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


  • Net income for the quarter was $2.5 million, or $0.45 per diluted share
  • Net interest margin for the quarter was 3.94% compared to 3.66% in the prior quarter
  • Total loans were $1.0 billion up 2% for the quarter
  • Allowance for loan losses (“ALL”) to total loans of 1.22%
  • No doubtful credits or charge offs in the quarter and no loan delinquencies at end of quarter
  • Non-performing assets represent 0.14% of total assets
  • COVID-19 loan deferrals declined to $34.4 million, or 3% of total loans from $97.5 million the prior quarter
  • Total deposits were $1.0 billion down 1% for the quarter and up 25% year-over-year
  • Non-interest-bearing deposits increased 4% during the quarter and represent 46% of total deposits
  • Cost of deposits were 0.27% in the third quarter, compared with 0.51% in the prior quarter
  • Non-interest expense declined 5%, compared to the second quarter

LA JOLLA, Calif., Oct. 26, 2020 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the third quarter ending September 30, 2020. For the third quarter of 2020, the Company reported net income of $2.5 million or $0.45 per diluted share.

The Bank remains concerned about the safety and prosperity of our employees and clients during the ongoing COVID-19 crisis and during the quarter resumed normal branch hours at most of our locations. The Bank has $154.2 million in SBA PPP loans outstanding and worked with clients during the quarter to submit applications to the SBA for loan forgiveness. By the end of the quarter 206 loans representing $99.8 million in loan balances and $3.2 million in potential loan fees had been submitted to the SBA.

As of September 2020, the number of COVID-19 related loan deferrals decreased to 16 loans totaling $34.4 million or 3% of total loans from 56 loans and $97.5 million in the second quarter of 2020. The Bank had no past due loans at the end of the quarter and two loans totaling $1.7 million on non-accrual. Criticized assets were $4.9 million, consisting of 5 relationships all related to the impacts of COVID-19. Classified assets increased $3.6 million to $7.7 million at quarter end, of which the largest loan was a well secured $3.5 million credit. There were no doubtful credits or charge offs in the quarter.

The Allowance for Loan Losses increased $1.6 million to $12.7 million in the quarter with a resulting coverage ratio of 1.22% of total loans outstanding, including PPP loans, compared to $11.1 million or 1.08% at the second quarter of 2020 and $7.9 million or 0.96% at the third 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. Excluding the impact of PPP loans, the coverage ratio on the loan portfolio increased to 1.43%.

Rick Sowers, President and CEO of the Company and the Bank stated, “The Team continues to focus on the safety and prosperity of our clients and the communities we serve through our Relationship based business model. We are pleased with the continued progress we are making in increasing our operating leverage, reducing expenses, protecting our net interest margin and growing the Bank in a safe and sound manner. The third quarter included higher gain on sale from loans generated by our SBA Team and a significant reduction in deposit and funding costs.”

The Company reported net income of $2.5 million or $0.45 per diluted share for the quarter ended September 30, 2020 compared with net income of $2.1 million or $0.37 per diluted share in the second quarter and a loss of $5 million or $0.89 per diluted share for the same period last year. Net interest income was $12.5 million for the third quarter of 2020, representing an $877 thousand or 7.50%, increase compared to the second quarter of 2020 and a $1.5 million or 13.9% increase, compared to the same period in 2019. Net interest margin for the third quarter of 2020 was 3.94% compared with 3.66% for the second quarter of 2020 and 4.67% for the same period in 2019. The increase in the net interest margin for the quarter was attributable to lower funding costs as a result of proactive repositioning and repricing of the deposit portfolio. The yield on earning assets for the third quarter of 2020 was 4.37% compared with 4.29% in the second quarter and 5.63% for the same period in 2019. The yield on loans for the quarter decreased to 5.21% compared to 5.30% in the second quarter of this year and decreased from 6.07% in the third quarter of 2019. The cost of total funding sources was 0.47% for the quarter compared with 0.69% in the second quarter and 1.04% for the same period in 2019.

Non-interest income was $936 thousand for the third quarter of 2020, representing a $442 thousand or 32% decrease compared to the second quarter of 2020 and a $352 thousand or 60% increase compared to the same period in 2019. The decrease in non-interest income for the quarter is due to $751 thousand in security gains recorded in the second quarter partially offset by a $344 thousand increase in revenues from SBA loan sales. The increase in non-interest income compared to a year ago is primarily due to $391 thousand in additional gains from the sale of SBA loans partially offset by $125 thousand in securities gains recorded in the third quarter of 2019. SBA loan sales for the third quarter were $6.2 million with a 13.8% trade premium compared with $3.4 million with a 10.4% trade premium in the second quarter of 2020 and $4.4 million with a 10.5% trade premium in the third quarter of 2019.

Non-interest expense was $8.2 million for the third quarter of 2020 representing a $474 thousand decrease, or 5%, compared to the second quarter of 2020 and a $699 thousand, or 8% decrease, compared to the same period in 2019. The decrease in second quarter expenses was primarily due to decreases in salaries and benefits and professional fees. The decrease compared to the first quarter of 2019 was due to decreases in salaries and benefits and professional services partially offset by an increase in other expense.

The Company reported total assets of $1.2 billion at September 30, 2020, representing a decrease of $29.8 million or 2% compared to the second quarter of 2020 and an increase of $244 million or 24% compared to the same period in 2019. The decrease in assets was largely due to repaying term FHLB advances offset by a $16.2 million, or 2% increase in loans, from the second quarter to $1.0 billion at September 30, 2020 and increased $221.8 million, or 27%, from the third quarter of 2019. Substantially all of the loan growth for the quarter was related to real estate loans.

“The Company continues to perform strongly. During the quarter, the CEO transition announced in January was completed. Rick Sowers is now President and CEO of both PBAM and CalPrivate Bank. We again thank Tom Wornham for leading the organization to where we are today,” said Selwyn Isakow, Chairman of the Board of PBAM and the Bank. “The third quarter was highlighted by a higher net interest margin, improved efficiency ratio and greater clarity on the strength of the loan portfolio. The macro-environment in which we operate remains uncertain. Caution and diligence are our focus as we plan on taking advantage of dislocations in the industry to expand our client base with additional relationship-driven prospects seeking superior service and more creative solutions to their challenges and opportunities, provided by exceptional bankers.”

On October 21, PBAM appointed Leda Csanka to the board of CalPrivate Bank, increasing the number of directors to thirteen. Ms. Csanka brings over 30 years of deep technology experience within financial services. She has held diverse IT and leadership roles with a multinational banking and financial services firm, having tenures within programming, architecture, infrastructure, standardization and strategic leadership for retail, direct and commercial banking, investment banking, asset management and insurance services. Ms. Csanka later became Chief Technology Officer and a member of the executive team of a leading broker-dealer that provided retail financial services to investment programs of banks and credit unions. Isakow stated, “We welcome Leda to the Bank board and are delighted to add someone who has such a depth of knowledge and understanding of technology in our industry at a time when our systems are integral to future exceptional client service and bank efficiency.”

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)
          
 September 30, 2020 June 30, 2020 Dollar changePercentage change September 30, 2019 Dollar changePercentage change
Assets           
            
Cash and due from banks$10,985  $13,641  $(2,656)-19.5% $29,480  $(18,495)-62.7%
Interest-bearing deposits in other financial institutions 930   1,200   (270)-22.5%  563   367 65.2%
Interest-bearing deposits at Federal Reserve Bank 143,431   184,405   (40,974)-22.2%  57,810   85,621 148.1%
Total cash and due from banks 155,346   199,246   (43,900)-22.0%  87,853   67,493 76.8%
Interest-bearing time deposits with other institutions 5,760   5,758   2 0.0%  2,255   3,505 155.4%
Investment securities available for sale 26,525   27,664   (1,139)-4.1%  73,170   (46,645)-63.7%
Loans 1,042,786   1,026,509   16,277 1.6%  820,989   221,797 27.0%
Allowance for loan losses (12,682)  (11,100)  (1,582)14.3%  (7,893)  (4,789)60.7%
Net loans 1,030,104   1,015,409   14,695 1.4%  813,096   217,008 26.7%
Federal Home Loan Bank stock, at cost 4,602   4,602   - 0.0%  4,060   542 13.3%
Right of use asset 5,186   5,632   (446)-7.9%  6,877   (1,691)-24.6%
Premises and equipment, net 2,859   3,055   (196)-6.4%  2,947   (88)-3.0%
Other intangible assets 1,364   1,281   83 6.5%  978   386 39.5%
Deferred tax asset 4,141   4,141   - 0.0%  4,409   (268)-6.1%
Accrued interest receivable 3,883   3,556   327 9.2%  2,569   1,314 51.1%
Other assets 4,424   3,668   756 20.6%  1,771   2,653 149.8%
Total assets$ 1,244,194  $ 1,274,012  $ (29,818)-2.3% $ 999,985  $ 244,209 24.4%
            
Liabilities and Shareholders' Equity           
            
Liabilities           
Noninterest bearing$471,324  $452,155  $19,169 4.2% $266,205  $205,119 77.1%
Interest Bearing 557,455   584,451   (26,996)-4.6%  557,800   (345)-0.1%
Total deposits 1,028,779   1,036,606   (7,827)-0.8%  824,005   204,774 24.9%
FHLB borrowings 80,000   105,000   (25,000)-23.8%  55,000   25,000 45.5%
Other borrowings 17,938   17,936   2 0.0%  17,930   8 0.0%
Accrued interest payable and other liabilities 14,227   14,097   130 0.9%  9,779   4,448 45.5%
Total liabilities 1,140,944   1,173,639   (32,695)-2.8%  906,714   234,230 25.8%
            
Shareholders' equity           
Common stock 69,540   69,512   28 0.0%  68,804   736 1.1%
Additional paid-in capital 3,230   3,002   228 7.6%  2,997   233 7.8%
Retained earnings 29,521   26,984   2,537 9.4%  20,917   8,604 41.1%
Accumulated other comprehensive income 959   875   84 9.6%  553   406 73.4%
Total stockholders' equity 103,250   100,373   2,877 2.9%  93,271   9,979 10.7%
            
Total liabilities and stockholders' equity$ 1,244,194  $ 1,274,012  $ (29,818)-2.3% $ 999,985  $ 244,209 24.4%



PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
          
 For the three months ended
 September 30, 2020 June 30, 2020 Dollar changePercentage change September 30, 2019 Dollar changePercentage change
Interest Income           
Loans$13,578 $13,293 $285 2.1% $12,497  $1,081 8.7%
Investment securities 231  251  (20)-8.0%  544   (313)-57.5%
Deposits in other financial institutions 51  91  (40)-44.0%  181   (130)-71.8%
Total interest income 13,860  13,635  225 1.7%  13,222   638 4.8%
            
Interest Expense           
Deposits 707  1,356  (649)-47.9%  1,605   (898)-56.0%
Borrowings 656  659  (3)-0.5%  648   8 1.2%
Total interest expense 1,363  2,015  (652)-32.4%  2,253   (890)-39.5%
            
Net interest income 12,497  11,620  877 7.5%  10,969   1,528 13.9%
Provision for loan losses 1,582  1,511  71 4.7%  9,737   (8,155)-83.8%
Net interest income after provision for loan losses 10,915  10,109  806 8.0%  1,232   9,683 786.0%
            
Noninterest income:           
Service charges on deposit accounts 141  143  (2)-1.4%  137   4 2.9%
Net gain on sale of loans 554  210  344 163.8%  163   391 239.9%
Gain on sale of investment securities 0  751  (751)-100.0%  125   (125)-100.0%
Other noninterest income 241  274  (33)-12.0%  159   82 51.6%
Total noninterest income 936  1,378  (442)-32.1%  584   352 60.3%
            
Noninterest expense:           
Salary and employee benefits 5,365  5,790  (425)-7.3%  6,341   (976)-15.4%
Occupancy and equipment 864  900  (36)-4.0%  793   71 9.0%
Data processing 643  561  82 14.6%  588   55 9.4%
Professional services 514  628  (114)-18.2%  639   (125)-19.6%
Other expenses 846  827  19 2.3%  570   276 48.4%
Total noninterest expense 8,232  8,706  (474)-5.4%  8,931   (699)-7.8%
            
Income (loss) before provision for income taxes 3,619  2,781  838 30.1%  (7,115)  10,734 -150.9%
Provision for income taxes 1,084  711  373 52.5%  (2,081)  3,165 -152.1%
Net income (loss)$ 2,535 $ 2,070 $ 465 22.5% $ (5,034) $ 7,569 -150.4%
Net income (loss) available to common shareholders$ 2,499 $ 2,038 $ 461 22.6% $ (4,950) $ 7,449 -150.5%
            
Earnings (loss) per share           
Basic earnings (loss) per share$0.45 $0.37 $0.08 21.6% $(0.91) $1.36 -149.5%
Diluted earnings (loss) per share$0.45 $0.37 $0.08 21.6% $(0.89) $1.34 -150.6%
            
Average shares outstanding 5,499,970  5,435,155  64,815 1.2%  5,465,278   34,692 0.6%
Diluted average shares outstanding 5,516,013  5,453,597  62,416 1.1%  5,563,931   (47,918)-0.9%



PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
       
 For the nine months ended
 September 30, 2020 September 30, 2019 Dollar changePercentage change
Interest Income      
Loans$39,999 $34,449  $5,550 16.1%
Investment securities 883  1,818   (935)-51.4%
Deposits in other financial institutions 446  440   6 1.4%
Total interest income 41,328  36,707   4,621 12.6%
       
Interest Expense      
Deposits 3,773  4,152   (379)-9.1%
Borrowings 1,904  1,863   41 2.2%
Total interest expense 5,677  6,015   (338)-5.6%
       
Net interest income 35,651  30,692   4,959 16.2%
Provision for loan losses 4,091  11,122   (7,031)-63.2%
Net interest income after provision for loan losses 31,560  19,570   11,990 61.3%
       
Noninterest income:      
Service charges on deposit accounts 457  347   110 31.7%
Net gain on sale of loans 1,444  817   627 76.7%
Gain on sale of investment securities 751  150   601 400.7%
Other noninterest income 808  428   380 88.8%
Total noninterest income 3,460  1,742   1,718 98.6%
       
Noninterest expense:      
Salary and employee benefits 16,707  17,462   (755)-4.3%
Occupancy and equipment 2,649  2,109   540 25.6%
Data processing 1,721  1,602   119 7.4%
Professional services 2,001  1,395   606 43.4%
Other expenses 2,521  2,153   368 17.1%
Total noninterest expense 25,599  24,721   878 3.6%
       
Income (loss) before provision for income taxes 9,421  (3,409)  12,830 -376.4%
Provision for income taxes 2,910  (1,014)  3,924 -387.0%
Net income (loss)$ 6,511 $ (2,395) $ 8,906 -371.9%
Net income (loss) available to common shareholders$ 6,407 $ (2,351) $ 8,758 -372.5%
       
Earnings (loss) per share      
Basic earnings (loss) per share$1.17 $(0.46) $1.63 -354.3%
Diluted earnings (loss) per share$1.16 $(0.45) $1.61 -357.8%
       
Average shares outstanding 5,492,123  5,163,512   328,611 6.4%
Diluted average shares outstanding 5,522,929  5,262,165   260,764 5.0%



 PRIVATE BANCORP OF AMERICA, INC.
 Consolidated average balance sheet, interest, yield and rates
 (Unaudited)
 (Dollars in thousands)
               
 For the three months ended
 September 30, 2020 June 30, 2020 September 30, 2019
 Average Balance InterestAverage Yield/Rate Average Balance InterestAverage Yield/Rate Average Balance InterestAverage Yield/Rate
Interest-Earnings Assets:              
Deposits in other financial institutions$191,912 $510.11% $231,621 $910.16% $35,658 $1812.01%
Investment securities 31,727  2312.91%  38,539  2512.61%  79,842  5442.73%
Loans 1,037,195  13,5785.21%  1,008,220  13,2935.30%  816,281  12,4976.07%
Total interest-earning assets 1,260,834  13,8604.37%  1,278,380  13,6354.29%  931,781  13,2225.63%
Noninterest-earning assets 10,529     15,104     39,083   
Total Assets$1,271,363    $1,293,484    $970,864   
               
Interest-Bearing Liabilities              
Interest-bearing transaction accounts$59,624 $190.13% $73,509 $260.14% $37,644 $690.73%
Money market 402,286  3490.35%  394,523  4760.49%  372,008  9591.02%
Savings deposits 9,024  20.09%  8,863  20.09%  7,099  50.28%
Certificates of deposit 97,444  3371.38%  126,545  8522.71%  100,705  5722.25%
Total Interest-Bearing Deposits 568,378  7070.49%  603,440  1,3560.90%  517,456  1,6051.23%
               
FHLB advances 100,924  3841.51%  100,385  3871.55%  63,301  3762.36%
Other borrowings 17,937  2726.07%  17,934  2726.07%  17,929  2726.07%
Total Interest-Bearing Liabilities 118,861  6562.20%  118,319  6592.24%  81,230  6483.16%
               
Noninterest-bearing deposits 467,845     458,631     261,365   
Total Funding Sources 1,155,084  1,3630.47%  1,180,390  2,0150.69%  860,051  2,2531.04%
               
Noninterest-bearing liabilities 13,740     12,964     12,422   
               
Shareholders' equity 102,539     100,130     98,391   
               
Total Liabilities and Shareholders' Equity$1,271,363    $1,293,484    $970,864   
               
Net interest spread   3.90%    3.60%    4.59%
               
Net interest income  $12,497    $11,620    $10,969 
Net interest margin   3.94%    3.66%    4.67%



 PRIVATE BANCORP OF AMERICA, INC.
 Condensed Balance Sheets
 (Unaudited)
 (Dollars in thousands, except per share amounts)
 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Assets         
Cash and due from banks$155,346  $199,246  $221,154  $105,610  $87,853 
Interest-bearing time deposits with other institutions 5,760   5,758   5,756   5,758   2,255 
Investment securities 26,525   27,664   49,327   51,179   73,170 
Loans 1,042,786   1,026,509   894,076   885,556   820,989 
Allowance for loan losses (12,682)  (11,100)  (9,598)  (8,601)  (7,893)
Net loans 1,030,104   1,015,409   884,478   876,955   813,096 
Right of use asset 5,186   5,632   6,022   6,452   6,877 
Premises and equipment, net 2,859   3,055   3,052   3,165   2,947 
Other assets and interest receivable 18,414   17,248   16,092   16,868   13,787 
Total assets$ 1,244,194  $ 1,274,012  $ 1,185,881  $ 1,065,987  $ 999,985 
          
Liabilities and Shareholders' Equity         
          
Liabilities         
Noninterest Bearing$471,324  $452,155  $355,225  $268,116  $266,205 
Interest Bearing 557,455   584,451   607,062   582,139   557,800 
Total Deposits 1,028,779   1,036,606   962,287   850,255   824,005 
Borrowings 97,938   122,936   112,934   107,932   72,930 
Accrued interest payable and other liabilities 14,227   14,097   12,497   12,120   9,779 
Total liabilities 1,140,944   1,173,639   1,087,718   970,307   906,714 
          
Shareholders' equity         
Common stock 69,540   69,512   69,165   69,159   68,804 
Additional paid-in capital 3,230   3,002   3,254   3,048   2,997 
Retained earnings 29,521   26,984   24,839   22,905   20,917 
Accumulated other comprehensive income 959   875   905   568   553 
Total shareholders' equity 103,250   100,373   98,163   95,680   93,271 
Total liabilities and shareholders' equity$ 1,244,194  $ 1,274,012  $ 1,185,881  $ 1,065,987  $ 999,985 
          
Book value per common share$18.50  $17.99  $17.57  $17.15  $16.84 
Tangible book value per common share$18.26  $17.76  $17.35  $16.96  $16.66 
Shares outstanding 5,580,456   5,578,884   5,586,270   5,577,968   5,539,938 
          
 Regulatory Capital Ratios (PBAM) 1
 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Tier 1 leverage ratio 7.92%  7.57%  8.79%  9.17%  9.54%
Tier 1 risk-based capital ratio 11.35%  9.66%  9.20%  9.86%  10.24%
Common equity Tier 1 ratio 11.35%  9.66%  9.20%  9.86%  10.24%
Total risk-based capital ratio 14.63%  12.60%  11.91%  12.71%  13.09%
Tangible equity / tangible assets 8.20%  7.79%  8.18%  8.88%  9.24%
          
1 Preliminary ratios for Sept 30, 2020         



 PRIVATE BANCORP OF AMERICA, INC.
 Condensed Statements of Income
 (Unaudited)
 (Dollars in thousands, except per share amounts)
 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Interest income$13,860  $13,635  $13,834  $13,472  $13,222 
Interest expense 1,363   2,015   2,299   2,400   2,253 
Net interest income 12,497   11,620   11,535   11,072   10,969 
Provision for loan losses 1,582   1,511   997   708   9,737 
Net interest income after provision for loan losses 10,915   10,109   10,538   10,364   1,232 
          
Noninterest income 936   1,378   1,146   1,021   584 
          
Salary and employee benefits 5,365   5,790   5,552   5,427   6,341 
Occupancy and equipment 864   900   884   832   793 
Data processing 643   561   518   631   588 
Professional services 514   628   859   726   639 
Other expenses 846   827   848   946   570 
Total noninterest expense 8,232   8,706   8,661   8,562   8,931 
          
Income (loss) before provision for income taxes 3,619   2,781   3,023   2,823   (7,115)
Income taxes 1,084   711   1,116   857   (2,081)
Net income (loss)$2,535  $2,070  $1,907  $1,966  $(5,034)
Net income (loss) available to common shareholders$2,499  $2,038  $1,874  $1,931  $(4,950)
          
Earnings (loss) per share         
Basic earnings (loss) per share$0.45  $0.37  $0.34  $0.36  $(0.91)
Diluted earnings (loss) per share$0.45  $0.37  $0.34  $0.35  $(0.89)
          
Average shares outstanding 5,499,970   5,435,155   5,488,197   5,414,056   5,465,278 
Diluted average shares outstanding 5,516,013   5,453,597   5,555,376   5,492,930   5,563,931 
          
 Performance Ratios
 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
ROAA 0.79%  0.64%  0.70%  0.77%  -2.06%
ROAE 9.84%  8.31%  7.86%  8.53%  -20.30%
ROTE 9.96%  8.42%  7.96%  8.01%  -20.50%
Net interest margin 3.94%  3.66%  4.46%  4.47%  4.67%
Net interest spread 3.90%  3.60%  4.40%  4.40%  4.59%
Efficiency ratio 61.28%  66.98%  68.30%  70.80%  77.30%
Noninterest expense / average assets 2.58%  2.71%  3.20%  3.33%  3.65%
          
          
          
          
          
Average assets$1,271,363  $1,088,242  $1,018,944  $970,864  $897,120 
          
  4.021978022   4.021978022   3.967391304   3.967391304   4.010989011 
          
Salary and employee benefits 1.70%  2.14%  2.16%  2.22%  2.84%
Occupancy and equipment 0.27%  0.33%  0.34%  0.34%  0.35%
Data processing 0.20%  0.21%  0.20%  0.26%  0.26%
Professional services 0.16%  0.23%  0.33%  0.30%  0.29%
Other expenses 0.27%  0.31%  0.33%  0.39%  0.25%
  2.60%  3.22%  3.37%  3.50%  3.99%



 PRIVATE BANCORP OF AMERICA, INC.
 Average Balances
 (Unaudited)
 (Dollars in thousands)
 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Total assets$1,271,363  $1,293,484  $1,088,242  $1,018,944  $970,864 
Earning assets$1,260,834  $1,278,380  $1,040,267  $982,032  $931,781 
Total loans$1,037,195  $1,008,220  $881,655  $845,199  $816,281 
Total deposits$1,036,223  $1,062,071  $896,327  $842,229  $778,821 
Total equity$102,539  $100,130  $97,566  $91,464  $98,391 
          
          
 Loan Balances by Type
 (Dollars in thousands)
 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Real estate - investor owned$231,787  $234,806  $246,026  $245,658  $247,953 
Real estate - owner occupied 250,286   240,587   234,771   225,778   192,739 
Real estate - multifamily 64,268   66,431   67,550   68,308   68,536 
Real estate - single family 59,994   57,521   58,429   59,487   59,782 
Commercial business 237,316   231,832   245,610   243,438   204,166 
SBA PPP loans 154,210   153,497   -   -   - 
Land and construction 28,277   26,327   27,044   32,151   37,918 
Consumer 7,559   8,046   7,300   6,172   5,585 
Total loans held for investment 1,033,697   1,019,047   886,730   880,992   816,679 
Loans held for sale 9,089   7,462   7,346   4,564   4,310 
Total loans, including loans held for sale 1,042,786   1,026,509   894,076   885,556   820,989 
Allowance for loan losses (12,682)  (11,100)  (9,598)  (8,601)  (7,893)
Net loans$1,030,104  $1,015,409  $884,478  $876,955  $813,096 
          
          
 Deposits by Type
 (Dollars in thousands)
 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Non interest bearing DDA$471,324  $452,155  $355,225  $268,116  $266,205 
Interest bearing DDA 56,837   63,805   108,368   112,397   47,805 
Savings & MMA 396,233   427,685   366,109   350,563   394,128 
Retail CD 8,401   8,493   8,484   6,989   7,132 
Jumbo CD 95,984   84,468   124,101   112,190   108,735 
Total deposits$1,028,779  $1,036,606  $962,287  $850,255  $824,005 
          
          
 Asset Quality
 (Dollars in thousands)
 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Total Loans$1,042,786  $1,026,509  $894,076  $885,556  $820,989 
30-89 day past due loans$-  $-  $297  $-  $- 
90+ day past due loans$-  $-  $-  $-  $- 
Nonaccrual loans$1,743  $-  $663  $-  $- 
          
NPAs / Assets 0.14%  0.00%  0.06%  0.00%  0.00%
NPLs / loans & OREO 0.17%  0.00%  0.07%  0.00%  0.00%
Net quarterly charge-offs$-  $-  $-  $-  $9,481 
Net charge-offs/avg loans (annualized) 0.00%  0.00%  0.00%  0.00%  4.65%
Allowance for loan losses to loans 1.22%  1.08%  1.07%  0.97%  0.96%
Allowance for loan losses to nonaccrual loans 727.60%  NM   1447.66%  NM   NM