Private Bancorp of America, Inc. Reports 2019 Fourth Quarter Financial Results

 | Source: Private Bancorp of America, Inc. Private Bancorp of America, Inc.

  • Total assets increased to $1.1 billion up 7% for the quarter and 26% year-over-year
  • Total loans increased to $885.6 million up 8% for the quarter and up 28% year-over-year
  • Total deposits increased to $850.3 million up 3% for the quarter and up 22% year-over-year
  • Record fourth quarter earnings of $2.0 million, or $0.35 per diluted share
  • Net interest income for the year increased 43%

LA JOLLA, Calif., Jan. 29, 2020 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the fourth quarter and year ending December 31, 2019. For the full year 2019, the Company reported a net loss of $428,000 or $0.08 per diluted share. The net loss for the year was due to the $9.5 million pre-tax loan charge-off reported in the third quarter of 2019. 

The Company reported net income of $2.0 million or $0.35 per diluted share for the quarter ended December 31, 2019 compared with a net loss of $5.0 million or $0.89 per diluted share in the third quarter of 2019 and net income of $1.0 million or $0.20 per diluted share for the fourth quarter of 2018. Net interest income was $11.1 million for the fourth quarter of 2019 representing a $103,000 or 1%, increase compared to the third quarter of 2019 and a $2.3 million or 26% increase, compared to the same period in 2018. Net interest margin for the fourth quarter was 4.47% compared with 4.67% for the third quarter and 4.52% for the same period in 2018. The yield on earning assets for the quarter was 5.44% compared with 5.63% in the third quarter and 5.33% for the same period in 2018 reflecting the impact of changes in the Federal Funds Rate, and an increase in loan yields year-over-year. The cost of total funding sources was 1.04% for the quarter compared with 1.04% in the third quarter and 0.88% for the same period in 2018. The increase in funding costs compared to the fourth quarter of 2018 was partially attributable to the increased cost from the subordinate debt issued during the second quarter of 2019.   

Non-interest income was $1.0 million for the fourth quarter of 2019 representing a $437,000 or 75% increase compared to the third quarter of 2019 and a $460,000 increase, or 82% increase compared to the same period in 2018. The quarterly increase is primarily due to increased gains from SBA loan sales and gain-on-sale of investment securities. The increase compared to the same period in 2018 is due to the increase in SBA loan sales and other non-interest income. 

Non-interest expense was $8.6 million for the fourth quarter of 2019 representing a $369,000 decrease, or 4%, compared to the third quarter of 2019 and a $1.6 million, or 23% increase, compared to the same period in 2018. The decrease was caused by downward adjustments to bonus and commission accruals, offset by increases to professional and other expenses related to increased legal costs, regulatory assessments and expenses related to unfunded commitments. The increase compared to 2018 was due to increases in salaries and benefits, data processing costs, professional services and other expenses due to increased headcount, legal fees and expense related to unfunded commitments. 

The Company increased total assets to $1.1 billion at December 31, 2019 representing an increase of $66 million or 7% compared to the third quarter of 2019 and $218.8 million or 26% compared to the same period in 2018. Total loans increased $64.6 million, or 8%, from the third quarter to $885.6 million at December 31, 2019 and increased $191 million, or 28%, from the fourth quarter of 2018. The Allowance for Loan Losses increased $708 thousand to $8.6 million in the quarter with a resulting coverage ratio of 0.97% compared to $7.9 million or 0.96% at the third quarter of 2019 and $6.3 million or 0.90% at the fourth quarter of 2018. 

Tom Wornham, President and CEO of the Company and CEO of the Bank said, “Our growth continues to come from all around our Coastal Southern California footprint and across all of our business lines. We are very appreciative of the support of our clients and shareholders; as well as the hard work of our Team Members who are successfully implementing our organic growth strategy. While we are very disappointed we incurred our only significant loan loss since the merger in 2013, we are proud that without this event PBAM would have reported record earnings in 2019.”   

Rick Sowers, President of the Bank added, “We are more than half way through our 36-month growth strategy that we communicated to our investors. We have experienced tremendous growth and I am proud of our Team. Our focus remains on continuing to improve our operating leverage, continually providing an exceptional client experience and getting the most out of the investments we have made.” 

 “The company continued to grow based on prior and current investments in infrastructure, talent and technology. The focus on client experience and corporate culture resulted in the strengthening of the franchise through broader and deeper client relationships and exceptional Team Member engagement,” said Selwyn Isakow, Chairman of PBAM and the Bank. “The company remains well capitalized and reported no past due or delinquent loans at the end of the year. We remain committed to providing our shareholders with solid long-term returns.” 

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.

Investor Relations Contact

Thomas V. Wornham
President/CEO
Private Bancorp of America, Inc.
(858) 875-6900

Safe Harbor Paragraph

This press release includes forward-looking statements that involve inherent risks and uncertainties. Private Bancorp of America, Inc. cautions readers that a number of important factors could cause actual results to differ materially from those in the forward‐looking statements. These factors include loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate and develop business through the addition of new personnel and facilities and merged banks, whether our efforts to expand loan, product and service offerings will prove profitable, the effects of the bank mergers and acquisitions in our markets, system failures and internet security, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward‐looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.



PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in thousands)
          
 December 31, 2019 September 30, 2019 Dollar
change		Percentage
change		 December 31, 2018 Dollar
change		Percentage
change
Assets           
            
Cash and due from banks$34,551  $29,480  $5,071 17.2%  24,140  $10,411 43.1%
Interest-bearing deposits at Federal Reserve Bank 74,561   58,373   16,188 27.7%  18,964   55,597 293.2%
Total cash and due from banks 109,112   87,853 1 21,259 24.2%  43,104   66,008 153.1%
Interest-bearing time deposits with other institutions 2,256   2,255   1 0.0%  2,751   (495)-18.0%
Investment securities available for sale 51,215   73,209   (21,994)-30.0%  98,170   (46,955)-47.8%
Loans 885,556   820,989   64,567 7.9%  694,531   191,025 27.5%
Allowance for loan losses (8,601)  (7,893)  (708)9.0%  (6,252)  (2,349)37.6%
Net loans 876,955   813,096   63,859 7.9%  688,279   188,676 27.4%
Federal Home Loan Bank stock, at cost 4,060   4,060   0 0.0%  3,310   750 22.7%
Right of use asset 6,452   6,877   (425)-6.2%  0   6,452 0.0%
Premises and equipment, net 3,165   2,947   218 7.4%  2,223   942 42.4%
Other intangible assets 1,080   978   102 10.5%  884   196 22.2%
Deferred tax asset 5,966   4,576   1,390 30.4%  4,409   1,557 35.3%
Accrued interest receivable 2,703   2,569   134 5.2%  2,527   176 7.0%
Other assets 3,022   1,565   1,457 93.1%  1,507   1,515 100.5%
Total assets$ 1,065,986  $ 999,985  $ 66,001 6.6% $ 847,164  $ 218,822 25.8%
            
Liabilities and Shareholders' Equity           
            
Liabilities           
Noninterest bearing$268,116  $266,205  $1,911 0.7% $226,119  $41,997 18.6%
Interest Bearing 582,139   557,800   24,339 4.4%  470,344   111,795 23.8%
Total deposits 850,255   824,005   26,250 3.2%  696,463   153,792 22.1%
FHLB borrowings 90,000   55,000   35,000 63.6%  55,000   35,000 63.6%
Other borrowings 17,932   17,930   2 0.0%  7,909   10,023 126.7%
Accrued interest payable and other liabilities 12,120   9,779   2,341 23.9%  4,241   7,879 185.8%
Total liabilities 970,307   906,714   63,593 7.0%  763,613   206,694 27.1%
            
Shareholders' equity           
Common stock 69,159   68,804   355 0.5%  58,373   10,786 18.5%
Additional paid-in capital 3,048   2,997   51 1.7%  3,083   (35)-1.1%
Retained earnings 22,904   20,917   1,987 9.5%  23,363   (459)-2.0%
Accumulated other comprehensive income 568   553   15 2.7%  (1,268)  1,836 -144.8%
Total stockholders' equity 95,679   93,271   2,408 2.6%  83,551   12,128 14.5%
            
Total liabilities and stockholders' equity$ 1,065,986  $ 999,985  $ 66,001 6.6% $ 847,164  $ 218,822 25.8%
            
            


PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
           
  For the three months ended
  December 31, 2019 September 30, 2019 Dollar
change		Percentage
change		 December 31, 2018 Dollar
change		Percentage
change
Interest Income            
Loans $12,733 $12,497  $236 1.9% $9,459  $3,274 34.6%
Investment securities  485  544   (59)-10.8%  747   (262)-35.1%
Deposits in other financial institutions  254  181   73 40.3%  127   127 100.0%
Total interest income  13,472  13,222   250 1.9%  10,333   3,139 30.4%
             
Interest Expense            
Deposits  1,825  1,605   220 13.7%  860   965 112.2%
Borrowings  575  648   (73)-11.3%  710   (135)-19.0%
Total interest expense  2,400  2,253   147 6.5%  1,570   830 52.9%
             
Net interest income  11,072  10,969   103 0.9%  8,763   2,309 26.3%
Provision for credit losses  708  9,737   (9,029)-92.7%  863   (155)-18.0%
Net interest income after provision for credit losses  10,364  1,232   9,132 741.2%  7,900   2,464 31.2%
             
Noninterest income:            
Service charges on deposit accounts  138  137   1 0.7%  96   42 43.8%
Net gain on sale of loans  432  163   269 165.0%  410   22 5.4%
Gain on sale of investment securities  190  125   65 52.0%  (13)  203 -1561.5%
Other noninterest income  261  159   102 64.2%  68   193 283.8%
Total noninterest income  1,021  584   437 74.8%  561   460 82.0%
             
Noninterest expense:            
Salary and employee benefits  5,427  6,341   (914)-14.4%  4,741   686 14.5%
Occupancy and equipment  832  793   39 4.9%  620   212 34.2%
Data processing  631  588   43 7.3%  541   90 16.6%
Professional services  726  639   87 13.6%  350   376 107.4%
Other expenses  946  570   376 66.0%  688   258 37.5%
Total noninterest expense  8,562  8,931   (369)-4.1%  6,940   1,622 23.4%
             
Income (loss) before provision for income taxes  2,823  (7,115)  9,938 -139.7%  1,521   1,302 85.6%
Provision for income taxes  857  (2,081)  2,938 -141.2%  474   383 80.8%
Net income (loss) $ 1,966 $ (5,034) $ 7,000 -139.1% $ 1,047  $ 919 87.8%
Net income available to common shareholders $ 1,931 $ (4,950) $ 6,881 -139.0%  1,025  $ 906 88.4%
             
Earnings per share            
Basic earnings (loss) per share $0.36 $(0.91) $1.27 -139.7% $0.21  $0.15 74.6%
Diluted earnings (loss) per share $0.35 $(0.89) $1.24 -139.3% $0.20  $0.15 75.8%
             
Average shares outstanding  5,414,056  5,465,278   (51,222)-0.9%  4,970,090   443,966 8.9%
Diluted average shares outstanding  5,492,930  5,563,931   (71,001)-1.3%  5,147,858   345,072 6.7%
             


PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
        
  For the twelve months ended
  December 31, 2019 December 31, 2018 Dollar
change		Percentage
change
Interest Income       
Loans $47,182   30,219  $16,963 56.1%
Investment securities  2,303   2,698   (395)-14.6%
Deposits in other financial institutions  695   704   (9)-1.3%
Total interest income  50,180   33,621   16,559 49.3%
        
Interest Expense       
Deposits  5,977   2,405   3,572 148.5%
Borrowings  2,438   1,967   471 23.9%
Total interest expense  8,415   4,372   4,043 92.5%
        
Net interest income  41,765   29,249   12,516 42.8%
Provision for credit losses  11,830   1,731   10,099 583.4%
Net interest income after provision for credit losses  29,935   27,518   2,417 8.8%
        
Noninterest income:       
Service charges on deposit accounts  485   258   227 88.0%
Net gain on sale of loans  1,249   1,670   (421)-25.2%
Gain on sale of investment securities  341   (4)  345 -8625.0%
Other noninterest income  688   441   247 56.0%
Total noninterest income  2,763   2,365   398 16.8%
        
Noninterest expense:       
Salary and employee benefits  22,889   15,943   6,946 43.6%
Occupancy and equipment  2,941   2,310   631 27.3%
Data processing  2,233   1,902   331 17.4%
Professional services  2,121   1,248   873 70.0%
Other expenses  3,099   2,632   467 17.7%
Total noninterest expense  33,283   24,035   9,248 38.5%
        
Income (loss) before provision for income taxes  (585)  5,848   (6,433)-110.0%
Provision for income tax  (157)  1,712   (1,869)-109.2%
Net income (loss) $ (428) $ 4,136  $ (4,564)-110.3%
Net income available to common shareholders $ (420) $ 4,073  $ (4,493)-110.3%
        
Earnings per share       
Basic earnings (loss) per share $(0.08) $0.82  $(0.90)-109.7%
Diluted earnings (loss) per share $(0.08) $0.80  $(0.88)-110.1%
        
Average shares outstanding  5,241,325   4,959,314   282,011 5.7%
Diluted average shares outstanding  5,320,200   5,136,987   183,213 3.6%
        



  PRIVATE BANCORP OF AMERICA, INC.
  Consolidated average balance sheet, interest, yield and rates
  (Unaudited)
  (Dollars in thousands)
 
 
 For the three months ended
  December 31, 2019 September 30, 2019 December 31, 2018
  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 $66,186 $254 1.52% $35,658 $181 2.01% $24,810 $127 2.03%
Investment securities  70,647  485 2.75%  79,842  544 2.73%  102,746  747 2.88%
Loans  845,199  12,733 5.98%  816,281  12,497 6.07%  640,963  9,459 5.85%
Total interest-earning assets  982,032  13,472 5.44%  931,781  13,222 5.63%  768,519  10,333 5.33%
Noninterest-earning assets  36,912      39,083      24,752    
Total Assets $1,018,944     $970,864     $793,271    
                   
Interest-Bearing Liabilities                  
Interest-bearing transaction accounts$56,061 $130 0.92% $37,644 $69 0.73% $17,890 $9 0.20%
Money market  389,499  1,009 1.03%  372,008  959 1.02%  306,361  530 0.69%
Savings deposits  10,078  6 0.24%  7,099  5 0.28%  6,385  4 0.25%
Certificates of deposit  114,699  680 2.35%  100,705  572 2.25%  70,416  317 1.79%
Total Interest-Bearing Deposits  570,337  1,825 1.27%  517,456  1,605 1.23%  401,052  860 0.85%
                   
FHLB advances  56,814  306 2.14%  63,301  376 2.36%  97,918  605 2.45%
Other borrowings  17,931  269 6.00%  17,929  272 6.07%  7,907  105 5.27%
Total Interest-Bearing Liabilities  74,745  575 3.05%  81,230  648 3.16%  105,825  710 2.66%
                   
Noninterest-bearing deposits  271,892      261,365      199,588    
Total Funding Sources  916,974  2,400 1.04%  860,051  2,253 1.04%  706,465  1,570 0.88%
                   
Noninterest-bearing liabilities  10,506      12,422      4,200    
                   
Shareholders' equity  91,464      98,391      82,606    
                   
Total Liabilities and Shareholders' Equity $1,018,944     $970,864     $793,271    
                   
Net interest spread     4.40%     4.59%     4.45%
                   
Net interest income   $11,072     $10,969     $8,763  
Net interest margin     4.47%     4.67%     4.52%


          
          
 Condensed Balance Sheets
 (Dollars in thousands, except per share amounts)
 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018
Assets         
Cash and due from banks$111,368  $90,108  $45,337  $37,998  $45,855 
Investment securities 51,215   73,209   84,752   85,852   98,170 
Loans 885,556   820,989   795,345   713,408   694,531 
Allowance for loan losses (8,601)  (7,893)  (7,637)  (6,641)  (6,252)
Net loans 876,955   813,096   787,708   706,767   688,279 
Right of use asset 6,452   6,877   7,271   6,951   - 
Premises and equipment, net 3,165   2,947   2,669   2,416   2,223 
Other assets and interest receivable 16,831 - 13,748 - 12,810 - 12,554 - 12,637 
Total assets$ 1,065,986  $ 999,985  $ 940,547  $ 852,538  $ 847,164 
          
Liabilities and Shareholders' Equity         
          
Liabilities         
Noninterest Bearing$268,116  $266,205  $247,153  $263,255  $226,119 
Interest Bearing 582,139   557,800   485,011   443,572   470,344 
Total Deposits 850,255   824,005   732,164   706,827   696,463 
Borrowings 107,932   72,930   99,929   47,832   62,909 
Accrued interest payable and other liabilities 12,120   9,779   10,599   11,777   4,240 
Total liabilities 970,307   906,714   842,692   766,436   763,612 
          
Shareholders' equity         
Common stock 69,159   68,804   68,740   58,576   58,373 
Additional paid-in capital 3,048   2,997   2,823   3,062   3,083 
Retained earnings 22,904   20,917   25,997   24,952   23,364 
Accumulated other comprehensive income 568   553   295   (488)  (1,268)
Total shareholders' equity 95,679   93,271   97,855   86,102   83,552 
Total liabilities and shareholders' equity$ 1,065,986  $ 999,985  $ 940,547  $ 852,538  $ 847,164 
          
Book value per common share$17.15  $16.84  $17.60  $16.90  $16.41 
Tangible book value per common share$16.96  $16.66  $17.44  $16.72  $16.23 
          
          
 Regulatory Capital Ratios (PBAM) 1
 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018
Tier 1 leverage ratio 9.17%  9.54%  10.69%  9.97%  10.39%
Tier 1 risk-based capital ratio 9.86%  10.24%  11.10%  11.10%  11.36%
Common equity Tier 1 ratio 9.86%  10.24%  11.10%  11.10%  11.36%
Total risk-based capital ratio 12.71%  13.09%  14.10%  12.01%  12.25%
Tangible equity / tangible assets 8.88%  9.24%  10.32%  10.00%  9.74%
          
1 Preliminary ratios for December 31, 2019         


          
 Condensed Statements of Income
 (Dollars in thousands, except per share amounts)
 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018
Interest income$13,472  $13,222  $12,169  $11,317  $10,333 
Interest expense 2,400   2,253   2,076   1,686   1,570 
Net interest income 11,072   10,969   10,093   9,631   8,763 
Provision for credit losses 708   9,737   996   389   863 
Net interest income after provision for credit losses 10,364   1,232   9,097   9,242   7,900 
          
Noninterest income 1,021   584   606   552   561 
          
Salary and employee benefits 5,427   6,341   5,892   5,229   4,741 
Occupancy and equipment 832   793   641   674   620 
Data processing 631   588   490   524   541 
Professional services 726   639   364   392   350 
Other expenses 946   570   854   730   688 
Total noninterest expense 8,562   8,931   8,241   7,549   6,940 
          
Income before provision for income taxes 2,823   (7,115)  1,462   2,245   1,521 
Income taxes 857   (2,081)  411   656   474 
Net income$1,966  $(5,034) $1,051  $1,589  $1,047 
Net income available to common shareholders$1,931  $(4,950) $1,031  $1,559  $1,025 
          
Earnings per share         
Basic earnings per share$0.36  $(0.91) $0.21  $0.31  $0.21 
Diluted earnings per share$0.35  $(0.89) $0.20  $0.30  $0.20 
          
Average shares outstanding 5,414,056   5,465,278   5,027,437   4,996,811   5,042,921 
Diluted average shares outstanding 5,492,930   5,563,931   5,133,305   5,114,096   5,160,206 
          
 Performance Ratios
 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018
ROAA 0.77%  -2.06%  0.47%  0.76%  0.52%
ROAE 8.53%  -20.30%  4.85%  7.60%  5.03%
ROTE 8.01%  -20.50%  4.90%  7.72%  5.09%
Net interest margin 4.47%  4.67%  4.70%  4.77%  4.52%
Net interest spread 4.40%  4.59%  4.62%  4.71%  4.45%
Efficiency ratio 70.80%  77.30%  77.03%  74.13%  74.43%
Noninterest expense / average assets 3.33%  3.65%  3.68%  3.61%  3.47%
          



          
 Average Balances
 (Dollars in thousands)
 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018
Total assets$1,018,944  $970,864  $897,120  $847,900  $793,271 
Earning assets$982,032  $931,781  $861,599  $818,630  $768,519 
Total loans$845,199  $816,281  $748,846  $701,715  $640,963 
Total deposits$842,229  $778,821  $718,579  $690,384  $600,640 
Total equity$91,464  $98,391  $86,964  $84,827  $82,606 
          
          
 Loan Balances by Type
 (Dollars in thousands)
 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018
Real estate - investor owned$245,658  $247,953  $245,068  $235,185  $234,540 
Real estate - owner occupied 225,778   192,739   175,112   136,484   122,258 
Real estate - multifamily 68,308   68,536   67,839   69,083   62,388 
Real estate - single family 59,487   59,782   56,783   58,334   59,685 
Commercial business 243,438   204,166   201,892   173,027   180,602 
Land and construction 32,151   37,918   37,966   32,987   24,679 
Consumer 6,172   5,585   7,035   5,107   5,255 
Total loans held for investment 880,992   816,679   791,695   710,207   689,407 
Loans held for sale 4,564   4,310   3,650   3,201   5,124 
Total loans, including loans held for sale 885,556   820,989   795,345   713,408   694,531 
Allowance for loan losses (8,601)  (7,893)  (7,637)  (6,641)  (6,252)
Net loans$876,955  $813,096  $787,708  $706,767  $688,279 
          
          
 Deposits by Type
 (Dollars in thousands)
 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018
Non interest bearing DDA$268,116  $266,205  $247,153  $263,255  $226,119 
Interest bearing DDA 112,397   47,805   29,583   23,195   21,079 
Savings & MMA 350,563   394,128   363,803   325,880   344,776 
Retail CD 6,989   7,132   7,025   4,135   7,651 
Jumbo CD 112,191   108,735   84,600   90,362   96,838 
Total deposits$850,255  $824,005  $732,164  $706,827  $696,463 
          
          
 Asset Quality
 (Dollars in thousands)
 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018
Total Loans$885,556  $820,989  $795,345  $713,408  $694,531 
30-89 day past due loans$-  $-  $155  $-  $- 
90+ day past due loans$-  $-  $-  $-  $- 
Nonaccrual loans$-  $-  $-  $-  $- 
          
NPAs / Assets 0.00%  0.00%  0.00%  0.00%  0.00%
NPLs / loans & OREO 0.00%  0.00%  0.00%  0.00%  0.00%
Net quarterly charge-offs$-  $9,481  $-  $-  $- 
Net charge-offs/avg loans (annualized) 0.00%  4.65%  0.00%  0.00%  0.00%
Allowance for loan losses to loans 0.97%  0.96%  0.96%  0.93%  0.90%
Allowance for loan losses to nonaccrual loansNM NM NM NM NM
          

 

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