Private Bancorp of America, Inc. Announces First Quarter Results

La Jolla, California, UNITED STATES

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
March 31, 2016
  Three months
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
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 
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)










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