LA JOLLA, Calif., April 21, 2016 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQB:PBAM)
Private Bancorp of America, Inc., the parent company of San Diego Private Bank (“Bank”), announced first quarter operating results for the quarter ending March 31, 2016. Earnings per share of $0.29 for the quarter were slightly lower than the $0.31 EPS the company reported for the same period a year ago. Thomas V. Wornham, President and CEO, indicated that holding company expenses, increased compliance costs and investments in technology and new product launches underway, increased non-interest expense by 11% year over year. Net income for the quarter ended March 31, 2016 was $1,118,000 compared to $1,303,000 for the same period a year ago.
Loans ended the quarter at $345,985,000, up 4% year over year. Deposits were $330,609,000 at March 31, 2016, down 2% from the same period a year ago. Total Assets were up 1% year over year and revenues were up 2%.
Mr. Wornham, stated “I am very proud of the Bank Team’s ability to implement new products and services while maintaining forward momentum. We are half way through the roll out of our new Treasury Management and upgraded consumer electronic product offerings. As noted previously, we began making significant investments in people and systems to be in a position to expand the Bank on a firm foundation. Despite this internal focus, we generated over $30,000,000 in new loans during the first quarter and even with these investments in improved client solutions and systems, the Bank’s operating expenses are lower this quarter than the fourth quarter of 2015 and our efficiency ratio improved from 66% to 58% year over year. We believe we are positioned well to adapt to the changing landscape and have a strong 2016.”
This press release may include forward looking statements that involve inherent risks and uncertainties. San Diego Private Bank cautions readers that a number of important factors could cause actual results to differ materially from those in the forward‐looking statements. These factors include economic conditions and competition in the geographic and business areas in which San Diego Private Bank operates, our ability to successfully integrate the operations of merged banks, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward‐looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.
| Private Bancorp of America, Inc. and Subsidiary | |||||||
| Statements of Income | |||||||
| (Unaudited – in thousands) | |||||||
| Three months ended March 31, 2016 | Three months ended March 31, 2015 | ||||||
| Interest Income | $ | 5,118 | $ | 4,843 | |||
| Interest Expense | 488 | 370 | |||||
| Net Interest Income | 4,630 | 4,473 | |||||
| Provision for Loan Losses | 51 | 35 | |||||
| Net Interest Income after Provision for Loan Losses | 4,579 | 4,438 | |||||
| Other Income | 349 | 502 | |||||
| Operating Expenses | 3,024 | 2,714 | |||||
| Operating Income | 1,904 | 2,226 | |||||
| Income Taxes | 786 | 923 | |||||
| Net Earnings | $ | 1,118 | $ | 1,303 | |||
| Basic Earnings Per Share | $ | 0.29 | $ | 0.32 | |||
| Diluted Earnings Per Share | $ | 0.28 | $ | 0.31 | |||
| Private Bancorp of America, Inc. and Subsidiary | |||||||||||
| Statements of Condition | |||||||||||
| (Unaudited –in thousands) | |||||||||||
| March 31, 2016 | December 31, 2015 | March 31, 2015 | |||||||||
| Assets | |||||||||||
| Cash and Cash Equivalents | $ | 60,027 | $ | 58,075 | $ | 81,078 | |||||
| Investments | 29,897 | 29,385 | 18,152 | ||||||||
| Loans, Net | 345,985 | 354,708 | 333,178 | ||||||||
| Premises, Equipment and Other Assets | 11,538 | 12,787 | 12,630 | ||||||||
| Total Assets | 447,447 | 454,955 | 445,038 | ||||||||
| Liabilities and Shareholders’ Equity | |||||||||||
| Demand Deposits | 96,540 | 110,976 | 106,772 | ||||||||
| Interest Bearing Deposits | 234,069 | 228,855 | 230,491 | ||||||||
| Total Deposits | 330,609 | 339,831 | 336,263 | ||||||||
| FHLB Advances / Borrowings | 60,372 | 60,369 | 52,500 | ||||||||
| Other Liabilities | 2,676 | 3,603 | 2,322 | ||||||||
| Shareholders’ Equity | 53,790 | 51,152 | 52,953 | ||||||||
| Total Liabilities and Shareholders’ Equity | $ | 447,447 | $ | 454,955 | $ | 445,038 | |||||
| Selected Ratios: | March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||||||
| Tangible Book Value Per Share | $ | 13.42 | $ | 13.19 | $ | 12.57 | |||||
| Tier 1 Leverage Ratio (Bank) | 12.27 | % | 11.85 | % | 11.49 | % | |||||
| Total Risk Based Capital Ratio (Bank) | 15.83 | % | 16.28 | % | 15.63 | % | |||||
| Asset Quality | |||||||||||
| (Non-Performing Assets + 90 Days Past Due Accruing) divided by (Equity + Allowance for Loan Losses) | 0.32 | % | 0.37 | % | 3.49 | % | |||||