Private Bancorp of America, Inc. Reports Record Quarterly Financial Results

First Quarter Highlights

  • First quarter net income was $4.6 million, or $0.81 per diluted share, up from $4.4 million or $0.78 per diluted share in the prior quarter, and up 141.6% from $1.9 million or $0.34 per diluted share from the same period in 2020
  • Net interest margin for the quarter was 3.89% compared with 4.74% in the prior quarter. The net interest margin excluding SBA PPP loans was 3.75% and 4.18% in the prior quarter
  • Total loans were $1.1 billion, up 8.3% for the quarter and 22% year over year
  • Funded $104.0 million in the second round of the SBA Paycheck Protection Program
  • Allowance for Loan Losses to total loans is 1.33% and 1.52% excluding PPP loans
  • Total deposits were $1.2 billion, up 4.6% for the quarter and 20.9% year over year
  • Return on Average Assets of 1.37% and Return on Average Equity of 16.94%

LA JOLLA, Calif., April 26, 2021 (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, 2021. The Company reported net income of $4.6 million, or $0.81 per diluted share, for the first quarter of 2021 compared to $4.4 million, or $0.78 per diluted share for the fourth quarter of 2020.   

Rick Sowers, President and CEO of the Company and the Bank stated, “We are pleased with the progress the Team continues to make in growing the Company and increasing our operating leverage. Loan demand is beginning to show signs of returning as the overall economy begins to open up and we expect that this will translate into new opportunities for our Clients and the Bank. We remain focused on building strong Relationships with our Clients and bringing a Solutions based approach to Private and Business Banking.”

Sowers continued, “Our SBA Team at Private Business Capital has positioned itself well in the markets we serve and this led to increased loan fundings and gain on sale income in the first quarter. Given the opportunities in the marketplace with reduced SBA fees, we anticipate a continued contribution to non-interest income in 2021. Additionally, the Bank was able to support our Clients and Communities with round 2 of the Paycheck Protection Program and originated loans totaling over $100 million in the quarter.”

Net Interest Income

Net interest income for the first quarter totaled $12.8 million representing a decrease of $1.8 million, or 12.5% compared to the fourth quarter of 2020 and an increase of $1.3 million or 10.8% increase for the same period in 2020. The decrease in net interest income for the quarter is due to a $1.4 million decrease in loan income. The decrease is due to a $1.5 million decrease in SBA PPP loan income during the quarter resulting from less loan forgiveness/payoffs and $607 thousand in higher borrowing costs. The increase in borrowing costs is due to a $619 thousand prepayment penalty associated with repaying $25 million in higher cost FHLB term advances. The increase compared to the first quarter of 2020 is due to increased average loan balances and lower funding costs partially offset by an increase in borrowing costs resulting from prepaying FHLB term advances.

Net Interest Margin

Net interest margin for the first quarter of 2021 was 3.89% (3.75% excluding PPP loans) compared with 4.74% (4.18% excluding PPP loans) for the fourth quarter of 2020 and 4.46% for the same period in 2020. The 85 bp decrease in the net interest margin for the quarter was due to less revenue from SBA PPP loans, lower loan yields and the costs associated with prepaying FHLB advances. The yield on earning assets for the first quarter of 2021 was 4.42% compared with 5.14% in the fourth quarter and 5.35% for the same period in 2020. The yield on loans for the quarter decreased to 5.50% (5.48% excluding PPP loans) compared to 6.15% (5.62% excluding PPP loans) in the fourth quarter and 5.99% in the first quarter of 2020. The cost of total funding sources was 0.57% for the quarter compared with 0.43% in the fourth quarter and 0.95% for the same period in 2020. The increase in funding costs for the quarter was negatively impacted by 20 bps from prepaying fixed rate FHLB advances.

Non-Interest Income

Non-interest income was $1.9 million for the first quarter of 2021, representing a $235 thousand or 14.4% increase compared to the fourth quarter of 2020 and a $725 thousand or 63.3% increase compared to the same period in 2020. The increase in non-interest income for the quarter is primarily due to $306 thousand in additional revenue from SBA loans sales recorded in the first quarter. The increase in non-interest income compared to a year ago is primarily due to $797 thousand in additional gains from the sale of SBA loans partially offset by a $170 thousand decrease in loan referral fees.   SBA loan sales for the first quarter were $13.2 million with a 14.1% trade premium compared with $14.1 million with a 12.3% trade premium in the fourth quarter of 2020 and $11.2 million with a 9.8% trade premium in the first quarter of 2020.

Non-Interest Expense

Non-interest expense was $7.8 million for the first quarter of 2021 representing a $647 thousand or 7.7% decrease compared to the fourth quarter of 2020 and a $888 thousand or 10.3% decrease, compared to the same period in 2020. The decrease in expenses for the quarter was primarily due to decreases in salaries and benefits and professional fees partially offset by an increase in occupancy expense. The decrease compared to the first quarter of 2020 was due to decreases in salaries and benefits and professional services partially offset by an increase in data processing expense. The reduction in salaries and benefits, as compared to the first quarter of 2020, is due to an increase in deferred loan origination costs and less vacation expense.

Balance Sheet

At March 31, 2021, the Company reported total assets of $1.4 billion representing an increase of $30 million or 2.3% compared to the fourth quarter of 2020 and an increase of $173.8 million or 14.7% compared to March 31, 2020. The increase in assets for the quarter was due to increases in loans and investment securities offset by a decrease in cash and due from banks. Loans increased $83.1 million or 8.3% in the quarter due to a $71.4 million increase in SBA-PPP loans and a $11.7 million increase in non-SBA PPP loans. Total deposits were $1.2 billion representing an increase of $50.7 million, or 4.6%, compared to the fourth quarter of 2020 and an increase of $201.4 million, or 20.9%, compared to March 31, 2020. Total non-interest-bearing deposits represented 50% of total deposits at March 31, 2021 compared with 48% at December 31, 2020 and 37% at March 31, 2020.   Total FHLB advances decreased $25 million as the Company elected to prepay longer-term FHLB advances, at a cost of $619 thousand.

The Company generated $104.0 million of new PPP loans in the quarter. As of March 31, 2021 $33.8 million of round 1 loans remained outstanding with 78% forgiven by the SBA or repaid by the borrower. A total of $1.4 million of fees and interest related to PPP loans were recorded in the quarter.

Asset Quality and Loan Deferrals

The Allowance for Loan Losses increased $299 thousand to $14.6 million in the quarter with a resulting coverage ratio of 1.33% of total loans outstanding, including PPP loans, compared to $14.3 million or 1.41% at the fourth quarter of 2020 and $9.6 million or 1.07% at the first quarter of 2020. The increase in the Allowance for Loan Losses was primarily due to loan growth and qualitative factors related to the general economic outlook in the markets we serve and the potential impact on the loan portfolio resulting from economic uncertainties related to COVID-19. The coverage ratio at March 31, 2021, excluding the impact of PPP loans, increased to 1.52% from 1.51% in the prior quarter.

As of March 31, 2021, there were no doubtful credits or charge offs and no past due loans at the end of the quarter and Classified assets totaled $11.1 million. Classified assets included one loan totaling $1.6 million on non-accrual and the remaining $9.5 million consisted of ten relationships with three borrowers related to the impacts of COVID-19.

At March 31, 2021, five loans totaling $26.2 million are on COVID-19 related deferrals. No new deferrals were granted during the quarter and of the loans on deferral, three loans, or $23.6 million are real estate secured with an average LTV of 50 %. Two loans totaling $2.6 million are unsecured.

“The record last twelve months EPS of $2.41 reflects CalPrivate Bank’s success on PPP loan programs and the Team’s dedication to working with clients on forgiveness of those loans, as well as the continued focus on providing outstanding solutions and service to all our clients. These results were attained during a period of general economic disruption and uncertainty, while continuing to make investments in people and technology”, said Selwyn Isakow Chairman of the Board of the Company and the Bank.

Isakow added, “The dramatic decline in loan payment deferrals and experiencing no delinquent loans, is a tribute to the Bank’s solid credit underwriting and loan portfolio management teams as well as to the relationship managers and our clients. The bank remains well-positioned for future growth within clearly defined risk management parameters.”

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

Rick Sowers
President and CEO
Private Bancorp of America, Inc.
(424) 303-4894

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 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 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.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in thousands)
 
 March 31, 2021
 December 31, 2020
 Dollar
change
Percentage
change
 March 31, 2020
 Dollar
change
Percentage
change
Assets                  
Cash and due from banks$                      8,922  $                      8,040  $882 11.0% $                   24,966  $             (16,044)-64.3%
Interest-bearing deposits in other financial institutions4,187  7,309  (3,122)-42.7% 3,192  995 31.2%
Interest-bearing deposits at Federal Reserve Bank151,641  260,876  (109,235)-41.9% 192,996  (41,355)-21.4%
Total cash and due from banks164,750  276,225  (111,475)-40.4% 221,154  (56,404)-25.5%
Interest-bearing time deposits with other institutions5,760  5,760  - 0.0% 5,756  4 0.1%
Investment securities available for sale81,429  26,086  55,343 212.2% 49,327  32,102 65.1%
Loan held for sale12,430  9,687  2,743 28.3% 7,346  5,084 69.2%
Loans, net of deferred fees and costs1,082,000  998,870  83,130 8.3% 886,730  195,270 22.0%
Allowance for loan losses(14,561) (14,262) (299)2.1% (9,598) (4,963)51.7%
Net loans1,067,439  984,608  82,831 8.4% 877,132  190,307 21.7%
Federal Home Loan Bank stock, at cost4,602  4,602  - 0.0% 4,060  542 13.3%
Right of use asset5,589  5,990  (401)-6.7% 6,022  (433)-7.2%
Premises and equipment, net2,582  2,649  (67)-2.5% 3,052  (470)-15.4%
Other intangible assets1,789  1,602  187 11.7% 1,267  522 41.2%
Deferred tax asset5,982  5,982  - 0.0% 4,141  1,841 44.5%
Accrued interest receivable3,659  3,540  119 3.4% 3,122  537 17.2%
Other assets3,706  3,009  697 23.2% 3,502  204 5.8%
Total assets$               1,359,717  $               1,329,740  $                   29,977 2.3% $                1,185,881  $                 173,836 14.7%
                   
Liabilities and Shareholders' Equity                  
                   
Liabilities                  
Noninterest bearing $                    579,318  $                    531,732  $                    47,586 8.9% $                    355,225  $                224,093 63.1%
Interest Bearing584,341  581,216  3,125 0.5% 607,062  (22,721)-3.7%
Total deposits1,163,659  1,112,948  50,711 4.6% 962,287  201,372 20.9%
FHLB borrowings50,000  75,000  (25,000)-33.3% 95,000  (45,000)-47.4%
Other borrowings17,941  17,939  2 0.0% 17,934  7 0.0%
Accrued interest payable and other liabilities16,507  16,100  407 2.5% 12,497  4,010 32.1%
Total liabilities                    1,248,107                      1,221,987                          26,120 2.1%                     1,087,718                     160,389 14.7%
                   
Shareholders' equity                  
Common stock70,053  69,557  496 0.7% 69,165  888 1.3%
Additional paid-in capital3,317  3,496  (179)-5.1% 3,254  63 1.9%
Retained earnings38,510  33,904  4,606 13.6% 24,839  13,671 55.0%
Accumulated other comprehensive (loss) income(270) 796  (1,066)-133.9% 905  (1,175)-129.8%
Total stockholders' equity                       111,610                         107,753                            3,857 3.6%                          98,163                       13,447 13.7%
                   
Total liabilities and stockholders' equity$                 1,359,717  $                 1,329,740  $                     29,977 2.3% $                 1,185,881  $                 173,836 14.7%


PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
      
 For the three months ended
 March 31, 2021 December 31, 2020 Dollar
change 
Percentage
change 
 March 31, 2020 Dollar
change
Percentage
change 
Interest Income              
Loans$                      14,159 $                       15,540 $            (1,381)-8.9% $                      13,129 $              1,030 7.8%
Investment securities                              306                                245                       61 24.9%                               401                     (95)-23.7%
Deposits in other financial institutions                                 58                                  41                       17 41.5%                               304                   (246
)-80.9%
Total interest income                         14,523                          15,826                (1,303)-8.2%                          13,834                     689 5.0%
               
Interest Expense              
Deposits                               517                                596                     (79
)-13.3%                            1,710                (1,193
)-69.8%
Borrowings                           1,220                                613                     607 99.0%                               589                     631 107.1%
Total interest expense                           1,737                            1,209                     528 43.7%                            2,299                   (562
)-24.4%
               
Net interest income                         12,786                          14,617                (1,831
)-12.5%                          11,535                 1,251 10.8%
Provision for loan losses                              300                            1,579                (1,279
)-81.0%                               997                   (697
)-69.9%
Net interest income after provision for loan losses                         12,486                          13,038                   (552
)-4.2%                          10,538                 1,948 18.5%
               
Noninterest income:              
Service charges on deposit accounts                              224                                196                       28 14.3%                               173                       51 29.5%
Net gain on sale of loans                           1,476                            1,170                     306 26.2%                               679                     797 117.4%
Gain on sale of investment securities                                  -                                   -                        - NM                                    -                        - NM 
Other noninterest income                              171                                270                     (99
)-36.7%                               294                   (123)-41.8%
Total noninterest income                           1,871                            1,636                     235 14.4%                            1,146                     725 63.3%
               
Noninterest expense:              
Salary and employee benefits                           4,915                            5,293                   (378
)-7.1%                            5,552                   (637)-11.5%
Occupancy and equipment                              810                                774                       36 4.7%                               884                     (74)-8.4%
Data processing                              635                                624                       11 1.8%                               518                     117 22.6%
Professional services                              650                                949                   (299
)-31.5%                               859                   (209
)-24.3%
Other expenses                              763                                780                     (17
)-2.2%                               848                     (85
)-10.0%
Total noninterest expense                           7,773                            8,420                   (647
)-7.7%                            8,661                   (888
)-10.3%
               
Income before provision for income taxes                           6,584                            6,254                     330 5.3%                            3,023                 3,561 117.8%
Provision for income taxes                           1,977                            1,874                     103 5.5%                            1,116                     861 77.2%
Net income $                         4,607 $                         4,380 $                 227 5.2% $                         1,907 $              2,700 141.6%
Net income available to common shareholders$                         4,529 $                         4,307 $                 222 5.2% $                         1,874 $              2,655 141.7%
               
Earnings per share              
Basic earnings per share$                           0.82 $                           0.78 $                0.04 5.1% $                           0.34 $                0.48 141.2%
Diluted earnings per share$                           0.81 $                           0.78 $                0.03 3.8% $                           0.34 $                0.47 138.2%
               
Average shares outstanding                   5,514,887                    5,501,272               13,615 0.2%                    5,488,197               26,690 0.5%
Diluted average shares outstanding                   5,579,477                    5,540,232               39,245 0.7%                    5,555,376               24,101 0.4%


 PRIVATE BANCORP OF AMERICA, INC.
 Consolidated average balance sheet, interest, yield and rates
 (Unaudited)
 (Dollars in thousands)
  
 For the three months ended
 March 31, 2021
 December 31, 2020
 March 31, 2020
 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$      227,393 $                58 0.10% $      189,856 $                41 0.09% $      104,156 $              304 1.17%
Investment securities           59,227                 306 2.07% 30,238                 245 3.24% 54,456 401 2.95%
Loans1,044,828            14,159 5.50% 1,005,712            15,540 6.15% 881,655 13,129 5.99%
Total interest-earning assets1,331,448            14,523 4.42% 1,225,806            15,826 5.14% 1,040,267            13,834 5.35%
Noninterest-earning assets31,439      8,805      47,975     
Total Assets$   1,362,887      $   1,234,611      $   1,088,242     
                     
Interest-Bearing Liabilities                    
Interest-bearing transaction accounts$        58,042 $                12 0.08% $        56,867 $                17 0.12% $        83,471 $              165 0.80%
Money market431,423 235 0.22% 400,764 270 0.27% 391,262 973 1.00%
Savings deposits8,766 2 0.09% 8,617 3 0.14% 9,212 6 0.26%
Certificates of deposit100,521 268 1.08% 98,225 306 1.24% 113,964 566 2.00%
Total Interest-Bearing Deposits598,752 517 0.35% 564,473 596 0.42% 597,909 1,710 1.15%
                     
FHLB advances73,056 948 5.26% 77,348 341 1.75% 63,394 317 2.01%
Other borrowings17,940 272 6.06% 17,938 272 6.07% 17,933 272 6.07%
Total Interest-Bearing Liabilities90,996 1,220 5.44% 95,286 613 2.56% 81,327 589 2.91%
                     
Noninterest-bearing deposits547,024      452,916      298,418     
Total Funding Sources1,236,772 1,737 0.57% 1,112,675 1,209 0.43% 977,654 2,299 0.95%
                     
Noninterest-bearing liabilities15,831      15,062      13,022     
                     
Shareholders' equity110,284      106,874      97,566     
                     
Total Liabilities and Shareholders' Equity$   1,362,887      $   1,234,611      $   1,088,242     
                     
Net interest spread    3.85%     4.71%     4.40%
                     
Net interest income  $        12,786      $        14,617      $        11,535   
Net interest margin    3.89%     4.74%     4.46%


 PRIVATE BANCORP OF AMERICA, INC.
 Condensed Balance Sheets
 (Unaudited)
 (Dollars in thousands, except per share amounts)
 Mar 31, 2021
 Dec 31, 2020
 Sep 30, 2020
 Jun 30, 2020
 Mar 31, 2020
Assets              
Cash and due from banks$            164,750  $            276,225  $            155,346  $            199,246  $            221,154 
Interest-bearing time deposits with other institutions                   5,760                     5,760                     5,760                     5,758                     5,756 
Investment securities                81,429                  26,086                  26,525                  27,664                  49,327 
Loans held for sale                12,430                     9,687                     8,402                     7,409                     7,346 
Loans (excluding SBA PPP loans)              948,260                936,532                880,174                865,603                886,730 
SBA PPP loans              133,740                  62,338                154,210                153,497                            -   
Allowance for loan losses               (14,561)                (14,262)                (12,682)                (11,100)                  (9,598)
Net loans           1,067,439                984,608             1,021,702             1,008,000                877,132 
Right of use asset                   5,589                     5,990                     5,186                     5,632                     6,022 
Premises and equipment, net                   2,582                     2,649                     2,859                     3,055                     3,052 
Other assets and interest receivable                19,738                  18,735                  18,414                  17,248                  16,092 
Total assets$        1,359,717  $        1,329,740  $        1,244,194  $        1,274,012  $        1,185,881 
               
Liabilities and Shareholders' Equity              
               
Liabilities              
Noninterest Bearing $            579,318  $            531,732  $            471,324  $            452,155  $            355,225 
Interest Bearing              584,341                581,216                557,455                584,451                607,062 
Total Deposits           1,163,659             1,112,948             1,028,779             1,036,606                962,287 
Borrowings                67,941                  92,939                  97,938                122,936                112,934 
Accrued interest payable and other liabilities                16,507                  16,100                  14,227                  14,097                  12,497 
Total liabilities           1,248,107             1,221,987             1,140,944             1,173,639             1,087,718 
               
Shareholders' equity              
Common stock                70,053                  69,557                  69,540                  69,512                  69,165 
Additional paid-in capital                   3,317                     3,496                     3,230                     3,002                     3,254 
Retained earnings                38,510                  33,904                  29,521                  26,984                  24,839 
Accumulated other comprehensive (loss) income                    (270)                       796                        959                        875                        905 
Total shareholders' equity              111,610                107,753                103,250                100,373                  98,163 
Total liabilities and shareholders' equity$        1,359,717  $        1,329,740  $        1,244,194  $        1,274,012  $        1,185,881 
               
Book value per common share$                19.87  $                19.24  $                18.50  $                17.99  $                17.57 
Tangible book value per common share$                19.55  $                18.95  $                18.26  $                17.76  $                17.35 
Shares outstanding           5,618,324             5,600,508             5,580,456             5,578,884             5,586,270 
          
 Regulatory Capital Ratios (PBAM) 1
 Mar 31, 2021
 Dec 31, 2020
 Sep 30, 2020
 Jun 30, 2020
 Mar 31, 2020
Tier 1 leverage ratio8.07% 8.52% 7.92% 7.57% 8.79%
Tier 1 risk-based capital ratio11.35% 11.20% 11.35% 9.66% 9.20%
Common equity Tier 1 ratio11.35% 11.20% 11.35% 9.66% 9.20%
Total risk-based capital ratio14.46% 14.36% 14.63% 12.60% 11.91%
Tangible equity / tangible assets8.09% 7.99% 8.20% 7.79% 8.18%
          
1 Preliminary ratios for March 31, 2021 


 PRIVATE BANCORP OF AMERICA, INC.
 Condensed Statements of Income
 (Unaudited)
 (Dollars in thousands, except per share amounts)
 Mar 31, 2021
 Dec 31, 2020
 Sep 30, 2020
 Jun 30, 2020 
 Mar 31, 2020
Interest income$            14,523  $            15,826  $            13,860  $            13,635  $            13,834 
Interest expense                1,737                  1,209                  1,363                  2,015                  2,299 
Net interest income              12,786                14,617                12,497                11,620                11,535 
Provision for loan losses                    300                  1,579                  1,582                  1,511                      997 
Net interest income after provision for loan losses              12,486                13,038                10,915                10,109                10,538 
               
Noninterest income                1,871                  1,636                      936                  1,378                  1,146 
               
Salary and employee benefits                4,915                  5,293                  5,365                  5,790                  5,552 
Occupancy and equipment                    810                      774                      864                      900                      884 
Data processing                    635                      624                      643                      561                      518 
Professional services                    650                      949                      514                      628                      859 
Other expenses                    763                      780                      846                      827                      848 
Total noninterest expense                7,773                  8,420                  8,232                  8,706                  8,661 
               
Income before provision for income taxes                6,584                  6,254                  3,619                  2,781                  3,023 
Income taxes                1,977                  1,874                  1,084                      711                  1,116 
Net income$              4,607  $              4,380  $              2,535  $              2,070  $              1,907 
Net income available to common shareholders$              4,529  $              4,307  $              2,499  $              2,038  $              1,874 
               
Earnings per share              
Basic earnings per share$                0.82  $                0.78  $                0.45  $                0.37  $                0.34 
Diluted earnings per share$                0.81  $                0.78  $                0.45  $                0.37  $                0.34 
               
Average shares outstanding        5,514,887          5,501,272          5,499,970          5,435,155          5,488,197 
Diluted average shares outstanding        5,579,477          5,540,232          5,516,013          5,453,597          5,555,376 
               
 Performance Ratios
 Mar 31, 2021
 Dec 31, 2020
 Sep 30, 2020
 Jun 30, 2020
 Mar 31, 2020
ROAA1.37% 1.41% 0.79% 0.64% 0.70%
ROAE16.94% 16.30% 9.84% 8.31% 7.86%
ROATE17.19% 16.54% 9.96% 8.42% 7.96%
Net interest margin3.89% 4.74% 3.94% 3.66% 4.46%
Net interest spread3.85% 4.71% 3.90% 3.60% 4.40%
Efficiency ratio53.03% 51.81% 61.28% 66.98% 68.30%
Noninterest expense / average assets2.31% 2.71% 2.58% 2.71% 3.20%


 PRIVATE BANCORP OF AMERICA, INC.
 Average Balances
 (Unaudited)
 (Dollars in thousands)
 Mar 31, 2021
 Dec 31, 2020
 Sep 30, 2020
 Jun 30, 2020
 Mar 31, 2020
Total assets$    1,362,887  $      1,234,611  $      1,271,363  $      1,293,484  $      1,088,242 
Earning assets$    1,331,448  $      1,225,806  $      1,260,834  $      1,278,380  $      1,040,267 
Total loans $    1,044,828  $      1,005,712  $      1,037,195  $      1,008,220  $         881,655 
Total deposits$    1,145,776  $      1,017,389  $      1,036,223  $      1,062,071  $         896,327 
Total equity$        110,284  $         106,874  $         102,539  $         100,130  $           97,566 
               
               
 Loan Balances by Type
 (Dollars in thousands)
 Mar 31, 2021
 Dec 31, 2020
 Sep 30, 2020
 Jun 30, 2020
 Mar 31, 2020
Real estate - investor owned$        247,928  $         243,745  $         231,787  $         234,806  $         246,026 
Real estate - owner occupied          284,494              268,193              259,375              240,587             234,771 
Real estate - multifamily            75,361                69,187                64,268                66,431                67,550 
Real estate - single family            75,353                67,522                59,994                57,521                58,429 
Commercial business          227,635              251,711              228,914              231,885             245,610 
SBA PPP loans          133,740                62,338              154,210              153,497                         -   
Land and construction            30,103                29,377                28,277                26,327                27,044 
Consumer               7,386                  6,797                  7,559                  8,046                  7,300 
Total loans held for investment       1,082,000              998,870          1,034,384          1,019,100             886,730 
Loans held for sale            12,430                  9,687                  8,402                  7,409                  7,346 
Total loans, including loans held for sale       1,094,430          1,008,557          1,042,786          1,026,509             894,076 
Allowance for loan losses           (14,561)             (14,262)             (12,682)             (11,100)               (9,598)
Net loans$    1,079,869  $         994,295  $      1,030,104  $      1,015,409  $         884,478 
               
               
 Deposits by Type
 (Dollars in thousands)
 Mar 31, 2021
 Dec 31, 2020
 Sep 30, 2020
 Jun 30, 2020
 Mar 31, 2020
Non interest bearing DDA$        579,318  $         531,732  $         471,324  $         452,155  $         355,225 
Interest bearing DDA            59,399                60,606                56,837                63,805             108,368 
Savings & MMA          423,957              424,540              396,233              427,685             366,109 
Retail CD               5,855                  7,770                  8,401                  8,493                  8,484 
Jumbo CD            95,130                88,300                95,984                84,468             124,101 
Total deposits$    1,163,659  $      1,112,948  $      1,028,779  $      1,036,606  $         962,287 
               
               
 Asset Quality
 (Dollars in thousands)
 Mar 31, 2021
 Dec 31, 2020
 Sep 30, 2020
 Jun 30, 2020
 Mar 31, 2020
Total loans, including loans held for sale$    1,094,430  $      1,008,557  $      1,042,786  $      1,026,509  $         894,076 
30-89 day past due loans  $-   $-   $-   $-  $                 297 
90+ day past due loans $-   $-   $-   $-   $- 
Nonaccrual loans$            1,609  $              1,609  $              1,743   $-  $                 663 
               
NPAs / Assets0.12% 0.12% 0.14% 0.00% 0.06%
NPLs / loans & OREO0.15% 0.16% 0.17% 0.00% 0.07%
Net quarterly charge-offs $-   $-   $-   $-   $- 
Net charge-offs/avg loans (annualized)0.00% 0.00% 0.00% 0.00% 0.00%
Allowance for loan losses to loans1.33% 1.41% 1.22% 1.08% 1.07%
Allowance for loan losses to nonaccrual loans904.97% 886.39% 727.60% NM  1447.66%

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