Private Bancorp of America, Inc. Reports Continued Record Earnings

  • Net income for the quarter was $4.3 million, or $0.75 per diluted share
  • Net interest margin for the quarter was 4.03% compared with 3.89% in the prior quarter. The net interest margin excluding SBA PPP loans was 4.14% and 3.75% in the prior quarter
  • Net interest income up 6.4% for the quarter and 17% year-over-year
  • Non-interest income up 50% for the quarter and 104% year-over-year
  • Total loans were $1.2 billion, up 7.6% for the quarter and 14.3% year-over-year
  • Allowance for Loan Losses to total loans is 1.33% and 1.46% excluding PPP loans
  • Total deposits were $1.2 billion, up 3.6% for the quarter and 16.3% year over year
  • Return on Average Assets was 1.26% and Return on Average Equity was 14.99%

LA JOLLA, Calif., July 21, 2021 (GLOBE NEWSWIRE) --  Private Bancorp of America, Inc. (OTCQX:PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the second quarter ending June 30, 2021. The Company reported net income of $4.3 million, or $0.75 per diluted share, for the second quarter of 2021 compared to $4.6 million, or $0.81 per diluted share for the first quarter of 2021. Net income for the six months ending June 30, 2021, was $8.9 million, or $1.56 per diluted share, compared to $4.0 million or $0.71 per diluted share for the same period in 2020.

Rick Sowers, President and CEO of the Company and the Bank stated, “Our second quarter results are a reflection of executing on our core business plan. Our Team continues to aggressively focus on our profitability and continued growth of the franchise in all our business lines and markets. The quarter reflected record loan production and strong gain on sale of SBA loans which added higher non-interest income. We are pleased with the results and have tremendous confidence in our Team and their ability to execute on behalf of our Clients.”

Sowers continued, “We continue to make progress in improving our operating leverage while adding resources to continue to scale and grow our market share. As part of our strategic plan, we began the implementation of new technologies including the nCino Lending Platform that will drive efficiency and allow us to continue to provide a level of service to our Clients that is second to none.”

Net Interest Income

Net interest income for the second quarter totaled $13.6 million representing an increase of $813 thousand, or 6.4% compared to the first quarter of 2021 and an increase of $2.0 million or 17% increase for the same period in 2020. The increase in net interest income for the quarter is due to a $505 thousand increase in interest income and a $308 thousand decrease in funding costs. The increase in loan income is due to a $916 thousand increase in non-PPP loan revenue due to increased average loan balances offset by a $438 thousand decrease in revenue from SBA PPP loans due to less forgiveness recognized in the second quarter. The decrease in funding costs is due to a $108 thousand decrease in deposit costs and $200 thousand decrease in borrowing expense as more expensive FHLB borrowings were prepaid.

Net interest income for the year to date totaled $26.4 million representing an increase of $3.2 million, or 14% compared to the same period in 2020. The increase is due to increased average loan balances, increased SBA PPP loan income and lower deposit costs, partially offset by prepayment penalties in 2021 totaling $1.2 million as a result of prepaying higher priced FHLB term advances.

Net Interest Margin

The net interest margin for the second quarter of 2021 was 4.03% (4.14% excluding PPP loans) compared with 3.89% (3.75% excluding PPP loans) for the first quarter of 2021 and 3.66% (3.77% excluding PPP loans) for the same period in 2020. The 14 bp increase in the net interest margin for the quarter was due to increased core loan yields and lower funding costs associated for the quarter. The yield on earning assets for the second quarter was 4.46% compared with 4.42% in the first quarter and 4.29% for the same period in 2020. The yield on loans for the quarter decreased to 5.21% (5.50% excluding PPP loans) compared to 5.50% (5.48% excluding PPP loans) in the first quarter and 5.30% (5.68% excluding PPP loans) in the second quarter of 2020. The cost of total funding sources was 0.46% for the quarter compared with 0.57% in the first quarter and 0.69% for the same period in 2020. During the quarter, the Company elected to prepay $10 million in FHLB term advances and recorded a $535 thousand prepayment fee resulting in a negative 16 bp impact on the net interest margin for the second quarter.   

The net interest margin for the six months ending June 30, 2021 was 3.95% (3.93% excluding PPP) compared with 4.03% (4.11% excluding PPP) for the same period in 2020. The decrease in the net interest margin is due to lower yields on loans, federal funds and increased borrowing costs partially offset by lower deposits costs. In the first six months of the year, the Company prepaid FHLB term advances and recorded $1.2 million in prepayment fees resulting in a negative 17 bp impact on the net interest margin.

Non-Interest Income

Non-interest income was $2.8 million for the second quarter of 2021, representing a $934 thousand or 50% increase compared to the first quarter of 2021 and a $1.4 million or 103.6% increase compared to the same period in 2020. The increase in non-interest income for the quarter is primarily due to $850 thousand in additional revenue from SBA loans sales recorded in quarter. The increase in non-interest income compared to a year ago is primarily due to $2.1 million in additional gains from the sale of SBA loans partially offset by a $751 thousand decrease in investment gains due to no investment security sales in the second quarter of this year.   SBA loan sales for the second quarter were $19.4 million with a 15.2% trade premium compared with $13.2 million with a 14.1% trade premium in the first quarter of 2021 and $3.4 million with a 10.4% trade premium in the second quarter of 2020.

Non-interest income for the six months ending June 30, 2021 was $4.7 million compared with $2.5 million for the same period in 2020. The increase in non-interest income was primarily due to increased revenue from the sale of SBA loans partially offset by no investment securities gains in the current year. SBA loans sales for the first six months were $32.6 million with a 14.7% trade premium compared to $14.7 million with a 9.9% trade premium in 2020.

Non-Interest Expense

Non-interest expense was $9.2 million for the second quarter of 2021 representing a $1.4 million or 17.8% increase compared to the first quarter of 2021 and a $452 thousand or 5.2% increase, compared to the same period in 2020. The increase in expenses for the quarter was primarily due to increases in salaries and benefits, professional fees and other expense. The increase in compensation and benefits is due to the full quarter impact of merit increases, additions to staff, one additional payroll cycle in the quarter and a decrease in deferred labor costs. The increase in professional fees was due to increases in legal and audit expense. The increase in other expense is primarily due to increases in marketing and business development expenses related to our emphasis on resuming in person marketing efforts. The increase in expenses compared to the same quarter in 2020 is due in increases in compensation and benefits, professional fees, and data processing.

Non-interest expense for the six months ending June 30, 2021 was $16.9 million compared with $17.4 million for the same period in 2020. The $436 thousand decrease was due to lower compensation and benefits and occupancy costs partially offset by increased data processing expense. The decrease in compensation and benefits is partially due to lower salary expense, greater deferred labor cost and lower vacation expense.

Balance Sheet

At June 30, 2021, the Company reported total assets of $1.4 billion representing an increase of $23 million or 1.7% compared to the first quarter of 2021 and an increase of $108.8 million or 8.5% compared to June 30, 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 $82.6 million or 7.6% in the quarter due to a $105.7 million increase in non-SBA PPP loans offset by a $23.1 million decrease in SBA-PPP loans. Total deposits were $1.2 billion representing an increase of $41.8 million, or 3.6%, compared to the first quarter of 2021 and an increase of $168.8 million, or 16.3%, compared to June 30, 2020. Total non-interest-bearing deposits represented 50% of total deposits at June 30, 2021 compared with 50% at March 31, 2021 and 44% at June 30, 2020.   During the quarter, total FHLB advances decreased $20 million due to contractual maturities and the decision to prepay longer-term FHLB advances with a prepayment cost of $535 thousand.

Asset Quality and Loan Deferrals

The Allowance for Loan Losses increased $1.2 million to $15.7 million in the quarter with a resulting coverage ratio of 1.33% of total loans outstanding, including PPP loans, compared to $14.6 million or 1.33% at the first quarter of 2021 and $11.1 million or 1.08% at the second 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. The coverage ratio at June 30, 2021, excluding the impact of PPP loans, decreased to 1.46% from 1.52% in the prior quarter.

As of June 30, 2021, there were no doubtful credits or charge offs, no past due loans and Classified assets totaled $11 million. Classified assets included one real estate loan totaling $1.5 million on non-accrual and the remaining $9.5 million consisted of ten loans with three borrowers related to the impacts of COVID-19.

At June 30, 2021, two loans totaling $1.9 million are on COVID-19 related deferrals. No new deferrals were granted during the quarter and of the loans on deferral one loan for $1.1 million is real estate secured with an average LTV of 51% and the other loan for $750 thousand is unsecured. The remaining loans that were granted payment deferrals have resumed their contractual payments.

“The record last twelve months EPS of $2.81 reflects the resilience of CalPrivate Bank’s mix of revenue streams. Strong loan growth and SBA activities, fees on PPP loan forgiveness, and the strategic management of funding sources, including increased non-interest deposit balances, is a result of the Team’s commitment to our relationship business model based on distinctly superior client service and solutions which continue differentiating the Bank in the markets we serve,” said Selwyn Isakow Chairman of the Board of the Company and Bank.

Isakow added, “The Bank’s outstanding client base together with solid credit underwriting and loan portfolio processes and relationship managers, resulted in the decline of loans on deferrals and zero delinquent loans at the end of the quarter. The Bank remains financially strong and well-positioned for sustainable 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) 
           
 June 30, 2021 March 31, 2021 Dollar
change
Percentage
change
 June 30, 2020 Dollar
change
Percentage
change
 
Assets            
Cash and due from banks$12,783  $8,922  $3,861 43.3% $18,431  $(5,648)-30.6% 
Interest-bearing deposits in other financial institutions 13,969   4,187   9,782 233.6%  1,200   12,769 1064.1% 
Interest-bearing deposits at Federal Reserve Bank 65,356   151,641   (86,285)-56.9%  179,615   (114,259)-63.6% 
Total cash and due from banks 92,108   164,750   (72,642)-44.1%  199,246   (107,138)-53.8% 
Interest-bearing time deposits with other institutions 5,760   5,760   - 0.0%  5,758   2 0.0% 
Investment securities available for sale 88,755   81,429   7,326 9.0%  27,664   61,091 220.8% 
Loan held for sale 19,625   12,430   7,195 57.9%  7,409   12,216 164.9% 
Loans, net of deferred fees and costs 1,164,611   1,082,000   82,611 7.6%  1,019,100   145,511 14.3% 
Allowance for loan losses (15,708)  (14,561)  (1,147)7.9%  (11,100)  (4,608)41.5% 
Net loans 1,148,903   1,067,439   81,464 7.6%  1,008,000   140,903 14.0% 
Federal Home Loan Bank stock, at cost 4,909   4,602   307 6.7%  4,602   307 6.7% 
Right of use asset 5,185   5,589   (404)-7.2%  5,632   (447)-7.9% 
Premises and equipment, net 2,578   2,582   (4)-0.2%  3,055   (477)-15.6% 
Other intangible assets 2,123   1,789   334 18.7%  1,281   842 65.7% 
Deferred tax asset 7,012   5,982   1,030 17.2%  4,141   2,871 69.3% 
Accrued interest receivable 3,501   3,659   (158)-4.3%  3,556   (55)-1.5% 
Other assets 2,311   3,706   (1,395)-37.6%  3,668   (1,357)-37.0% 
Total assets$ 1,382,770  $ 1,359,717  $ 23,053 1.7% $ 1,274,012  $ 108,758 8.5% 
             
Liabilities and Shareholders' Equity            
             
Liabilities            
Noninterest bearing$603,914  $579,318  $24,596 4.2% $452,155  $151,759 33.6% 
Interest Bearing 601,530   584,341   17,189 2.9%  584,451   17,079 2.9% 
Total deposits 1,205,444   1,163,659   41,785 3.6%  1,036,606   168,838 16.3% 
FHLB borrowings 30,000   50,000   (20,000)-40.0%  105,000   (75,000)-71.4% 
Other borrowings 17,943   17,941   2 0.0%  17,936   7 0.0% 
Accrued interest payable and other liabilities 13,059   16,507   (3,448)-20.9%  14,097   (1,038)-7.4% 
Total liabilities 1,266,446   1,248,107   18,339 1.5%  1,173,639   92,807 7.9% 
             
Shareholders' equity            
Common stock 70,405   70,053   352 0.5%  69,512   893 1.3% 
Additional paid-in capital 3,179   3,317   (138)-4.2%  3,002   177 5.9% 
Retained earnings 42,810   38,510   4,300 11.2%  26,984   15,826 58.6% 
Accumulated other comprehensive (loss) income (70)  (270)  200 -74.1%  875   (945)-108.0% 
Total stockholders' equity 116,324   111,610   4,714 4.2%  100,373   15,951 15.9% 
             
Total liabilities and stockholders' equity$ 1,382,770  $ 1,359,717  $ 23,053 1.7% $ 1,274,012  $ 108,758 8.5% 
             



PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
           
  For the three months ended
  June 30, 2021 March 31, 2021 Dollar
change
Percentage
change
 June 30, 2020 Dollar
change
Percentage
change
Interest Income            
Loans $14,637 $14,159 $478 3.4% $13,293 $1,344 10.1%
Investment securities  351  306  45 14.7%  251  100 39.8%
Deposits in other financial institutions  40  58  (18)-31.0%  91  (51)-56.0%
Total interest income  15,028  14,523  505 3.5%  13,635  1,393 10.2%
             
Interest Expense            
Deposits  409  517  (108)-20.9%  1,356  (947)-69.8%
Borrowings  1,020  1,220  (200)-16.4%  659  361 54.8%
Total interest expense  1,429  1,737  (308)-17.7%  2,015  (586)-29.1%
             
Net interest income  13,599  12,786  813 6.4%  11,620  1,979 17.0%
Provision for loan losses  1,146  300  846 282.0%  1,511  (365)-24.2%
Net interest income after provision for loan losses  12,453  12,486  (33)-0.3%  10,109  2,344 23.2%
             
Noninterest income:            
Service charges on deposit accounts  231  224  7 3.1%  143  88 61.5%
Net gain on sale of loans  2,326  1,476  850 57.6%  210  2,116 1007.6%
Gain on sale of investment securities  -  -  - 0.0%  751  (751)-100.0%
Other noninterest income  248  171  77 45.0%  274  (26)-9.5%
Total noninterest income  2,805  1,871  934 49.9%  1,378  1,427 103.6%
             
Noninterest expense:            
Salary and employee benefits  5,966  4,915  1,051 21.4%  5,790  176 3.0%
Occupancy and equipment  820  810  10 1.2%  900  (80)-8.9%
Data processing  690  635  55 8.7%  561  129 23.0%
Professional services  791  650  141 21.7%  628  163 26.0%
Other expenses  891  763  128 16.8%  827  64 7.7%
Total noninterest expense  9,158  7,773  1,385 17.8%  8,706  452 5.2%
             
Income before provision for income taxes  6,100  6,584  (484)-7.4%  2,781  3,319 119.3%
Provision for income taxes  1,806  1,977  (171)-8.6%  711  1,095 154.0%
Net income  $ 4,294 $ 4,607 $ (313)-6.8% $ 2,070 $ 2,224 107.4%
Net income available to common shareholders $ 4,231 $ 4,529 $ (298)-6.6% $ 2,038 $ 2,193 107.6%
             
Earnings per share            
Basic earnings per share $0.76 $0.82 $(0.06)-7.3% $0.37 $0.39 105.4%
Diluted earnings per share $0.75 $0.81 $(0.06)-7.4% $0.37 $0.38 102.7%
             
Average shares outstanding  5,536,111  5,514,887  21,224 0.4%  5,435,155  100,956 1.9%
Diluted average shares outstanding  5,622,075  5,579,477  42,598 0.8%  5,453,597  168,478 3.1%



PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
        
  For the six months ended
  June 30, 2021 June 30, 2020 Dollar
change
Percentage
change
Interest Income       
Loans $28,796 $26,421 $2,375 9.0%
Investment securities  656  652  4 0.6%
Deposits in other financial institutions  99  395  (296)-74.9%
Total interest income  29,551  27,468  2,083 7.6%
        
Interest Expense       
Deposits  926  3,066  (2,140)-69.8%
Borrowings  2,239  1,248  991 79.4%
Total interest expense  3,165  4,314  (1,149)-26.6%
        
Net interest income  26,386  23,154  3,232 14.0%
Provision for loan losses  1,446  2,508  (1,062)-42.3%
Net interest income after provision for loan losses  24,940  20,646  4,294 20.8%
        
Noninterest income:       
Service charges on deposit accounts  454  317  137 43.2%
Net gain on sale of loans  3,802  889  2,913 327.7%
Gain on sale of investment securities  -  751  (751)-100.0%
Other noninterest income  420  568  (148)-26.1%
Total noninterest income  4,676  2,525  2,151 85.2%
        
Noninterest expense:       
Salary and employee benefits  10,881  11,343  (462)-4.1%
Occupancy and equipment  1,630  1,784  (154)-8.6%
Data processing  1,326  1,079  247 22.9%
Professional services  1,441  1,487  (46)-3.1%
Other expenses  1,654  1,675  (21)-1.3%
Total noninterest expense  16,932  17,368  (436)-2.5%
        
Income before provision for income taxes  12,684  5,803  6,881 118.6%
Provision for income tax  3,784  1,827  1,957 107.1%
Net income $ 8,900 $ 3,976 $ 4,924 123.8%
Net income available to common shareholders $ 8,761 $ 3,909 $ 4,852 124.1%
        
Earnings per share       
Basic earnings per share $1.59 $0.71 $0.88 123.9%
Diluted earnings per share $1.56 $0.71 $0.85 119.7%
        
Average shares outstanding  5,525,557  5,488,160  37,397 0.7%
Diluted average shares outstanding  5,601,705  5,530,697  71,008 1.3%



  PRIVATE BANCORP OF AMERICA, INC.
  Consolidated average balance sheet, interest, yield and rates
  (Unaudited)
  (Dollars in thousands)
                   
  For the three months ended
  June 30, 2021 March 31, 2021 June 30, 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 $137,902 $40 0.12% $227,393 $58 0.10% $231,621 $91 0.16%
Investment securities  88,132  351 1.59%  59,227  306 2.07%  38,539  251 2.61%
Loans  1,125,958  14,637 5.21%  1,044,828  14,159 5.50%  1,008,220  13,293 5.30%
Total interest-earning assets  1,351,992  15,028 4.46%  1,331,448  14,523 4.42%  1,278,380  13,635 4.29%
Noninterest-earning assets  18,217      31,439      15,104    
Total Assets $1,370,209     $1,362,887     $1,293,484    
                   
Interest-Bearing Liabilities                  
Interest-bearing transaction accounts$65,283 $12 0.07% $58,042 $12 0.08% $73,509 $26 0.14%
Money market  424,371  231 0.22%  431,423  235 0.22%  394,523  476 0.49%
Savings deposits  9,229  2 0.09%  8,766  2 0.09%  8,863  2 0.09%
Certificates of deposit  75,537  164 0.87%  100,521  268 1.08%  126,545  852 2.71%
Total Interest-Bearing Deposits  574,420  409 0.29%  598,752  517 0.35%  603,440  1,356 0.90%
                   
FHLB advances  41,153  748 7.29%  73,056  948 5.26%  100,385  387 1.55%
Other borrowings  17,942  272 6.06%  17,940  272 6.06%  17,934  272 6.07%
Total Interest-Bearing Liabilities  59,095  1,020 6.92%  90,996  1,220 5.44%  118,319  659 2.24%
                   
Noninterest-bearing deposits  609,932      547,024      458,631    
Total Funding Sources  1,243,447  1,429 0.46%  1,236,772  1,737 0.57%  1,180,390  2,015 0.69%
                   
Noninterest-bearing liabilities  11,881      15,831      12,964    
                   
Shareholders' equity  114,881      110,284      100,130    
                   
Total Liabilities and Shareholders' Equity $1,370,209     $1,362,887     $1,293,484    
                   
Net interest spread     4.00%     3.85%     3.60%
                   
Net interest income   $13,599     $12,786     $11,620  
Net interest margin     4.03%     3.89%     3.66%
                   



  PRIVATE BANCORP OF AMERICA, INC. 
  Consolidated average balance sheet, interest, yield and rates 
  (Unaudited) 
  (Dollars in thousands) 
              
  For the six months ended 
  June 30, 2021 June 30, 2020 
  Average
Balance
 Interest Average
Yield/Rate
 Average
Balance
 Interest Average
Yield/Rate
 
Interest-Earnings Assets:             
Deposits in other financial institutions $187,826 $99 0.11% $163,332 $394 0.49% 
Investment securities  73,759  656 1.79%  46,778  652 2.79% 
Loans  1,085,617  28,796 5.35%  944,937  26,422 5.62% 
Total interest-earning assets  1,347,202  29,551 4.42%  1,155,047  27,468 4.78% 
Noninterest-earning assets  19,368      35,816     
Total Assets $1,366,570     $1,190,863     
              
Interest-Bearing Liabilities             
Interest-bearing transaction accounts$61,682 $24 0.08% $78,490 $191 0.49% 
Money market  427,877  466 0.22%  392,526  1,448 0.74% 
Savings deposits  8,999  5 0.11%  9,037  8 0.18% 
Certificates of deposit  87,960  431 0.99%  120,621  1,419 2.37% 
Total Interest-Bearing Deposits  586,518  926 0.32%  600,674  3,066 1.03% 
              
FHLB advances  57,017  1,696 6.00%  81,889  704 1.73% 
Other borrowings  17,941  544 6.11%  17,934  544 6.07% 
Total Interest-Bearing Liabilities  74,958  2,240 6.03%  99,823  1,248 2.51% 
              
Noninterest-bearing deposits  578,652      378,525     
Total Funding Sources  1,240,128  3,166 0.51%  1,079,022  4,314 0.80% 
              
Noninterest-bearing liabilities  13,845      12,993     
              
Shareholders' equity  112,597      98,848     
              
Total Liabilities and Shareholders' Equity $1,366,570     $1,190,863     
              
Net interest spread     3.91%     3.98% 
              
Net interest income   $26,385     $23,154   
Net interest margin     3.95%     4.03% 
              



 PRIVATE BANCORP OF AMERICA, INC. 
 Condensed Balance Sheets 
 (Unaudited) 
 (Dollars in thousands, except per share amounts) 
 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 
Assets          
Cash and due from banks$92,108  $164,750  $276,225  $155,346  $199,246  
Interest-bearing time deposits with other institutions 5,760   5,760   5,760   5,760   5,758  
Investment securities 88,755   81,429   26,086   26,525   27,664  
Loans held for sale 19,625   12,430   9,687   8,402   7,409  
Loans (excluding SBA PPP loans) 1,030,871   948,260   936,532   880,174   865,603  
SBA PPP loans 133,740   133,740   62,338   154,210   153,497  
Allowance for loan losses (15,708)  (14,561)  (14,262)  (12,682)  (11,100) 
Net loans 1,148,903   1,067,439   984,608   1,021,702   1,008,000  
Right of use asset 5,185   5,589   5,990   5,186   5,632  
Premises and equipment, net 2,578   2,582   2,649   2,859   3,055  
Other assets and interest receivable 19,856   19,738   18,735   18,414   17,248  
Total assets$ 1,382,770  $ 1,359,717  $ 1,329,740  $ 1,244,194  $ 1,274,012  
           
Liabilities and Shareholders' Equity          
           
Liabilities          
Noninterest Bearing$603,914  $579,318  $531,732  $471,324  $452,155  
Interest Bearing 601,530   584,341   581,216   557,455   584,451  
Total Deposits 1,205,444   1,163,659   1,112,948   1,028,779   1,036,606  
Borrowings 47,943   67,941   92,939   97,938   122,936  
Accrued interest payable and other liabilities 13,059   16,507   16,100   14,227   14,097  
Total liabilities 1,266,446   1,248,107   1,221,987   1,140,944   1,173,639  
           
Shareholders' equity          
Common stock 70,405   70,053   69,557   69,540   69,512  
Additional paid-in capital 3,179   3,317   3,496   3,230   3,002  
Retained earnings 42,810   38,510   33,904   29,521   26,984  
Accumulated other comprehensive (loss) income (70)  (270)  796   959   875  
Total shareholders' equity 116,324   111,610   107,753   103,250   100,373  
Total liabilities and shareholders' equity$ 1,382,770  $ 1,359,717  $ 1,329,740  $ 1,244,194  $ 1,274,012  
           
Book value per common share$20.71  $19.87  $19.24  $18.50  $17.99  
Tangible book value per common share$20.33  $19.55  $18.95  $18.26  $17.76  
Shares outstanding 5,617,020   5,618,324   5,600,508   5,580,456   5,578,884  
           
 Regulatory Capital Ratios (PBAM) 1 
 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 
Tier 1 leverage ratio 8.30%  8.07%  8.52%  7.92%  7.57% 
Tier 1 risk-based capital ratio 11.62%  11.35%  11.20%  11.35%  9.66% 
Common equity Tier 1 ratio 11.62%  11.35%  11.20%  11.35%  9.66% 
Total risk-based capital ratio 14.69%  14.46%  14.36%  14.63%  12.60% 
Tangible equity / tangible assets 8.27%  8.09%  7.99%  8.20%  7.79% 
           
1 Preliminary ratios for June 30, 2021          
           



 PRIVATE BANCORP OF AMERICA, INC.
 Condensed Statements of Income
 (Unaudited)
 (Dollars in thousands, except per share amounts)
 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020
Interest income$15,028  $14,523  $15,826  $13,860  $13,635 
Interest expense 1,429   1,737   1,209   1,363   2,015 
Net interest income 13,599   12,786   14,617   12,497   11,620 
Provision for loan losses 1,146   300   1,579   1,582   1,511 
Net interest income after provision for loan losses 12,453   12,486   13,038   10,915   10,109 
          
Noninterest income 2,805   1,871   1,636   936   1,378 
          
Salary and employee benefits 5,966   4,915   5,293   5,365   5,790 
Occupancy and equipment 820   810   774   864   900 
Data processing 690   635   624   643   561 
Professional services 791   650   949   514   628 
Other expenses 891   763   780   846   827 
Total noninterest expense 9,158   7,773   8,420   8,232   8,706 
          
Income before provision for income taxes 6,100   6,584   6,254   3,619   2,781 
Income taxes 1,806   1,977   1,874   1,084   711 
Net income$4,294  $4,607  $4,380  $2,535  $2,070 
Net income available to common shareholders$4,231  $4,529  $4,307  $2,499  $2,038 
          
Earnings per share         
Basic earnings per share$0.76  $0.82  $0.78  $0.45  $0.37 
Diluted earnings per share$0.75  $0.81  $0.78  $0.45  $0.37 
          
Average shares outstanding 5,536,111   5,514,887   5,501,272   5,499,970   5,435,155 
Diluted average shares outstanding 5,622,075   5,579,477   5,540,232   5,516,013   5,453,597 
          
 Performance Ratios
 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020
ROAA 1.26%  1.37%  1.41%  0.79%  0.64%
ROAE 14.99%  16.94%  16.30%  9.84%  8.31%
ROTE 15.25%  17.19%  16.54%  9.96%  8.42%
Net interest margin 4.03%  3.89%  4.74%  3.94%  3.66%
Net interest spread 4.00%  3.85%  4.71%  3.90%  3.60%
Efficiency ratio 55.83%  53.03%  51.81%  61.28%  66.98%
Noninterest expense / average assets 2.68%  2.31%  2.71%  2.58%  2.71%
          



 PRIVATE BANCORP OF AMERICA, INC.
 Average Balances
 (Unaudited)
 (Dollars in thousands)
 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020
Total assets$1,370,209  $1,362,887  $1,234,611  $1,271,363  $1,293,484 
Earning assets$1,351,992  $1,331,448  $1,225,806  $1,260,834  $1,278,380 
Total loans$1,125,958  $1,044,828  $1,005,712  $1,037,195  $1,008,220 
Total deposits$1,184,352  $1,145,776  $1,017,389  $1,036,223  $1,062,071 
Total equity$114,881  $110,284  $106,874  $102,539  $100,130 
          
          
 Loan Balances by Type
 (Dollars in thousands)
 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020
Real estate - investor owned$293,461  $247,928  $243,745  $231,787  $234,806 
Real estate - owner occupied 313,579   284,494   268,193   259,375   240,587 
Real estate - multifamily 72,790   75,361   69,187   64,268   66,431 
Real estate - single family 90,223   75,353   67,522   59,994   57,521 
Commercial business 244,493   227,635   251,711   228,914   231,885 
SBA PPP loans 110,673   133,740   62,338   154,210   153,497 
Land and construction 32,413   30,103   29,377   28,277   26,327 
Consumer 6,979   7,386   6,797   7,559   8,046 
Total loans held for investment 1,164,611   1,082,000   998,870   1,034,384   1,019,100 
Loans held for sale 19,625   12,430   9,687   8,402   7,409 
Total loans, including loans held for sale 1,184,236   1,094,430   1,008,557   1,042,786   1,026,509 
Allowance for loan losses (15,708)  (14,561)  (14,262)  (12,682)  (11,100)
Net loans$1,168,528  $1,079,869  $994,295  $1,030,104  $1,015,409 
          
          
 Deposits by Type
 (Dollars in thousands)
 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020
Non interest bearing DDA$603,914  $579,318  $531,732  $471,324  $452,155 
Interest bearing DDA 70,320   59,399   60,606   56,837   63,805 
Savings & MMA 463,165   423,957   424,540   396,233   427,685 
Retail CD 5,827   5,855   7,770   8,401   8,493 
Jumbo CD 62,218   95,130   88,300   95,984   84,468 
Total deposits$1,205,444  $1,163,659  $1,112,948  $1,028,779  $1,036,606 
          
          
 Asset Quality
 (Dollars in thousands)
 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020
Total loans, including loans held for sale$1,184,236  $1,094,430  $1,008,557  $1,042,786  $1,026,509 
30-89 day past due loans$-  $-  $-  $-  $- 
90+ day past due loans$-  $-  $-  $-  $- 
Nonaccrual loans$1,540  $1,609  $1,609  $1,743  $- 
          
NPAs / Assets 0.11%  0.12%  0.12%  0.14%  0.00%
NPLs / loans & OREO 0.13%  0.15%  0.16%  0.17%  0.00%
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 loans 1.33%  1.33%  1.41%  1.22%  1.08%
Allowance for loan losses to nonaccrual loans 1020.00%  904.97%  886.39%  727.60%  NM 
          

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