Private Bancorp of America, Inc. Announces First Quarter 2022 Financial Results

La Jolla, California, UNITED STATES


First Quarter Highlights

  • Net income for the quarter was $6.5 million, up 41.1% from Q1’21
  • Diluted earnings per share of $1.13, up 40.0% from Q1’21
  • Total loans held-for-investment (“HFI”), excluding PPP loans, increased $87.4 million, up 7.4% over Q4’21 to $1.3 billion
  • Non-interest-bearing demand deposits grew $41.9 million from the prior quarter to $724.5 million, representing 52.8% of total deposits
  • Net interest margin of 4.65% compared to 4.44% for Q4’21
  • Cost of funding sources remained flat at 0.19%
  • Allowance for Loan Losses remained strong at 1.33% of total loans HFI
  • Tangible book value per share of $22.80, up $0.54 per share or 2.4% from Q4’21 including a mark-to-market adjustment related to the securities portfolio of -$5.6 million
  • Well capitalized Tier 1 risk-based capital ratio of 10.31% (preliminary)

LA JOLLA, Calif., April 22, 2022 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the first quarter ending March 31, 2022. The Company reported net income of $6.5 million, or $1.13 per diluted share, for the first quarter of 2022 compared to $7.3 million, or $1.28 per diluted share for the fourth quarter of 2021.

Rick Sowers, President and CEO of the Company and the Bank stated, “Our CalPrivate Franchise generated net interest income of over $17.1 million, net income of $6.5 million, and a return on tangible common equity of 20.2% in the first quarter of 2022. Our results benefited from healthy trends in lending activity as we saw strong loan volumes, which drove solid growth in net interest income.”

Sowers continued, “While we are all facing challenging times and volatile markets caused by global events, our core mission is unwavering, which is to provide Relationships, Solutions, and Trust to our Clients. With that in mind, we were able to grow loans by $87.4 million or 7.4% from Q4’21 and non-interest bearing deposits by $41.9 million or 6.1% from Q4’21, while maintaining an efficiency ratio of 53.62%. Additionally, we were able to assist almost all of our PPP Clients receive forgiveness on their loans resulting in only $8.8 million remaining on our balance sheet. In summary, the year is off to a good start thanks to our dedicated Team committed to serving our Clients.”

“PBAM continues to demonstrate its strength and success based on the first quarter results of 2022. The Company’s strategy to grow relationships and judiciously deploy capital continues to be evidenced by strong earnings and a solid risk profile resulting in first quarter diluted EPS of $1.13, up 40.0% from a year ago,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

Isakow added, “CalPrivate continues to grow organically in core markets with our Distinctly Different service model. We remain cautiously optimistic on the economy with an eye on significant geopolitical and economic challenges due to high inflation, supply chain issues, and the on-going war in Ukraine.”

STATEMENT OF INCOME

Net Interest Income

Net interest income for the first quarter totaled $17.1 million, representing an increase of $452 thousand or 2.7% compared to the fourth quarter of 2021, excluding PPP fees. The increase in net interest income for the quarter was primarily due to increases in organic non-PPP loan balances. PPP interest and fee income was $751 thousand in Q1’22, compared to $1.4 million in Q4’21. Interest expense on deposits decreased $26 thousand in Q1’22 vs Q4’21. The continued decrease in funding costs was due to increases in core non-interest bearing deposits and the decrease of interest bearing deposits.

Net Interest Margin

The net interest margin for the first quarter was 4.65% (4.51% excluding PPP loans) compared to 4.44% (4.23% excluding PPP loans) for the fourth quarter of 2021. The 0.21% increase in the net interest margin for the quarter was due to the continued investment strategy and the normalization of cash and due from balances. Average portfolio loan yields were 5.51%, compared to 5.50% for Q4’21, including loan fees. The yield on earning assets for the first quarter was 4.82% compared with 4.62% for the fourth quarter.

Provision for Loan Losses

The provision for loan losses for the first quarter was $142 thousand, a decrease of $692 thousand compared to the fourth quarter of 2021. While the economy continued to recover in the first quarter, geopolitical events and high inflation have created uncertainty, and this is reflected in our total loan loss provision to total loans HFI of 1.33%, or 1.34% excluding PPP loans.

Non-Interest Income

Non-interest income was $3.1 million for the first quarter, representing a $1.2 million decrease, compared to the fourth quarter of 2021. The decrease in non-interest income was primarily due to a decrease in SBA loans sales during the first quarter compared to a record fourth quarter of 2021. SBA loan sales for the first quarter were $26.2 million with a 12.9% trade premium compared with $36.0 million with a 12.9% trade premium in the fourth quarter of 2021.

Non-Interest Expense

Non-interest expense was $10.9 million for the first quarter representing a $1.0 million, or 10.4% increase compared to the fourth quarter of 2021. Wage pressures and additional Team hires resulted in higher salary expenses of $821 thousand compared to the fourth quarter of 2021. Additionally, as the Bank continues to grow and has encountered a tight labor market, we have engaged with staffing agencies to provide temporary additional high-quality resources.

Professional services and other expenses continue to remain at elevated levels given on-going legal and related expenses associated with the ANI Development, LLC, and Gina Champion-Cain fraud recovery cases. Associated with the expense is an active lawsuit against Chicago Title (parent company, Fidelity National Financial) for their alleged involvement with the fraud scheme.

STATEMENT OF FINANCIAL CONDITION

Balance Sheet

At March 31, 2022, the Company reported total assets of $1.5 billion representing an increase of $28.4 million or 1.9% compared to the fourth quarter of 2021. The increase in assets for the quarter was due to increases in loans and investment securities supported by additional growth in core deposits. Total loans HFI increased $60.7 million during the quarter, up 5.0%; excluding PPP loans, total loans increased $87.4 million, up 7.4%. Total deposits were $1.4 billion representing an increase of $25.4 million, or 1.9%, compared to the fourth quarter. Total non-interest-bearing deposits represented 52.8% of total deposits at March 31, 2022. Additionally, during the quarter, the bank continued to judiciously grow the securities portfolio to $114.4 million, an increase of $12.3 million from the prior quarter.

Asset Quality and Loan Deferrals

The Allowance for Loan Losses increased $142 thousand to $17.1 million in the quarter with a resulting coverage ratio of 1.33% of total loans outstanding, including PPP loans. The increase in the Allowance for Loan Losses was primarily due to non-PPP organic loan growth and qualitative factors related to the general economic outlook in the markets we serve.

As of March 31, 2022, there were no doubtful credits or charge offs and Classified assets totaled $11.2 million, compared to $13.4 million for Q4’21. Total classified assets consisted of 10 loans, of which 4 loans totaling $6.9 million were secured by real estate with a weighted average LTV of 48%. In addition, all loans that were previously granted payment deferrals related to COVID-19 have resumed their contractual payments.

Capital Ratios (1)

The Company and the Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

 Mar 31, 2022 (1)Dec 31, 2021Mar 31, 2021
Private Bancorp of America   
Tier I leverage ratio8.85%8.42%8.07%
Tier I risk-based capital ratio10.31%10.63%11.35%
Total risk-based capital ratio12.94%13.38%14.46%
    
CalPrivate Bank   
Tier I leverage ratio9.72%9.29%9.16%
Tier I risk-based capital ratio11.33%11.73%12.88%
Total risk-based capital ratio12.58%12.98%14.14%

(1)   March 31, 2022, capital ratios are preliminary

Stock Repurchase Program

Since announcing the stock repurchase program in July 2021, the Company has not repurchased any shares of its common stock. The remaining number of shares authorized to be repurchased under this program at March 31, 2022, was 75,000 shares.

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 Contacts

Rick Sowers
President and Chief Executive Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(424) 303-4894

Mag Wangsuwana
Executive Vice President and Chief Financial Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(424) 348-2145

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) 
           
 March 31, 2022 December 31, 2021 Dollar
change
Percentage
change
 March 31, 2022 Dollar
change
Percentage
change
 
Assets            
Cash and due from banks$17,099  $12,336  $4,763 38.6% $8,922  $8,177 91.6% 
Interest-bearing deposits in other financial institutions 40,878   39,663   1,215 3.1%  4,187   36,691 876.3% 
Interest-bearing deposits at Federal Reserve Bank 66,038   97,086   (31,048)-32.0%  151,641   (85,603)-56.5% 
Total cash and due from banks 124,015   149,085   (25,070)-16.8%  164,750   (40,735)-24.7% 
Interest-bearing time deposits with other institutions 5,817   5,760   57 1.0%  5,760   57 1.0% 
Investment securities available for sale 114,382   102,065   12,317 12.1%  81,429   32,953 40.5% 
Loan held for sale 1,999   24,658   (22,659)-91.9%  12,430   (10,431)-83.9% 
Total loans held-for-investment 1,284,838   1,224,158   60,680 5.0%  1,082,000   202,838 18.7% 
Allowance for loan losses (17,117)  (16,975)  (142)0.8%  (14,561)  (2,556)17.6% 
Net loans 1,267,721   1,207,183   60,538 5.0%  1,067,439   200,282 18.8% 
Federal Home Loan Bank stock, at cost 4,909   4,909   - 0.0%  4,602   307 6.7% 
Right of use asset 3,400   3,760   (360)-9.6%  5,589   (2,189)-39.2% 
Premises and equipment, net 2,813   2,294   519 22.6%  2,582   231 8.9% 
Servicing assets, net 3,525   3,079   446 14.5%  1,789   1,736 97.0% 
Deferred tax asset 7,032   7,355   (323)-4.4%  5,982   1,050 17.6% 
Accrued interest receivable 3,453   3,355   98 2.9%  3,659   (206)-5.6% 
Other assets 6,416   3,581   2,835 79.2%  3,706   2,710 73.1% 
Total assets$ 1,545,482  $ 1,517,084  $ 28,398 1.9% $ 1,359,717  $ 185,765 13.7% 
             
Liabilities and Shareholders' Equity            
             
Liabilities            
Noninterest bearing$724,469  $682,589  $41,880 6.1% $579,318  $145,151 25.1% 
Interest Bearing 646,545   663,074   (16,529)-2.5%  584,341   62,204 10.6% 
Total deposits 1,371,014   1,345,663   25,351 1.9%  1,163,659   207,355 17.8% 
FHLB borrowings 10,000   10,000   - 0.0%  50,000   (40,000)-80.0% 
Other borrowings 17,948   17,947   1 0.0%  17,941   7 0.0% 
Accrued interest payable and other liabilities 14,630   15,110   (480)-3.2%  16,507   (1,877)-11.4% 
Total liabilities 1,413,592   1,388,720   24,872 1.8%  1,248,107   165,485 13.3% 
             
Shareholders' equity            
Common stock 70,899   70,850   49 0.1%  70,053   846 1.2% 
Additional paid-in capital 3,602   3,343   259 7.7%  3,317   285 8.6% 
Retained earnings 61,424   54,922   6,502 11.8%  38,510   22,914 59.5% 
Accumulated other comprehensive (loss) income (4,035)  (751)  (3,284)437.3%  (270)  (3,765)1394.4% 
Total stockholders' equity 131,890   128,364   3,526 2.7%  111,610   20,280 18.2% 
Total liabilities and stockholders' equity$ 1,545,482  $ 1,517,084  $ 28,398 1.9% $ 1,359,717  $ 185,765 13.7% 


PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
           
  For the three months ended
  March 31, 2022 December 31, 2021 Dollar
change
Percentage
change
 March 31, 2021 Dollar
change
Percentage
change
Interest Income            
Loans $17,246 $16,941 $305 1.8% $14,159 $3,087 21.8%
Investment securities  401  352  49 13.9%  306  95 31.0%
Deposits in other financial institutions  134  63  71 112.7%  58  76 131.0%
Total interest income  17,781  17,356  425 2.4%  14,523  3,258 22.4%
             
Interest Expense            
Deposits  327  353  (26)-7.4%  517  (190)-36.8%
Borrowings  313  314  (1)-0.3%  1,220  (907)-74.3%
Total interest expense  640  667  (27)-4.0%  1,737  (1,097)-63.2%
             
Net interest income  17,141  16,689  452 2.7%  12,786  4,355 34.1%
Provision for loan losses  142  834  (692)-83.0%  300  (158)-52.7%
Net interest income after provision for loan losses  16,999  15,855  1,144 7.2%  12,486  4,513 36.1%
             
Noninterest income:            
Service charges on deposit accounts  281  254  27 10.6%  224  57 25.4%
Net gain on sale of loans  2,471  3,670  (1,199)-32.7%  1,476  995 67.4%
Other noninterest income  357  341  16 4.7%  171  186 108.8%
Total noninterest income  3,109  4,265  (1,156)-27.1%  1,871  1,238 66.2%
             
Noninterest expense:            
Salary and employee benefits  7,313  6,492  821 12.6%  4,915  2,398 48.8%
Occupancy and equipment  723  741  (18)-2.4%  810  (87)-10.7%
Data processing  653  703  (50)-7.1%  635  18 2.8%
Professional services  915  843  72 8.5%  650  265 40.8%
Other expenses  1,255  1,060  195 18.4%  763  492 64.5%
Total noninterest expense  10,859  9,839  1,020 10.4%  7,773  3,086 39.7%
             
Income before provision for income taxes  9,249  10,281  (1,032)-10.0%  6,584  2,665 40.5%
Provision for income taxes  2,747  2,986  (239)-8.0%  1,977  770 38.9%
Net income  $ 6,502 $ 7,295 $ (793)-10.9% $ 4,607 $ 1,895 41.1%
Net income available to common shareholders $ 6,432 $ 7,204 $ (772)-10.7% $ 4,529 $ 1,903 42.0%
             
Earnings per share            
Basic earnings per share $1.16 $1.30 $(0.14)-11.1% $0.82 $0.34 40.9%
Diluted earnings per share $1.13 $1.28 $(0.15)-11.4% $0.81 $0.32 40.0%
             
Average shares outstanding  5,568,400  5,547,422  20,978 0.4%  5,514,887  53,513 1.0%
Diluted average shares outstanding  5,672,701  5,638,186  34,515 0.6%  5,579,477  93,224 1.7%


PRIVATE BANCORP OF AMERICA, INC.
Consolidated average balance sheet, interest, yield and rates
(Unaudited)
(Dollars in thousands)
                   
  For the three months ended
  March 31, 2022 December 31, 2021 March 31, 2021
  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 $116,903 $134 0.46% $171,279 $63 0.15% $227,393 $58 0.10%
Investment securities  109,252  401 1.47%  96,722  351 1.45%  59,227  306 2.07%
Loans  1,268,695  17,246 5.51%  1,222,234  16,942 5.50%  1,044,828  14,159 5.50%
Total interest-earning assets  1,494,850  17,781 4.82%  1,490,235  17,356 4.62%  1,331,448  14,523 4.42%
Noninterest-earning assets  21,502      24,348      31,439    
Total Assets $1,516,352     $1,514,583     $1,362,887    
                   
Interest-Bearing Liabilities                  
Interest-bearing transaction accounts $78,557 $16 0.08% $74,158 $14 0.07% $58,042 $12 0.08%
Money market  498,146  192 0.16%  504,171  202 0.16%  431,423  235 0.22%
Savings deposits  13,523  3 0.09%  10,602  3 0.11%  8,766  2 0.09%
Certificates of deposit  68,525  116 0.69%  68,408  134 0.78%  100,521  268 1.08%
Total Interest-Bearing Deposits  658,751  327 0.20%  657,339  353 0.21%  598,752  517 0.35%
                   
FHLB advances  10,000  41 1.66%  10,000  42 1.67%  73,056  948 5.26%
Other borrowings  17,948  272 6.06%  17,945  272 6.06%  17,940  272 6.06%
Total Interest-Bearing Liabilities  27,948  313 4.54%  27,945  314 4.46%  90,996  1,220 5.44%
                   
Noninterest-bearing deposits  682,880      689,438      547,024    
Total Funding Sources  1,369,579  640 0.19%  1,374,722  667 0.19%  1,236,772  1,737 0.57%
                   
Noninterest-bearing liabilities  14,301      12,474      15,831    
Shareholders' equity  132,472      127,387      110,284    
                   
Total Liabilities and Shareholders' Equity $1,516,352     $1,514,583     $1,362,887    
                   
Net interest income/spread   $17,141 4.63%   $16,689 4.43%   $12,786 3.85%
Net interest margin     4.65%     4.44%     3.89%


 PRIVATE BANCORP OF AMERICA, INC. 
 Condensed Balance Sheets 
 (Unaudited) 
 (Dollars in thousands, except per share amounts) 
 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 
Assets          
Cash and due from banks$124,015  $149,085  $138,553  $92,108  $164,750  
Interest-bearing time deposits with other institutions 5,817   5,760   5,760   5,760   5,760  
Investment securities 114,382   102,065   93,099   88,755   81,429  
Loans held for sale 1,999   24,658   35,448   19,625   12,430  
Total loans held-for-investment (excluding PPP loans) 1,276,043   1,188,634   1,117,983   1,053,938   948,260  
SBA PPP loans 8,795   35,524   74,152   110,673   133,740  
Allowance for loan losses (17,117)  (16,975)  (16,141)  (15,708)  (14,561) 
Net loans 1,267,721   1,207,183   1,175,994   1,148,903   1,067,439  
Right of use asset 3,400   3,760   4,115   5,185   5,589  
Premises and equipment, net 2,813   2,294   2,459   2,578   2,582  
Other assets and interest receivable 25,335   22,279   19,254   19,856   19,738  
Total assets$ 1,545,482  $ 1,517,084  $ 1,474,682  $ 1,382,770  $ 1,359,717  
           
Liabilities and Shareholders' Equity          
           
Liabilities          
Noninterest Bearing$724,469  $682,589  $646,233  $603,914  $579,318  
Interest Bearing 646,545   663,074   667,012   601,530   584,341  
Total Deposits 1,371,014   1,345,663   1,313,245   1,205,444   1,163,659  
Borrowings 27,948   27,947   27,945   47,943   67,941  
Accrued interest payable and other liabilities 14,630   15,110   11,613   13,059   16,507  
Total liabilities 1,413,592   1,388,720   1,352,803   1,266,446   1,248,107  
           
Shareholders' equity          
Common stock 70,899   70,850   70,470   70,405   70,053  
Additional paid-in capital 3,602   3,343   3,465   3,179   3,317  
Retained earnings 61,424   54,922   47,845   42,810   38,510  
Accumulated other comprehensive (loss) income (4,035)  (751)  99   (70)  (270) 
Total shareholders' equity 131,890   128,364   121,879   116,324   111,610  
Total liabilities and shareholders' equity$ 1,545,482  $ 1,517,084  $ 1,474,682  $ 1,382,770  $ 1,359,717  
           
Book value per common share$23.42  $22.81  $21.70  $20.71  $19.87  
Tangible book value per common share$22.80  $22.26  $21.27  $20.33  $19.55  
Shares outstanding 5,630,993   5,627,735   5,617,273   5,617,020   5,618,324  
           
 Regulatory Capital Ratios (PBAM) 1 
 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 
Tier 1 leverage ratio 8.85%  8.42%  8.19%  8.36%  8.07% 
Tier 1 risk-based capital ratio 10.31%  10.63%  10.64%  10.74%  11.35% 
Common equity Tier 1 ratio 10.31%  10.63%  10.64%  10.74%  11.35% 
Total risk-based capital ratio 12.94%  13.38%  13.48%  13.68%  14.46% 
Tangible equity / tangible assets 8.66%  8.35%  8.12%  8.28%  8.09% 
           
1 Preliminary ratios for March 31, 2022          


 PRIVATE BANCORP OF AMERICA, INC.
 Condensed Statements of Income
 (Unaudited)
 (Dollars in thousands, except per share amounts)
 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Interest income$17,781  $17,356  $16,458  $15,028  $14,523 
Interest expense 640   667   741   1,429   1,737 
Net interest income 17,141   16,689   15,717   13,599   12,786 
Provision for loan losses 142   834   433   1,146   300 
Net interest income after provision for loan losses 16,999   15,855   15,284   12,453   12,486 
          
Noninterest income 3,109   4,265   2,389   2,805   1,871 
          
Salary and employee benefits 7,313   6,492   6,595   5,966   4,915 
Occupancy and equipment 723   741   1,484   820   810 
Data processing 653   703   799   690   635 
Professional services 915   843   552   791   650 
Other expenses 1,255   1,060   1,034   891   763 
Total noninterest expense 10,859   9,839   10,464   9,158   7,773 
          
Income before provision for income taxes 9,249   10,281   7,209   6,100   6,584 
Income taxes 2,747   2,986   2,158   1,806   1,977 
Net income$6,502  $7,295  $5,051  $4,294  $4,607 
Net income available to common shareholders$6,432  $7,204  $4,984  $4,231  $4,529 
          
Earnings per share         
Basic earnings per share$1.16  $1.30  $0.90  $0.76  $0.82 
Diluted earnings per share$1.13  $1.28  $0.89  $0.75  $0.81 
          
Average shares outstanding 5,568,400   5,547,422   5,543,403   5,536,111   5,514,887 
Diluted average shares outstanding 5,672,701   5,638,186   5,629,900   5,622,075   5,579,477 
          
 Performance Ratios
 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
ROAA 1.74%  1.91%  1.39%  1.26%  1.37%
ROAE 19.91%  22.72%  16.61%  14.99%  16.94%
ROTE 20.20%  23.07%  16.88%  15.25%  17.19%
Net interest margin 4.65%  4.44%  4.39%  4.03%  3.89%
Net interest spread 4.63%  4.43%  4.38%  4.00%  3.85%
Efficiency ratio 53.62%  46.96%  57.79%  55.83%  53.03%
Noninterest expense / average assets 2.90%  2.58%  2.88%  2.68%  2.31%


 PRIVATE BANCORP OF AMERICA, INC.
 (Unaudited)
 Selected Quarterly Average Balances
 (Dollars in thousands)
 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Total assets$1,516,352  $1,514,583  $1,442,278  $1,370,209  $1,362,887 
Earning assets$1,494,850  $1,490,235  $1,420,970  $1,351,992  $1,331,448 
Total loans, including loans held for sale$1,268,695  $1,222,234  $1,185,865  $1,125,958  $1,044,828 
Total deposits$1,341,631  $1,346,777  $1,276,349  $1,184,352  $1,145,776 
Total equity$132,472  $127,387  $120,618  $114,881  $110,284 
          
          
 Loan Balances by Type
 (Dollars in thousands)
 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Real estate - investor owned$350,152  $324,167  $307,469  $293,461  $247,928 
Real estate - owner occupied 371,840   339,081   329,985   313,579   284,494 
Real estate - multifamily 105,964   97,285   82,460   72,790   75,361 
Real estate - single family 89,630   86,399   81,239   90,223   75,353 
Commercial business 307,421   294,944   274,708   244,493   227,635 
SBA PPP loans 8,795   35,524   74,152   110,673   133,740 
Land and construction 44,856   39,702   34,996   32,413   30,103 
Consumer 6,180   7,049   7,126   6,979   7,386 
Total loans held for investment1,284,838  1,224,151  1,192,135  1,164,611  1,082,000 
          
          
 Deposits by Type
 (Dollars in thousands)
 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Non interest bearing DDA$724,469  $682,589  $646,233  $603,914  $579,318 
Interest bearing DDA 75,904   81,788   68,056   70,320   59,399 
Savings & MMA 503,552   513,070   530,782   463,165   423,957 
Retail CD 3,384   5,281   5,633   5,827   5,855 
Jumbo CD 63,705   62,935   62,541   62,218   95,130 
Total deposits$1,371,014  $1,345,663  $1,313,245  $1,205,444  $1,163,659 
          
          
 Asset Quality
 (Dollars in thousands)
 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Total loans held-for-investment$1,284,838  $1,224,151  $1,192,135  $1,164,611  $1,082,000 
30-89 day past due loans$-  $-  $200  $-  $- 
90+ day past due loans$-  $-  $-  $-  $- 
Nonaccrual loans$1,453  $1,510  $1,494  $1,540  $1,609 
          
NPAs / Assets 0.09%  0.10%  0.10%  0.11%  0.12%
NPLs / Total loans held-for-investment & OREO 0.11%  0.12%  0.12%  0.13%  0.15%
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 HFI 1.33%  1.39%  1.35%  1.35%  1.35%
Allowance for loan losses to nonaccrual loans 1178.05%  1124.11%  1080.39%  1020.00%  904.97%