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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%

/EIN News/ -- 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 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 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 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.

 

  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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