• Net income increased 20% to $1.9 million compared to $1.6 million for the same period one year ago
  
• Net interest income increased 20% to $11.5 million compared to $9.6 million for the same period last year
• Total assets increased $120 million, or 11%, for the quarter and $333 million, or 39%, year-over-year. 
• Total loans increased to $894.1 million up 1% for the quarter and up 25% year-over-year
• The Allowance for Loan Losses increased $997 thousand to $9.6 million in response to uncertain economic conditions resulting from COVID-19
• Total deposits increased to $962.2 million up 13% for the quarter and up 36% year-over-year
• Non-interest bearing deposits increased 32% during the quarter and 35% year-over-year.

LA JOLLA, Calif., April 30, 2020 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the first quarter ending March 31, 2020.  For the first quarter of 2020, the Company reported net income of $1.9 million or $0.34 per diluted share. 

The COVID-19 pandemic caused widespread disruptions to the economy and communities the Bank serves.  In response, the Bank implemented its business continuity and pandemic plans allowing us to serve and protect our customers, employees and communities.  These included measures to protect client and employee safety, modifying branch hours and locations and moving the majority of the Company’s resources to operating remotely.  In addition, the Bank was fully ready to participate in the Small Business Administrations’ Paycheck Protection Program (“PPP”) on April 3, 2020 and immediately began processing loans for clients with approximately 462 loans approved for $127.8 million through April 24, 2020.  The Bank is also participating in the second phase of the Paycheck Protection Program and began processing applications on April 27, 2020 and has 106 loans approved for $23 million as of April 28, 2020.  The Bank’s loan portfolio as of the end of the quarter has no direct exposure to the oil and gas industry and 5% of the portfolio is in the hospitality and restaurant industries.  The Bank continues to monitor draws on lines of credit and has not experienced significant unusual activity.  The Bank maintains a very strong on balance sheet liquidity position with a liquidity ratio at 26% at April 28, 2020 and continues to evaluate all contingent funding facilities available during this time including the Paycheck Protection Program Lending Facility provided by the Federal Reserve. 

Tom Wornham, CEO of the Company and the Bank said, “Our growth continues to come from all around our Coastal Southern California footprint and across all of our business lines.  We are very appreciative of the support of our clients and shareholders; as well as the hard work of our Team Members, who are successfully implementing our organic growth strategy.  We have been able to successfully implement our pandemic and business continuity plans, allowing us to continue to run our business safely and soundly.  The COVID-19 environment has produced uncertain economic factors.  We have adjusted the way we do business to protect our Team Members and Clients.  In an effort to mitigate the impact on the Bank, we have also increased our on balance sheet liquidity.  We increased our loan loss reserves, and remain in constant communication with our borrowers, a cornerstone of our relationship based model.”   

Rick Sowers, President of the Company and Bank added, “Although this is a challenging time, our Team is performing well and we could not be more proud of them.  Nearly 80% of our Team is working remotely and their focus continues to be on servicing our client relationships and finding new relationships that are attracted to our model of concierge and solution oriented service.  We see our model resonating with more and more prospects and see opportunity in our market positioning.  Additionally, our Team did an exceptional job in implementing the SBA Paycheck Protection Program on the first day it was available, something we are very proud of.”

The Company reported net income of $1.90 million or $0.34 per diluted share for the quarter ended March 31, 2020 compared with net income of $1.6 million or $0.30 per diluted share for the same period last year.  Net interest income was $11.5 million for the first quarter of 2020, representing a $462 thousand or 4%, increase compared to the fourth quarter of 2019 and a $1.9 million or 20% increase, compared to the same period in 2019.  Net interest margin for the first quarter was 4.46% compared with 4.47% for the fourth quarter and 4.77% for the same period in 2019.  The yield on earning assets for the quarter was 5.35% compared with 5.44% in the fourth quarter and 5.61% for the same period in 2019.  The yield on loans for the quarter increased to 5.99% compared to 5.98% in the fourth quarter and decreased from 6.07% in the first quarter of 2019.  The cost of total funding sources was 0.95% for the quarter compared with 1.04% in the fourth quarter and 0.90% for the same period in 2019.  The decrease in funding costs was due to repricing of floating rate deposits costs and calling and repricing wholesale funding.  The increase in funding costs compared to the first quarter of 2019 is partially due to increased cost of subordinated debt that was issued in the second quarter of 2019.     

Non-interest income was $1.1 million for the first quarter of 2020, representing a $125 thousand or 12% increase compared to the fourth quarter of 2019 and a $594 thousand or 108% increase compared to the same period in 2019.  The increase in non-interest income is primarily due to increases in SBA loan sales compared with the fourth quarter and first quarter of 2019. 

Non-interest expense was $8.7 million for the first quarter of 2020 representing a $99 thousand increase, or 1%, compared to the fourth quarter of 2019 and a $1.1 million, or 14% increase, compared to the same period in 2019.  The increase was primarily due to increases in salaries and commissions and professional fees partially offset by decreases in data processing and other non-interest expense. The increase compared to the first quarter of 2019 was due to increases in salaries and benefits, facilities and professional services, associated with increased headcount.

The Company increased total assets to $1.2 billion at March 31, 2020, representing an increase of $120 million or 11% compared to the fourth quarter of 2019 and $333 million or 39% compared to the same period in 2019.  Total loans increased $8.5 million, or 1%, from the fourth quarter to $894.1 million at March 31, 2020 and increased $180.7 million, or 25%, from the first quarter of 2019. 

The Allowance for Loan Losses increased $997 thousand to $9.6 million in the quarter with a resulting coverage ratio of 1.07% compared to $8.6 million or 0.97% at the fourth quarter of 2019 and $6.6 million or 0.93% at the first quarter of 2019.  The increase in the Allowance for Loan Losses was primarily due to qualitative factors related to the general economic outlook in the markets we serve and the potential impact on the loan portfolio resulting from COVID-19.  As of April 28, 2020, thirty-nine loans totaling $73.0 million were on deferral status and continue to accrue interest.  Additionally, one credit, unrelated to COVID-19 was placed on non-accrual status and the Company is confident in our real estate secured position with minimal loss exposure. 

“The first quarter of 2020 was influenced by reactions and preparations for the disruption caused by the global health crisis and the resultant economic crisis.  I am pleased to report that our Board and management immediately implemented systems, plans and processes to mitigate the impact of the COVID-19 pandemic on our employees, clients and communities,” said Selwyn Isakow, Chairman of the Board of PBAM and the Bank.  “Our management team is focused on assessing the risks in our loan portfolio and have been working on assisting our clients as appropriate, while exploring opportunities in this period of industry dislocation, as evidenced by the strong deposit growth during the quarter.  CalPrivate Bank, as a preferred SBA provider, is participating in the Paycheck Protection Program launched by the Treasury and Small Business Administration.  In these unprecedented times, we are also refocusing our charitable giving and assistance based on the needs of the communities we serve.  The efforts of our Team Members has been nothing short of extraordinary during this disruptive period, for which we are most appreciative.” 

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, El Segundo 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 an SBA Preferred Lender and a Bauer Financial 5 star rated bank.

Investor Relations Contact

Thomas V. Wornham
CEO
Private Bancorp of America, Inc.
(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 the effects of the COVID-19 pandemic and related government actions on the Bank and its customers, loan losses, 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.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in thousands)
	March 31, 2020				December 31, 2019				Dollar change			Percentage change			March 31, 2019				Dollar change			Percentage change
Assets
Cash and due from banks	$	24,966			$	31,051			$	(6,085	)	-19.6	%		$	22,959			$	2,007		8.7	%
Interest-bearing deposits in other financial institutions		3,192				1,243				1,949		156.8	%			1,286				1,906		148.2	%
Interest-bearing deposits at Federal Reserve Bank		192,996				73,318				119,678		163.2	%			11,002				181,994		1654.2	%
Total cash and due from banks		221,154				105,612		1		115,542		109.4	%			35,247				185,907		527.4	%
Interest-bearing time deposits with other institutions		5,756				5,756				0		0.0	%			2,751				3,005		109.2	%
Investment securities available for sale		49,327				51,179				(1,852	)	-3.6	%			85,814				(36,487	)	-42.5	%
Loans		894,076				885,556				8,520		1.0	%			713,408				180,668		25.3	%
Allowance for loan losses		(9,598	)			(8,601	)			(997	)	11.6	%			(6,641	)			(2,957	)	44.5	%
Net loans		884,478				876,955				7,523		0.9	%			706,767				177,711		25.1	%
Federal Home Loan Bank stock, at cost		4,060				4,060				0		0.0	%			3,310				750		22.7	%
Right of use asset		6,022				6,452				(430	)	-6.7	%			6,951				(929	)	0.0	%
Premises and equipment, net		3,052				3,165				(113	)	-3.6	%			2,416				636		26.3	%
Other intangible assets		1,040				1,080				(40	)	-3.7	%			928				112		12.1	%
Deferred tax asset		4,141				4,141				0		0.0	%			4,409				(268	)	-6.1	%
Accrued interest receivable		3,122				2,703				419		15.5	%			2,535				587		23.2	%
Other assets		3,729				4,884				(1,155	)	-23.6	%			1,410				2,319		164.5	%
Total assets	$	1,185,881			$	1,065,987			$	119,894		11.2	%		$	852,538			$	333,343		39.1	%
Liabilities and Shareholders' Equity
Liabilities
Noninterest bearing	$	355,225			$	268,116			$	87,109		32.5	%		$	263,255			$	91,970		34.9	%
Interest Bearing		607,062				582,139				24,923		4.3	%			443,572				163,490		36.9	%
Total deposits		962,287				850,255				112,032		13.2	%			706,827				255,460		36.1	%
FHLB borrowings		95,000				90,000				5,000		5.6	%			40,000				55,000		137.5	%
Other borrowings		17,934				17,932				2		0.0	%			7,832				10,102		129.0	%
Accrued interest payable and other liabilities		12,497				12,120				377		3.1	%			11,777				720		6.1	%
Total liabilities		1,087,718				970,307				117,411		12.1	%			766,436				321,282		41.9	%
Shareholders' equity
Common stock		69,165				69,159				6		0.0	%			58,576				10,589		18.1	%
Additional paid-in capital		3,254				3,048				206		6.8	%			3,062				192		6.3	%
Retained earnings		24,839				22,905				1,934		8.4	%			24,952				(113	)	-0.5	%
Accumulated other comprehensive income		905				568				337		59.3	%			(488	)			1,393		-285.5	%
Total stockholders' equity		98,163				95,680				2,483		2.6	%			86,102				12,061		14.0	%
Total liabilities and stockholders' equity	$	1,185,881			$	1,065,987			$	119,894		11.2	%		$	852,538			$	333,343		39.1	%

PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
		For the three months ended
		March 31, 2020			December 31, 2019			Dollar change			Percentage change			March 31, 2019			Dollar change			Percentage change
Interest Income
Loans		$	13,129		$	12,733		$	396		3.1	%		$	10,511		$	2,618		24.9	%
Investment securities			401			485			(84	)	-17.3	%			673			(272	)	-40.4	%
Deposits in other financial institutions			304			254			50		19.7	%			133			171		128.6	%
Total interest income			13,834			13,472			362		2.7	%			11,317			2,517		22.2	%
Interest Expense
Deposits			1,710			1,825			(115	)	-6.3	%			1,207			503		41.7	%
Borrowings			589			575			14		2.4	%			479			110		23.0	%
Total interest expense			2,299			2,400			(101	)	-4.2	%			1,686			613		36.4	%
Net interest income			11,534			11,072			462		4.2	%			9,631			1,903		19.8	%
Provision for credit losses			997			708			289		40.8	%			389			608		156.3	%
Net interest income after provision for credit losses			10,537			10,364			173		1.7	%			9,242			1,295		14.0	%
Noninterest income:
Service charges on deposit accounts			173			138			35		25.4	%			121			52		43.0	%
Net gain on sale of loans			679			432			247		57.2	%			347			332		95.7	%
Gain on sale of investment securities			0			190			(190	)	-100.0	%			10			(10	)	-100.0	%
Other noninterest income			294			261			33		12.6	%			74			220		297.3	%
Total noninterest income			1,146			1,021			125		12.2	%			552			594		107.6	%
Noninterest expense:
Salary and employee benefits			5,552			5,427			125		2.3	%			5,229			323		6.2	%
Occupancy and equipment			884			832			52		6.3	%			674			210		31.2	%
Data processing			518			631			(113	)	-17.9	%			524			(6	)	-1.1	%
Professional services			859			726			133		18.3	%			392			467		119.1	%
Other expenses			848			946			(98	)	-10.4	%			730			118		16.2	%
Total noninterest expense			8,661			8,562			99		1.2	%			7,549			1,112		14.7	%
Income before provision for income taxes			3,023			2,823			200		7.1	%			2,245			778		34.7	%
Provision for income taxes			1,116			857			259		30.2	%			656			460		70.1	%
Net income		$	1,907		$	1,966		$	(59	)	-3.0	%		$	1,589		$	318		20.0	%
Net income available to common shareholders		$	1,874		$	1,931		$	(57	)	-3.0	%		$	1,559		$	315		20.2	%
Earnings per share
Basic earnings per share		$	0.34		$	0.36		$	(0.02	)	-5.6	%		$	0.31		$	0.03		9.7	%
Diluted earnings per share		$	0.34		$	0.35		$	(0.01	)	-2.9	%		$	0.30		$	0.04		13.3	%
Average shares outstanding			5,488,197			5,414,056			74,141		1.4	%			4,996,811			491,386		9.8	%
Diluted average shares outstanding			5,555,376			5,492,930			62,446		1.1	%			5,114,096			441,280		8.6	%

		PRIVATE BANCORP OF AMERICA, INC.
		Consolidated average balance sheet, interest, yield and rates
		(Unaudited)
		(Dollars in thousands)
		For the three months ended
		March 31, 2020									December 31, 2019									March 31, 2019
		Average Balance			Interest			Average Yield/Rate			Average Balance			Interest			Average Yield/Rate			Average Balance			Interest			Average Yield/Rate
Interest-Earnings Assets:
Deposits in other financial institutions		$	104,156		$	304		1.17	%		$	66,186		$	254		1.52	%		$	24,237		$	133		2.23	%
Investment securities			54,456			401		2.95	%			70,647			485		2.75	%			92,678			673		2.95	%
Loans			881,655			13,129		5.99	%			845,199			12,733		5.98	%			701,715			10,511		6.07	%
Total interest-earning assets			1,040,267			13,834		5.35	%			982,032			13,472		5.44	%			818,630			11,317		5.61	%
Noninterest-earning assets			47,975									36,912									29,270
Total Assets		$	1,088,242								$	1,018,944								$	847,900
Interest-Bearing Liabilities
Interest-bearing transaction accounts		$	83,471		$	165		0.80	%		$	56,061		$	130		0.92	%		$	20,554		$	14		0.28	%
Money market			391,262			973		1.00	%			389,499			1,009		1.03	%			315,798			646		0.83	%
Savings deposits			9,212			6		0.26	%			10,078			6		0.24	%			6,715			4		0.24	%
Certificates of deposit			113,964			566		2.00	%			114,699			680		2.35	%			105,361			543		2.09	%
Total Interest-Bearing Deposits			597,909			1,710		1.15	%			570,337			1,825		1.27	%			448,428			1,207		1.09	%
FHLB advances			63,394			317		2.01	%			56,814			306		2.14	%			60,056			377		2.55	%
Other borrowings			17,933			272		6.07	%			17,931			269		6.00	%			7,871			102		5.26	%
Total Interest-Bearing Liabilities			81,327			589		2.91	%			74,745			575		3.05	%			67,927			479		2.86	%
Noninterest-bearing deposits			298,418									271,892									241,956
Total Funding Sources			977,654			2,299		0.95	%			916,974			2,400		1.04	%			758,311			1,686		0.90	%
Noninterest-bearing liabilities			13,022									10,506									4,762
Shareholders' equity			97,566									91,464									84,827
Total Liabilities and Shareholders' Equity		$	1,088,242								$	1,018,944								$	847,900
Net interest spread								4.40	%								4.40	%								4.71	%
Net interest income					$	11,535								$	11,072								$	9,631
Net interest margin								4.46	%								4.47	%								4.77	%

	Condensed Balance Sheets
	(Dollars in thousands, except per share amounts)
	Mar 31, 2020				Dec 31, 2019				Sep 30, 2019				Jun 30, 2019				Mar 31, 2019
Assets
Cash and due from banks	$	226,910			$	111,368			$	90,108			$	45,337			$	37,998
Investment securities		49,327				51,179				73,171				84,719				85,814
Loans		894,076				885,556				820,989				795,345				713,408
Allowance for loan losses		(9,598	)			(8,601	)			(7,893	)			(7,637	)			(6,641	)
Net loans		884,478				876,955				813,096				787,708				706,767
Right of use asset		6,022				6,452				6,877				7,271				6,951
Premises and equipment, net		3,052				3,165				2,947				2,669				2,416
Other assets and interest receivable		16,092		-		16,868		-		13,786		-		12,843				12,592
Total assets	$	1,185,881			$	1,065,987			$	999,985			$	940,547			$	852,538
Liabilities and Shareholders' Equity
Liabilities
Noninterest Bearing	$	355,225			$	268,116			$	266,205			$	247,153			$	263,255
Interest Bearing		607,062				582,139				557,800				485,011				443,572
Total Deposits		962,287				850,255				824,005				732,164				706,827
Borrowings		112,934				107,932				72,930				99,929				47,832
Accrued interest payable and other liabilities		12,497				12,120				9,779				10,599				11,777
Total liabilities		1,087,718				970,307				906,714				842,692				766,436
Shareholders' equity
Common stock		69,165				69,159				68,804				68,740				58,576
Additional paid-in capital		3,254				3,048				2,997				2,823				3,062
Retained earnings		24,839				22,905				20,917				25,997				24,952
Accumulated other comprehensive income		905				568				553				295				(488	)
Total shareholders' equity		98,163				95,680				93,271				97,855				86,102
Total liabilities and shareholders' equity	$	1,185,881			$	1,065,987			$	999,985			$	940,547			$	852,538
Book value per common share	$	17.57			$	17.15			$	16.84			$	17.60			$	16.90
Tangible book value per common share	$	17.35			$	16.96			$	16.66			$	17.44			$	16.72
	Regulatory Capital Ratios (PBAM) 1
	Mar 31, 2020				Dec 31, 2019				Sep 30, 2019				Jun 30, 2019				Mar 31, 2019
Tier 1 leverage ratio		8.79	%			9.17	%			9.54	%			10.69	%			9.97	%
Tier 1 risk-based capital ratio		9.20	%			9.86	%			10.24	%			11.10	%			11.10	%
Common equity Tier 1 ratio		9.20	%			9.86	%			10.24	%			11.10	%			11.10	%
Total risk-based capital ratio		11.91	%			12.71	%			13.09	%			14.10	%			12.01	%
Tangible equity / tangible assets		8.18	%			8.88	%			9.24	%			10.32	%			10.00	%
1 Preliminary ratios for March 31, 2020

	Condensed Statements of Income
	(Dollars in thousands, except per share amounts)
	Mar 31, 2020				Dec 31, 2019				Sep 30, 2019				Jun 30, 2019				Mar 31, 2019
Interest income	$	13,834			$	13,472			$	13,222			$	12,169			$	11,317
Interest expense		2,299				2,400				2,253				2,076				1,686
Net interest income		11,535				11,072				10,969				10,093				9,631
Provision for credit losses		997				708				9,737				996				389
Net interest income after provision for credit losses		10,538				10,364				1,232				9,097				9,242
Noninterest income		1,146				1,021				584				606				552
Salary and employee benefits		5,552				5,427				6,341				5,892				5,229
Occupancy and equipment		884				832				793				641				674
Data processing		518				631				588				490				524
Professional services		859				726				639				364				392
Other expenses		848				946				570				854				730
Total noninterest expense		8,661				8,562				8,931				8,241				7,549
Income before provision for income taxes		3,023				2,823				(7,115	)			1,462				2,245
Income taxes		1,116				857				(2,081	)			411				656
Net income	$	1,907			$	1,966			$	(5,034	)		$	1,051			$	1,589
Net income available to common shareholders	$	1,874			$	1,931			$	(4,950	)		$	1,031			$	1,559
Earnings per share
Basic earnings per share	$	0.34			$	0.36			$	(0.91	)		$	0.21			$	0.31
Diluted earnings per share	$	0.34			$	0.35			$	(0.89	)		$	0.20			$	0.30
Average shares outstanding		5,488,197				5,414,056				5,465,278				5,027,437				4,996,811
Diluted average shares outstanding		5,555,376				5,492,930				5,563,931				5,133,305				5,114,096
	Performance Ratios
	Mar 31, 2020				Dec 31, 2019				Sep 30, 2019				Jun 30, 2019				Mar 31, 2019
ROAA		0.70	%			0.77	%			-2.06	%			0.47	%			0.76	%
ROAE		7.86	%			8.53	%			-20.30	%			4.85	%			7.60	%
ROTE		7.96	%			8.01	%			-20.50	%			4.90	%			7.72	%
Net interest margin		4.46	%			4.47	%			4.67	%			4.70	%			4.77	%
Net interest spread		4.40	%			4.40	%			4.59	%			4.62	%			4.71	%
Efficiency ratio		68.30	%			70.80	%			77.30	%			77.03	%			74.13	%
Noninterest expense / average assets		3.20	%			3.33	%			3.65	%			3.68	%			3.61	%

	Average Balances
	(Dollars in thousands)
	Mar 31, 2020				Dec 31, 2019				Sep 30, 2019				Jun 30, 2019				Mar 31, 2019
Total assets	$	1,088,242			$	1,018,944			$	970,864			$	897,120			$	847,900
Earning assets	$	1,040,267			$	982,032			$	931,781			$	861,599			$	818,630
Total loans	$	881,655			$	845,199			$	816,281			$	748,846			$	701,715
Total deposits	$	896,327			$	842,229			$	778,821			$	718,579			$	690,384
Total equity	$	97,566			$	91,464			$	98,391			$	86,964			$	84,827
	Loan Balances by Type
	(Dollars in thousands)
	Mar 31, 2020				Dec 31, 2019				Sep 30, 2019				Jun 30, 2019				Mar 31, 2019
Real estate - investor owned	$	246,026			$	245,658			$	247,953			$	245,068			$	235,185
Real estate - owner occupied		234,771				225,778				192,739				175,112				136,484
Real estate - multifamily		67,550				68,308				68,536				67,839				69,083
Real estate - single family		58,429				59,487				59,782				56,783				58,334
Commercial business		245,610				243,438				204,166				201,892				173,027
Land and construction		27,044				32,151				37,918				37,966				32,987
Consumer		7,300				6,172				5,585				7,035				5,107
Total loans held for investment		886,730				880,992				816,679				791,695				710,207
Loans held for sale		7,346				4,564				4,310				3,650				3,201
Total loans, including loans held for sale		894,076				885,556				820,989				795,345				713,408
Allowance for loan losses		(9,598	)			(8,601	)			(7,893	)			(7,637	)			(6,641	)
Net loans	$	884,478			$	876,955			$	813,096			$	787,708			$	706,767
	Deposits by Type
	(Dollars in thousands)
	Mar 31, 2020				Dec 31, 2019				Sep 30, 2019				Jun 30, 2019				Mar 31, 2019
Non interest bearing DDA	$	355,225			$	268,116			$	266,205			$	247,153			$	263,255
Interest bearing DDA		108,368				112,397				47,805				29,583				23,195
Savings & MMA		366,109				350,563				394,128				363,803				325,880
Retail CD		8,484				6,989				7,132				7,025				4,135
Jumbo CD		124,101				112,190				108,735				84,600				90,362
Total deposits	$	962,287			$	850,255			$	824,005			$	732,164			$	706,827
	Asset Quality
	(Dollars in thousands)
	Mar 31, 2020				Dec 31, 2019				Sep 30, 2019				Jun 30, 2019				Mar 31, 2019
Total Loans	$	894,076			$	885,556			$	820,989			$	795,345			$	713,408
30-89 day past due loans	$	297			$	-			$	-			$	155			$	-
90+ day past due loans	$	-			$	-			$	-			$	-			$	-
Nonaccrual loans	$	663			$	-			$	-			$	-			$	-
NPAs / Assets		0.00	%			0.00	%			0.00	%			0.00	%			0.00	%
NPLs / loans & OREO		0.07	%			0.00	%			0.00	%			0.00	%			0.00	%
Net quarterly charge-offs	$	-			$	-			$	9,481			$	-			$	-
Net charge-offs/avg loans (annualized)		0.00	%			0.00	%			4.65	%			0.00	%			0.00	%
Allowance for loan losses to loans		1.07	%			0.97	%			0.96	%			0.96	%			0.93	%
Allowance for loan losses to nonaccrual loans		1447.66	%			NM				NM				NM				NM

 

 

 

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