Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for First Quarter 2025
First Quarter 2025 Highlights
-- Net income for the first quarter of 2025 was $10.6 million, compared to
$10.7 million in the prior quarter and $7.9 million in the first quarter
of 2024. Net income for the first quarter of 2025 represents a return on
average assets of 1.74% and a return on average tangible common equity of
18.74%
-- Diluted earnings per share for the first quarter of 2025 was $1.80,
compared to $1.82 in the prior quarter and $1.36 in the first quarter of
2024
-- Total deposits were $2.19 billion as of March 31, 2025, an increase of
$57.7 million or 2.7% from December 31, 2024, which included a reduction
in brokered deposits of $96.9 million. Total deposits increased 15.1%
year over year. Core deposits were $2.05 billion as of March 31, 2025, an
increase of $154.6 million or 8.2% from December 31, 2024. Core deposits
increased 27.5% year over year
-- Total cost of deposits was 2.22% for the first quarter of 2025, a
decrease from 2.36% in the prior quarter and 2.61% in the first quarter
of 2024. The spot rate for total deposits was 2.11% as of March 31, 2025,
compared to 2.29% at December 31, 2024. Total cost of funding sources was
2.29% for the first quarter of 2025, a decrease from 2.45% in the prior
quarter and 2.70% in the first quarter of 2024
-- Loans held-for-investment ("HFI") totaled $2.08 billion as of March 31,
2025, a decrease of $6.5 million or 0.3% from December 31, 2024. Loans
HFI increased 9.0% year over year
-- Net interest margin was 4.61% for the first quarter of 2025, compared to
4.67% in the prior quarter and 4.31% in the first quarter of 2024
-- Provision for credit losses for the first quarter of 2025 was $0.3
million, compared to $17 thousand for the prior quarter and $0.2 million
for the first quarter of 2024. The allowance for loan losses was 1.27% of
loans HFI as of March 31, 2025 compared to 1.31% at December 31, 2024
-- As of March 31, 2025, criticized and classified loans totaled $40.8
million, or 1.96% of total loans, up from $24.7 million, or 1.18% of
total loans, in the prior quarter
-- Tangible book value per share was $40.29 as of March 31, 2025, an
increase of $1.89 since December 31, 2024 primarily as a result of strong
earnings. Tangible book value per share increased 4.9%
quarter-over-quarter and 20.1% year over year.
LA JOLLA, Calif., April 21, 2025 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX: PBAM), ("Company") and CalPrivate Bank ("Bank") announced unaudited financial results for the first fiscal quarter ended March 31, 2025. The Company reported net income of $10.6 million, or $1.80 per diluted share, for the first quarter of 2025, compared to $10.7 million, or $1.82 per diluted share, in the prior quarter, and $7.9 million, or $1.36 per diluted share, in the first quarter of 2024.
Rick Sowers, President and CEO of the Company and the Bank stated, "We continue to be pleased by the Company and the Team's performance. Strong growth in core deposits over the past year continues and we remain focused on building strong Relationships with our Clients. Loan demand was soft in Q1, as Clients and financial markets digest the current economy and prospects for future growth and stability. We remain optimistic that markets will settle, and demand will return. In the meantime, we are focused on providing the Distinctively Different Service our Clients and Prospects are seeking, getting more efficient and effective in our business through technology, continuous process improvement and building a strong Team throughout the Bank."
Sowers added, "The Bank was recognized throughout the last year for superior financial performance and industry leading service metrics. These recognitions highlight CalPrivate Bank's dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value:
-- #1 for both Return on Assets (ROA) and Return on Equity $(ROE)$ among banks with less than $5 billion in assets -- #1 SBA 504 Community Bank Lender in the United States -- #10 Best U.S. Bank by Bank Director's RankingBanking$(R)$ -- Client Net Promoter Score of 81 (World Class) -- Bauer 5 Star Rating -- 2025 Best 50 OTCQX
"As Los Angeles continues to tackle the enormous task of cleaning up after the devastating fires, CalPrivate Bank remains committed to being a partner to our Clients and the Communities we serve."
"As our economy transitions based on priorities of the new administration in Washington DC, and global economic uncertainties increase, management and the board are diligently assessing and acting upon potential future risks and market opportunities. The Bank continues to produce top tier financial results by seeking improved productivity through technology investments, streamlined systems and processes, and hiring top bankers in existing and potential new markets and market segments. We continue to prioritize unparalleled Client service and creative Solutions for our loyal and growing client base. We continue to support a broad range of non-profit organizations in the communities we serve, both through team member volunteering activities and financial resources. Our Team takes great pride in doing well for shareholders by doing good for clients and community," said Selwyn Isakow, Chairman of the Board of the Company and the Bank.
STATEMENT OF INCOME
Net Interest Income
Net interest income for the first quarter of 2025 totaled $27.7 million, an increase of $0.3 million or 1.2% from the prior quarter and an increase of $5.0 million or 21.8% from the first quarter of 2024. The increase from the prior quarter was due to a $0.5 million decrease in interest expense, resulting from a 22 basis point reduction in the cost of interest-bearing liabilities, primarily driven by a 14 basis point decrease in the cost of total deposits.
Net Interest Margin
Net interest margin for the first quarter of 2025 was 4.61%, compared to 4.67% for the prior quarter and 4.31% in the first quarter of 2024. The 6 basis point decrease in net interest margin from the prior quarter was primarily due to lower yields on interest-earning assets and a decrease in prepayment-penalty fees. The yield on interest-earning assets was 6.70% for the first quarter of 2025 compared to 6.89% for the prior quarter, and the cost of interest-bearing liabilities was 3.14% for the first quarter of 2025 compared to 3.36% in the prior quarter. The cost of total deposits was 2.22% for the first quarter of 2025 compared to 2.36% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.99% in the first quarter of 2025 compared to 2.07% in the prior quarter. The spot rate for total deposits was 2.11% as of March 31, 2025, compared to 2.29% at December 31, 2024.
Provision for Credit Losses
Provision expense for credit losses for the first quarter of 2025 was $0.3 million, compared to $17 thousand in the prior quarter and $0.2 million in the first quarter of 2024. The provision expense for loans HFI for the first quarter of 2025 was $0.5 million, primarily reflecting heightened macroeconomic uncertainty incorporated into our forecasts. This was offset by a $0.2 million reversal for unfunded commitments due to increased line of credit utilization that resulted in lower unfunded commitment balances. For more details, please refer to the "Asset Quality" section below.
Noninterest Income
Noninterest income was $1.6 million for the first quarter of 2025, compared to $1.9 million in the prior quarter and $1.4 million in the first quarter of 2024. SBA loan sales for the first quarter of 2025 were $8.3 million with a 10.86% average trade premium resulting in a net gain on sale of $469 thousand, compared with $14.9 million with a 11.45% average trade premium resulting in a net gain on sale of $932 thousand in the prior quarter.
Noninterest Expense
Noninterest expense was $14.1 million for the first quarter of 2025, compared to $14.2 million in the prior quarter and $12.8 million in the first quarter of 2024. The efficiency ratio was 47.90% for the first quarter of 2025 compared to 48.34% in the prior quarter and 52.84% in the first quarter of 2024. The slight decrease in the efficiency ratio from the prior quarter was due to the decrease in noninterest expense.
The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.
Provision for Income Tax Expense
Provision for income tax expense was $4.4 million for the first quarter of 2025, compared to $4.5 million for the prior quarter. The effective tax rate for the first quarter of 2025 was 29.5%, compared to 29.6% in the prior quarter and 29.5% in the first quarter of 2024.
STATEMENT OF FINANCIAL CONDITION
As of March 31, 2025, total assets were $2.48 billion, an increase of $58.9 million since December 31, 2024. The increase in assets from the prior quarter was primarily due to higher cash and due from banks and investment securities, partially offset by lower loans receivable. Our total cash and due from banks increased to $218.5 million as of March 31, 2025, an increase of $54.6 million or 33.3% since December 31, 2024, primarily due to strong growth in core deposits along with lower loan demand. Investment securities available-for-sale ("AFS") were $156.3 million as of March 31, 2025, an increase of $11.1 million or 7.6% since December 31, 2024, primarily as a result of new securities purchased. As of March 31, 2025, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $10.1 million (pre-tax) compared to a loss of $12.1 million (pre-tax) as of December 31, 2024. The average duration of the Bank's AFS portfolio is 3.8 years. The Company has no held-to-maturity securities. Loans HFI totaled $2.08 billion as of March 31, 2025, a decrease of $6.5 million or 0.3% since December 31, 2024, reflecting lower loan production as borrowers deferred new financings amid economic and interest-rate uncertainty as well as wildfire-related disruptions in Southern California.
Total deposits were $2.19 billion as of March 31, 2025, an increase of $57.7 million since December 31, 2024. During the quarter, core deposits increased by $154.6 million, which was driven by a $108.9 million increase in interest-bearing core deposits (including balances in the Intrafi ICS and CDARS programs) and a $45.7 million increase in noninterest-bearing core deposits. The deposit mix has continued to shift due to short-term interest rates remaining elevated compared to recent years. Noninterest-bearing deposits represent 29.2% of total core deposits. Offsetting the increase to total deposits from core deposits, brokered deposits decreased by $96.9 million. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 50.1% of total deposits as of March 31, 2025.
As of March 31, 2025, total available liquidity was $2.1 billion or 192.8% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $366 million of on-balance sheet liquidity (cash and investment securities) and $1.8 billion of unused borrowing capacity.
Asset Quality and Allowance for Credit Losses ("ACL")
As of March 31, 2025, the allowance for loan losses was $26.4 million or 1.27% of loans HFI, compared to $27.3 million or 1.31% of loans HFI as of December 31, 2024. The decrease in the coverage ratio from December 31, 2024 is due primarily to a $1.1 million partial charge-off of a nonaccrual loan that previously had a specific reserve of $2.0 million. The Company continues to have strong credit metrics and its nonperforming assets are 0.63% of total assets as of March 31, 2025 compared to 0.47% as of December 31, 2024. The reserve for unfunded commitments was $1.3 million as of March 31, 2025, compared to $1.5 million as of December 31, 2024. The decrease in the reserve for unfunded commitments was due to lower unfunded commitment balances (driven by higher credit line usage). Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.
At March 31, 2025 and December 31, 2024, there were no doubtful credits and classified assets were $27.8 million and $14.9 million, respectively. Total classified assets consisted of 20 loans as of March 31, 2025, which included 17 loans totaling $24.7 million secured by real estate with a weighted average LTV of 52.7%, of which 11 loans totaling $16.4 million had SBA guarantees. The remaining three loans were $3.1 million of commercial and industrial loans, one of which was an unsecured loan on nonaccrual status with a carrying value of $1.5 million and a specific reserve of $1.0 million (net of a $1.1 million partial charge off).
The Bank's loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. However, based on assessments performed to date, management does not believe there is a material impact to the financial statements.
Capital Ratios (2)
The Bank's capital ratios were in excess of the levels established for "well capitalized" institutions and are as follows:
March 31, 2025(2) December 31, 2024
-------------------------------- ----------------- -----------------
CalPrivate Bank
-------------------------------- ----------------- -----------------
Tier I leverage ratio 10.35% 10.39%
-------------------------------- ----------------- -----------------
Tier I risk-based capital ratio 11.75% 11.29%
-------------------------------- ----------------- -----------------
Total risk-based capital ratio 13.00% 12.54%
-------------------------------- ----------------- -----------------
(2) March 31, 2025 capital ratios are preliminary and subject to change.
About Private Bancorp of America, Inc. (OTCQX: PBAM)
PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, and Beverly Hills, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different$(TM)$ personalized banking experience while leveraging cutting-edge technology to enhance our clients' evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs, cross border banking, and innovative, unique technologies that drive enhanced client performance. CalPrivate Bank has been recognized by Bank Director's RankingBanking(R) as the 10(th) best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank's commitment to delivering exceptional banking services and setting new industry standards.
CalPrivate Bank's website is www.calprivate.bank.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including adjusted income before provision for income taxes, adjusted net income, adjusted diluted earnings per share ("Adjusted EPS"), efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company's results of operations and financial condition and to enhance investors' overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company's GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.
Investor Relations Contacts
Rick Sowers
President and Chief Executive Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(424) 303-4894
Cory Stewart
Executive Vice President and Chief Financial Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(206) 293-3669
Safe Harbor Paragraph
This communication contains expressions of expectations, both implied and explicit, that are "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, 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. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.
PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in thousands)
Mar 31, Dec 31, Mar 31,
2025 2024 2024
---------- ---------- ----------
Assets
Cash and due from
banks $ 34,720 $ 16,528 $ 13,136
Interest-bearing
deposits in other
financial
institutions 16,155 10,419 34,790
Interest-bearing
deposits at Federal
Reserve Bank 167,606 136,929 93,575
--------- --------- ---------
Total cash and due
from banks 218,481 163,876 141,501
Interest-bearing time
deposits with other
institutions 4,213 4,189 4,032
Investment debt
securities available
for sale 156,346 145,238 114,067
Loans held for sale 2,066 3,008 383
Loans, net of deferred
fees and costs and
unaccreted discounts 2,078,653 2,085,149 1,906,992
Allowance for loan
losses (26,437) (27,267) (24,693)
--------- --------- ---------
Loans
held-for-investment,
net of allowance 2,052,216 2,057,882 1,882,299
Federal Home Loan Bank
stock, at cost 9,586 9,586 8,915
Operating lease right
of use assets 6,383 6,819 2,765
Premises and
equipment, net 2,432 2,335 1,804
Servicing assets, net 1,993 2,087 2,203
Accrued interest
receivable 8,148 7,993 7,931
Other assets 21,009 20,998 21,877
--------- --------- ---------
Total assets $2,482,873 $2,424,011 $2,187,777
========= ========= =========
Liabilities and
Shareholders' Equity
Liabilities
Noninterest bearing $ 599,095 $ 553,405 $ 516,294
Interest bearing 1,593,014 1,581,054 1,388,381
--------- --------- ---------
Total deposits 2,192,109 2,134,459 1,904,675
FHLB borrowings 16,000 28,000 53,000
Other borrowings 17,970 17,969 17,963
Accrued interest
payable and other
liabilities 21,559 20,049 18,107
--------- --------- ---------
Total liabilities 2,247,638 2,200,477 1,993,745
Shareholders' equity
Common stock 76,156 75,377 74,105
Additional paid-in
capital 3,712 4,393 4,108
Retained earnings 162,462 152,252 124,464
Accumulated other
comprehensive (loss)
income, net (7,095) (8,488) (8,645)
--------- --------- ---------
Total shareholders'
equity 235,235 223,534 194,032
--------- --------- ---------
Total liabilities and
shareholders' equity $2,482,873 $2,424,011 $2,187,777
========= ========= =========
PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
For the three months ended
----------------------------------------------
Mar 31, 2025 Dec 31, 2024 Mar 31, 2024
-------------- -------------- --------------
Interest Income
Loans $ 36,565 $ 37,259 $ 33,006
Investment
securities 1,505 1,510 979
Deposits in other
financial
institutions 2,198 1,661 1,799
---------- ---------- ----------
Total interest
income 40,268 40,430 35,784
Interest Expense
Deposits 11,899 12,297 12,130
Borrowings 637 726 886
---------- ---------- ----------
Total interest
expense 12,536 13,023 13,016
---------- ---------- ----------
Net interest
income 27,732 27,407 22,768
Provision for
credit losses 299 17 233
---------- ---------- ----------
Net interest
income after
provision for
credit losses 27,433 27,390 22,535
Noninterest
income:
Service charges on
deposit accounts 557 558 388
Net gain on sale
of loans 469 932 681
Other noninterest
income 587 456 357
---------- ---------- ----------
Total noninterest
income 1,613 1,946 1,426
Noninterest
expense:
Compensation and
employee
benefits 9,748 9,539 8,861
Occupancy and
equipment 844 847 770
Data processing 1,326 1,195 1,058
Professional
services 508 573 488
Other expenses 1,629 2,036 1,606
---------- ---------- ----------
Total noninterest
expense 14,055 14,190 12,783
Income before
provision for
income taxes 14,991 15,146 11,178
Provision for
income taxes 4,429 4,488 3,294
---------- ---------- ----------
Net income $ 10,562 $ 10,658 $ 7,884
========== ========== ==========
Net income
available to
common
shareholders $ 10,482 $ 10,573 $ 7,832
========== ========== ==========
Earnings per
share
Basic earnings per
share $ 1.83 $ 1.85 $ 1.38
Diluted earnings
per share $ 1.80 $ 1.82 $ 1.36
Average shares
outstanding 5,734,688 5,716,291 5,679,843
Diluted average
shares
outstanding 5,826,229 5,813,197 5,754,937
PRIVATE BANCORP OF AMERICA, INC.
Consolidated average balance sheet, interest, yield
and rates
(Unaudited)
(Dollars in thousands)
For the three months ended
-------------------------------------------------------------------------------------------------------------------
Mar 31, 2025 Dec 31, 2024 Mar 31, 2024
---------------------------------- ---------------------------------- -----------------------------------
Average Average Average Average Average Average
Balance Interest Yield/Rate Balance Interest Yield/Rate Balance Interest Yield/Rate
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -----------
Interest-Earnings
Assets
Deposits in other
financial
institutions $ 202,907 $ 2,198 4.39% $ 143,053 $ 1,661 4.62% $ 135,511 $ 1,799 5.34%
Investment securities 157,747 1,505 3.82% 155,768 1,510 3.88% 119,690 979 3.27%
Loans, including LHFS 2,078,588 36,565 7.13% 2,036,178 37,259 7.28% 1,868,308 33,006 7.11%
--------- ------ --------- ------ --------- ------
Total
interest-earning
assets 2,439,242 40,268 6.70% 2,334,999 40,430 6.89% 2,123,509 35,784 6.78%
Noninterest-earning
assets 28,536 24,951 25,469
--------- --------- ---------
Total Assets $2,467,778 $2,359,950 $2,148,978
========= ========= =========
Interest-Bearing
Liabilities
Interest bearing DDA,
excluding brokered 244,301 970 1.61% 178,811 634 1.41% 109,838 441 1.61%
Savings & MMA,
excluding brokered 955,259 6,830 2.90% 904,191 6,991 3.08% 765,770 6,421 3.37%
Time deposits,
excluding brokered 196,375 1,956 4.04% 191,794 2,004 4.16% 155,703 1,583 4.09%
--------- ------ --------- ------ --------- ------
Total deposits,
excluding brokered 1,395,935 9,756 2.83% 1,274,796 9,629 3.00% 1,031,311 8,445 3.29%
Total brokered
deposits 183,059 2,143 4.75% 218,792 2,668 4.85% 287,885 3,685 5.15%
--------- ------ --------- ------ --------- ------
Total
Interest-Bearing
Deposits 1,578,994 11,899 3.06% 1,493,588 12,297 3.28% 1,319,196 12,130 3.70%
FHLB advances 24,122 272 4.57% 29,446 343 4.63% 49,935 614 4.95%
Other borrowings 17,981 365 8.23% 17,967 383 8.48% 17,962 272 6.09%
--------- ------ --------- ------ --------- ------
Total
Interest-Bearing
Liabilities 1,621,097 12,536 3.14% 1,541,001 13,023 3.36% 1,387,093 13,016 3.77%
Noninterest-bearing
deposits 594,408 577,462 553,541
--------- --------- ---------
Total Funding Sources 2,215,505 12,536 2.29% 2,118,463 13,023 2.45% 1,940,634 13,016 2.70%
Noninterest-bearing
liabilities 21,542 21,524 18,018
Shareholders' equity 230,731 219,963 190,326
--------- --------- ---------
Total Liabilities and
Shareholders'
Equity $2,467,778 $2,359,950 $2,148,978
========= ========= =========
Net interest
income/spread $ 27,732 4.41% $ 27,407 4.44% $ 22,768 4.08%
====== ====== ======
Net interest margin 4.61% 4.67% 4.31%
PRIVATE BANCORP OF AMERICA, INC.
Condensed Balance Sheets
(Unaudited)
(Dollars in thousands, except per share amounts)
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2025 2024 2024 2024 2024
---------- ---------- ---------- ---------- -----------
Assets
Cash and due from
banks $ 218,481 $ 163,876 $ 207,174 $ 158,377 $ 141,501
Interest-bearing time
deposits with other
institutions 4,213 4,189 4,124 4,097 4,032
Investment securities 156,346 145,238 141,100 121,725 114,067
Loans held for sale 2,066 3,008 2,040 - 383
Total loans
held-for-investment 2,078,653 2,085,149 2,012,457 1,979,720 1,906,992
Allowance for loan
losses (26,437) (27,267) (26,594) (26,591) (24,693)
--------- --------- --------- --------- ----------
Loans
held-for-investment,
net of allowance 2,052,216 2,057,882 1,985,863 1,953,129 1,882,299
Operating lease right
of use assets 6,383 6,819 4,344 4,719 2,765
Premises and
equipment, net 2,432 2,335 2,345 2,207 1,804
Other assets and
interest receivable 40,736 40,664 39,383 41,430 40,926
--------- --------- --------- --------- ----------
Total assets $2,482,873 $2,424,011 $2,386,373 $2,285,684 $ 2,187,777
========= ========= ========= ========= ==========
Liabilities and
Shareholders' Equity
Liabilities
Noninterest Bearing $ 599,095 $ 553,405 $ 584,292 $ 557,055 $ 516,294
Interest Bearing 1,593,014 1,581,054 1,522,839 1,444,671 1,388,381
--------- --------- --------- --------- ----------
Total Deposits 2,192,109 2,134,459 2,107,131 2,001,726 1,904,675
Borrowings 33,970 45,969 45,967 65,965 70,963
Accrued interest
payable and other
liabilities 21,559 20,049 19,062 16,551 18,107
--------- --------- --------- --------- ----------
Total liabilities 2,247,638 2,200,477 2,172,160 2,084,242 1,993,745
Shareholders' equity
Common stock 76,156 75,377 74,688 74,636 74,105
Additional paid-in
capital 3,712 4,393 4,271 3,717 4,108
Retained earnings 162,462 152,252 141,623 132,179 124,464
Accumulated other
comprehensive (loss)
income (7,095) (8,488) (6,369) (9,090) (8,645)
--------- --------- --------- --------- ----------
Total shareholders'
equity 235,235 223,534 214,213 201,442 194,032
--------- --------- --------- --------- ----------
Total liabilities and
shareholders' equity $2,482,873 $2,424,011 $2,386,373 $2,285,684 $ 2,187,777
========= ========= ========= ========= ==========
Book value per common
share $ 40.63 $ 38.76 $ 37.21 $ 35.03 $ 33.94
Tangible book value
per common share(1) $ 40.29 $ 38.40 $ 36.87 $ 34.65 $ 33.55
Shares outstanding 5,789,306 5,766,810 5,756,207 5,751,143 5,717,519
(1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.
PRIVATE BANCORP OF AMERICA, INC.
Condensed Statements of Income
(Unaudited)
(Dollars in thousands, except per share amounts)
For the three months ended
----------------------------------------------------------
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2025 2024 2024 2024 2024
---------- ---------- ---------- ---------- ----------
Interest
income $ 40,268 $ 40,430 $ 40,018 $ 38,662 $ 35,784
Interest
expense 12,536 13,023 14,311 13,992 13,016
--------- --------- --------- --------- ---------
Net interest
income 27,732 27,407 25,707 24,670 22,768
Provision for
credit
losses 299 17 304 2,136 233
--------- --------- --------- --------- ---------
Net interest
income after
provision
for credit
losses 27,433 27,390 25,403 22,534 22,535
Service
charges on
deposit
accounts 557 558 504 430 388
Net gain on
sale of
loans 469 932 587 661 681
Other
noninterest
income 587 456 343 447 357
--------- --------- --------- --------- ---------
Total
noninterest
income 1,613 1,946 1,434 1,538 1,426
Compensation
and employee
benefits 9,748 9,539 9,422 8,836 8,861
Occupancy and
equipment 844 847 818 822 770
Data
processing 1,326 1,195 1,238 1,183 1,058
Professional
services 508 573 252 424 488
Other
expenses 1,629 2,036 1,695 1,697 1,606
--------- --------- --------- --------- ---------
Total
noninterest
expense 14,055 14,190 13,425 12,962 12,783
Income before
provision
for income
taxes 14,991 15,146 13,412 11,110 11,178
Income taxes 4,429 4,488 3,959 3,283 3,294
--------- --------- --------- --------- ---------
Net income $ 10,562 $ 10,658 $ 9,453 $ 7,827 $ 7,884
========= ========= ========= ========= =========
Net income
available to
common
shareholders $ 10,482 $ 10,573 $ 9,373 $ 7,761 $ 7,832
========= ========= ========= ========= =========
Earnings per
share
Basic
earnings per
share $ 1.83 $ 1.85 $ 1.64 $ 1.36 $ 1.38
Diluted
earnings per
share $ 1.80 $ 1.82 $ 1.63 $ 1.35 $ 1.36
Average
shares
outstanding 5,734,688 5,716,291 5,707,723 5,702,938 5,679,843
Diluted
average
shares
outstanding 5,826,229 5,813,197 5,767,401 5,762,616 5,754,937
Performance Ratios
--------------------------------------------------------
Mar Dec Sep Jun
31, 31, 30, 30, Mar 31,
2025 2024 2024 2024 2024
------ ----- ----- ----- -----------
ROAA 1.74% 1.80% 1.62% 1.40% 1.48%
ROAE 18.56% 19.28% 18.00% 15.81% 16.66%
ROATCE(1) 18.74% 19.46% 18.18% 15.99% 16.86%
Net interest
margin 4.61% 4.67% 4.44% 4.48% 4.31%
Net interest
spread 4.41% 4.44% 4.20% 4.24% 4.08%
Efficiency
ratio(1) 47.90% 48.34% 49.46% 49.46% 52.84%
Noninterest
expense /
average
assets 2.31% 2.39% 2.29% 2.32% 2.39%
(1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.
PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)
Selected Quarterly Average Balances
(Dollars in thousands)
For the three months ended
-----------------------------------------------------------
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2025 2024 2024 2024 2024
---------- ---------- ---------- ---------- -----------
Total assets $2,467,778 $2,359,950 $2,328,399 $2,241,860 $ 2,148,978
Earning assets $2,439,242 $2,334,999 $2,303,537 $2,216,185 $ 2,123,509
Total loans,
including
loans held for
sale $2,078,588 $2,036,178 $1,989,748 $1,939,746 $ 1,868,308
Total deposits $2,173,402 $2,071,050 $2,047,197 $1,961,099 $ 1,872,737
Total
shareholders'
equity $ 230,731 $ 219,963 $ 208,889 $ 199,088 $ 190,326
Loan Balances by Type
(Dollars in thousands)
----------------------------------------------------------
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2025 2024 2024 2024 2024
---------- ---------- ---------- ---------- ----------
Commercial Real
Estate $(CRE.UK)$:
Investor owned $ 577,512 $ 572,659 $ 560,481 $ 566,314 $ 573,587
Owner occupied 228,232 223,442 221,364 216,876 216,123
Multifamily 163,218 162,330 175,387 177,390 175,629
Secured by
single
family 200,650 198,579 190,738 181,744 157,092
Land and
construction 70,293 62,638 68,186 58,109 35,975
SBA secured by
real estate 402,524 401,990 395,646 388,271 385,416
--------- --------- --------- --------- ---------
Total CRE 1,642,429 1,621,638 1,611,802 1,588,704 1,543,822
Commercial
business:
Commercial and
industrial 417,258 441,182 383,874 378,161 352,417
SBA non-real
estate
secured 17,004 20,205 15,101 10,758 8,657
--------- --------- --------- --------- ---------
Total
commercial
business 434,262 461,387 398,975 388,919 361,074
Consumer 1,962 2,124 1,680 2,097 2,096
--------- --------- --------- --------- ---------
Total loans held
for investment $2,078,653 $2,085,149 $2,012,457 $1,979,720 $1,906,992
========= ========= ========= ========= =========
Deposits by Type
(Dollars in thousands)
----------------------------------------------------------
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2025 2024 2024 2024 2024
---------- ---------- ---------- ---------- ----------
Noninterest-bearing
DDA $ 599,095 $ 553,405 $ 584,292 $ 557,055 $ 516,294
Interest-bearing DDA,
excluding brokered 257,720 251,594 182,268 156,253 117,129
Savings & MMA,
excluding brokered 981,491 887,740 920,219 861,508 812,841
Time deposits,
excluding brokered 210,845 201,851 186,583 168,664 160,605
--------- --------- --------- --------- ---------
Total deposits,
excluding brokered 2,049,151 1,894,590 1,873,362 1,743,480 1,606,869
Total brokered
deposits 142,958 239,869 233,769 258,246 297,806
--------- --------- --------- --------- ---------
Total deposits $2,192,109 $2,134,459 $2,107,131 $2,001,726 $1,904,675
========= ========= ========= ========= =========
PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)
Rollforward of Allowance for Credit Losses
(Dollars in thousands)
For the three months ended
-------------------------------------------------
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2025 2024 2024 2024 2024
------- ------- ------- ------- -----------
Allowance for
loan losses:
Beginning
balance $27,267 $26,594 $26,591 $24,693 $ 24,476
Provision for
loan losses 460 673 3 1,994 251
Net
(charge-offs)
recoveries (1,290) - - (96) (34)
------ ------ ------ ------ ----------
Ending balance 26,437 27,267 26,594 26,591 24,693
Reserve for
unfunded
commitments 1,348 1,509 2,165 1,865 1,723
------ ------ ------ ------ ----------
Total allowance
for credit
losses $27,785 $28,776 $28,759 $28,456 $ 26,416
====== ====== ====== ====== ==========
Asset Quality
(Dollars in thousands)
--------------------------------------------------------------------------
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2025 2024 2024 2024 2024
---------- ---------- ---------- ---------- ----------
Total loans
held-for-investment $2,078,653 $2,085,149 $2,012,457 $1,979,720 $1,906,992
Allowance for loan
losses $ (26,437) $ (27,267) $ (26,594) $ (26,591) $ (24,693)
30-89 day past due
loans $ 2,399 $ 1,952 $ - $ - $ -
90+ day past due
loans $ 13,223 $ 11,512 $ 11,512 $ 2,500 $ 3,530
Nonaccrual loans $ 15,565 $ 11,512 $ 11,512 $ 2,500 $ 4,656
NPAs / Assets 0.63% 0.47% 0.48% 0.11% 0.21%
NPLs / Total loans
held-for-investment
& OREO 0.75% 0.55% 0.57% 0.13% 0.24%
Net quarterly
charge-offs
(recoveries) $ 1,290 $ - $ - $ 96 $ 34
Net charge-offs
(recoveries) /avg
loans (annualized) 0.25% 0.00% 0.00% 0.02% 0.01%
Allowance for loan
losses to loans HFI 1.27% 1.31% 1.32% 1.34% 1.29%
Allowance for loan
losses to nonaccrual
loans 169.85% 236.86% 231.01% 1,063.64% 530.35%
PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)
The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.
GAAP to Non-GAAP Reconciliation
(Dollars in thousands)
For the three months ended
---------------------------------------------------------------------------
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2025 2024 2024 2024 2024
---------- ---------- ---------- ---------- -----------
Efficiency
Ratio
--------------
Noninterest
expense $ 14,055 $ 14,190 $ 13,425 $ 12,962 $ 12,783
Net interest
income 27,732 27,407 25,707 24,670 22,768
Noninterest
income 1,613 1,946 1,434 1,538 1,426
--------- --------- --------- --------- ----------
Total net
interest
income and
noninterest
income 29,345 29,353 27,141 26,208 24,194
Efficiency
ratio
(non-GAAP) 47.90% 48.34% 49.46% 49.46% 52.84%
Pretax
pre-provision
net revenue
--------------
Net interest
income $ 27,732 $ 27,407 $ 25,707 $ 24,670 $ 22,768
Noninterest
income 1,613 1,946 1,434 1,538 1,426
--------- --------- --------- --------- ----------
Total net
interest
income and
noninterest
income 29,345 29,353 27,141 26,208 24,194
Less:
Noninterest
expense 14,055 14,190 13,425 12,962 12,783
--------- --------- --------- --------- ----------
Pretax
pre-provision
net revenue
(non-GAAP) $ 15,290 $ 15,163 $ 13,716 $ 13,246 $ 11,411
Return and
Adjusted
Return on
Average
Assets,
Average
Equity,
Average
Tangible
Equity
--------------
Net income $ 10,562 $ 10,658 $ 9,453 $ 7,827 $ 7,884
Average assets 2,467,778 2,359,950 2,328,399 2,241,860 2,148,978
Average
shareholders'
equity 230,731 219,963 208,889 199,088 190,326
Less: Average
intangible
assets 2,098 2,028 2,051 2,163 2,208
Average
tangible
common equity
(non-GAAP) 228,633 217,935 206,838 196,925 188,118
Return on
average
assets 1.74% 1.80% 1.62% 1.40% 1.48%
Return on
average
equity 18.56% 19.28% 18.00% 15.81% 16.66%
Return on
average
tangible
common equity
(non-GAAP) 18.74% 19.46% 18.18% 15.99% 16.86%
Tangible book
value per
share
--------------
Total equity 235,235 223,534 214,213 201,442 194,032
Less: Total
intangible
assets 1,993 2,087 2,006 2,164 2,203
Total tangible
equity 233,242 221,447 212,207 199,278 191,829
Shares
outstanding 5,789,306 5,766,810 5,756,207 5,751,143 5,717,519
Tangible book
value per
share
(non-GAAP) $ 40.29 $ 38.40 $ 36.87 $ 34.65 $ 33.55
(END) Dow Jones Newswires
April 21, 2025 08:03 ET (12:03 GMT)
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。