Private Bancorp of America, Inc. Announces Record Growth in 2016 - Total Assets Exceed a Half Billion Dollars

La Jolla, California, UNITED STATES

LA JOLLA, Calif., Jan. 23, 2017 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQB:PBAM) (“Bancorp”), parent company of San Diego Private Bank (“Bank”), announced Total Assets of $546 million at December 31, 2016, a 20% increase over Total Assets at December 31, 2015.  The fourth quarter was particularly strong, with Total Assets growing by $48,626,000 vs. $15,461,000 for the same period in 2015.

The record asset growth reflects record loan growth during 2016 to $434,277,000.  Loans grew by $79,569,000 during the year, a 22% increase over December 31, 2015.  During the fourth quarter 2016, loans grew by $43,000,000 compared to $24,454,000 for the same period in 2015.  All loan categories experienced strong growth.  Credit quality remains outstanding as does the loan portfolio performance.

Total Deposits at December 31, 2016 were $408,685,000.  The 20% increase in Year over Year deposits was spread evenly over all categories.  Deposits increased in the fourth quarter $33,211,000 compared to $13,190,000 for the same period in 2015.

Tom Wornham, President and CEO, commented “We are very pleased with the growth we have seen in 2016, particularly during the second half of the year.  Our employees worked diligently during the first half of the year to upgrade our operating systems and product offerings.  The increase in volumes during the second half of the year is a direct reflection of their efforts.”

Net income for the year ended December 31, 2016 was $4,321,000 representing earnings of $1.05 per share on a fully diluted basis compared to $4,928,000 or $1.17 per share for the year ended December 31, 2015.  For the three months ended December 31, 2016, net income rose to $1,368,000 from $1,164,000 in the same quarter of 2015, an increase of 18%.  Provision for loan losses increased from $216,000 to $818,000 due to the increase in loan originations.  Results for 2016 include a full-year of Bancorp expenses versus 2 months in 2015.  Bancorp was formed and acquired the Bank in October 2015.

Credit quality remained strong; the Bank’s Texas ratio at December 31, 2016 was 0.29%.  Capital levels at the Bank also remained strong with a Leverage Ratio of 11.47% and a Total Capital Ratio of 13.66% at December 31, 2016.

About Private Bancorp of America, Inc.

Private Bancorp of America, Inc. (OTCQB:PBAM), is the holding company for San Diego Private Bank.  San Diego Private 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; serviced through offices in Coronado, San Diego, La Jolla and Newport Beach 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. San Diego Private Bank is a SBA Preferred Lender.

Safe Harbor Paragraph          

This press release may include 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 economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. 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 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. & Subsidiary
Balance Sheets
(Unaudited –in thousands)
  December 31, 2016
 December 31, 2015
Cash and Cash Equivalents $71,706 $58,075 
Investments  27,984  29,385 
Loans, Net  434,277  354,708 
Premises, Equipment and Other Assets  11,707  11,586 
Total Assets  545,674  453,754 
Liabilities and Shareholders’ Equity   
Demand Deposits  122,023  110,976 
Interest Bearing Deposits  286,662  229,216 
Total Deposits  408,685  340,192 
FHLB Advances / Borrowings  75,882  60,369 
Other Liabilities  2,310  2,041 
Shareholders’ Equity  58,797  51,152 
Total Liabilities and $545,674 $453,754 
Shareholders’ Equity     
Tangible Book Value per Share $14.04 $13.19 
Tier 1 Leverage Ratio (Bank)  11.47% 11.85%
Total Risk Based Capital Ratio (Bank)  13.66% 15.48%
(Non-Performing Assets + 90 Days Past Due Accruing) divided by (Equity + Allowance for Loan Losses) (Bank)  0.29% 0.37%

Private Bancorp of America, Inc. & Subsidiary
Income Statements
(Unaudited – in thousands)
 Three months
December 31, 2016
   Three months
  December 31, 2015
December 31, 2016
December 31, 2015
Interest Income    
Interest Income$5,609 $5,462 $21,151 $20,472 
Interest Expense 585  440  2,100  1,555 
Net Interest Income 5,024  5,022  19,051  18,917 
Provision for Loan Losses 340  140  818  216 
Net Interest Income after
Provision for Loan Losses
 4,684  4,882  18,233  18,701 
Other Income 308  153  1,049  1,321 
Operating Expenses 3,026  3,049  12,288  11,624 
Operating Income 1,966  1,986  6,994  8,398 
Income Taxes 598  822  2,673  3,470 
Net Earnings$1,368 $1,164 $4,321 $4,928 
Basic Earnings Per Share$0.36 $0.34 $1.08 $1.21 
Diluted Earnings Per Share$0.35 $0.33 $1.05 $1.17 


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