Private Bancorp of America, Inc. Reports Record 2020 Financial Results


2020 Highlights

  • Record net income of $10.9 million, or $1.94 per diluted share
  • Net interest margin for the year was 4.15% compared with 4.51% in the prior year
  • Total loans were $1.0 billion, up 13.9% for the year-over-year
  • Allowance for Loan Losses to total loans increased to 1.41% and 1.51% excluding PPP loans
  • No doubtful credits and no delinquent loans at end of year
  • Non-performing assets represent 0.12% of total assets
  • COVID-19 loan deferrals are $34.0 million, or 3.4% of total loans
  • Total deposits were $1.1 billion, up 30.9% year-over-year
  • Non-interest-bearing deposits increased 98% and represent 48% of total deposits
  • Return on Average Assets of 0.89% and Return on Average Equity of 10.70%

Fourth Quarter 2020 Highlights

  • Net income of $4.4 million, or $0.78 per diluted share
  • Net interest margin was 4.74% in the fourth quarter compared with 3.94% in the prior quarter
  • Net interest income increased $2.1 million or 17% to $14.6 million in the fourth quarter
  • Cost of deposits was 0.23% in the fourth quarter, compared with 0.27% in the prior quarter
  • Return on Average Assets of 1.41% and Return on Average Equity of 16.30%

LA JOLLA, Calif., Jan. 28, 2021 (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, 2020. The Company reported net income of $4.4 million, or $0.78 per diluted share, for the fourth quarter of 2020 compared to $2.5 million, or $0.45 per diluted share for the third quarter of 2020. Net income for the year 2020 was $10.9 million, or $1.94 per diluted share, compared with a net loss of $428 thousand, or $0.08 per diluted share in 2019.

Rick Sowers, President and CEO of the Company and the Bank stated, “Over the last year our Team has shown incredible dedication to our Bank, our clients and our communities. They performed exceptionally well in a difficult environment and delivered record earnings for shareholders in 2020. Our Relationship-focused business model continues to create long term value. We spent 2020 expanding our Team and our capabilities for our clients and this resulted in substantial loan and deposit growth.”

Sowers continued, “The year provided the Bank with an opportunity to support our Team, clients, and communities in response to unprecedented challenges from COVID-19. The Bank provided 615 PPP loans for a total of $159.0 million and through the end of the year worked with our clients to submit 548 loans totaling $144.8 million to the SBA for forgiveness. In the fourth quarter, the Bank received $2.1 million in fees from the SBA for loans submitted and granted forgiveness.   We are participating in the second round of PPP beginning in January 2021 to continue to support our clients and communities.”

Loan Deferrals and Asset Quality

As of December 31, 2020, there were no doubtful credits or charge offs and no past due loans at the end of the quarter and Classified assets totaled $8.5 million. Classified assets included one loan totaling $1.6 million on non-accrual and $6.9 million consisted of seven relationships with four related to the impacts of COVID-19. Classified assets increased $800 thousand to $8.5 million at quarter end, of which the largest loan was a well secured $3.5 million credit.

Additionally, as of December 31, 2020, seven loans totaling $34.0 million are on COVID-19 related deferrals. During the quarter, two new deferrals totaling $9.1 million were granted and there are five loans totaling $24.9 million on their second deferral. Of the loans on deferral, four loans, or $28.3 million are real estate secured with an average LTV of 50.1% and three loans totaling $5.7 million are unsecured.

The Allowance for Loan Losses increased $1.6 million to $14.3 million in the quarter with a resulting coverage ratio of 1.41% of total loans outstanding, including PPP loans, compared to $12.7 million or 1.22% at the third quarter of 2020 and $8.6 million or 0.97% at the fourth quarter of 2019. The increase in the Allowance for Loan Losses was primarily due to qualitative factors related to the general economic outlook in the markets we serve and the potential impact on the loan portfolio resulting from economic uncertainties related to COVID-19. The coverage ratio at December 31, 2020, excluding the impact of PPP loans, increased to 1.51% from 1.43% in the prior quarter.

Net Interest Income

Net interest income for the fourth quarter totaled $14.6 million representing an increase of $2.1 million, or 17% compared to the third quarter and a $3.5 million or 32% increase for the same period in 2019. The increase in net interest income for the quarter is due to a $2.0 million increase in loan income largely due to a $1.8 million increase in SBA PPP loan income resulting from loan forgiveness/payoff and $111 thousand in lower deposit costs resulting from continued repricing of the deposit portfolio. The increase compared to the same period in 2019 is due to increased average loan balances and lower funding costs partially offset by a decrease in income from securities.

Net interest income for the year totaled $50.3 million representing an increase of $8.5 million or 20% compared to the same period in 2019. The increase in income is due to increased average loan balances, SBA PPP loan income and lower deposit costs partially offset by less income from securities due to lower average securities balances in 2020.

Net Interest Margin

Net interest margin for the fourth quarter of 2020 was 4.74% compared with 3.94% for the third quarter of 2020 and 4.47% for the same period in 2019. The 80 bp increase in the net interest margin for the quarter was positively impacted by the SBA PPP payoffs that contributed 68 bps to the margin and the 4 bp impact from lower deposit costs as a result of proactive repositioning and repricing of the deposit portfolio. The yield on earning assets for the fourth quarter of 2020 was 5.14% compared with 4.37% in the third quarter and 5.44% for the same period in 2019. The yield on loans for the quarter increased to 6.15% compared to 5.21% in the third quarter of this year and 5.98% in the fourth quarter of 2019. The cost of total funding sources was 0.43% for the quarter compared with 0.47% in the third quarter and 1.04% for the same period in 2019.

The net interest margin for the year was 4.15% compared with 4.51% for the same period in 2019. The decrease in the net interest margin is due to lower yields in the loan portfolio and federal funds partially offset by lower deposit and borrowing costs. Total loan yields in 2020 decreased 41 bps to 5.65% compared with 6.06% for the same period in 2019. The total funding costs improved 39 bps to 0.62% compared with 1.01% for the same period in 2019. The reduced funding costs were the result of repaying higher priced callable wholesale funding and repricing the deposit portfolio.

Non-Interest Income

Non-interest income was $1.6 million for the fourth quarter of 2020, representing a $700 thousand or 74.8% increase compared to the third quarter of 2020 and a $615 thousand or 60.2% increase compared to the same period in 2019. The increase in non-interest income for the quarter is due to $616 thousand in additional revenue from SBA loans sales recorded in the fourth quarter. The increase in non-interest income compared to a year ago is primarily due to $738 thousand in additional gains from the sale of SBA loans partially offset by $190 thousand in securities gains recorded in the fourth quarter of 2019. SBA loan sales for the fourth quarter were $14.1 million with a 12.3% trade premium compared with $6.2 million with a 13.8% trade premium in the third quarter of 2020 and $8.0 million with a 9.8% trade premium in the fourth quarter of 2019.

Non-interest income for the year was $5.1 million compared with $2.8 million for the same period in 2019. The increase in non-interest income was largely due to increased revenue from the sale of SBA loans, gain on sale of investment securities and increased other non-interest income.

Non-Interest Expense

Non-interest expense was $8.4 million for the fourth quarter of 2020 representing a $188 thousand increase, or 2.3%, compared to the third quarter of 2020 and a $142 thousand decrease, or 1.7% decrease, compared to the same period in 2019. The increase in fourth quarter expenses was primarily due to an increase in professional fees partially offset by decreases in salaries and benefits and occupancy expense. The decrease compared to the fourth quarter of 2019 was due to decreases in salaries and benefits and other expenses partially offset by an increase in professional services.

Non-interest expense for the year was $34 million compared with $33.3 million in 2019. The $688 thousand increase was primarily due to increases in professional fees and occupancy partially offset by a decrease in salaries and benefits. The increase in professional fees was due to increases in legal and audit fees.

Balance Sheet

At December 31, 2020, the Company reported total assets of $1.3 billion representing an increase of $85.5 million or 7% compared to the third quarter of 2020 and an increase of $263.8 million or 24.7% compared to December 31, 2019. The increase in assets for the quarter was largely due to an increase in cash and due from banks resulting from an increase in customer deposits at the end of the year partially offset by a $34.2 million, or 3.3%, decrease in total loans from SBA PPP loan payoffs. Total non-SBA PPP loans for the quarter increased $57.6 million driven by growth in the Commercial Real Estate and Commercial loan portfolios. Total non-SBA PPP loans for the year increased $60.7 million driven by growth in the Commercial Real Estate and Commercial loan portfolios. Total deposits were $1.1 billion representing an increase of $84.2 million, or 8.2%, compared to the third quarter of 2020 and an increase of $262.7 million, or 31%, compared to December 31, 2019. Total non-interest-bearing deposits represented 48% of total deposits at December 31, 2020 compared with 32% at December 31, 2019.  

“The CalPrivate Bank Team performed exceptionally during a year of disruption, uncertainty, work-from-home and a declining interest rate environment. Maintaining superior client relationship service levels, record earnings, amazing growth in deposits and superior loan and non-interest income growth, with reduced operating expense levels, is truly remarkable and a tribute to management leadership,” said Selwyn Isakow Chairman of the Board of the Company and the Bank.

Isakow added, “During the year the Bank added significant talent in the technology, business development, human resources and many other areas, so as to be well-positioned for future expansion. The Bank also made great strides in our Diversity, Inclusion and Equity efforts, including the appointment of Larraine Segil, SiSi Pouraghabagher and Leda Csanka to the Board of Directors. The Board wishes to thank our clients, our team, our leadership and all our other stakeholders for their trust and individual roles in making 2020 so successful.”

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)
          
 December 31, 2020 September 30, 2020 Dollar
change
Percentage
change
 December 31, 2019 Dollar
change
Percentage
change
Assets           
            
Cash and due from banks$10,644  $10,985  $(341)-3.1% $31,051  $(20,407)-65.7%
Interest-bearing deposits in other financial institutions 1,715   930   785 84.4%  1,243   472 38.0%
Interest-bearing deposits at Federal Reserve Bank 263,866   143,431   120,435 84.0%  73,318   190,548 259.9%
Total cash and due from banks 276,225   155,346   120,879 77.8%  105,612   170,613 161.5%
Interest-bearing time deposits with other institutions 5,760   5,760   - 0.0%  5,756   4 0.1%
Investment securities available for sale 26,086   26,525   (439)-1.7%  51,179   (25,093)-49.0%
Loans 1,008,557   1,042,786   (34,229)-3.3%  885,556   123,001 13.9%
Allowance for loan losses (14,262)  (12,682)  (1,580)12.5%  (8,601)  (5,661)65.8%
Net loans 994,295   1,030,104   (35,809)-3.5%  876,955   117,340 13.4%
Federal Home Loan Bank stock, at cost 4,602   4,602   - 0.0%  4,060   542 13.3%
Right of use asset 5,990   5,186   804 15.5%  6,452   (462)-7.2%
Premises and equipment, net 2,649   2,859   (210)-7.3%  3,165   (516)-16.3%
Other intangible assets 1,602   1,364   238 17.4%  1,080   522 48.3%
Deferred tax asset 4,141   4,141   - 0.0%  4,141   - 0.0%
Accrued interest receivable 3,540   3,883   (343)-8.8%  2,703   837 31.0%
Other assets 4,850   4,424   426 9.6%  4,884   (34)-0.7%
Total assets$ 1,329,740  $ 1,244,194  $ 85,546 6.9% $ 1,065,987  $ 263,753 24.7%
            
Liabilities and Shareholders' Equity           
            
Liabilities           
Noninterest bearing$531,732  $471,324  $60,408 12.8% $268,116  $263,616 98.3%
Interest Bearing 581,216   557,455   23,761 4.3%  582,139   (923)-0.2%
Total deposits 1,112,948   1,028,779   84,169 8.2%  850,255   262,693 30.9%
FHLB borrowings 75,000   80,000   (5,000)-6.3%  90,000   (15,000)-16.7%
Other borrowings 17,939   17,938   1 0.0%  17,932   7 0.0%
Accrued interest payable and other liabilities 16,100   14,227   1,873 13.2%  12,120   3,980 32.8%
Total liabilities 1,221,987   1,140,944   81,043 7.1%  970,307   251,680 25.9%
            
Shareholders' equity           
Common stock 69,557   69,540   17 0.0%  69,159   398 0.6%
Additional paid-in capital 3,496   3,230   266 8.2%  3,048   448 14.7%
Retained earnings 33,904   29,521   4,383 14.8%  22,905   10,999 48.0%
Accumulated other comprehensive income 796   959   (163)-17.0%  568   228 40.1%
Total stockholders' equity 107,753   103,250   4,503 4.4%  95,680   12,073 12.6%
            
Total liabilities and stockholders' equity$ 1,329,740  $ 1,244,194  $ 85,546 6.9% $ 1,065,987  $ 263,753 24.7%
            



PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
           
  For the three months ended
  December 31, 2020 September 30, 2020 Dollar
change
Percentage
change
 December 31, 2019 Dollar
change
Percentage
change
Interest Income            
Loans $15,540 $13,578 $1,962 14.4% $12,733 $2,807 22.0%
Investment securities  245  231  14 6.1%  485  (240)-49.5%
Deposits in other financial institutions  41  51  (10)-19.6%  254  (213)-83.9%
Total interest income  15,826  13,860  1,966 14.2%  13,472  2,354 17.5%
             
Interest Expense            
Deposits  596  707  (111)-15.7%  1,825  (1,229)-67.3%
Borrowings  613  656  (43)-6.6%  575  38 6.6%
Total interest expense  1,209  1,363  (154)-11.3%  2,400  (1,191)-49.6%
             
Net interest income  14,617  12,497  2,120 17.0%  11,072  3,545 32.0%
Provision for loan losses  1,579  1,582  (3)-0.2%  708  871 123.0%
Net interest income after provision for loan losses  13,038  10,915  2,123 19.5%  10,364  2,674 25.8%
             
Noninterest income:            
Service charges on deposit accounts  196  141  55 39.0%  138  58 42.0%
Net gain on sale of loans  1,170  554  616 111.2%  432  738 170.8%
Gain on sale of investment securities  -  -  - NM   190  (190)-100.0%
Other noninterest income  270  241  29 12.0%  261  9 3.4%
Total noninterest income  1,636  936  700 74.8%  1,021  615 60.2%
             
Noninterest expense:            
Salary and employee benefits  5,293  5,365  (72)-1.3%  5,427  (134)-2.5%
Occupancy and equipment  774  864  (90)-10.4%  832  (58)-7.0%
Data processing  624  643  (19)-3.0%  631  (7)-1.1%
Professional services  949  514  435 84.6%  726  223 30.7%
Other expenses  780  846  (66)-7.8%  946  (166)-17.5%
Total noninterest expense  8,420  8,232  188 2.3%  8,562  (142)-1.7%
             
Income before provision for income taxes  6,254  3,619  2,635 72.8%  2,823  3,431 121.5%
Provision for income taxes  1,874  1,084  790 72.9%  857  1,017 118.7%
Net income $ 4,380 $ 2,535 $ 1,845 72.8% $ 1,966 $ 2,414 122.8%
Net income available to common shareholders $ 4,307 $ 2,499 $ 1,808 72.3% $ 1,931 $ 2,376 123.0%
             
Earnings per share            
Basic earnings per share $0.78 $0.45 $0.33 73.3% $0.36 $0.42 116.7%
Diluted earnings per share $0.78 $0.45 $0.33 73.3% $0.35 $0.43 122.9%
             
Average shares outstanding  5,501,272  5,499,970  1,302 0.0%  5,414,056  87,216 1.6%
Diluted average shares outstanding  5,540,232  5,516,013  24,219 0.4%  5,492,930  47,302 0.9%
             



PRIVATE BANCORP OF AMERICA, INC. 
CONSOLIDATED STATEMENTS OF INCOME 
(Unaudited) 
(Dollars in thousands, except per share amounts) 
         
  For the twelve months ended 
  December 31, 2020 December 31, 2019 Dollar
change
Percentage
change
 
Interest Income        
Loans $55,539 $47,182  $8,357 17.7% 
Investment securities  1,128  2,303   (1,175)-51.0% 
Deposits in other financial institutions  487  695   (208)-29.9% 
Total interest income  57,154  50,180   6,974 13.9% 
         
Interest Expense        
Deposits  4,369  5,977   (1,608)-26.9% 
Borrowings  2,517  2,438   79 3.2% 
Total interest expense  6,886  8,415   (1,529)-18.2% 
         
Net interest income  50,268  41,765   8,503 20.4% 
Provision for loan losses  5,670  11,830   (6,160)-52.1% 
Net interest income after provision for loan losses  44,598  29,935   14,663 49.0% 
         
Noninterest income:        
Service charges on deposit accounts  654  485   169 34.8% 
Net gain on sale of loans  2,614  1,249   1,365 109.3% 
Gain on sale of investment securities  751  341   410 120.2% 
Other noninterest income  1,078  737   341 46.3% 
Total noninterest income  5,097  2,812   2,285 81.3% 
         
Noninterest expense:        
Salary and employee benefits  22,000  22,889   (889)-3.9% 
Occupancy and equipment  3,422  2,941   481 16.4% 
Data processing  2,345  2,233   112 5.0% 
Professional services  2,951  2,121   830 39.1% 
Other expenses  3,302  3,148   154 4.9% 
Total noninterest expense  34,020  33,332   688 2.1% 
         
Income (loss) before provision for income taxes  15,675  (585)  16,260 -2779.5% 
Provision for income taxes  4,784  (157)  4,941 -3147.1% 
Net income (loss) $ 10,891 $ (428) $ 11,319 -2644.6% 
Net income (loss) available to common shareholders $ 10,710 $ (420) $ 11,130 -2650.0% 
         
Earnings (loss) per share        
Basic earnings (loss) per share $1.95 $(0.08) $2.03 -2537.5% 
Diluted earnings (loss) per share $1.94 $(0.08) $2.02 -2525.0% 
         
Average shares outstanding  5,494,423  5,248,267   246,156 4.7% 
Diluted average shares outstanding  5,527,284  5,248,267   279,017 5.3% 
         



  PRIVATE BANCORP OF AMERICA, INC. 
  Consolidated average balance sheet, interest, yield and rates 
  (Unaudited) 
  (Dollars in thousands) 
                    
  For the three months ended 
  December 31, 2020 September 30, 2020 December 31, 2019 
  Average
Balance
 Interest Average
Yield/Rate
 Average
Balance
 Interest Average
Yield/Rate
 Average
Balance
 Interest Average
Yield/Rate
 
Interest-Earnings Assets:                   
Deposits in other financial institutions $189,856 $41 0.09% $191,912 $51 0.11% $66,186 $254 1.52% 
Investment securities  30,238  245 3.24%  31,727  231 2.91%  70,647  485 2.75% 
Loans  1,005,712  15,540 6.15%  1,037,195  13,578 5.21%  845,199  12,733 5.98% 
Total interest-earning assets  1,225,806  15,826 5.14%  1,260,834  13,860 4.37%  982,032  13,472 5.44% 
Noninterest-earning assets  8,805      10,529      36,912     
Total Assets $1,234,611     $1,271,363     $1,018,944     
                    
Interest-Bearing Liabilities                   
Interest-bearing transaction accounts$56,867 $17 0.12% $59,624 $19 0.13% $56,061 $130 0.92% 
Money market  400,764  270 0.27%  402,286  349 0.35%  389,499  1,009 1.03% 
Savings deposits  8,617  3 0.14%  9,024  2 0.09%  10,078  6 0.24% 
Certificates of deposit  98,225  306 1.24%  97,444  337 1.38%  114,699  680 2.35% 
Total Interest-Bearing Deposits  564,473  596 0.42%  568,378  707 0.49%  570,337  1,825 1.27% 
                    
FHLB advances  77,348  341 1.75%  100,924  384 1.51%  56,814  306 2.14% 
Other borrowings  17,938  272 6.07%  17,937  272 6.07%  17,931  269 6.00% 
Total Interest-Bearing Liabilities  95,286  613 2.56%  118,861  656 2.20%  74,745  575 3.05% 
                    
Noninterest-bearing deposits  452,916      467,845      271,892     
Total Funding Sources  1,112,675  1,209 0.43%  1,155,084  1,363 0.47%  916,974  2,400 1.04% 
                    
Noninterest-bearing liabilities  15,062      13,740      10,506     
                    
Shareholders' equity  106,874      102,539      91,464     
                    
Total Liabilities and Shareholders' Equity $1,234,611     $1,271,363     $1,018,944     
                    
Net interest spread     4.71%     3.90%     4.40% 
                    
Net interest income   $14,617     $12,497     $11,072   
Net interest margin     4.74%     3.94%     4.47% 
                    



  PRIVATE BANCORP OF AMERICA, INC. 
  Consolidated average balance sheet, interest, yield and rates 
  (Unaudited) 
  (Dollars in thousands) 
              
  For the twelve months ended 
  December 31, 2020 December 31, 2019 
  Average
Balance
 Interest Average
Yield/Rate
 Average
Balance
 Interest Average
Yield/Rate
 
Interest-Earnings Assets:             
Deposits in other financial institutions $188,109 $487 0.26% $62,784 $695 1.11% 
Investment securities  38,978  1,128 2.89%  83,810  2,303 2.75% 
Loans  983,405  55,539 5.65%  778,474  47,182 6.06% 
Total interest-earning assets  1,210,492  57,154 4.72%  925,068  50,180 5.42% 
Noninterest-earning assets  11,602      9,972     
Total Assets $1,222,094     $935,040     
              
Interest-Bearing Liabilities             
Interest-bearing transaction accounts$68,313 $227 0.33% $36,950 $280 0.76% 
Money market  397,050  2,068 0.52%  349,628  3,333 0.95% 
Savings deposits  8,928  13 0.15%  7,672  20 0.26% 
Certificates of deposit  109,165  2,061 1.89%  104,674  2,344 2.24% 
Total Interest-Bearing Deposits  583,456  4,369 0.75%  498,924  5,977 1.20% 
              
FHLB advances  85,532  1,430 1.67%  61,528  1,482 2.41% 
Other borrowings  17,936  1,087 6.06%  14,656  956 6.52% 
Total Interest-Bearing Liabilities  103,468  2,517 2.43%  76,184  2,438 3.20% 
              
Noninterest-bearing deposits  419,676      258,871     
Total Funding Sources  1,106,600  6,886 0.62%  833,979  8,415 1.01% 
              
Noninterest-bearing liabilities  13,701      9,493     
              
Shareholders' equity  101,793      91,568     
              
Total Liabilities and Shareholders' Equity $1,222,094     $935,040     
              
Net interest spread     4.10%     4.42% 
              
Net interest income   $50,268     $41,765   
Net interest margin     4.15%     4.51% 
              



 PRIVATE BANCORP OF AMERICA, INC. 
 Condensed Balance Sheets 
 (Unaudited) 
 (Dollars in thousands, except per share amounts) 
 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 
Assets          
Cash and due from banks$276,225  $155,346  $199,246  $221,154  $105,612  
Interest-bearing time deposits with other institutions 5,760   5,760   5,758   5,756   5,756  
Investment securities 26,086   26,525   27,664   49,327   51,179  
Loans (excluding SBA PPP loans) 946,219   888,576   873,012   894,076   885,556  
SBA PPP loans 62,338   154,210   153,497   -   -  
Allowance for loan losses (14,262)  (12,682)  (11,100)  (9,598)  (8,601) 
Net loans 994,295   1,030,104   1,015,409   884,478   876,955  
Right of use asset 5,990   5,186   5,632   6,022   6,452  
Premises and equipment, net 2,649   2,859   3,055   3,052   3,165  
Other assets and interest receivable 18,735   18,414   17,248   16,092   16,868  
Total assets$ 1,329,740  $ 1,244,194  $ 1,274,012  $ 1,185,881  $ 1,065,987  
           
Liabilities and Shareholders' Equity          
           
Liabilities          
Noninterest Bearing$531,732  $471,324  $452,155  $355,225  $268,116  
Interest Bearing 581,216   557,455   584,451   607,062   582,139  
Total Deposits 1,112,948   1,028,779   1,036,606   962,287   850,255  
Borrowings 92,939   97,938   122,936   112,934   107,932  
Accrued interest payable and other liabilities 16,100   14,227   14,097   12,497   12,120  
Total liabilities 1,221,987   1,140,944   1,173,639   1,087,718   970,307  
           
Shareholders' equity          
Common stock 69,557   69,540   69,512   69,165   69,159  
Additional paid-in capital 3,496   3,230   3,002   3,254   3,048  
Retained earnings 33,904   29,521   26,984   24,839   22,905  
Accumulated other comprehensive income 796   959   875   905   568  
Total shareholders' equity 107,753   103,250   100,373   98,163   95,680  
Total liabilities and shareholders' equity$ 1,329,740  $ 1,244,194  $ 1,274,012  $ 1,185,881  $ 1,065,987  
           
Book value per common share$19.24  $18.50  $17.99  $17.57  $17.15  
Tangible book value per common share$18.95  $18.26  $17.76  $17.35  $16.96  
Shares outstanding 5,600,508   5,580,456   5,578,884   5,586,270   5,577,968  
           
 Regulatory Capital Ratios (PBAM) 1 
 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 
Tier 1 leverage ratio 8.53%  7.92%  7.57%  8.79%  9.17% 
Tier 1 risk-based capital ratio 11.53%  11.35%  9.66%  9.20%  9.86% 
Common equity Tier 1 ratio 11.53%  11.35%  9.66%  9.20%  9.86% 
Total risk-based capital ratio 14.75%  14.63%  12.60%  11.91%  12.71% 
Tangible equity / tangible assets 8.00%  8.20%  7.79%  8.18%  8.88% 
           
1 Preliminary ratios for December 31, 2020          
           



 PRIVATE BANCORP OF AMERICA, INC. 
 Condensed Statements of Income 
 (Unaudited) 
 (Dollars in thousands, except per share amounts) 
 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 
Interest income$15,826  $13,860  $13,635  $13,834  $13,472  
Interest expense 1,209   1,363   2,015   2,299   2,400  
Net interest income 14,617   12,497   11,620   11,535   11,072  
Provision for loan losses 1,579   1,582   1,511   997   708  
Net interest income after provision for loan losses 13,038   10,915   10,109   10,538   10,364  
           
Noninterest income 1,636   936   1,378   1,146   1,021  
           
Salary and employee benefits 5,293   5,365   5,790   5,552   5,427  
Occupancy and equipment 774   864   900   884   832  
Data processing 624   643   561   518   631  
Professional services 949   514   628   859   726  
Other expenses 780   846   827   848   946  
Total noninterest expense 8,420   8,232   8,706   8,661   8,562  
           
Income before provision for income taxes 6,254   3,619   2,781   3,023   2,823  
Income taxes 1,874   1,084   711   1,116   857  
Net income$4,380  $2,535  $2,070  $1,907  $1,966  
Net income available to common shareholders$4,307  $2,499  $2,038  $1,874  $1,931  
           
Earnings per share          
Basic earnings per share$0.78  $0.45  $0.37  $0.34  $0.36  
Diluted earnings per share$0.78  $0.45  $0.37  $0.34  $0.35  
           
Average shares outstanding 5,501,272   5,499,970   5,435,155   5,488,197   5,414,056  
Diluted average shares outstanding 5,540,232   5,516,013   5,453,597   5,555,376   5,492,930  
           
 Performance Ratios 
 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 
ROAA 1.41%  0.79%  0.64%  0.70%  0.77% 
ROAE 16.30%  9.84%  8.31%  7.86%  8.53% 
ROTE 16.54%  9.96%  8.42%  7.96%  8.01% 
Net interest margin 4.74%  3.94%  3.66%  4.46%  4.47% 
Net interest spread 4.71%  3.90%  3.60%  4.40%  4.40% 
Efficiency ratio 51.81%  61.28%  66.98%  68.30%  70.80% 
Noninterest expense / average assets 2.71%  2.58%  2.71%  3.20%  3.33% 
           



 PRIVATE BANCORP OF AMERICA, INC. 
 Average Balances 
 (Unaudited) 
 (Dollars in thousands) 
 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 
Total assets$1,234,611  $1,271,363  $1,293,484  $1,088,242  $1,018,944  
Earning assets$1,225,806  $1,260,834  $1,278,380  $1,040,267  $982,032  
Total loans$1,005,712  $1,037,195  $1,008,220  $881,655  $845,199  
Total deposits$1,017,389  $1,036,223  $1,062,071  $896,327  $842,229  
Total equity$106,874  $102,539  $100,130  $97,566  $91,464  
           
           
 Loan Balances by Type 
 (Dollars in thousands) 
 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 
Real estate - investor owned$243,745  $231,787  $234,806  $246,026  $245,658  
Real estate - owner occupied 268,193   250,286   240,587   234,771   225,778  
Real estate - multifamily 69,187   64,268   66,431   67,550   68,308  
Real estate - single family 67,522   59,994   57,521   58,429   59,487  
Commercial business 251,711   237,316   231,832   245,610   243,438  
SBA PPP loans 62,338   154,210   153,497   -   -  
Land and construction 29,377   28,277   26,327   27,044   32,151  
Consumer 6,797   7,559   8,046   7,300   6,172  
Total loans held for investment 998,870   1,033,697   1,019,047   886,730   880,992  
Loans held for sale 9,687   9,089   7,462   7,346   4,564  
Total loans, including loans held for sale 1,008,557   1,042,786   1,026,509   894,076   885,556  
Allowance for loan losses (14,262)  (12,682)  (11,100)  (9,598)  (8,601) 
Net loans$994,295  $1,030,104  $1,015,409  $884,478  $876,955  
           
           
 Deposits by Type 
 (Dollars in thousands) 
 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 
Non interest bearing DDA$531,732  $471,324  $452,155  $355,225  $268,116  
Interest bearing DDA 60,606   56,837   63,805   108,368   112,397  
Savings & MMA 424,540   396,233   427,685   366,109   350,563  
Retail CD 7,770   8,401   8,493   8,484   6,989  
Jumbo CD 88,300   95,984   84,468   124,101   112,190  
Total deposits$1,112,948  $1,028,779  $1,036,606  $962,287  $850,255  
           
           
 Asset Quality 
 (Dollars in thousands) 
 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 
Total Loans$1,008,557  $1,042,786  $1,026,509  $894,076  $885,556  
30-89 day past due loans$-  $-  $-  $297  $-  
90+ day past due loans$-  $-  $-  $-  $-  
Nonaccrual loans$1,609  $1,743  $-  $663  $-  
           
NPAs / Assets 0.12%  0.14%  0.00%  0.06%  0.00% 
NPLs / loans & OREO 0.16%  0.17%  0.00%  0.07%  0.00% 
Net quarterly charge-offs$-  $-  $-  $-  $-  
Net charge-offs/avg loans (annualized) 0.00%  0.00%  0.00%  0.00%  0.00% 
Allowance for loan losses to loans 1.41%  1.22%  1.08%  1.07%  0.97% 
Allowance for loan losses to nonaccrual loans 886.39%  727.60%  NM   1447.66%  NM