Private Bancorp of America, Inc. Reports Second Quarter 2020 Financial Results


  • Net income for the quarter was $2.1 million, up 9% for the quarter and 98% year-over-year. 
  • Net interest income for the quarter was $11.6 million, up 0.7% for the quarter and 15% year-over-year. 
  • Net interest margin for the quarter was 3.66% compared to 4.46% in the first quarter and 4.70% in the prior year.
  • Total assets increased $88.1 million, or 7%, for the quarter and $333 million, or 36%, year-over-year. 
  • Total loans increased to $1.0 billion up 15% for the quarter and up 29% year-over-year
  • Funded $158.2 million in loans through the Paycheck Protection Program.
  • Total deposits increased to $1.0 billion up 8% for the quarter and up 42% year-over-year
  • Non-interest-bearing deposits increased 27% during the quarter and 83% year-over-year.
  • The Allowance for Loan Losses increased $1.5 million to $11.1 million in response to increasing uncertain economic conditions.
  • No delinquent or past due loans at June 30, 2020

LA JOLLA, Calif., July 20, 2020 (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, 2020.  For the second quarter of 2020, the Company reported net income of $2.1 million or $0.37 per diluted share. 

The Bank remains focused on ensuring the safety and prosperity of our employees and clients during the ongoing COVID-19 crisis and continues operating at most of our locations with modified branch hours.  During the quarter, the Bank supported our clients and acquired new clients by participating in the Small Business Administrations’ Paycheck Protection Program (“PPP”).  The Bank funded 611 loans for $158.2 million and collected approximately $5.5 million in fees from PPP lending efforts.  These fees are anticipated to be accretive to non-interest income over approximately the next two years. 

As of June 30, 2020, 56 loans totaling $97.5 have been granted loan deferrals in relation to COVID-19.  The Bank had no past due loans at the end of the quarter.  Criticized assets were $5.3 million, consisting of 5 relationships all related to the impacts of COVID-19.  Classified assets were $4.8 million at quarter end, of which the largest loan was a well secured $3.5 million credit. There were no doubtful credits or charge offs in the quarter.  

The Allowance for Loan Losses increased $1.5 million to $11.1 million in the quarter with a resulting coverage ratio of 1.08% compared to $9.6 million or 1.07% at the first quarter of 2020 and $7.6 million or 0.96% at the second 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 economic uncertainties related to COVID-19.  Excluding the impact of PPP loans, the coverage ratio on the loan portfolio increased to 1.28%.

Tom Wornham, CEO of the Company and the Bank said, “Our growth continues to come from all of our business lines throughout our Coastal Southern California footprint.  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 continue to implement our pandemic and business continuity plans, allowing us to run our business safely and soundly.  The COVID-19 environment still creates uncertain economic factors.  The Bank maintains strong on balance sheet and contingent liquidity positions with a liquidity ratio at 20% at the end of the quarter and loan-to-deposit ratio of 99.03%. 

“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 increased our on-balance sheet liquidity.  We continue to increase 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, “Our team has done a tremendous job responding to client needs during the past quarter.  It's clear that their dedication to the success of our clients and the communities we serve is at the forefront of everything we do.  This has led to growth in both our existing relationships and the establishment of new ones as a result of our efforts in the PP Program and our solutions-based approach.  It is the focus on local businesses and families that continues to highlight the importance of community banks like CalPrivate in our financial systems and labor markets.”

The Company reported net income of $2.1 million or $0.37 per diluted share for the quarter ended June 30, 2020 compared with net income of $1.9 million or $0.34 per diluted share in the first quarter and $1.1 million or $0.20 per diluted share for the same period last year.  Net interest income was $11.6 million for the second quarter of 2020, representing a $85 thousand or 0.70%, increase compared to the first quarter of 2020 and a $1.5 million or 15.1% increase, compared to the same period in 2019.  Net interest margin for the second quarter of 2020 was 3.66% compared with 4.46% for the first quarter of 2020 and 4.70% for the same period in 2019.  The decrease in the net interest margin for the quarter was attributable to decreased market rates as a result of rate cuts in the Fed Funds Rate, costs associated with calling wholesale brokered deposits and the effect of lower yielding PPP loans. The yield on earning assets for the second quarter of 2020 was 4.29% compared with 5.35% in the first quarter and 5.67% for the same period in 2019.  The yield on loans for the quarter decreased to 5.30% compared to 5.99% in the first quarter of this year and decreased from 6.13% in the second quarter of 2019.  The cost of total funding sources was 0.69% for the quarter compared with 0.95% in the first quarter and 1.04% for the same period in 2019.  The funding cost for the quarter was negatively impacted by accelerating the premium of wholesale CDs by 11 bps.  Additionally, the decrease in funding costs was due to repricing of floating rate client deposit costs and an increase in non-interest-bearing deposit balances.

Non-interest income was $1.4 million for the second quarter of 2020, representing a $232 thousand or 20% increase compared to the first quarter of 2020 and a $772 thousand or 127% increase compared to the same period in 2019.  The increase in non-interest income for the quarter and compared to a year ago is primarily due to gains from investment sales offset by fewer gains from SBA loans sales.  SBA loan sales for the second quarter were $3.4 million with a 10.4% trade premium compared with $11.2 million with a 9.8% trade premium in the first quarter of 2020 and $4.7 million with a 10.3% trade premium in the second quarter of 2019.

Non-interest expense was $8.7 million for the second quarter of 2020 representing a $45 thousand increase, or 1%, compared to the first quarter of 2020 and a $465 thousand, or 6% increase, compared to the same period in 2019.  The increase in first quarter expenses was primarily due to increases in salaries and commissions partially offset by a decrease in professional fees.  The increase compared to the second quarter of 2019 was due to increases in facilities and professional services. Approximately $186 thousand of salary and other expense for the quarter was attributed to COVID-19 and PPP related expenses.

The Company increased total assets to $1.3 billion at June 30, 2020, representing an increase of $88.1 million or 7% compared to the first quarter of 2020 and $333 million or 36% compared to the same period in 2019.  Total loans increased $132.4 million, or 15%, from the first quarter to $1.0 billion at June 30, 2020 and increased $231.2 million, or 29%, from the second quarter of 2019.  Substantially all of the loan growth for the quarter was related to PPP loans. 

“The Company’s second quarter of 2020 was marked by the significant increase in non-interest-bearing deposits from relationship clients and the successful execution of the Paycheck Protection Program.  The CalPrivate Bank team members reacted magnificently to the challenges of work-at-home and maintained our Distinctly Different™ client service levels, a hallmark of the Bank,” said Selwyn Isakow, Chairman of the Board of PBAM and the Bank. “The Board and management continue to closely monitor the loan portfolio in these uncertain times, seeking to assist our valued clients in meeting their goals, while also enhancing the Loan Loss Reserve based on the precariousness of external factors. The Bank also has evaluated and enhanced our Diversity, Equity and Inclusion Policy and the organization continues to encourage Team member community service activities.” 

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 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, 2020 March 31, 2020 Dollar changePercentage change June 30, 2019 Dollar changePercentage change 
Assets            
             
Cash and due from banks$18,431  $24,966  $(6,535)-26.2% $26,410  $(7,979)-30.2% 
Interest-bearing deposits in other financial institutions 1,200   3,192   (1,992)-62.4%  2,447   (1,247)-51.0% 
Interest-bearing deposits at Federal Reserve Bank 179,615   192,996   (13,381)-6.9%  14,227   165,388 1162.5% 
Total cash and due from banks 199,246   221,154 1 (21,908)-9.9%  43,084   156,162 362.5% 
Interest-bearing time deposits with other institutions 5,758   5,756   2 0.0%  2,254   3,504 155.5% 
Investment securities available for sale 27,664   49,327   (21,663)-43.9%  84,719   (57,055)-67.3% 
Loans 1,026,509   894,076   132,433 14.8%  795,345   231,164 29.1% 
Allowance for loan losses (11,100)  (9,598)  (1,502)15.6%  (7,637)  (3,463)45.3% 
Net loans 1,015,409   884,478   130,931 14.8%  787,708   227,701 28.9% 
Federal Home Loan Bank stock, at cost 4,602   4,060   542 13.3%  4,060   542 13.3% 
Right of use asset 5,632   6,022   (390)-6.5%  7,271   (1,639)0.0% 
Premises and equipment, net 3,055   3,052   3 0.1%  2,669   386 14.5% 
Other intangible assets 1,281   1,267   14 1.1%  904   377 41.7% 
Deferred tax asset 4,141   4,141   - 0.0%  4,409   (268)-6.1% 
Accrued interest receivable 3,556   3,122   434 13.9%  2,731   825 30.2% 
Other assets 3,668   3,502   166 4.7%  738   2,930 397.0% 
Total assets$ 1,274,012  $ 1,185,881  $ 88,131 7.4% $ 940,547  $ 333,465 35.5% 
             
Liabilities and Shareholders' Equity            
             
Liabilities            
Noninterest bearing$452,155  $355,225  $96,930 27.3% $247,153  $205,002 82.9% 
Interest Bearing 584,451   607,062   (22,611)-3.7%  485,011   99,440 20.5% 
Total deposits 1,036,606   962,287   74,319 7.7%  732,164   304,442 41.6% 
FHLB borrowings 105,000   95,000   10,000 10.5%  82,000   23,000 28.0% 
Other borrowings 17,936   17,934   2 0.0%  17,929   7 0.0% 
Accrued interest payable and other liabilities 14,097   12,497   1,600 12.8%  10,599   3,498 33.0% 
Total liabilities 1,173,639   1,087,718   85,921 7.9%  842,692   330,947 39.3% 
             
Shareholders' equity            
Common stock 69,512   69,165   347 0.5%  68,740   772 1.1% 
Additional paid-in capital 3,002   3,254   (252)-7.7%  2,823   179 6.3% 
Retained earnings 26,984   24,839   2,145 8.6%  25,997   987 3.8% 
Accumulated other comprehensive income 875   905   (30)-3.3%  295   580 196.6% 
Total stockholders' equity 100,373   98,163   2,210 2.3%  97,855   2,518 2.6% 
             
Total liabilities and stockholders' equity$ 1,274,012  $ 1,185,881  $ 88,131 7.4% $ 940,547  $ 333,465 35.5% 
             


PRIVATE BANCORP OF AMERICA, INC. 
CONSOLIDATED STATEMENTS OF INCOME 
(Unaudited) 
(Dollars in thousands, except per share amounts) 
            
  For the three months ended 
  June 30, 2020 March 31, 2020 Dollar changePercentage change June 30, 2019 Dollar changePercentage change 
Interest Income             
Loans $13,293 $13,129 $164 1.2% $11,442 $1,851 16.2% 
Investment securities  251  401  (150)-37.4%  601  (350)-58.2% 
Deposits in other financial institutions  91  304  (213)-70.1%  126  (35)-27.8% 
Total interest income  13,635  13,834  (199)-1.4%  12,169  1,466 12.0% 
              
Interest Expense             
Deposits  1,356  1,710  (354)-20.7%  1,340  16 1.2% 
Borrowings  659  589  70 11.9%  736  (77)-10.5% 
Total interest expense  2,015  2,299  (284)-12.4%  2,076  (61)-2.9% 
              
Net interest income  11,620  11,535  85 0.7%  10,093  1,527 15.1% 
Provision for loan losses  1,511  997  514 51.6%  996  515 51.7% 
Net interest income after provision for loan losses  10,109  10,538  (429)-4.1%  9,097  1,012 11.1% 
              
Noninterest income:             
Service charges on deposit accounts  143  173  (30)-17.3%  117  26 22.2% 
Net gain on sale of loans  210  679  (469)-69.1%  307  (97)-31.6% 
Gain on sale of investment securities  751  -  751 NM   4  747 18675.0% 
Other noninterest income  274  294  (20)-6.8%  178  96 53.9% 
Total noninterest income  1,378  1,146  232 20.2%  606  772 127.4% 
              
Noninterest expense:             
Salary and employee benefits  5,790  5,552  238 4.3%  5,892  (102)-1.7% 
Occupancy and equipment  900  884  16 1.8%  641  259 40.4% 
Data processing  561  518  43 8.3%  490  71 14.5% 
Professional services  628  859  (231)-26.9%  364  264 72.5% 
Other expenses  827  848  (21)-2.5%  854  (27)-3.2% 
Total noninterest expense  8,706  8,661  45 0.5%  8,241  465 5.6% 
              
Income before provision for income taxes  2,781  3,023  (242)-8.0%  1,462  1,319 90.2% 
Provision for income taxes  711  1,116  (405)-36.3%  411  300 73.0% 
Net income $ 2,070 $ 1,907 $ 163 8.5% $ 1,051 $ 1,019 97.0% 
Net income available to common shareholders $ 2,038 $ 1,874 $ 164 8.8% $ 1,031 $ 1,007 97.7% 
              
Earnings per share             
Basic earnings per share $0.37 $0.34 $0.03 8.8% $0.21 $0.16 80.4% 
Diluted earnings per share $0.37 $0.34 $0.03 8.8% $0.20 $0.17 84.2% 
              
Average shares outstanding  5,435,155  5,488,197  (53,042)-1.0%  5,027,437  407,718 8.1% 
Diluted average shares outstanding  5,453,597  5,555,376  (101,779)-1.8%  5,133,305  320,292 6.2% 
              



PRIVATE BANCORP OF AMERICA, INC. 
CONSOLIDATED STATEMENTS OF INCOME 
(Unaudited) 
(Dollars in thousands, except per share amounts) 
         
  For the six months ended 
  June 30, 2020 June 30, 2019 Dollar changePercentage change 
Interest Income        
Loans $26,421 $21,953 $4,468 20.4% 
Investment securities  652  1,274  (622)-48.8% 
Deposits in other financial institutions  395  259  136 52.5% 
Total interest income  27,468  23,486  3,982 17.0% 
         
Interest Expense        
Deposits  3,066  2,547  519 20.4% 
Borrowings  1,248  1,215  33 2.7% 
Total interest expense  4,314  3,762  552 14.7% 
         
Net interest income  23,154  19,724  3,430 17.4% 
Provision for loan losses  2,508  1,385  1,123 81.1% 
Net interest income after provision for loan losses  20,646  18,339  2,307 12.6% 
         
Noninterest income:        
Service charges on deposit accounts  317  210  107 51.0% 
Net gain on sale of loans  889  654  235 35.9% 
Gain on sale of investment securities  751  25  726 2904.0% 
Other noninterest income  568  269  299 111.2% 
Total noninterest income  2,525  1,158  1,367 118.0% 
         
Noninterest expense:        
Salary and employee benefits  11,343  11,101  242 2.2% 
Occupancy and equipment  1,784  1,314  470 35.8% 
Data processing  1,079  1,014  65 6.4% 
Professional services  1,487  750  737 98.3% 
Other expenses  1,675  1,578  97 6.1% 
Total noninterest expense  17,368  15,757  1,611 10.2% 
         
Income before provision for income taxes  5,803  3,740  2,063 55.2% 
Provision for income tax  1,827  1,102  725 65.8% 
Net income $ 3,976 $ 2,638 $ 1,338 50.7% 
Net income available to common shareholders $ 3,909 $ 2,589 $ 1,320 51.0% 
         
Earnings per share        
Basic earnings per share $0.71 $0.52 $0.19 37.5% 
Diluted earnings per share $0.71 $0.51 $0.20 40.4% 
         
Average shares outstanding  5,488,160  5,012,604  475,556 9.5% 
Diluted average shares outstanding  5,530,697  5,118,471  412,226 8.1% 
         


  PRIVATE BANCORP OF AMERICA, INC. 
  Consolidated average balance sheet, interest, yield and rates 
  (Unaudited) 
  (Dollars in thousands) 
                    
  For the three months ended 
  June 30, 2020 March 31, 2020 June 30, 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 $231,621 $91 0.16% $104,156 $304 1.17% $23,651 $126 2.14% 
Investment securities  38,539  251 2.61%  54,456  401 2.95%  89,102  601 2.70% 
Loans  1,008,220  13,293 5.30%  881,655  13,129 5.99%  748,846  11,442 6.13% 
Total interest-earning assets  1,278,380  13,635 4.29%  1,040,267  13,834 5.35%  861,599  12,169 5.67% 
Noninterest-earning assets  15,104      47,975      35,521     
Total Assets $1,293,484     $1,088,242     $897,120     
                    
Interest-Bearing Liabilities                   
Interest-bearing transaction accounts$73,509 $26 0.14% $83,471 $165 0.80% $33,191 $66 0.80% 
Money market  394,523  476 0.49%  391,262  973 1.00%  320,310  720 0.90% 
Savings deposits  8,863  2 0.09%  9,212  6 0.26%  6,779  5 0.30% 
Certificates of deposit  126,545  852 2.71%  113,964  566 2.00%  98,004  549 2.25% 
Total Interest-Bearing Deposits  603,440  1,356 0.90%  597,909  1,710 1.27%  458,284  1,340 1.17% 
                    
FHLB advances  100,385  387 1.55%  63,394  317 2.01%  65,797  423 2.58% 
Other borrowings  17,934  272 6.07%  17,933  272 6.07%  14,711  313 8.29% 
Total Interest-Bearing Liabilities  118,319  659 2.24%  81,327  589 3.05%  80,508  736 3.67% 
                    
Noninterest-bearing deposits  458,631      298,418      260,295     
Total Funding Sources  1,180,390  2,015 0.69%  977,654  2,299 0.95%  799,087  2,076 1.04% 
                    
Noninterest-bearing liabilities  12,964      13,022      11,069     
                    
Shareholders' equity  100,130      97,566      86,964     
                    
Total Liabilities and Shareholders' Equity $1,293,484     $1,088,242     $897,120     
                    
Net interest spread     3.60%     4.40%     4.62% 
                    
Net interest income   $11,620     $11,535     $10,093   
Net interest margin     3.66%     4.46%     4.70% 
                    



 PRIVATE BANCORP OF AMERICA, INC.
 Condensed Balance Sheets
 (Unaudited)
 (Dollars in thousands, except per share amounts)
 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019
Assets         
Cash and due from banks$205,004  $226,910  $111,368  $90,108  $45,338 
Investment securities 27,664   49,327   51,179   73,171   84,719 
Loans 1,026,509   894,076   885,556   820,989   795,345 
Allowance for loan losses (11,100)  (9,598)  (8,601)  (7,893)  (7,637)
Net loans 1,015,409   884,478   876,955   813,096   787,708 
Right of use asset 5,632   6,022   6,452   6,877   7,271 
Premises and equipment, net 3,055   3,052   3,165   2,947   2,669 
Other assets and interest receivable 17,248   16,092   16,868   13,786   12,842 
Total assets$ 1,274,012  $ 1,185,881  $ 1,065,987  $ 999,985  $ 940,547 
          
Liabilities and Shareholders' Equity         
          
Liabilities         
Noninterest Bearing$452,155  $355,225  $268,116  $266,205  $247,153 
Interest Bearing 584,451   607,062   582,139   557,800   485,011 
Total Deposits 1,036,606   962,287   850,255   824,005   732,164 
Borrowings 122,936   112,934   107,932   72,930   99,929 
Accrued interest payable and other liabilities 14,097   12,497   12,120   9,779   10,599 
Total liabilities 1,173,639   1,087,718   970,307   906,714   842,692 
          
Shareholders' equity         
Common stock 69,512   69,165   69,159   68,804   68,740 
Additional paid-in capital 3,002   3,254   3,048   2,997   2,823 
Retained earnings 26,984   24,839   22,905   20,917   25,997 
Accumulated other comprehensive income 875   905   568   553   295 
Total shareholders' equity 100,373   98,163   95,680   93,271   97,855 
Total liabilities and shareholders' equity$ 1,274,012  $ 1,185,881  $ 1,065,987  $ 999,985  $ 940,547 
          
Book value per common share$17.99  $17.57  $17.15  $16.84  $17.60 
Tangible book value per common share$17.76  $17.35  $16.96  $16.66  $17.44 
          
          
 Regulatory Capital Ratios (PBAM) 1
 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019
Tier 1 leverage ratio 7.57%  8.79%  9.17%  9.54%  10.69%
Tier 1 risk-based capital ratio 9.66%  9.20%  9.86%  10.24%  11.10%
Common equity Tier 1 ratio 9.66%  9.20%  9.86%  10.24%  11.10%
Total risk-based capital ratio 12.60%  11.91%  12.71%  13.09%  14.10%
Tangible equity / tangible assets 7.79%  8.18%  8.88%  9.24%  10.32%
          
1 Preliminary ratios for June 30, 2020         
          



 PRIVATE BANCORP OF AMERICA, INC. 
 Condensed Statements of Income 
 (Unaudited) 
 (Dollars in thousands, except per share amounts) 
 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 
Interest income$13,635  $13,834  $13,472  $13,222  $12,169  
Interest expense 2,015   2,299   2,400   2,253   2,076  
Net interest income 11,620   11,535   11,072   10,969   10,093  
Provision for loan losses 1,511   997   708   9,737   996  
Net interest income after provision for loan losses 10,109   10,538   10,364   1,232   9,097  
           
Noninterest income 1,378   1,146   1,021   584   606  
           
Salary and employee benefits 5,790   5,552   5,427   6,341   5,892  
Occupancy and equipment 900   884   832   793   641  
Data processing 561   518   631   588   490  
Professional services 628   859   726   639   364  
Other expenses 827   848   946   570   854  
Total noninterest expense 8,706   8,661   8,562   8,931   8,241  
           
Income (loss) before provision for income taxes 2,781   3,023   2,823   (7,115)  1,462  
Income taxes 711   1,116   857   (2,081)  411  
Net income (loss)$2,070  $1,907  $1,966  $(5,034) $1,051  
Net income (loss) available to common shareholders$2,038  $1,874  $1,931  $(4,950) $1,031  
           
Earnings (loss) per share          
Basic earnings (loss) per share$0.37  $0.34  $0.36  $(0.91) $0.21  
Diluted earnings (loss) per share$0.37  $0.34  $0.35  $(0.89) $0.20  
           
Average shares outstanding 5,435,155   5,488,197   5,414,056   5,465,278   5,027,437  
Diluted average shares outstanding 5,453,597   5,555,376   5,492,930   5,563,931   5,133,305  
           
 Performance Ratios 
 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 
ROAA 0.64%  0.70%  0.77%  -2.06%  0.47% 
ROAE 8.31%  7.86%  8.53%  -20.30%  4.85% 
ROTE 8.42%  7.96%  8.01%  -20.50%  4.90% 
Net interest margin 3.66%  4.46%  4.47%  4.67%  4.70% 
Net interest spread 3.60%  4.40%  4.40%  4.59%  4.62% 
Efficiency ratio 66.98%  68.30%  70.80%  77.30%  77.03% 
Noninterest expense / average assets 2.71%  3.20%  3.33%  3.65%  3.68% 
           
           
           
           
           
Average assets$1,293,484  $1,088,242  $1,018,944  $970,864  $897,120  
           
  4.021978022   4.021978022   3.967391304   3.967391304   4.010989011  
           
Salary and employee benefits 1.80%  2.05%  2.11%  2.59%  2.63% 
Occupancy and equipment 0.28%  0.33%  0.32%  0.32%  0.29% 
Data processing 0.17%  0.19%  0.25%  0.24%  0.22% 
Professional services 0.20%  0.32%  0.28%  0.26%  0.16% 
Other expenses 0.26%  0.31%  0.37%  0.23%  0.38% 
  2.71%  3.20%  3.33%  3.65%  3.68% 
           



 PRIVATE BANCORP OF AMERICA, INC. 
 Average Balances 
 (Unaudited) 
 (Dollars in thousands) 
 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 
Total assets$1,293,484  $1,088,242  $1,018,944  $970,864  $897,120  
Earning assets$1,278,380  $1,040,267  $982,032  $931,781  $861,599  
Total loans$1,008,220  $881,655  $845,199  $816,281  $748,846  
Total deposits$1,062,071  $896,327  $842,229  $778,821  $718,579  
Total equity$100,130  $97,566  $91,464  $98,391  $86,964  
           
           
 Loan Balances by Type 
 (Dollars in thousands) 
 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 
Real estate - investor owned$234,806  $246,026  $245,658  $247,953  $245,068  
Real estate - owner occupied 240,587   234,771   225,778   192,739   175,112  
Real estate - multifamily 66,431   67,550   68,308   68,536   67,839  
Real estate - single family 57,521   58,429   59,487   59,782   56,783  
Commercial business 385,329   245,610   243,438   204,166   201,892  
Land and construction 26,327   27,044   32,151   37,918   37,966  
Consumer 8,046   7,300   6,172   5,585   7,035  
Total loans held for investment 1,019,047   886,730   880,992   816,679   791,695  
Loans held for sale 7,462   7,346   4,564   4,310   3,650  
Total loans, including loans held for sale 1,026,509   894,076   885,556   820,989   795,345  
Allowance for loan losses (11,100)  (9,598)  (8,601)  (7,893)  (7,637) 
Net loans$1,015,409  $884,478  $876,955  $813,096  $787,708  
           
           
 Deposits by Type 
 (Dollars in thousands) 
 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 
Non interest bearing DDA$452,155  $355,225  $268,116  $266,205  $247,153  
Interest bearing DDA 63,805   108,368   112,397   47,805   29,583  
Savings & MMA 427,685   366,109   350,563   394,128   363,803  
Retail CD 8,493   8,484   6,989   7,132   7,025  
Jumbo CD 84,468   124,101   112,190   108,735   84,600  
Total deposits$1,036,606  $962,287  $850,255  $824,005  $732,164  
           
           
 Asset Quality 
 (Dollars in thousands) 
 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 
Total Loans$1,026,509  $894,076  $885,556  $820,989  $795,345  
30-89 day past due loans$-  $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 0.00%  0.07%  0.00%  0.00%  0.00% 
Net quarterly charge-offs$-  $-  $-  $9,481  $-  
Net charge-offs/avg loans (annualized) 0.00%  0.00%  0.00%  4.65%  0.00% 
Allowance for loan losses to loans 1.08%  1.07%  0.97%  0.96%  0.96% 
Allowance for loan losses to nonaccrual loansNM   1447.66% NM  NM  NM