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


First Quarter Highlights

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

LA JOLLA, Calif., April 26, 2021 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX:PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the first quarter ending March 31, 2021. The Company reported net income of $4.6 million, or $0.81 per diluted share, for the first quarter of 2021 compared to $4.4 million, or $0.78 per diluted share for the fourth quarter of 2020.   

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

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

Net Interest Income

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

Net Interest Margin

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

Non-Interest Income

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

Non-Interest Expense

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

Balance Sheet

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

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

Asset Quality and Loan Deferrals

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

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

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

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

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

About Private Bancorp of America, Inc.

Private Bancorp of America, Inc. (OTCQX: PBAM), is the holding company for CalPrivate Bank. CalPrivate Bank provides a Distinctly Different banking experience through unparalleled service and creative funding solutions to high net worth individuals, professionals, locally owned businesses and real estate entrepreneurs. Customers are serviced through offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo and Beverly Hills as well as efficient electronic banking offerings. The Bank also offers various portfolio and government guaranteed lending programs, including SBA and cross-border Export-Import Bank programs. CalPrivate Bank is an SBA Preferred Lender and a Bauer Financial 5 star rated bank.

Investor Relations Contact

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

Safe Harbor Paragraph

This press release includes forward-looking statements that involve inherent risks and uncertainties. Private Bancorp of America, Inc. cautions readers that a number of important factors could cause actual results to differ materially from those in the forwardlooking statements. These factors include the effects of the COVID-19 pandemic and related government actions on the Bank and its customers, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate and develop business through the addition of new personnel and facilities and merged banks, whether our efforts to expand loan, product and service offerings will prove profitable, the effects of the bank mergers and acquisitions in our markets, system failures and internet security, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forwardlooking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.

PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in thousands)
 
  March 31, 2021
  December 31, 2020
  Dollar
change
Percentage
change
  March 31, 2020
  Dollar
change
Percentage
change
Assets                                    
Cash and due from banks $                       8,922     $                       8,040     $ 882   11.0 %   $                    24,966     $              (16,044 ) -64.3 %
Interest-bearing deposits in other financial institutions 4,187     7,309     (3,122 ) -42.7 %   3,192     995   31.2 %
Interest-bearing deposits at Federal Reserve Bank 151,641     260,876     (109,235 ) -41.9 %   192,996     (41,355 ) -21.4 %
Total cash and due from banks 164,750     276,225     (111,475 ) -40.4 %   221,154     (56,404 ) -25.5 %
Interest-bearing time deposits with other institutions 5,760     5,760       0.0 %   5,756     4   0.1 %
Investment securities available for sale 81,429     26,086     55,343   212.2 %   49,327     32,102   65.1 %
Loan held for sale 12,430     9,687     2,743   28.3 %   7,346     5,084   69.2 %
Loans, net of deferred fees and costs 1,082,000     998,870     83,130   8.3 %   886,730     195,270   22.0 %
Allowance for loan losses (14,561 )   (14,262 )   (299 ) 2.1 %   (9,598 )   (4,963 ) 51.7 %
Net loans 1,067,439     984,608     82,831   8.4 %   877,132     190,307   21.7 %
Federal Home Loan Bank stock, at cost 4,602     4,602       0.0 %   4,060     542   13.3 %
Right of use asset 5,589     5,990     (401 ) -6.7 %   6,022     (433 ) -7.2 %
Premises and equipment, net 2,582     2,649     (67 ) -2.5 %   3,052     (470 ) -15.4 %
Other intangible assets 1,789     1,602     187   11.7 %   1,267     522   41.2 %
Deferred tax asset 5,982     5,982       0.0 %   4,141     1,841   44.5 %
Accrued interest receivable 3,659     3,540     119   3.4 %   3,122     537   17.2 %
Other assets 3,706     3,009     697   23.2 %   3,502     204   5.8 %
Total assets $                1,359,717     $                1,329,740     $                    29,977   2.3 %   $                 1,185,881     $                  173,836   14.7 %
                                     
Liabilities and Shareholders’ Equity                                    
                                     
Liabilities                                    
Noninterest bearing  $                     579,318     $                     531,732     $                     47,586   8.9 %   $                     355,225     $                 224,093   63.1 %
Interest Bearing 584,341     581,216     3,125   0.5 %   607,062     (22,721 ) -3.7 %
Total deposits 1,163,659     1,112,948     50,711   4.6 %   962,287     201,372   20.9 %
FHLB borrowings 50,000     75,000     (25,000 ) -33.3 %   95,000     (45,000 ) -47.4 %
Other borrowings 17,941     17,939     2   0.0 %   17,934     7   0.0 %
Accrued interest payable and other liabilities 16,507     16,100     407   2.5 %   12,497     4,010   32.1 %
Total liabilities                     1,248,107                         1,221,987                             26,120   2.1 %                       1,087,718                        160,389   14.7 %
                                     
Shareholders’ equity                                    
Common stock 70,053     69,557     496   0.7 %   69,165     888   1.3 %
Additional paid-in capital 3,317     3,496     (179 ) -5.1 %   3,254     63   1.9 %
Retained earnings 38,510     33,904     4,606   13.6 %   24,839     13,671   55.0 %
Accumulated other comprehensive (loss) income (270 )   796     (1,066 ) -133.9 %   905     (1,175 ) -129.8 %
Total stockholders’ equity                        111,610                            107,753                               3,857   3.6 %                            98,163                          13,447   13.7 %
                                     
Total liabilities and stockholders’ equity $                  1,359,717     $                  1,329,740     $                      29,977   2.3 %   $                  1,185,881     $                  173,836   14.7 %
PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
      
  For the three months ended
  March 31, 2021   December 31, 2020   Dollar
change 
Percentage
change 
  March 31, 2020   Dollar
change
Percentage
change 
Interest Income                            
Loans $                       14,159   $                        15,540   $             (1,381 ) -8.9 %   $                       13,129   $               1,030   7.8 %
Investment securities                               306                                  245                         61   24.9 %                                 401                       (95 ) -23.7 %
Deposits in other financial institutions                                  58                                    41                         17   41.5 %                                 304                     (246 ) -80.9 %
Total interest income                          14,523                            15,826                  (1,303 ) -8.2 %                            13,834                       689   5.0 %
                             
Interest Expense                            
Deposits                                517                                  596                       (79 ) -13.3 %                              1,710                  (1,193 ) -69.8 %
Borrowings                            1,220                                  613                       607   99.0 %                                 589                       631   107.1 %
Total interest expense                            1,737                              1,209                       528   43.7 %                              2,299                     (562 ) -24.4 %
                             
Net interest income                          12,786                            14,617                  (1,831 ) -12.5 %                            11,535                   1,251   10.8 %
Provision for loan losses                               300                              1,579                  (1,279 ) -81.0 %                                 997                     (697 ) -69.9 %
Net interest income after provision for loan losses                          12,486                            13,038                     (552 ) -4.2 %                            10,538                   1,948   18.5 %
                             
Noninterest income:                            
Service charges on deposit accounts                               224                                  196                         28   14.3 %                                 173                         51   29.5 %
Net gain on sale of loans                            1,476                              1,170                       306   26.2 %                                 679                       797   117.4 %
Gain on sale of investment securities                                   –                                     –                          –   NM                                       –                          –   NM  
Other noninterest income                               171                                  270                       (99 ) -36.7 %                                 294                     (123 ) -41.8 %
Total noninterest income                            1,871                              1,636                       235   14.4 %                              1,146                       725   63.3 %
                             
Noninterest expense:                            
Salary and employee benefits                            4,915                              5,293                     (378 ) -7.1 %                              5,552                     (637 ) -11.5 %
Occupancy and equipment                               810                                  774                         36   4.7 %                                 884                       (74 ) -8.4 %
Data processing                               635                                  624                         11   1.8 %                                 518                       117   22.6 %
Professional services                               650                                  949                     (299 ) -31.5 %                                 859                     (209 ) -24.3 %
Other expenses                               763                                  780                       (17 ) -2.2 %                                 848                       (85 ) -10.0 %
Total noninterest expense                            7,773                              8,420                     (647 ) -7.7 %                              8,661                     (888 ) -10.3 %
                             
Income before provision for income taxes                            6,584                              6,254                       330   5.3 %                              3,023                   3,561   117.8 %
Provision for income taxes                            1,977                              1,874                       103   5.5 %                              1,116                       861   77.2 %
Net income  $                          4,607   $                          4,380   $                  227   5.2 %   $                          1,907   $               2,700   141.6 %
Net income available to common shareholders $                          4,529   $                          4,307   $                  222   5.2 %   $                          1,874   $               2,655   141.7 %
                             
Earnings per share                            
Basic earnings per share $                            0.82   $                            0.78   $                 0.04   5.1 %   $                            0.34   $                 0.48   141.2 %
Diluted earnings per share $                            0.81   $                            0.78   $                 0.03   3.8 %   $                            0.34   $                 0.47   138.2 %
                             
Average shares outstanding                    5,514,887                      5,501,272                 13,615   0.2 %                      5,488,197                 26,690   0.5 %
Diluted average shares outstanding                    5,579,477                      5,540,232                 39,245   0.7 %                      5,555,376                 24,101   0.4 %
 PRIVATE BANCORP OF AMERICA, INC.
 Consolidated average balance sheet, interest, yield and rates
 (Unaudited)
 (Dollars in thousands)
  
  For the three months ended
  March 31, 2021
  December 31, 2020
  March 31, 2020
  Average
Balance
  Interest   Average
Yield/Rate
  Average
Balance
  Interest   Average
Yield/Rate
  Average
Balance
  Interest   Average
Yield/Rate
Interest-Earnings Assets:                                        
Deposits in other financial institutions $       227,393   $                 58   0.10 %   $       189,856   $                 41   0.09 %   $       104,156   $               304   1.17 %
Investment securities            59,227                   306   2.07 %   30,238                   245   3.24 %   54,456   401   2.95 %
Loans 1,044,828              14,159   5.50 %   1,005,712              15,540   6.15 %   881,655   13,129   5.99 %
Total interest-earning assets 1,331,448              14,523   4.42 %   1,225,806              15,826   5.14 %   1,040,267              13,834   5.35 %
Noninterest-earning assets 31,439             8,805             47,975          
Total Assets $    1,362,887             $    1,234,611             $    1,088,242          
                                         
Interest-Bearing Liabilities                                        
Interest-bearing transaction accounts $         58,042   $                 12   0.08 %   $         56,867   $                 17   0.12 %   $         83,471   $               165   0.80 %
Money market 431,423   235   0.22 %   400,764   270   0.27 %   391,262   973   1.00 %
Savings deposits 8,766   2   0.09 %   8,617   3   0.14 %   9,212   6   0.26 %
Certificates of deposit 100,521   268   1.08 %   98,225   306   1.24 %   113,964   566   2.00 %
Total Interest-Bearing Deposits 598,752   517   0.35 %   564,473   596   0.42 %   597,909   1,710   1.15 %
                                         
FHLB advances 73,056   948   5.26 %   77,348   341   1.75 %   63,394   317   2.01 %
Other borrowings 17,940   272   6.06 %   17,938   272   6.07 %   17,933   272   6.07 %
Total Interest-Bearing Liabilities 90,996   1,220   5.44 %   95,286   613   2.56 %   81,327   589   2.91 %
                                         
Noninterest-bearing deposits 547,024             452,916             298,418          
Total Funding Sources 1,236,772   1,737   0.57 %   1,112,675   1,209   0.43 %   977,654   2,299   0.95 %
                                         
Noninterest-bearing liabilities 15,831             15,062             13,022          
                                         
Shareholders’ equity 110,284             106,874             97,566          
                                         
Total Liabilities and Shareholders’ Equity $    1,362,887             $    1,234,611             $    1,088,242          
                                         
Net interest spread         3.85 %           4.71 %           4.40 %
                                         
Net interest income     $         12,786             $         14,617             $         11,535      
Net interest margin         3.89 %           4.74 %           4.46 %
 PRIVATE BANCORP OF AMERICA, INC.
 Condensed Balance Sheets
 (Unaudited)
 (Dollars in thousands, except per share amounts)
  Mar 31, 2021
  Dec 31, 2020
  Sep 30, 2020
  Jun 30, 2020
  Mar 31, 2020
Assets                            
Cash and due from banks $             164,750     $             276,225     $             155,346     $             199,246     $             221,154  
Interest-bearing time deposits with other institutions                    5,760                        5,760                        5,760                        5,758                        5,756  
Investment securities                 81,429                     26,086                     26,525                     27,664                     49,327  
Loans held for sale                 12,430                        9,687                        8,402                        7,409                        7,346  
Loans (excluding SBA PPP loans)               948,260                   936,532                   880,174                   865,603                   886,730  
SBA PPP loans               133,740                     62,338                   154,210                   153,497                               –    
Allowance for loan losses                (14,561 )                  (14,262 )                  (12,682 )                  (11,100 )                    (9,598 )
Net loans            1,067,439                   984,608                1,021,702                1,008,000                   877,132  
Right of use asset                    5,589                        5,990                        5,186                        5,632                        6,022  
Premises and equipment, net                    2,582                        2,649                        2,859                        3,055                        3,052  
Other assets and interest receivable                 19,738                     18,735                     18,414                     17,248                     16,092  
Total assets $         1,359,717     $         1,329,740     $         1,244,194     $         1,274,012     $         1,185,881  
                             
Liabilities and Shareholders’ Equity                            
                             
Liabilities                            
Noninterest Bearing  $             579,318     $             531,732     $             471,324     $             452,155     $             355,225  
Interest Bearing               584,341                   581,216                   557,455                   584,451                   607,062  
Total Deposits            1,163,659                1,112,948                1,028,779                1,036,606                   962,287  
Borrowings                 67,941                     92,939                     97,938                   122,936                   112,934  
Accrued interest payable and other liabilities                 16,507                     16,100                     14,227                     14,097                     12,497  
Total liabilities            1,248,107                1,221,987                1,140,944                1,173,639                1,087,718  
                             
Shareholders’ equity                            
Common stock                 70,053                     69,557                     69,540                     69,512                     69,165  
Additional paid-in capital                    3,317                        3,496                        3,230                        3,002                        3,254  
Retained earnings                 38,510                     33,904                     29,521                     26,984                     24,839  
Accumulated other comprehensive (loss) income                     (270 )                         796                           959                           875                           905  
Total shareholders’ equity               111,610                   107,753                   103,250                   100,373                     98,163  
Total liabilities and shareholders’ equity $         1,359,717     $         1,329,740     $         1,244,194     $         1,274,012     $         1,185,881  
                             
Book value per common share $                 19.87     $                 19.24     $                 18.50     $                 17.99     $                 17.57  
Tangible book value per common share $                 19.55     $                 18.95     $                 18.26     $                 17.76     $                 17.35  
Shares outstanding            5,618,324                5,600,508                5,580,456                5,578,884                5,586,270  
          
  Regulatory Capital Ratios (PBAM) 1
  Mar 31, 2021
  Dec 31, 2020
  Sep 30, 2020
  Jun 30, 2020
  Mar 31, 2020
Tier 1 leverage ratio 8.07 %   8.52 %   7.92 %   7.57 %   8.79 %
Tier 1 risk-based capital ratio 11.35 %   11.20 %   11.35 %   9.66 %   9.20 %
Common equity Tier 1 ratio 11.35 %   11.20 %   11.35 %   9.66 %   9.20 %
Total risk-based capital ratio 14.46 %   14.36 %   14.63 %   12.60 %   11.91 %
Tangible equity / tangible assets 8.09 %   7.99 %   8.20 %   7.79 %   8.18 %
          
1 Preliminary ratios for March 31, 2021 
 PRIVATE BANCORP OF AMERICA, INC.
 Condensed Statements of Income
 (Unaudited)
 (Dollars in thousands, except per share amounts)
  Mar 31, 2021
  Dec 31, 2020
  Sep 30, 2020
  Jun 30, 2020 
  Mar 31, 2020
Interest income $             14,523     $             15,826     $             13,860     $             13,635     $             13,834  
Interest expense                 1,737                     1,209                     1,363                     2,015                     2,299  
Net interest income               12,786                   14,617                   12,497                   11,620                   11,535  
Provision for loan losses                     300                     1,579                     1,582                     1,511                         997  
Net interest income after provision for loan losses               12,486                   13,038                   10,915                   10,109                   10,538  
                             
Noninterest income                 1,871                     1,636                         936                     1,378                     1,146  
                             
Salary and employee benefits                 4,915                     5,293                     5,365                     5,790                     5,552  
Occupancy and equipment                     810                         774                         864                         900                         884  
Data processing                     635                         624                         643                         561                         518  
Professional services                     650                         949                         514                         628                         859  
Other expenses                     763                         780                         846                         827                         848  
Total noninterest expense                 7,773                     8,420                     8,232                     8,706                     8,661  
                             
Income before provision for income taxes                 6,584                     6,254                     3,619                     2,781                     3,023  
Income taxes                 1,977                     1,874                     1,084                         711                     1,116  
Net income $               4,607     $               4,380     $               2,535     $               2,070     $               1,907  
Net income available to common shareholders $               4,529     $               4,307     $               2,499     $               2,038     $               1,874  
                             
Earnings per share                            
Basic earnings per share $                 0.82     $                 0.78     $                 0.45     $                 0.37     $                 0.34  
Diluted earnings per share $                 0.81     $                 0.78     $                 0.45     $                 0.37     $                 0.34  
                             
Average shares outstanding         5,514,887             5,501,272             5,499,970             5,435,155             5,488,197  
Diluted average shares outstanding         5,579,477             5,540,232             5,516,013             5,453,597             5,555,376  
                             
  Performance Ratios
  Mar 31, 2021
  Dec 31, 2020
  Sep 30, 2020
  Jun 30, 2020
  Mar 31, 2020
ROAA 1.37 %   1.41 %   0.79 %   0.64 %   0.70 %
ROAE 16.94 %   16.30 %   9.84 %   8.31 %   7.86 %
ROATE 17.19 %   16.54 %   9.96 %   8.42 %   7.96 %
Net interest margin 3.89 %   4.74 %   3.94 %   3.66 %   4.46 %
Net interest spread 3.85 %   4.71 %   3.90 %   3.60 %   4.40 %
Efficiency ratio 53.03 %   51.81 %   61.28 %   66.98 %   68.30 %
Noninterest expense / average assets 2.31 %   2.71 %   2.58 %   2.71 %   3.20 %
 PRIVATE BANCORP OF AMERICA, INC.
 Average Balances
 (Unaudited)
 (Dollars in thousands)
  Mar 31, 2021
  Dec 31, 2020
  Sep 30, 2020
  Jun 30, 2020
  Mar 31, 2020
Total assets $     1,362,887     $       1,234,611     $       1,271,363     $       1,293,484     $       1,088,242  
Earning assets $     1,331,448     $       1,225,806     $       1,260,834     $       1,278,380     $       1,040,267  
Total loans  $     1,044,828     $       1,005,712     $       1,037,195     $       1,008,220     $          881,655  
Total deposits $     1,145,776     $       1,017,389     $       1,036,223     $       1,062,071     $          896,327  
Total equity $         110,284     $          106,874     $          102,539     $          100,130     $            97,566  
                             
                             
  Loan Balances by Type
  (Dollars in thousands)
  Mar 31, 2021
  Dec 31, 2020
  Sep 30, 2020
  Jun 30, 2020
  Mar 31, 2020
Real estate – investor owned $         247,928     $          243,745     $          231,787     $          234,806     $          246,026  
Real estate – owner occupied           284,494                 268,193                 259,375                 240,587                234,771  
Real estate – multifamily             75,361                   69,187                   64,268                   66,431                   67,550  
Real estate – single family             75,353                   67,522                   59,994                   57,521                   58,429  
Commercial business           227,635                 251,711                 228,914                 231,885                245,610  
SBA PPP loans           133,740                   62,338                 154,210                 153,497                            –    
Land and construction             30,103                   29,377                   28,277                   26,327                   27,044  
Consumer                7,386                     6,797                     7,559                     8,046                     7,300  
Total loans held for investment        1,082,000                 998,870             1,034,384             1,019,100                886,730  
Loans held for sale             12,430                     9,687                     8,402                     7,409                     7,346  
Total loans, including loans held for sale        1,094,430             1,008,557             1,042,786             1,026,509                894,076  
Allowance for loan losses            (14,561 )               (14,262 )               (12,682 )               (11,100 )                 (9,598 )
Net loans $     1,079,869     $          994,295     $       1,030,104     $       1,015,409     $          884,478  
                             
                             
  Deposits by Type
  (Dollars in thousands)
  Mar 31, 2021
  Dec 31, 2020
  Sep 30, 2020
  Jun 30, 2020
  Mar 31, 2020
Non interest bearing DDA $         579,318     $          531,732     $          471,324     $          452,155     $          355,225  
Interest bearing DDA             59,399                   60,606                   56,837                   63,805                108,368  
Savings & MMA           423,957                 424,540                 396,233                 427,685                366,109  
Retail CD                5,855                     7,770                     8,401                     8,493                     8,484  
Jumbo CD             95,130                   88,300                   95,984                   84,468                124,101  
Total deposits $     1,163,659     $       1,112,948     $       1,028,779     $       1,036,606     $          962,287  
                             
                             
  Asset Quality
  (Dollars in thousands)
  Mar 31, 2021
  Dec 31, 2020
  Sep 30, 2020
  Jun 30, 2020
  Mar 31, 2020
Total loans, including loans held for sale $     1,094,430     $       1,008,557     $       1,042,786     $       1,026,509     $          894,076  
30-89 day past due loans   $      $      $      $     $                  297  
90+ day past due loans  $      $      $      $      $  
Nonaccrual loans $             1,609     $               1,609     $               1,743      $     $                  663  
                             
NPAs / Assets 0.12 %   0.12 %   0.14 %   0.00 %   0.06 %
NPLs / loans & OREO 0.15 %   0.16 %   0.17 %   0.00 %   0.07 %
Net quarterly charge-offs  $      $      $      $      $  
Net charge-offs/avg loans (annualized) 0.00 %   0.00 %   0.00 %   0.00 %   0.00 %
Allowance for loan losses to loans 1.33 %   1.41 %   1.22 %   1.08 %   1.07 %
Allowance for loan losses to nonaccrual loans 904.97 %   886.39 %   727.60 %   NM     1447.66 %