Private Bancorp of America, Inc. Announces Record Net Income and Earnings Per Share for Fourth Quarter 2024
Private Bancorp of America (PBAM) reported record Q4 2024 net income of $10.7 million ($1.82 per diluted share), up from $9.5 million in Q3 2024 and $7.9 million in Q4 2023. The company achieved a return on average assets of 1.80% and return on average tangible common equity of 19.46%.
Key financial metrics include: loans held-for-investment increased 12.9% YoY to $2.09 billion; total deposits grew 13.8% YoY to $2.13 billion; net interest margin improved to 4.67% in Q4 2024 from 4.44% in Q3. The total cost of deposits decreased to 2.36% from 2.62% in the previous quarter.
For full-year 2024, PBAM reported net income of $35.8 million ($6.15 per diluted share). Credit quality remained strong with total criticized and classified loans at 1.18% of total loans. Tangible book value per share increased 19.7% YoY to $38.40.
Private Bancorp of America (PBAM) ha riportato un utile netto record per il quarto trimestre del 2024 di 10,7 milioni di dollari (1,82 dollari per azione diluita), in aumento rispetto ai 9,5 milioni di dollari del terzo trimestre 2024 e ai 7,9 milioni di dollari del quarto trimestre 2023. L'azienda ha ottenuto un ritorno sugli attivi medi dell'1,80% e un ritorno sul patrimonio netto tangibile medio del 19,46%.
Le principali metriche finanziarie includono: i prestiti detenuti per investimento sono aumentati del 12,9% anno su anno a 2,09 miliardi di dollari; i depositi totali sono cresciuti del 13,8% anno su anno a 2,13 miliardi di dollari; il margine di interesse netto è migliorato al 4,67% nel quarto trimestre 2024 rispetto al 4,44% del terzo trimestre. Il costo totale dei depositi è diminuito al 2,36% rispetto al 2,62% del trimestre precedente.
Per l'intero anno 2024, PBAM ha riportato un utile netto di 35,8 milioni di dollari (6,15 dollari per azione diluita). La qualità del credito è rimasta forte con prestiti criticati e classificati pari all'1,18% del totale dei prestiti. Il valore contabile tangibile per azione è aumentato del 19,7% anno su anno a 38,40 dollari.
Private Bancorp of America (PBAM) reportó un ingreso neto récord para el cuarto trimestre de 2024 de 10.7 millones de dólares (1.82 dólares por acción diluida), en comparación con los 9.5 millones de dólares en el tercer trimestre de 2024 y 7.9 millones de dólares en el cuarto trimestre de 2023. La compañía logró un retorno sobre activos promedio del 1.80% y un retorno sobre el patrimonio común tangible promedio del 19.46%.
Las métricas financieras clave incluyen: los préstamos mantenidos para inversión aumentaron un 12.9% interanual a 2.09 mil millones de dólares; los depósitos totales crecieron un 13.8% interanual a 2.13 mil millones de dólares; el margen de interés neto mejoró al 4.67% en el cuarto trimestre de 2024 desde el 4.44% en el tercero. El costo total de los depósitos disminuyó al 2.36% desde el 2.62% del trimestre anterior.
Para el año completo 2024, PBAM reportó un ingreso neto de 35.8 millones de dólares (6.15 dólares por acción diluida). La calidad crediticia se mantuvo fuerte con préstamos criticados y clasificados equivalentes al 1.18% del total de préstamos. El valor contable tangible por acción aumentó un 19.7% interanual a 38.40 dólares.
프라이빗 뱅코프 오브 아메리카 (PBAM)는 2024년 4분기 순이익이 1,070만 달러(희석 주당 1.82달러)로 기록을 수립했으며, 이는 2024년 3분기의 950만 달러 및 2023년 4분기의 790만 달러에서 증가한 수치입니다. 이 회사는 평균 자산에 대한 수익률이 1.80%, 평균 유형 자본에 대한 수익률이 19.46%에 달했습니다.
주요 재무 지표는 다음과 같습니다: 투자 목적의 대출이 전년 대비 12.9% 증가하여 20억 9,000만 달러에 도달했으며; 총 예금은 전년 대비 13.8% 증가하여 21억 3,000만 달러가 되었습니다; 2024년 4분기 순이자 마진은 3분기의 4.44%에서 4.67%로 개선되었습니다. 총 예금 비용은 이전 분기의 2.62%에서 2.36%로 감소했습니다.
2024년 전체 연도 동안 PBAM은 3,580만 달러(희석 주당 6.15달러)의 순이익을 보고했습니다. 신용 품질은 총 대출의 1.18%에 해당하는 비판적 및 분류된 대출로 강한 상태를 유지했습니다. 유형 자산의 주당 장부 가치는 전년 대비 19.7% 증가하여 38.40달러가 되었습니다.
Private Bancorp of America (PBAM) a annoncé un bénéfice net record pour le quatrième trimestre 2024 de 10,7 millions de dollars (1,82 dollar par action diluée), en hausse par rapport à 9,5 millions de dollars au troisième trimestre 2024 et 7,9 millions de dollars au quatrième trimestre 2023. La société a réalisé un rendement sur les actifs moyens de 1,80% et un rendement sur les fonds propres tangibles moyens de 19,46%.
Les indicateurs financiers clés incluent : les prêts détenus pour investissement ont augmenté de 12,9 % par rapport à l'année précédente pour atteindre 2,09 milliards de dollars ; les dépôts totaux ont augmenté de 13,8 % par rapport à l'année précédente pour atteindre 2,13 milliards de dollars ; la marge d'intérêt net a amélioré à 4,67 % au quatrième trimestre 2024 par rapport à 4,44 % au troisième trimestre. Le coût total des dépôts a diminué à 2,36 % contre 2,62 % au trimestre précédent.
Pour l'année entière 2024, PBAM a enregistré un bénéfice net de 35,8 millions de dollars (6,15 dollars par action diluée). La qualité du crédit est restée solide avec des prêts critiqués et classés représentant 1,18% de l'ensemble des prêts. La valeur comptable tangible par action a augmenté de 19,7 % par rapport à l'année précédente pour atteindre 38,40 dollars.
Private Bancorp of America (PBAM) hat für das vierte Quartal 2024 einen Rekordnettogewinn von 10,7 Millionen Dollar (1,82 Dollar pro verwässerter Aktie) gemeldet, was einem Anstieg von 9,5 Millionen Dollar im dritten Quartal 2024 und 7,9 Millionen Dollar im vierten Quartal 2023 entspricht. Das Unternehmen erzielte eine Rendite auf das durchschnittliche Vermögen von 1,80% und eine Rendite auf das durchschnittliche tangible Eigenkapital von 19,46%.
Wichtige Finanzkennzahlen umfassen: Die für Investitionen gehaltenen Kredite stiegen im Jahresvergleich um 12,9% auf 2,09 Milliarden Dollar; die Gesamteinlagen wuchsen im Jahresvergleich um 13,8% auf 2,13 Milliarden Dollar; die Nettozinsmarge verbesserte sich im vierten Quartal 2024 von 4,44% im dritten Quartal auf 4,67%. Die Gesamtkosten der Einlagen sanken von 2,62% im vorherigen Quartal auf 2,36%.
Für das gesamte Jahr 2024 meldete PBAM einen Nettogewinn von 35,8 Millionen Dollar (6,15 Dollar pro verwässerter Aktie). Die Kreditqualität blieb stark, da kritische und klassifizierte Kredite 1,18% der Gesamtkredite ausmachten. Der tangible Buchwert pro Aktie stieg im Jahresvergleich um 19,7% auf 38,40 Dollar.
- Record Q4 2024 net income of $10.7 million, up 35.4% YoY
- Strong loan growth of 12.9% YoY to $2.09 billion
- Deposit growth of 13.8% YoY to $2.13 billion
- Net interest margin improved to 4.67% in Q4 from 4.44% in Q3
- Tangible book value per share increased 19.7% YoY
- Decreasing cost of deposits from 2.62% to 2.36% QoQ
- Strong credit metrics with criticized loans at only 1.18% of total loans
- Full-year 2024 net income decreased from $40.9 million in 2023 to $35.8 million
- Provision for credit losses increased to $2.7 million in 2024 compared to a net reversal of $6.1 million in 2023
- Total cost of funding sources increased to 2.65% in 2024 from 1.98% in 2023
Fourth Quarter 2024 Highlights
- Record net income for the fourth quarter of 2024 was
$10.7 million , compared to$9.5 million in the prior quarter and$7.9 million in the fourth quarter of 2023. Net income for the fourth quarter of 2024 represents a return on average assets of1.80% and a return on average tangible common equity of19.46% - Diluted earnings per share for the fourth quarter of 2024 was
$1.82 , compared to$1.63 in the prior quarter and$1.36 in the fourth quarter of 2023 - Loans held-for-investment (“HFI”) totaled
$2.09 billion as of December 31, 2024, an increase of$72.7 million or3.6% from September 30, 2024. Loans HFI increased12.9% year over year - Total deposits were
$2.13 billion as of December 31, 2024, an increase of$27.3 million or1.3% from September 30, 2024. Total deposits increased13.8% year over year. Core deposits were$1.89 billion as of December 31, 2024, an increase of$21.2 million or1.1% from September 30, 2024. Core deposits increased19.5% year over year - Total cost of deposits was
2.36% for the fourth quarter of 2024, a decrease from2.62% in the prior quarter and2.41% in the fourth quarter of 2023. The spot rate for total deposits was2.29% as of December 31, 2024, compared to2.42% at September 30, 2024. Total cost of funding sources was2.45% for the fourth quarter of 2024, a decrease from2.71% in the prior quarter and2.53% in the fourth quarter of 2023 - Net interest margin was
4.67% for the fourth quarter of 2024, compared to4.44% in the prior quarter and4.33% in the fourth quarter of 2023 - Provision for credit losses for the fourth quarter of 2024 was
$17 thousand , compared to$0.3 million for the prior quarter and$0.5 million for the fourth quarter of 2023. The allowance for loan losses was1.31% of loans HFI as of December 31, 2024 - Credit metrics remained strong with total criticized and classified loans at
$24.7 million , or1.18% of total loans, down from$24.8 million , or1.23% of total loans, in the prior quarter - Tangible book value per share was
$38.40 as of December 31, 2024, an increase of$1.53 since September 30, 2024 primarily as a result of strong earnings. Tangible book value per share increased4.1% quarter-over-quarter and19.7% year over year.
2024 Full Year and Period End Highlights
- Net income of
$35.8 million for FY'24, down from$40.9 million (GAAP basis), but up from$33.6 million (1) (as adjusted), in FY'23, an increase of6.7% (1) (as adjusted) year over year. Net income for 2024 represents a return on average assets of1.58% and a return on average tangible common equity of17.69% - Diluted earnings per share of
$6.15 for FY'24, down from$7.11 (GAAP basis), but up from$5.85 (1) (as adjusted) in FY'23 - Loans held-for-investment (“HFI”) totaled
$2.09 billion as of December 31, 2024, an increase of$238.0 million or12.9% from December 31, 2023 - Provision for credit losses was
$2.7 million for FY'24, compared to a net reversal of$6.1 million in FY'23. The net reversal for FY'23 reflects recoveries of$8.6 million , which includes$7.7 million for the settlement of a lawsuit against ANI Development, LLC/Gina Champion-Cain and Chicago Title (parent company, Fidelity National Financial) related to a previously charged-off loan, as well as a recovery of$902 thousand for a loan that was acquired as part of a merger in 2013 - Total deposits were
$2.13 billion as of December 31, 2024, an increase of$259.1 million or13.8% from December 31, 2023. Federal Home Loan Bank advances decreased by$29.0 million as a result of strong deposit growth. Core deposits were$1.89 billion as of December 31, 2024, an increase of$309.8 million or19.5% from December 31, 2023 - Net interest margin was
4.48% for FY'24, as compared to4.65% in FY'23 - Total cost of deposits was
2.56% for FY'24, an increase from1.81% in FY'23. The spot rate for total deposits was2.29% as of December 31, 2024, compared to2.49% at December 31, 2023. Total cost of funding sources was2.65% for FY'24, an increase from1.98% in FY'23 - Tangible book value per share was
$38.40 as of December 31, 2024, an increase of$6.32 since December 31, 2023 as a result of strong earnings. Tangible book value per share increased19.7% year-over-year
LA JOLLA, Calif. , Jan. 17, 2025 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the fourth fiscal quarter ended December 31, 2024. The Company reported net income of
Rick Sowers, President and CEO of the Company and the Bank stated, “We want to express our deepest sympathies for all those affected by the Los Angeles area fires. LA is one of our markets and our Team and clients live and work here. We stand ready to assist in any way that we can. We appreciate all the efforts of our first responders and community leaders during these challenging times.”
Sowers added, “Turning to our results, we are so proud of the efforts of our Team in both the quarter and the year. We produced top quartile results in both return on assets and equity while continuing our growth trajectory. Our company was recognized throughout the year for superior financial performance. These accolades highlight CalPrivate Bank’s dedication to excellence, innovation, delivering client-focused banking solutions and enhancing shareholder value. Recognition included:
- #1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than
$5 billion in assets - #1 SBA 504 Community Bank Lender in the United States
- #10 Best U.S. Bank by Bank Director’s RankingBanking®
- Client Net Promoter Score of 81 (World Class)
- Bauer 5 Star Rating
- 2025 Best 50 OTCQX
“The growth in both loans and core deposits throughout the year was tremendous. We added a significant number of new relationships throughout the year as our Distinctively Different Service model continues to resonate with successful businesses and families looking for tailored solution based service.”
“Management and team members continue to produce top tier financial results through a unique strategy of superior client service and solutions to a loyal and organically growing client base in the attractive southern California market. The Company maintained strong risk management systems and solid capital ratios, while investing in exceptional people, innovative products, systems, and technology, as well as the local communities that we serve. This strategy resulted in a significant increase in shareholder value in 2024,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.
(1) A reconciliation of net income to adjusted net income and diluted earnings per share to adjusted earnings per share, and the impact to the year over year percentage change of each, is provided on page 15.
STATEMENT OF INCOME
Net Interest Income
Net interest income for the fourth quarter of 2024 totaled
Net Interest Margin
Net interest margin for the fourth quarter of 2024 was
Provision for Credit Losses
Provision expense for credit losses for the fourth quarter of 2024 was
Noninterest Income
Noninterest income was
Noninterest Expense
Noninterest expense was
The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.
Provision for Income Tax Expense
Provision for income tax expense was
STATEMENT OF FINANCIAL CONDITION
As of December 31, 2024, total assets were
Total deposits were
As of December 31, 2024, total available liquidity was
Asset Quality and Allowance for Credit Losses ("ACL")
As of December 31, 2024, the allowance for loan losses was
At December 31, 2024 and September 30, 2024, there were no doubtful credits and classified assets were
The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. However, the financial impact remains unknown at this point in time. As access to these areas opens, a full assessment will be completed.
Capital Ratios (2)
The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:
December 31, 2024 (2) | September 30, 2024 | |
CalPrivate Bank | ||
Tier I leverage ratio | ||
Tier I risk-based capital ratio | ||
Total risk-based capital ratio | ||
(2) December 31, 2024 capital ratios are preliminary and subject to change.
About Private Bancorp of America, Inc. (OTCQX: PBAM)
PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, and Beverly Hills, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs, cross border banking, and innovative, unique technologies that drive enhanced client performance. CalPrivate Bank has been recognized by Bank Director's RankingBanking® as the 10th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top
CalPrivate Bank’s website is www.calprivate.bank.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including adjusted income before provision for income taxes, adjusted net income, adjusted diluted earnings per share (“Adjusted EPS”), efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company's results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.
Investor Relations Contacts
Rick Sowers
President and Chief Executive Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(424) 303-4894
Cory Stewart
Executive Vice President and Chief Financial Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(206) 293-3669
Safe Harbor Paragraph
This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, 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. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.
PRIVATE BANCORP OF AMERICA, INC. | |||||||||||
CONSOLIDATED BALANCE SHEET | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 16,528 | $ | 29,555 | $ | 19,811 | |||||
Interest-bearing deposits in other financial institutions | 10,419 | 10,160 | 39,667 | ||||||||
Interest-bearing deposits at Federal Reserve Bank | 136,929 | 167,459 | 118,622 | ||||||||
Total cash and due from banks | 163,876 | 207,174 | 178,100 | ||||||||
Interest-bearing time deposits with other institutions | 4,189 | 4,124 | 4,000 | ||||||||
Investment debt securities available for sale | 145,238 | 141,100 | 102,499 | ||||||||
Loans held for sale | 3,008 | 2,040 | 1,233 | ||||||||
Loans, net of deferred fees and costs and unaccreted discounts | 2,085,149 | 2,012,457 | 1,847,161 | ||||||||
Allowance for loan losses | (27,267 | ) | (26,594 | ) | (24,476 | ) | |||||
Loans held-for-investment, net of allowance | 2,057,882 | 1,985,863 | 1,822,685 | ||||||||
Federal Home Loan Bank stock, at cost | 9,586 | 9,586 | 8,915 | ||||||||
Operating lease right of use assets | 6,819 | 4,344 | 3,096 | ||||||||
Premises and equipment, net | 2,335 | 2,345 | 1,700 | ||||||||
Servicing assets, net | 2,087 | 2,006 | 2,318 | ||||||||
Accrued interest receivable | 7,993 | 7,738 | 7,499 | ||||||||
Other assets | 22,140 | 20,053 | 20,423 | ||||||||
Total assets | $ | 2,425,153 | $ | 2,386,373 | $ | 2,152,468 | |||||
Liabilities and Shareholders' Equity | |||||||||||
Liabilities | |||||||||||
Noninterest bearing | $ | 553,405 | $ | 584,292 | $ | 572,755 | |||||
Interest bearing | 1,581,054 | 1,522,839 | 1,302,615 | ||||||||
Total deposits | 2,134,459 | 2,107,131 | 1,875,370 | ||||||||
FHLB borrowings | 28,000 | 28,000 | 57,000 | ||||||||
Other borrowings | 17,969 | 17,967 | 17,961 | ||||||||
Accrued interest payable and other liabilities | 21,191 | 19,062 | 16,354 | ||||||||
Total liabilities | 2,201,619 | 2,172,160 | 1,966,685 | ||||||||
Shareholders' equity | |||||||||||
Common stock | 74,733 | 74,688 | 74,003 | ||||||||
Additional paid-in capital | 5,037 | 4,271 | 3,679 | ||||||||
Retained earnings | 152,252 | 141,623 | 116,604 | ||||||||
Accumulated other comprehensive (loss) income, net | (8,488 | ) | (6,369 | ) | (8,503 | ) | |||||
Total shareholders' equity | 223,534 | 214,213 | 185,783 | ||||||||
Total liabilities and shareholders' equity | $ | 2,425,153 | $ | 2,386,373 | $ | 2,152,468 | |||||
PRIVATE BANCORP OF AMERICA, INC. | |||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||
For the three months ended | Year to Date | ||||||||||||||||||
Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | |||||||||||||||
Interest Income | |||||||||||||||||||
Loans | $ | 37,259 | $ | 36,353 | $ | 31,482 | $ | 142,156 | $ | 116,548 | |||||||||
Investment securities | 1,510 | 1,345 | 655 | 4,924 | 2,357 | ||||||||||||||
Deposits in other financial institutions | 1,661 | 2,320 | 1,926 | 7,814 | 6,757 | ||||||||||||||
Total interest income | 40,430 | 40,018 | 34,063 | 154,894 | 125,662 | ||||||||||||||
Interest Expense | |||||||||||||||||||
Deposits | 12,297 | 13,468 | 10,874 | 50,935 | 30,589 | ||||||||||||||
Borrowings | 726 | 843 | 1,001 | 3,407 | 4,754 | ||||||||||||||
Total interest expense | 13,023 | 14,311 | 11,875 | 54,342 | 35,343 | ||||||||||||||
Net interest income | 27,407 | 25,707 | 22,188 | 100,552 | 90,319 | ||||||||||||||
Provision (reversal) for credit losses | 17 | 304 | 459 | 2,690 | (6,146 | ) | |||||||||||||
Net interest income after provision for credit losses | 27,390 | 25,403 | 21,729 | 97,862 | 96,465 | ||||||||||||||
Noninterest income: | |||||||||||||||||||
Service charges on deposit accounts | 558 | 504 | 373 | 1,880 | 1,344 | ||||||||||||||
Net gain on sale of loans | 932 | 587 | 436 | 2,861 | 1,547 | ||||||||||||||
Other noninterest income | 456 | 343 | 435 | 1,603 | 2,031 | ||||||||||||||
Total noninterest income | 1,946 | 1,434 | 1,244 | 6,344 | 4,922 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||
Compensation and employee benefits | 9,539 | 9,422 | 7,942 | 36,658 | 30,673 | ||||||||||||||
Occupancy and equipment | 847 | 818 | 790 | 3,257 | 3,172 | ||||||||||||||
Data processing | 1,195 | 1,238 | 1,001 | 4,674 | 3,887 | ||||||||||||||
Professional services | 573 | 252 | 410 | 1,737 | 576 | ||||||||||||||
Other expenses | 2,036 | 1,695 | 1,625 | 7,034 | 5,662 | ||||||||||||||
Total noninterest expense | 14,190 | 13,425 | 11,768 | 53,360 | 43,970 | ||||||||||||||
Income before provision for income taxes | 15,146 | 13,412 | 11,205 | 50,846 | 57,417 | ||||||||||||||
Provision for income taxes | 4,488 | 3,959 | 3,346 | 15,024 | 16,561 | ||||||||||||||
Net income | $ | 10,658 | $ | 9,453 | $ | 7,859 | $ | 35,822 | $ | 40,856 | |||||||||
Net income available to common shareholders | $ | 10,573 | $ | 9,373 | $ | 7,800 | $ | 35,541 | $ | 40,563 | |||||||||
Earnings per share | |||||||||||||||||||
Basic earnings per share | $ | 1.85 | $ | 1.64 | $ | 1.38 | $ | 6.24 | $ | 7.18 | |||||||||
Diluted earnings per share | $ | 1.82 | $ | 1.63 | $ | 1.36 | $ | 6.15 | $ | 7.11 | |||||||||
Average shares outstanding | 5,716,291 | 5,707,723 | 5,664,028 | 5,698,207 | 5,646,409 | ||||||||||||||
Diluted average shares outstanding | 5,813,197 | 5,767,401 | 5,723,735 | 5,782,385 | 5,704,519 | ||||||||||||||
PRIVATE BANCORP OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||
Consolidated average balance sheet, interest, yield and rates | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
For the three months ended | |||||||||||||||||||||||||||||||||||
Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | |||||||||||||||||||||||||||||||||
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 | $ | 143,053 | $ | 1,661 | 4.62 | % | $ | 171,347 | $ | 2,320 | 5.39 | % | $ | 144,265 | $ | 1,926 | 5.30 | % | |||||||||||||||||
Investment securities | 155,768 | 1,510 | 3.88 | % | 142,442 | 1,345 | 3.78 | % | 101,719 | 655 | 2.58 | % | |||||||||||||||||||||||
Loans, including LHFS | 2,036,178 | 37,259 | 7.28 | % | 1,989,748 | 36,353 | 7.27 | % | 1,788,572 | 31,482 | 6.98 | % | |||||||||||||||||||||||
Total interest-earning assets | 2,334,999 | 40,430 | 6.89 | % | 2,303,537 | 40,018 | 6.91 | % | 2,034,556 | 34,063 | 6.64 | % | |||||||||||||||||||||||
Noninterest-earning assets | 24,964 | 24,862 | 27,930 | ||||||||||||||||||||||||||||||||
Total Assets | $ | 2,359,963 | $ | 2,328,399 | $ | 2,062,486 | |||||||||||||||||||||||||||||
Interest-Bearing Liabilities | |||||||||||||||||||||||||||||||||||
Interest bearing DDA, excluding brokered | 178,811 | 634 | 1.41 | % | 150,674 | 616 | 1.63 | % | 112,580 | 503 | 1.77 | % | |||||||||||||||||||||||
Savings & MMA, excluding brokered | 904,191 | 6,993 | 3.08 | % | 891,697 | 7,745 | 3.46 | % | 713,754 | 5,811 | 3.23 | % | |||||||||||||||||||||||
Time deposits, excluding brokered | 191,794 | 2,004 | 4.16 | % | 171,746 | 1,857 | 4.30 | % | 123,985 | 1,155 | 3.70 | % | |||||||||||||||||||||||
Total deposits, excluding brokered | 1,274,796 | 9,631 | 3.01 | % | 1,214,117 | 10,218 | 3.35 | % | 950,319 | 7,469 | 3.12 | % | |||||||||||||||||||||||
Total brokered deposits | 218,792 | 2,666 | 4.85 | % | 258,614 | 3,250 | 5.00 | % | 256,761 | 3,405 | 5.26 | % | |||||||||||||||||||||||
Total Interest-Bearing Deposits | 1,493,588 | 12,297 | 3.28 | % | 1,472,731 | 13,468 | 3.64 | % | 1,207,080 | 10,874 | 3.57 | % | |||||||||||||||||||||||
FHLB advances | 29,446 | 343 | 4.63 | % | 36,142 | 437 | 4.81 | % | 56,511 | 728 | 5.11 | % | |||||||||||||||||||||||
Other borrowings | 17,967 | 383 | 8.48 | % | 17,966 | 406 | 8.99 | % | 17,960 | 273 | 6.03 | % | |||||||||||||||||||||||
Total Interest-Bearing Liabilities | 1,541,001 | 13,023 | 3.36 | % | 1,526,839 | 14,311 | 3.73 | % | 1,281,551 | 11,875 | 3.68 | % | |||||||||||||||||||||||
Noninterest-bearing deposits | 577,462 | 574,466 | 581,579 | ||||||||||||||||||||||||||||||||
Total Funding Sources | 2,118,463 | 13,023 | 2.45 | % | 2,101,305 | 14,311 | 2.71 | % | 1,863,130 | 11,875 | 2.53 | % | |||||||||||||||||||||||
Noninterest-bearing liabilities | 21,537 | 18,205 | 19,069 | ||||||||||||||||||||||||||||||||
Shareholders' equity | 219,963 | 208,889 | 180,287 | ||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 2,359,963 | $ | 2,328,399 | $ | 2,062,486 | |||||||||||||||||||||||||||||
Net interest income/spread | $ | 27,407 | 4.44 | % | $ | 25,707 | 4.20 | % | $ | 22,188 | 4.11 | % | |||||||||||||||||||||||
Net interest margin | 4.67 | % | 4.44 | % | 4.33 | % | |||||||||||||||||||||||||||||
PRIVATE BANCORP OF AMERICA, INC. | |||||||||||||||||||||||
Consolidated average balance sheet, interest, yield and rates | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Year to Date | |||||||||||||||||||||||
Dec 31, 2024 | Dec 31, 2023 | ||||||||||||||||||||||
Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||
Interest-Earnings Assets: | |||||||||||||||||||||||
Deposits in other financial institutions | $ | 150,654 | $ | 7,814 | 5.19 | % | $ | 134,783 | $ | 6,757 | 5.01 | % | |||||||||||
Investment securities | 135,519 | 4,924 | 3.62 | % | 106,470 | 2,357 | 2.21 | % | |||||||||||||||
Loans | 1,958,793 | 142,156 | 7.26 | % | 1,702,321 | 116,548 | 6.85 | % | |||||||||||||||
Total interest-earning assets | 2,244,966 | 154,894 | 6.90 | % | 1,943,574 | 125,662 | 6.47 | % | |||||||||||||||
Noninterest-earning assets | 25,240 | 28,442 | |||||||||||||||||||||
Total Assets | $ | 2,270,206 | $ | 1,972,016 | |||||||||||||||||||
Interest-Bearing Liabilities | |||||||||||||||||||||||
Interest bearing DDA, excluding brokered | 142,543 | 2,154 | 1.51 | % | 102,972 | 1,612 | 1.57 | % | |||||||||||||||
Savings & MMA, excluding brokered | 852,130 | 28,513 | 3.35 | % | 659,191 | 16,007 | 2.43 | % | |||||||||||||||
Time deposits, excluding brokered | 171,048 | 7,134 | 4.17 | % | 105,810 | 3,263 | 3.08 | % | |||||||||||||||
Total deposits, excluding brokered | 1,165,721 | 37,801 | 3.24 | % | 867,973 | 20,882 | 2.41 | % | |||||||||||||||
Total brokered deposits | 262,266 | 13,134 | 5.01 | % | 192,060 | 9,707 | 5.05 | % | |||||||||||||||
Total Interest-Bearing Deposits | 1,427,987 | 50,935 | 3.57 | % | 1,060,033 | 30,589 | 2.89 | % | |||||||||||||||
FHLB advances | 40,680 | 1,975 | 4.85 | % | 72,322 | 3,666 | 5.07 | % | |||||||||||||||
Other borrowings | 17,966 | 1,432 | 7.97 | % | 17,966 | 1,088 | 6.06 | % | |||||||||||||||
Total Interest-Bearing Liabilities | 1,486,633 | 54,342 | 3.66 | % | 1,150,321 | 35,343 | 3.07 | % | |||||||||||||||
Noninterest-bearing deposits | 560,422 | 632,652 | |||||||||||||||||||||
Total Funding Sources | 2,047,055 | 54,342 | 2.65 | % | 1,782,973 | 35,343 | 1.98 | % | |||||||||||||||
Noninterest-bearing liabilities | 18,531 | 23,294 | |||||||||||||||||||||
Shareholders' equity | 204,620 | 165,749 | |||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 2,270,206 | $ | 1,972,016 | |||||||||||||||||||
Net interest income/spread | $ | 100,552 | 4.25 | % | $ | 90,319 | 4.49 | % | |||||||||||||||
Net interest margin | 4.48 | % | 4.65 | % | |||||||||||||||||||
PRIVATE BANCORP OF AMERICA, INC. | |||||||||||||||||||
Condensed Balance Sheets | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||
Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and due from banks | $ | 163,876 | $ | 207,174 | $ | 158,377 | $ | 141,501 | $ | 178,100 | |||||||||
Interest-bearing time deposits with other institutions | 4,189 | 4,124 | 4,097 | 4,032 | 4,000 | ||||||||||||||
Investment securities | 145,238 | 141,100 | 121,725 | 114,067 | 102,499 | ||||||||||||||
Loans held for sale | 3,008 | 2,040 | - | 383 | 1,233 | ||||||||||||||
Total loans held-for-investment | 2,085,149 | 2,012,457 | 1,979,720 | 1,906,992 | 1,847,161 | ||||||||||||||
Allowance for loan losses | (27,267 | ) | (26,594 | ) | (26,591 | ) | (24,693 | ) | (24,476 | ) | |||||||||
Loans held-for-investment, net of allowance | 2,057,882 | 1,985,863 | 1,953,129 | 1,882,299 | 1,822,685 | ||||||||||||||
Operating lease right of use assets | 6,819 | 4,344 | 4,719 | 2,765 | 3,096 | ||||||||||||||
Premises and equipment, net | 2,335 | 2,345 | 2,207 | 1,804 | 1,700 | ||||||||||||||
Other assets and interest receivable | 41,806 | 39,383 | 41,430 | 40,926 | 39,155 | ||||||||||||||
Total assets | $ | 2,425,153 | $ | 2,386,373 | $ | 2,285,684 | $ | 2,187,777 | $ | 2,152,468 | |||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Noninterest Bearing | $ | 553,405 | $ | 584,292 | $ | 557,055 | $ | 516,294 | $ | 572,755 | |||||||||
Interest Bearing | 1,581,054 | 1,522,839 | 1,444,671 | 1,388,381 | 1,302,615 | ||||||||||||||
Total Deposits | 2,134,459 | 2,107,131 | 2,001,726 | 1,904,675 | 1,875,370 | ||||||||||||||
Borrowings | 45,969 | 45,967 | 65,965 | 70,963 | 74,961 | ||||||||||||||
Accrued interest payable and other liabilities | 21,191 | 19,062 | 16,551 | 18,107 | 16,354 | ||||||||||||||
Total liabilities | 2,201,619 | 2,172,160 | 2,084,242 | 1,993,745 | 1,966,685 | ||||||||||||||
Shareholders' equity | |||||||||||||||||||
Common stock | 74,733 | 74,688 | 74,636 | 74,105 | 74,003 | ||||||||||||||
Additional paid-in capital | 5,037 | 4,271 | 3,717 | 4,108 | 3,679 | ||||||||||||||
Retained earnings | 152,252 | 141,623 | 132,179 | 124,464 | 116,604 | ||||||||||||||
Accumulated other comprehensive (loss) income | (8,488 | ) | (6,369 | ) | (9,090 | ) | (8,645 | ) | (8,503 | ) | |||||||||
Total shareholders' equity | 223,534 | 214,213 | 201,442 | 194,032 | 185,783 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 2,425,153 | $ | 2,386,373 | $ | 2,285,684 | $ | 2,187,777 | $ | 2,152,468 | |||||||||
Book value per common share | $ | 38.76 | $ | 37.21 | $ | 35.03 | $ | 33.94 | $ | 32.48 | |||||||||
Tangible book value per common share(1) | $ | 38.40 | $ | 36.87 | $ | 34.65 | $ | 33.55 | $ | 32.08 | |||||||||
Shares outstanding | 5,766,810 | 5,756,207 | 5,751,143 | 5,717,519 | 5,719,115 | ||||||||||||||
(1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.
PRIVATE BANCORP OF AMERICA, INC. | |||||||||||||||||||
Condensed Statements of Income | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||
For the three months ended | |||||||||||||||||||
Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | |||||||||||||||
Interest income | $ | 40,430 | $ | 40,018 | $ | 38,662 | $ | 35,784 | $ | 34,063 | |||||||||
Interest expense | 13,023 | 14,311 | 13,992 | 13,016 | 11,875 | ||||||||||||||
Net interest income | 27,407 | 25,707 | 24,670 | 22,768 | 22,188 | ||||||||||||||
Provision for credit losses | 17 | 304 | 2,136 | 233 | 459 | ||||||||||||||
Net interest income after provision for credit losses | 27,390 | 25,403 | 22,534 | 22,535 | 21,729 | ||||||||||||||
Service charges on deposit accounts | 558 | 504 | 430 | 388 | 373 | ||||||||||||||
Net gain on sale of loans | 932 | 587 | 661 | 681 | 436 | ||||||||||||||
Other noninterest income | 456 | 343 | 447 | 357 | 435 | ||||||||||||||
Total noninterest income | 1,946 | 1,434 | 1,538 | 1,426 | 1,244 | ||||||||||||||
Compensation and employee benefits | 9,539 | 9,422 | 8,836 | 8,861 | 7,942 | ||||||||||||||
Occupancy and equipment | 847 | 818 | 822 | 770 | 790 | ||||||||||||||
Data processing | 1,195 | 1,238 | 1,183 | 1,058 | 1,001 | ||||||||||||||
Professional services | 573 | 252 | 424 | 488 | 410 | ||||||||||||||
Other expenses | 2,036 | 1,695 | 1,697 | 1,606 | 1,625 | ||||||||||||||
Total noninterest expense | 14,190 | 13,425 | 12,962 | 12,783 | 11,768 | ||||||||||||||
Income before provision for income taxes | 15,146 | 13,412 | 11,110 | 11,178 | 11,205 | ||||||||||||||
Income taxes | 4,488 | 3,959 | 3,283 | 3,294 | 3,346 | ||||||||||||||
Net income | $ | 10,658 | $ | 9,453 | $ | 7,827 | $ | 7,884 | $ | 7,859 | |||||||||
Net income available to common shareholders | $ | 10,573 | $ | 9,373 | $ | 7,761 | $ | 7,832 | $ | 7,800 | |||||||||
Earnings per share | |||||||||||||||||||
Basic earnings per share | $ | 1.85 | $ | 1.64 | $ | 1.36 | $ | 1.38 | $ | 1.38 | |||||||||
Diluted earnings per share | $ | 1.82 | $ | 1.63 | $ | 1.35 | $ | 1.36 | $ | 1.36 | |||||||||
Average shares outstanding | 5,716,291 | 5,707,723 | 5,702,938 | 5,679,843 | 5,664,028 | ||||||||||||||
Diluted average shares outstanding | 5,813,197 | 5,767,401 | 5,762,616 | 5,754,937 | 5,723,735 |
Performance Ratios | |||||||||||||||||||
Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | |||||||||||||||
ROAA | 1.80 | % | 1.62 | % | 1.40 | % | 1.48 | % | 1.51 | % | |||||||||
ROAE | 19.28 | % | 18.00 | % | 15.81 | % | 16.66 | % | 17.29 | % | |||||||||
ROATCE(1) | 19.46 | % | 18.18 | % | 15.99 | % | 16.86 | % | 17.53 | % | |||||||||
Net interest margin | 4.67 | % | 4.44 | % | 4.48 | % | 4.31 | % | 4.33 | % | |||||||||
Net interest spread | 4.44 | % | 4.20 | % | 4.24 | % | 4.08 | % | 4.11 | % | |||||||||
Efficiency ratio(1) | 48.34 | % | 49.46 | % | 49.46 | % | 52.84 | % | 50.22 | % | |||||||||
Noninterest expense / average assets | 2.39 | % | 2.29 | % | 2.32 | % | 2.39 | % | 2.26 | % | |||||||||
(1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.
PRIVATE BANCORP OF AMERICA, INC. | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Selected Quarterly Average Balances | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
For the three months ended | |||||||||||||||||||
Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | |||||||||||||||
Total assets | $ | 2,359,963 | $ | 2,328,399 | $ | 2,241,860 | $ | 2,148,978 | $ | 2,062,486 | |||||||||
Earning assets | $ | 2,334,999 | $ | 2,303,537 | $ | 2,216,185 | $ | 2,123,509 | $ | 2,034,556 | |||||||||
Total loans, including loans held for sale | $ | 2,036,178 | $ | 1,989,748 | $ | 1,939,746 | $ | 1,868,308 | $ | 1,788,572 | |||||||||
Total deposits | $ | 2,071,050 | $ | 2,047,197 | $ | 1,961,099 | $ | 1,872,737 | $ | 1,788,659 | |||||||||
Total shareholders' equity | $ | 219,963 | $ | 208,889 | $ | 199,088 | $ | 190,326 | $ | 180,287 | |||||||||
Loan Balances by Type | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | |||||||||||||||
Commercial Real Estate (CRE): | |||||||||||||||||||
Investor owned | $ | 572,659 | $ | 560,481 | $ | 566,314 | $ | 573,587 | $ | 583,069 | |||||||||
Owner occupied | 223,442 | 221,364 | 216,876 | 216,123 | 202,106 | ||||||||||||||
Multifamily | 162,330 | 175,387 | 177,390 | 175,629 | 168,324 | ||||||||||||||
Secured by single family | 198,579 | 190,738 | 181,744 | 157,092 | 146,370 | ||||||||||||||
Land and construction | 62,638 | 68,186 | 58,109 | 35,975 | 33,655 | ||||||||||||||
SBA secured by real estate | 401,990 | 395,646 | 388,271 | 385,416 | 349,676 | ||||||||||||||
Total CRE | 1,621,638 | 1,611,802 | 1,588,704 | 1,543,822 | 1,483,200 | ||||||||||||||
Commercial business: | |||||||||||||||||||
Commercial and industrial | 441,182 | 383,874 | 378,161 | 352,417 | 350,879 | ||||||||||||||
SBA non-real estate secured | 20,205 | 15,101 | 10,758 | 8,657 | 9,807 | ||||||||||||||
Total commercial business | 461,387 | 398,975 | 388,919 | 361,074 | 360,686 | ||||||||||||||
Consumer | 2,124 | 1,680 | 2,097 | 2,096 | 3,275 | ||||||||||||||
Total loans held for investment | $ | 2,085,149 | $ | 2,012,457 | $ | 1,979,720 | $ | 1,906,992 | $ | 1,847,161 | |||||||||
Deposits by Type | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | |||||||||||||||
Noninterest-bearing DDA | $ | 553,405 | $ | 584,292 | $ | 557,055 | $ | 516,294 | $ | 572,755 | |||||||||
Interest-bearing DDA, excluding brokered | 251,594 | 182,268 | 156,253 | 117,129 | 121,829 | ||||||||||||||
Savings & MMA, excluding brokered | 887,740 | 920,219 | 861,508 | 812,841 | 742,617 | ||||||||||||||
Time deposits, excluding brokered | 201,851 | 186,583 | 168,664 | 160,605 | 147,583 | ||||||||||||||
Total deposits, excluding brokered | 1,894,590 | 1,873,362 | 1,743,480 | 1,606,869 | 1,584,784 | ||||||||||||||
Total brokered deposits | 239,869 | 233,769 | 258,246 | 297,806 | 290,586 | ||||||||||||||
Total deposits | $ | 2,134,459 | $ | 2,107,131 | $ | 2,001,726 | $ | 1,904,675 | $ | 1,875,370 | |||||||||
PRIVATE BANCORP OF AMERICA, INC. | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Rollforward of Allowance for Credit Losses | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
For the three months ended | |||||||||||||||||||
Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | |||||||||||||||
Allowance for loan losses: | |||||||||||||||||||
Beginning balance | $ | 26,594 | $ | 26,591 | $ | 24,693 | $ | 24,476 | $ | 23,789 | |||||||||
Provision for loan losses | 673 | 3 | 1,994 | 251 | 687 | ||||||||||||||
Net (charge-offs) recoveries | - | - | (96 | ) | (34 | ) | - | ||||||||||||
Ending balance | 27,267 | 26,594 | 26,591 | 24,693 | 24,476 | ||||||||||||||
Reserve for unfunded commitments | 1,509 | 2,165 | 1,865 | 1,723 | 1,741 | ||||||||||||||
Total allowance for credit losses | $ | 28,776 | $ | 28,759 | $ | 28,456 | $ | 26,416 | $ | 26,217 | |||||||||
Asset Quality | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | |||||||||||||||
Total loans held-for-investment | $ | 2,085,149 | $ | 2,012,457 | $ | 1,979,720 | $ | 1,906,992 | $ | 1,847,161 | |||||||||
Allowance for loan losses | $ | (27,267 | ) | $ | (26,594 | ) | $ | (26,591 | ) | $ | (24,693 | ) | $ | (24,476 | ) | ||||
30-89 day past due loans | $ | 1,952 | $ | - | $ | - | $ | - | $ | 1,470 | |||||||||
90+ day past due loans | $ | 11,512 | $ | 11,512 | $ | 2,500 | $ | 3,530 | $ | 3,874 | |||||||||
Nonaccrual loans | $ | 11,512 | $ | 11,512 | $ | 2,500 | $ | 4,656 | $ | 5,053 | |||||||||
NPAs / Assets | 0.47 | % | 0.48 | % | 0.11 | % | 0.21 | % | 0.23 | % | |||||||||
NPLs / Total loans held-for-investment & OREO | 0.55 | % | 0.57 | % | 0.13 | % | 0.24 | % | 0.27 | % | |||||||||
Net quarterly charge-offs (recoveries) | $ | - | $ | - | $ | 96 | $ | 34 | $ | - | |||||||||
Net charge-offs (recoveries) /avg loans (annualized) | 0.00 | % | 0.00 | % | 0.02 | % | 0.01 | % | 0.00 | % | |||||||||
Allowance for loan losses to loans HFI | 1.31 | % | 1.32 | % | 1.34 | % | 1.29 | % | 1.33 | % | |||||||||
Allowance for loan losses to nonaccrual loans | 236.86 | % | 231.01 | % | 1,063.64 | % | 530.35 | % | 484.39 | % | |||||||||
PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)
The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: adjusted income before provision for income taxes, adjusted net income, adjusted diluted EPS and the impact to the year over year percentage change of each reconciling item and total. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.
GAAP to Non-GAAP Reconciliation | |||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||
Year to Date | Year Over Year Impact to Change | ||||||||||||||
Dec 31, 2024 | Dec 31, 2023 | Dollars (thousands $) | Percent (%) | ||||||||||||
Adjusted income before provision for income taxes | |||||||||||||||
Income before provision for income taxes | $ | 50,846 | $ | 57,417 | $ | (6,571 | ) | -11.4 | % | ||||||
ANI recovery(1) | - | (7,708 | ) | 7,708 | 13.7 | % | |||||||||
Settlement of legal fees related to ANI litigation(2) | - | (1,635 | ) | 1,635 | 3.5 | % | |||||||||
Recovery of principal and interest on a loan acquired with credit deterioration as part of a business combination(3) | - | (986 | ) | 986 | 2.2 | % | |||||||||
Adjusted income before provision for income taxes (non-GAAP) | $ | 50,846 | $ | 47,088 | $ | 3,758 | 8.0 | % | |||||||
Adjusted net income | |||||||||||||||
Net income | $ | 35,822 | $ | 40,856 | $ | (5,034 | ) | -12.3 | % | ||||||
ANI recovery, net of tax(1)(4) | - | (5,430 | ) | 5,430 | 13.4 | % | |||||||||
Settlement of legal fees related to ANI litigation, net of tax(2)(4) | - | (1,152 | ) | 1,152 | 3.4 | % | |||||||||
Recovery of principal and interest on a loan acquired with credit deterioration as part of a business combination, net of tax(3)(4) | - | (694 | ) | 694 | 2.2 | % | |||||||||
Adjusted net income (non-GAAP) | $ | 35,822 | $ | 33,580 | $ | 2,242 | 6.7 | % | |||||||
Adjusted diluted earnings per share ("Adjusted EPS") | |||||||||||||||
Diluted earnings per share | $ | 6.15 | $ | 7.11 | $ | (0.96 | ) | -13.5 | % | ||||||
ANI recovery, net of tax(1)(4) | - | (0.94 | ) | 0.94 | 13.2 | % | |||||||||
Settlement of legal fees related to ANI litigation, net of tax(2)(4) | - | (0.20 | ) | 0.20 | 3.3 | % | |||||||||
Recovery of principal and interest on a loan previously acquired with credit deterioration as part of a business combination, net of tax(3)(4) | - | (0.12 | ) | 0.12 | 2.1 | % | |||||||||
Adjusted EPS (non-GAAP) | $ | 6.15 | $ | 5.85 | $ | 0.30 | 5.1 | % | |||||||
Diluted average shares outstanding | 5,782,385 | 5,704,519 | |||||||||||||
(1) In the second quarter of 2023, the Company reached a settlement with the Receiver for ANI Investments and Gina Champion-Cain in which the Company recovered
(2) In the second quarter of 2023, in conjunction with the resolution of the ANI litigation, the Company was reimbursed
(3) In the second quarter of 2023, the Company received
(4) Net of tax effect of
PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)
The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.
GAAP to Non-GAAP Reconciliation | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
For the three months ended | |||||||||||||||||||
Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | |||||||||||||||
Efficiency Ratio | |||||||||||||||||||
Noninterest expense | $ | 14,190 | $ | 13,425 | $ | 12,962 | $ | 12,783 | $ | 11,768 | |||||||||
Net interest income | 27,407 | 25,707 | 24,670 | 22,768 | 22,188 | ||||||||||||||
Noninterest income | 1,946 | 1,434 | 1,538 | 1,426 | 1,244 | ||||||||||||||
Total net interest income and noninterest income | 29,353 | 27,141 | 26,208 | 24,194 | 23,432 | ||||||||||||||
Efficiency ratio (non-GAAP) | 48.34 | % | 49.46 | % | 49.46 | % | 52.84 | % | 50.22 | % | |||||||||
Pretax pre-provision net revenue | |||||||||||||||||||
Net interest income | $ | 27,407 | $ | 25,707 | $ | 24,670 | $ | 22,768 | $ | 22,188 | |||||||||
Noninterest income | 1,946 | 1,434 | 1,538 | 1,426 | 1,244 | ||||||||||||||
Total net interest income and noninterest income | 29,353 | 27,141 | 26,208 | 24,194 | 23,432 | ||||||||||||||
Less: Noninterest expense | 14,190 | 13,425 | 12,962 | 12,783 | 11,768 | ||||||||||||||
Pretax pre-provision net revenue (non-GAAP) | $ | 15,163 | $ | 13,716 | $ | 13,246 | $ | 11,411 | $ | 11,664 | |||||||||
Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity | |||||||||||||||||||
Net income | $ | 10,658 | $ | 9,453 | $ | 7,827 | $ | 7,884 | $ | 7,859 | |||||||||
Average assets | 2,359,963 | 2,328,399 | 2,241,860 | 2,148,978 | 2,062,486 | ||||||||||||||
Average shareholders' equity | 219,963 | 208,889 | 199,088 | 190,326 | 180,287 | ||||||||||||||
Less: Average intangible assets | 2,028 | 2,051 | 2,163 | 2,208 | 2,451 | ||||||||||||||
Average tangible common equity (non-GAAP) | 217,935 | 206,838 | 196,925 | 188,118 | 177,836 | ||||||||||||||
Return on average assets | 1.80 | % | 1.62 | % | 1.40 | % | 1.48 | % | 1.51 | % | |||||||||
Return on average equity | 19.28 | % | 18.00 | % | 15.81 | % | 16.66 | % | 17.29 | % | |||||||||
Return on average tangible common equity (non-GAAP) | 19.46 | % | 18.18 | % | 15.99 | % | 16.86 | % | 17.53 | % | |||||||||
Tangible book value per share | |||||||||||||||||||
Total equity | 223,534 | 214,213 | 201,442 | 194,032 | 185,783 | ||||||||||||||
Less: Total intangible assets | 2,087 | 2,006 | 2,164 | 2,203 | 2,318 | ||||||||||||||
Total tangible equity | 221,447 | 212,207 | 199,278 | 191,829 | 183,465 | ||||||||||||||
Shares outstanding | 5,766,810 | 5,756,207 | 5,751,143 | 5,717,519 | 5,719,115 | ||||||||||||||
Tangible book value per share (non-GAAP) | $ | 38.40 | $ | 36.87 | $ | 34.65 | $ | 33.55 | $ | 32.08 | |||||||||
PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)
The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.
GAAP to Non-GAAP Reconciliation | |||||||
(Dollars in thousands) | |||||||
Year to Date | |||||||
Dec 31, 2024 | Dec 31, 2023 | ||||||
Efficiency Ratio | |||||||
Noninterest expense | $ | 53,360 | $ | 43,970 | |||
Net interest income | 100,552 | 90,319 | |||||
Noninterest income | 6,344 | 4,922 | |||||
Total net interest income and noninterest income | 106,896 | 95,241 | |||||
Efficiency ratio (non-GAAP) | 49.92 | % | 46.17 | % | |||
Adjusted Efficiency Ratio | |||||||
Noninterest expense | $ | 53,360 | $ | 43,970 | |||
Settlement of legal fees related to ANI litigation | - | 1,635 | |||||
Adjusted noninterest expense (non-GAAP) | 53,360 | 45,605 | |||||
Total net interest income and noninterest income | 106,896 | 95,241 | |||||
Recovery of interest on a loan acquired with credit deterioration as part of a business combination | - | (84 | ) | ||||
Adjusted total net interest income and noninterest income (non-GAAP) | 106,896 | 95,157 | |||||
Adjusted Efficiency ratio (non-GAAP) | 49.92 | % | 47.93 | % | |||
Pretax pre-provision net revenue | |||||||
Net interest income | $ | 100,552 | $ | 90,319 | |||
Noninterest income | 6,344 | 4,922 | |||||
Total net interest income and noninterest income | 106,896 | 95,241 | |||||
Less: Noninterest expense | 53,360 | 43,970 | |||||
Pretax pre-provision net revenue (non-GAAP) | $ | 53,536 | $ | 51,271 | |||
Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity | |||||||
Net income | $ | 35,822 | $ | 40,856 | |||
Adjusted net income (non-GAAP)(1) | 35,822 | 33,580 | |||||
Average assets | 2,270,206 | 1,972,016 | |||||
Average shareholders' equity | 204,620 | 165,749 | |||||
Less: Average intangible assets | 2,112 | 2,774 | |||||
Average tangible common equity | 202,508 | 162,975 | |||||
Return on average assets | 1.58 | % | 2.07 | % | |||
Adjusted return on average assets (non-GAAP)(1) | 1.58 | % | 1.70 | % | |||
Return on average equity | 17.51 | % | 24.65 | % | |||
Adjusted return on average equity (non-GAAP)(1) | 17.51 | % | 20.26 | % | |||
Return on average tangible common equity (non-GAAP) | 17.69 | % | 25.07 | % | |||
Adjusted return on average tangible common equity (non-GAAP)(1) | 17.69 | % | 20.60 | % | |||
(1) A reconciliation of net income to adjusted net income is provided on page 15.
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