits up $202,221,000 to $706,827,000 for the same period. Credit quality remains outstanding with no loans past due more than 30 days. Net-Interest Income was a record $9,631,000 for the quarter, up 53%. Net interest margin remains a healthy 4.77% for the three months ended March 31, 2019.
Tom Wornham, President and CEO of PBAM and CEO of the Bank said, “We are delighted to report the progress of our organic growth strategy we began in 2017. The record levels of Loans, Deposits, Assets and Revenues are now beginning to yield higher returns in ROE, ROA, EPS and Net Income. The growth continues to come from all areas of our geographic footprint. The Non-Interest income growth during the first quarter was in spite of SBA loan production and sales being negatively impacted by the government shutdown. The increase in Non-interest expense reflects our continued investment in quality people and products, which fuel our growth strategy. We look forward to attaining more operating efficiencies in the coming quarters as our expense levels come in line with our record growth.”
Rick Sowers, President of CalPrivate Bank, added, “Our relationship development teams in each market continue to execute on our growth and service strategies. We are very fortunate to have such a quality team of professionals. Our growth in non-interest bearing DDA and net loans reflects their efforts in delivering on our brand promise.”
Significant events during the quarter include the opening of the Bank’s South Bay Los Angeles office in El Segundo, California. The Bank also completed an upgrade to its website and the introduction of the Private Business Capital website at PBCapital.com. The latter opens up more direct online access to the Bank’s SBA preferred lender channel.
“We are pleased with our first quarter earnings growth which reflects the initial impact of rapid organic growth resulting from prior strategic investment in people and systems,” said Selwyn Isakow, Chairman of PBAM and the Bank. “As we grow our business base in coastal Southern California through exceptional service and creative solutions for clients, we look forward to further expanding and leveraging our infrastructure.”
About Private Bancorp of America, Inc.
Private Bancorp of America, Inc. (OTCQX: PBAM), is the holding company for CalPrivate Bank. CalPrivate 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. Customers are serviced through offices in Coronado, San Diego, La Jolla, Newport Beach, South Bay LA and Beverly Hills 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. CalPrivate Bank is a SBA Preferred Lender and a Bauer Financial 5 star rated bank, as well as being in the Top 200 safest Banks as rated by Deposits.com.
Investor Relations Contact
Thomas V. Wornham
President/CEO
Private Bancorp of America, Inc. and CalPrivate Bank
(858) 875.6900
Safe Harbor Paragraph
This press release includes 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 forward‐looking 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 and develop business through the addition of new personnel and facilities and merged banks, whether our efforts to expand loan, product and service offerings will prove profitable, the effects of the bank mergers and acquisitions in our markets, system failures and internet security, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward‐looking 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.
PRIVATE BANCORP OF AMERICA, INC. | |||||||||||||||||||||
SELECTED FINANCIAL DATA | |||||||||||||||||||||
BALANCE SHEET | 03/31/19 | 03/31/19 | |||||||||||||||||||
(unaudited - in $000s) | Q-o-Q | Y-o-Y | |||||||||||||||||||
03/31/19 | 12/31/18 | 03/31/18 | change ($) | change (%) | change ($) | change (%) | |||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | 18,404 | 24,140 | 15,596 | (5,736 | ) | -24 | % | 2,808 | 18 | % | |||||||||||
Interest-bearing deposits at Federal Reserve Bank | 16,843 | 18,964 | 38,115 | (2,121 | ) | -11 | % | (21,272 | ) | -56 | % | ||||||||||
35,247 | 43,104 | 53,711 | (7,857 | ) | -18 | % | (18,464 | ) | -34 | % | |||||||||||
Interest-bearing time deposits with other institutions | 2,751 | 2,751 | 2,998 | - | 0 | % | (247 | ) | -8 | % | |||||||||||
Investment securities available for sale | 85,852 | 98,170 | 105,828 | (12,318 | ) | -13 | % | (19,976 | ) | -19 | % | ||||||||||
Investment securities held to maturity | - | - | - | ||||||||||||||||||
Loans | 713,408 | 694,531 | 476,156 | 18,877 | 3 | % | 237,252 | 50 | % | ||||||||||||
Allowance for loan losses | (6,641 | ) | (6,252 | ) | (4,521 | ) | (389 | ) | 6 | % | (2,120 | ) | 47 | % | |||||||
706,767 | 688,279 | 471,635 | 18,488 | 3 | % | 235,132 | 50 | % | |||||||||||||
Federal Home Loan Bank stock, at cost | 3,310 | 3,310 | 2,295 | - | 0 | % | 1,015 | 44 | % | ||||||||||||
Right of use asset | 6,951 | - | - | 6,951 | NM | 6,951 | NM | ||||||||||||||
Premises and equipment, net | 2,416 | 2,223 | 1,969 | 193 | 9 | % | 447 | 23 | % | ||||||||||||
Goodwill | - | - | - | - | NM | - | NM | ||||||||||||||
Other intangible assets | 928 | 884 | 465 | 44 | 5 | % | 463 | 100 | % | ||||||||||||
Deferred tax asset/liability | 4,409 | 4,409 | 4,353 | - | 0 | % | 56 | 1 | % | ||||||||||||
Accrued interest receivable | 2,535 | 2,531 | 2,030 | 4 | 0 | % | 505 | 25 | % | ||||||||||||
Other assets | 1,372 | 1,503 | 947 | (131 | ) | -9 | % | 425 | 45 | % | |||||||||||
852,538 | 847,164 | 646,231 | 5,374 | 1 | % | 206,307 | 32 | % | |||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Noninterest Bearing | 263,255 | 226,119 | 165,067 | 37,136 | 16 | % | 98,188 | 59 | % | ||||||||||||
Interest Bearing | 443,572 | 470,344 | 339,539 | (26,772 | ) | -6 | % | 104,033 | 31 | % | |||||||||||
Total Deposits | 706,827 | 696,463 | 504,606 | 10,364 | 1 | % | 202,221 | 40 | % | ||||||||||||
FHLB Borrowings | 40,000 | 55,000 | 50,000 | (15,000 | ) | -27 | % | (10,000 | ) | -20 | % | ||||||||||
Other borrowings | 7,832 | 7,909 | 7,899 | (77 | ) | -1 | % | (67 | ) | -1 | % | ||||||||||
Accrued interest payable and other liabilities | 11,777 | 4,241 | 3,473 | 7,536 | 178 | % | 8,304 | 239 | % | ||||||||||||
766,436 | 763,613 | 565,978 | 2,823 | 0 | % | 200,458 | 35 | % | |||||||||||||
Shareholders' equity | |||||||||||||||||||||
Common stock | 58,576 | 58,373 | 57,931 | 203 | 0 | % | 645 | 1 | % | ||||||||||||
Additional paid-in capital | 3,062 | 3,083 | 2,739 | (21 | ) | -1 | % | 323 | 12 | % | |||||||||||
Retained earnings | 24,952 | 23,364 | 20,396 | 1,588 | 7 | % | 4,556 | 22 | % | ||||||||||||
Accumulated other comprehensive income | (488 | ) | (1,269 | ) | (813 | ) | 781 | -62 | % | 325 | -40 | % | |||||||||
86,102 | 83,551 | 80,253 | 2,551 | 3 | % | 5,849 | 7 | % | |||||||||||||
852,538 | 847,164 | 646,231 | 5,374 | 1 | % | 206,307 | 32 | % | |||||||||||||
03/31/19 | 03/31/19 | ||||||||||||||||||||||
STATEMENTS OF INCOME | For the three months ended | Q-o-Q | Y-o-Y | ||||||||||||||||||||
(unaudited - in $000s, except per share data) | 03/31/19 | 12/31/18 | 03/31/18 | change ($) | change (%) | change ($) | change (%) | ||||||||||||||||
Interest Income | |||||||||||||||||||||||
Loans | 10,511 | 9,459 | 6,216 | 1,052 | 11 | % | 4,295 | 69 | % | ||||||||||||||
Investment securities | 673 | 747 | 566 | (74 | ) | -10 | % | 107 | 19 | % | |||||||||||||
Deposits in other financial institutions | 133 | 127 | 259 | 6 | 5 | % | (126 | ) | -49 | % | |||||||||||||
11,317 | 10,333 | 7,041 | 984 | 10 | % | 4,276 | 61 | % | |||||||||||||||
Interest Expense | |||||||||||||||||||||||
Deposits | 1,207 | 860 | 477 | 347 | 40 | % | 730 | 153 | % | ||||||||||||||
Borrowings | 479 | 710 | 282 | (231 | ) | -33 | % | 197 | 70 | % | |||||||||||||
1,686 | 1,570 | 759 | 116 | 7 | % | 927 | 122 | % | |||||||||||||||
Net interest income | 9,631 | 8,763 | 6,282 | 868 | 10 | % | 3,349 | 53 | % | ||||||||||||||
Provision for credit losses | 389 | 863 | - | (474 | ) | -55 | % | 389 | NM | ||||||||||||||
Net interest income after provision for credit losses | 9,242 | 7,900 | 6,282 | 1,342 | 17 | % | 2,960 | 47 | % | ||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Service charges on deposit accounts | 121 | 96 | 71 | 25 | 26 | % | 50 | 70 | % | ||||||||||||||
Net gain on sale of loans & leases | 347 | 410 | 38 | (63 | ) | -15 | % | 309 | 813 | % | |||||||||||||
Gain (loss) on sale of investment securities | 10 | (13 | ) | - | 23 | -177 | % | 10 | NM | ||||||||||||||
Other noninterest income | 74 | 68 | 37 | 6 | 9 | % | 37 | 100 | % | ||||||||||||||
552 | 561 | 146 | (9 | ) | -2 | % | 406 | 278 | % | ||||||||||||||
Noninterest expense: | |||||||||||||||||||||||
Salary and employee benefits | 5,229 | 4,741 | 3,063 | 488 | 10 | % | 2,166 | 71 | % | ||||||||||||||
Occupancy and equipment | 674 | 620 | 523 | 54 | 9 | % | 151 | 29 | % | ||||||||||||||
Data processing | 524 | 541 | 339 | (17 | ) | -3 | % | 185 | 55 | % | |||||||||||||
Professional services | 392 | 350 | 370 | 42 | 12 | % | 22 | 6 | % | ||||||||||||||
Other expenses | 730 | 688 | 551 | 42 | 6 | % | 179 | 32 | % | ||||||||||||||
7,549 | 6,940 | 4,846 | 609 | 9 | % | 2,703 | 56 | % | |||||||||||||||
Income before provision for income tax | 2,245 | 1,521 | 1,582 | 724 | 48 | % | 663 | 42 | % | ||||||||||||||
Provision for income tax | 656 | 474 | 453 | 182 | 38 | % | 203 | 45 | % | ||||||||||||||
Net income | 1,589 | 1,047 | 1,129 | 542 | 52 | % | 460 | 41 | % | ||||||||||||||
Net income available to common shareholders | 1,559 | 1,025 | 1,118 | 534 | 52 | % | 441 | 39 | % | ||||||||||||||
Earnings per share | |||||||||||||||||||||||
Basic earnings per share | $ | 0.31 | $ | 0.21 | $ | 0.23 | $ | 0.11 | 51 | % | $ | 0.09 | 38 | % | |||||||||
Diluted earnings per share | $ | 0.30 | $ | 0.20 | $ | 0.22 | $ | 0.10 | 51 | % | $ | 0.08 | 38 | % | |||||||||
Average shares outstanding | 4,996,811 | 4,970,090 | 4,962,128 | 26,721 | 1 | % | 34,683 | 1 | % | ||||||||||||||
Diluted average shares outstanding | 5,114,096 | 5,089,135 | 5,069,098 | 24,961 | 0 | % | 44,998 | 1 | % |
CONDENSED BALANCE SHEETS | 03/31/19 | 12/31/18 | 09/30/18 | 06/30/18 | 03/31/18 | ||||||||||||||||
(FIVE QUARTER DATA) | |||||||||||||||||||||
(unaudited - in $000s, except per share amounts) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | 37,998 | 45,855 | 60,083 | 62,058 | 56,709 | ||||||||||||||||
Investment securities | 85,852 | 98,170 | 99,217 | 101,451 | 105,828 | ||||||||||||||||
Loans | 713,408 | 694,531 | 582,292 | 532,296 | 476,156 | ||||||||||||||||
Allowance for loan losses | (6,641 | ) | (6,252 | ) | (5,389 | ) | (4,893 | ) | (4,521 | ) | |||||||||||
706,767 | 688,279 | 576,903 | 527,403 | 471,635 | |||||||||||||||||
Right of use asset | 6,951 | - | - | - | - | ||||||||||||||||
Premises and equipment, net | 2,416 | 2,223 | 2,067 | 2,202 | 1,969 | ||||||||||||||||
Other assets and interest receivable | 12,554 | 12,637 | 11,692 | 17,522 | 10,090 | ||||||||||||||||
852,538 | 847,164 | 749,962 | 710,636 | 646,231 | |||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Noninterest Bearing | 263,255 | 226,119 | 180,657 | 165,611 | 165,067 | ||||||||||||||||
Interest Bearing | 443,572 | 470,344 | 368,462 | 362,870 | 339,539 | ||||||||||||||||
Total Deposits | 706,827 | 696,463 | 549,119 | 528,481 | 504,606 | ||||||||||||||||
FHLB Borrowings | 47,832 | 62,909 | 114,906 | 97,902 | 57,899 | ||||||||||||||||
Accrued interest payable and other liabilities | 11,777 | 4,241 | 4,046 | 3,415 | 3,473 | ||||||||||||||||
766,436 | 763,613 | 668,071 | 629,798 | 565,978 | |||||||||||||||||
Shareholders' equity | |||||||||||||||||||||
Common stock | 58,576 | 58,373 | 58,242 | 58,167 | 57,931 | ||||||||||||||||
Additional paid-in capital | 3,062 | 3,083 | 2,791 | 2,715 | 2,739 | ||||||||||||||||
Retained earnings | 24,952 | 23,364 | 22,318 | 21,254 | 20,396 | ||||||||||||||||
Accumulated other comprehensive income | (488 | ) | (1,269 | ) | (1,460 | ) | (1,298 | ) | (813 | ) | |||||||||||
86,102 | 83,551 | 81,891 | 80,838 | 80,253 | |||||||||||||||||
852,538 | 847,164 | 749,962 | 710,636 | 646,231 | |||||||||||||||||
Book value per common share | $ | 16.90 | $ | 16.41 | $ | 16.23 | $ | 16.01 | $ | 16.01 | |||||||||||
Tangible book value per common share | $ | 16.72 | $ | 16.23 | $ | 16.07 | $ | 15.92 | $ | 15.92 | |||||||||||
CAPITAL RATIOS (%): | |||||||||||||||||||||
Tier 1 leverage ratio | 9.97 | % | 10.39 | % | 11.51 | % | 12.14 | % | 12.03 | % | |||||||||||
Tier 1 risk-based capital ratio | 11.10 | % | 11.36 | % | 13.01 | % | 13.78 | % | 15.21 | % | |||||||||||
Common equity Tier 1 ratio | 11.10 | % | 11.36 | % | 13.01 | % | 13.78 | % | 15.21 | % | |||||||||||
Total risk-based capital ratio | 12.01 | % | 12.25 | % | 13.90 | % | 14.66 | % | 16.11 | % | |||||||||||
Tangible equity / tangible assets | 10.00 | % | 9.74 | % | 10.83 | % | 11.32 | % | 12.36 | % | |||||||||||
CONDENSED STATEMENTS OF INCOME | 03/31/19 | 12/31/18 | 09/30/18 | 06/30/18 | 03/31/18 | |||||||||||||||
(FIVE QUARTER DATA) | ||||||||||||||||||||
(unaudited - in $000s, except per share data) | ||||||||||||||||||||
Interest income | 11,317 | 10,333 | 8,644 | 7,604 | 7,041 | |||||||||||||||
Interest expense | 1,686 | 1,570 | 1,174 | 869 | 759 | |||||||||||||||
Net interest income | 9,631 | 8,763 | 7,470 | 6,735 | 6,282 | |||||||||||||||
Provision for credit losses | 389 | 863 | 496 | 372 | - | |||||||||||||||
Net interest income after provision for credit losses | 9,242 | 7,900 | 6,974 | 6,363 | 6,282 | |||||||||||||||
Noninterest income | 552 | 561 | 916 | 691 | 146 | |||||||||||||||
Salary and employee benefits | 5,229 | 4,741 | 4,269 | 3,870 | 3,063 | |||||||||||||||
Occupancy and equipment | 674 | 620 | 610 | 558 | 523 | |||||||||||||||
Data processing | 524 | 541 | 487 | 534 | 339 | |||||||||||||||
Professional services | 392 | 350 | 288 | 240 | 370 | |||||||||||||||
Other expenses | 730 | 688 | 703 | 639 | 551 | |||||||||||||||
Total noninterest expense | 7,549 | 6,940 | 6,357 | 5,841 | 4,846 | |||||||||||||||
Net income before taxes | 2,245 | 1,521 | 1,533 | 1,213 | 1,582 | |||||||||||||||
Income taxes | 656 | 474 | 435 | 350 | 453 | |||||||||||||||
Net income | 1,589 | 1,047 | 1,098 | 863 | 1,129 | |||||||||||||||
Net income available to common shareholders | 1,559 | 1,025 | 1,081 | 855 | 1,118 | |||||||||||||||
Earnings per share | ||||||||||||||||||||
Basic earnings per share | $ | 0.31 | $ | 0.21 | $ | 0.22 | $ | 0.17 | $ | 0.23 | ||||||||||
Diluted earnings per share | $ | 0.30 | $ | 0.20 | $ | 0.21 | $ | 0.17 | $ | 0.22 | ||||||||||
Average shares outstanding | 4,997 | 4,970 | 4,968 | 4,955 | 4,962 | |||||||||||||||
Diluted average shares outstanding | 5,114 | 5,148 | 5,088 | 5,074 | 5,069 | |||||||||||||||
PERFORMANCE RATIOS (%): | ||||||||||||||||||||
Return on average assets (annualized) | 0.76 | % | 0.52 | % | 0.62 | % | 0.53 | % | 0.72 | % | ||||||||||
Return on average equity (annualized) | 7.60 | % | 5.03 | % | 5.35 | % | 4.30 | % | 5.74 | % | ||||||||||
Return on average tangible common equity (annualized) | 7.68 | % | 5.08 | % | 5.41 | % | 4.32 | % | 5.77 | % | ||||||||||
Net interest margin | 4.77 | % | 4.52 | % | 4.35 | % | 4.23 | % | 3.94 | % | ||||||||||
Net interest spread | 4.71 | % | 4.45 | % | 4.28 | % | 4.16 | % | 3.99 | % | ||||||||||
Efficiency ratio | 74.13 | % | 74.43 | % | 75.80 | % | 78.66 | % | 75.39 | % | ||||||||||
Noninterest expense / average assets (annualized) | 3.61 | % | 3.47 | % | 3.57 | % | 3.62 | % | 2.99 | % | ||||||||||
AVERAGE BALANCES (FIVE QUARTER DATA) | 03/31/19 | 12/31/18 | 09/30/18 | 06/30/18 | 03/31/18 | |||||||||||
(unaudited - in $000s) | ||||||||||||||||
Total assets | 847,900 | 793,271 | 706,069 | 654,923 | 656,988 | |||||||||||
Earning assets | 818,630 | 768,519 | 681,252 | 638,448 | 638,254 | |||||||||||
Total loans | 701,715 | 640,963 | 541,049 | 497,917 | 454,180 | |||||||||||
Total deposits | 690,384 | 600,640 | 528,523 | 495,029 | 515,673 | |||||||||||
Common equity | 84,827 | 82,606 | 81,364 | 80,546 | 79,887 | |||||||||||
LOANS (FIVE QUARTER DATA) | 03/31/19 | 12/31/18 | 09/30/18 | 06/30/18 | 03/31/18 | |||||||||||
(unaudited - in $000s) | ||||||||||||||||
Real estate - investor owned | 240,093 | 233,879 | 213,139 | 202,025 | 190,200 | |||||||||||
Real estate - owner occupied | 136,758 | 122,258 | 86,216 | 62,839 | 61,706 | |||||||||||
Real estate - multifamily | 69,082 | 62,388 | 62,811 | 66,024 | 60,948 | |||||||||||
Real estate - single family | 58,334 | 59,685 | 63,906 | 54,449 | 42,646 | |||||||||||
Commercial business | 173,027 | 180,602 | 124,770 | 118,296 | 100,090 | |||||||||||
Land and construction | 31,006 | 24,679 | 22,640 | 22,913 | 18,925 | |||||||||||
Consumer | 5,108 | 5,255 | 5,967 | 5,750 | 1,641 | |||||||||||
Other | - | - | - | - | - | |||||||||||
Total loans held for investment | 713,408 | 689,407 | 579,449 | 532,296 | 476,156 | |||||||||||
Loans held for sale | 3,201 | 5,124 | 2,843 | - | - | |||||||||||
Total loans, including loans held for sale | 713,408 | 694,531 | 582,292 | 532,296 | 476,156 | |||||||||||
Allowance for loan losses | (6,641 | ) | (6,252 | ) | (5,389 | ) | (4,893 | ) | (4,521 | ) | ||||||
Net loans | 706,767 | 688,279 | 576,903 | 527,403 | 471,635 | |||||||||||
DEPOSITS (FIVE QUARTER DATA) | 03/31/19 | 12/31/18 | 09/30/18 | 06/30/18 | 03/31/18 | |||||||||||
(unaudited - in $000s) | ||||||||||||||||
Non interest bearing DDA | 263,255 | 226,119 | 180,657 | 165,610 | 165,067 | |||||||||||
Interest bearing DDA | 23,195 | 21,079 | 16,481 | 17,437 | 15,566 | |||||||||||
Savings & MMA | 325,880 | 344,776 | 294,600 | 295,743 | 277,434 | |||||||||||
Retail CD | 4,135 | 7,651 | 6,461 | 7,294 | 7,114 | |||||||||||
Jumbo CD | 90,362 | 96,838 | 50,920 | 42,397 | 39,425 | |||||||||||
Total deposits | 706,827 | 696,463 | 549,119 | 528,481 | 504,606 | |||||||||||
CREDIT QUALITY PROFILE AND METRICS | 03/31/19 | 12/31/18 | 09/30/18 | 06/30/18 | 03/31/18 | |||||||||||
(FIVE QUARTER DATA) | ||||||||||||||||
(unaudited - in $000s) | ||||||||||||||||
Total Loans | 713,408 | 694,531 | 582,292 | 532,296 | 476,156 | |||||||||||
30-89 day past due loans | - | - | - | - | - | |||||||||||
90+ day past due loans | - | - | - | - | - | |||||||||||
Nonaccrual loans | - | - | - | 1,481 | 1,499 | |||||||||||
NPAs / Assets (%) | 0.00 | % | 0.00 | % | 0.00 | % | 0.21 | % | 0.23 | % | ||||||
NPLs / loans & REO (%) | 0.00 | % | 0.00 | % | 0.00 | % | 0.28 | % | 0.32 | % | ||||||
Net chargeoffs | 0 | 0 | 0 | 0 | 0 | |||||||||||
NCOs / avg loans (annualized) (%) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||
Reserve ratio (%) | 0.93 | % | 0.90 | % | 0.93 | % | 0.92 | % | 0.95 | % | ||||||
Reserve coverage ratio (%) | NM | NM | NM | 330 | % | 302 | % | |||||||||
For the three months ended | For the three months ended | For the three months ended | |||||||||||||||||||||
March 31, 2019 | December 31, 2018 | March 31, 2018 | |||||||||||||||||||||
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 | 24,237 | 133 | 2.23 | % | 24,810 | 127 | 2.03 | % | 65,798 | 259 | 1.60 | % | |||||||||||
Investment securities | 92,678 | 673 | 2.95 | % | 102,746 | 747 | 2.88 | % | 88,276 | 566 | 2.60 | % | |||||||||||
Loans | 701,715 | 10,511 | 6.07 | % | 640,963 | 9,459 | 5.85 | % | 484,180 | 6,216 | 5.21 | % | |||||||||||
Total interest-earning assets | 818,630 | 11,317 | 5.61 | % | 768,519 | 10,333 | 5.33 | % | 638,254 | 7,041 | 4.47 | % | |||||||||||
Noninterest-earning assets | 29,270 | 24,752 | 18,734 | ||||||||||||||||||||
Total Assets | 847,900 | 793,271 | 656,988 | ||||||||||||||||||||
Interest-Bearing Liabilities | |||||||||||||||||||||||
Interest-bearing transaction accounts | 20,554 | 14 | 0.28 | % | 17,890 | 9 | 0.20 | % | 17,002 | 8 | 0.19 | % | |||||||||||
Money market | 315,798 | 646 | 0.83 | % | 306,361 | 530 | 0.69 | % | 281,175 | 361 | 0.52 | % | |||||||||||
Savings deposits | 6,715 | 4 | 0.24 | % | 6,385 | 4 | 0.25 | % | 5,516 | 3 | 0.22 | % | |||||||||||
Certificates of deposit | 105,361 | 543 | 2.09 | % | 70,416 | 317 | 1.79 | % | 53,369 | 106 | 0.81 | % | |||||||||||
Total Interest-Bearing Deposits | 448,428 | 1,207 | 1.09 | % | 401,052 | 860 | 0.85 | % | 357,062 | 478 | 0.54 | % | |||||||||||
FHLB advances | 60,056 | 377 | 2.55 | % | 97,918 | 605 | 2.45 | % | 49,778 | 179 | 1.46 | % | |||||||||||
Other borrowings | 7,871 | 102 | 5.26 | % | 7,907 | 105 | 5.27 | % | 7,897 | 102 | 5.24 | % | |||||||||||
Total Interest-Bearing Liabilities | 67,927 | 479 | 2.86 | % | 105,825 | 710 | 2.66 | % | 57,675 | 281 | 1.98 | % | |||||||||||
Noninterest-bearing deposits | 241,956 | 199,588 | 158,611 | ||||||||||||||||||||
Total Funding Sources | 758,311 | 1,686 | 0.90 | % | 706,465 | 1,570 | 0.88 | % | 573,348 | 759 | 0.54 | % | |||||||||||
Noninterest-bearing liabilities | 4,762 | 4,200 | 3,753 | ||||||||||||||||||||
Shareholders' equity | 84,827 | 82,606 | 79,887 | ||||||||||||||||||||
Total Liabilities and Shareholders' Equity | 847,900 | 793,271 | 656,988 | ||||||||||||||||||||
Net interest spread | 4.71 | % | 4.45 | % | 3.94 | % | |||||||||||||||||
Net interest income | 9,631 | 8,763 | 6,282 | ||||||||||||||||||||
Net interest margin | 4.77 | % | 4.52 | % | 3.99 | % | |||||||||||||||||
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