Private Bancorp of America, Inc. Announces Record Net Income and Earnings Per Share for Third Quarter 2024
Private Bancorp of America (OTCQX: PBAM) reported record net income of $9.5 million for Q3 2024, up from $7.8 million in Q2 and $8.5 million in Q3 2023. Diluted EPS reached $1.63, compared to $1.35 in Q2 and $1.47 in Q3 2023. The company achieved a return on average assets of 1.62% and a return on average tangible common equity of 18.18%.
Key highlights include:
- Loans held-for-investment increased 1.7% to $2.01 billion
- Total deposits grew 5.3% to $2.11 billion
- Net interest margin was 4.44%
- Tangible book value per share rose to $36.87, up 6.4% quarter-over-quarter and 22.1% year-over-year
The bank maintained strong credit metrics with total criticized and classified loans at 1.23% of total loans. PBAM was recognized as the #1 bank for both ROA and ROE among banks with less than $5 billion in assets on The Best U.S. Banks 2024 list.
Private Bancorp of America (OTCQX: PBAM) ha riportato un reddito netto record di 9,5 milioni di dollari per il terzo trimestre del 2024, in aumento rispetto ai 7,8 milioni di dollari del secondo trimestre e agli 8,5 milioni di dollari del terzo trimestre del 2023. L'EPS diluito ha raggiunto 1,63 dollari, rispetto a 1,35 dollari nel secondo trimestre e 1,47 dollari nel terzo trimestre del 2023. L'azienda ha ottenuto un ritorno sugli attivi medi dell'1,62% e un ritorno sul capitale comune tangibile medio del 18,18%.
I punti salienti includono:
- I prestiti detenuti per investimento sono aumentati del 1,7%, raggiungendo i 2,01 miliardi di dollari
- I depositi totali sono cresciuti del 5,3%, arrivando a 2,11 miliardi di dollari
- Il margine di interesse netto è stato del 4,44%
- Il valore libro tangibile per azione è aumentato a 36,87 dollari, con un incremento del 6,4% rispetto al trimestre precedente e del 22,1% rispetto all'anno precedente
La banca ha mantenuto solidi indicatori di credito, con prestiti criticati e classificati pari all'1,23% del totale dei prestiti. PBAM è stata riconosciuta come la banca numero 1 sia per ROA che per ROE tra le banche con meno di 5 miliardi di dollari di attivi nella lista delle Migliori Banche Statunitensi 2024.
Private Bancorp of America (OTCQX: PBAM) reportó un ingreso neto récord de 9.5 millones de dólares para el tercer trimestre de 2024, un aumento en comparación con los 7.8 millones de dólares en el segundo trimestre y 8.5 millones de dólares en el tercer trimestre de 2023. El EPS diluido alcanzó 1.63 dólares, frente a 1.35 dólares en el segundo trimestre y 1.47 dólares en el tercer trimestre de 2023. La compañía logró un retorno sobre activos promedio del 1.62% y un retorno sobre el capital común tangible promedio del 18.18%.
Los aspectos destacados incluyen:
- Los préstamos mantenidos para inversión aumentaron un 1.7% a 2.01 mil millones de dólares
- Los depósitos totales crecieron un 5.3% a 2.11 mil millones de dólares
- El margen de interés neto fue del 4.44%
- El valor libro tangible por acción subió a 36.87 dólares, aumentando un 6.4% trimestre a trimestre y un 22.1% interanual
El banco mantuvo sólidos indicadores de crédito, con préstamos criticados y clasificados en el 1.23% del total de préstamos. PBAM fue reconocida como el banco número 1 tanto en ROA como en ROE entre los bancos con menos de 5 mil millones de dólares en activos en la lista de Los Mejores Bancos de EE.UU. 2024.
Private Bancorp of America (OTCQX: PBAM)는 2024년 3분기 950만 달러의 기록적인 순이익을 보고했습니다. 이는 2분기 780만 달러와 2023년 3분기 850만 달러에서 증가한 수치입니다. 희석 주당 순이익은 1.63달러에 도달했습니다, 2분기의 1.35달러 및 2023년 3분기의 1.47달러와 비교됩니다. 이 회사는 평균 자산 수익률 1.62%와 평균 유형 자본 수익률 18.18%을 달성했습니다.
주요 하이라이트는 다음과 같습니다:
- 투자용 대출이 1.7% 증가하여 20억 1천만 달러에 달했습니다
- 총 예금이 5.3% 증가하여 21억 1천만 달러에 도달했습니다
- 순이자 마진은 4.44%였습니다
- 주당 유형 장부 가치는 36.87달러로 분기 대비 6.4% 및 전년 대비 22.1% 증가했습니다
은행은 총 대출에서 1.23%의 비율로 비판적이고 분류된 대출을 유지하며 강력한 신용 지표를 유지했습니다. PBAM은 50억 달러 미만의 자산을 가진 은행 중 ROA와 ROE 모두에서 1위로 미국 최고의 은행 2024 목록에 선정되었습니다.
Private Bancorp of America (OTCQX: PBAM) a annoncé un revenu net record de 9,5 millions de dollars pour le troisième trimestre 2024, en hausse par rapport à 7,8 millions de dollars au deuxième trimestre et 8,5 millions de dollars au troisième trimestre 2023. Le BPA dilué a atteint 1,63 dollar, contre 1,35 dollar au deuxième trimestre et 1,47 dollar au troisième trimestre 2023. La société a réalisé un rendement des actifs moyens de 1,62% et un rendement des capitaux propres tangibles moyens de 18,18%.
Les points clés incluent :
- Les prêts détenus à des fins d'investissement ont augmenté de 1,7% pour atteindre 2,01 milliards de dollars
- Les dépôts totaux ont progressé de 5,3% pour atteindre 2,11 milliards de dollars
- La marge d'intérêt nette était de 4,44%
- La valeur comptable tangible par action a augmenté à 36,87 dollars, soit une hausse de 6,4% par rapport au trimestre précédent et de 22,1% d'une année sur l'autre
La banque a maintenu des indicateurs de crédit solides, avec des prêts critiqués et classés représentant 1,23% du total des prêts. PBAM a été reconnue comme la banque n°1 tant pour le ROA que pour le ROE parmi les banques disposant de moins de 5 milliards de dollars d'actifs sur la liste des Meilleures Banques Américaines 2024.
Private Bancorp of America (OTCQX: PBAM) berichtete von einem Rekordnettogewinn von 9,5 Millionen Dollar für das 3. Quartal 2024, ein Anstieg von 7,8 Millionen Dollar im 2. Quartal und 8,5 Millionen Dollar im 3. Quartal 2023. Der verwässerte Gewinn pro Aktie beträgt 1,63 Dollar, verglichen mit 1,35 Dollar im 2. Quartal und 1,47 Dollar im 3. Quartal 2023. Das Unternehmen erzielte eine Rendite auf das durchschnittliche Vermögen von 1,62% und eine Rendite auf das durchschnittliche wirtschaftliche Eigenkapital von 18,18%.
Zu den wichtigsten Höhepunkten gehören:
- Haltungskredite erhöhten sich um 1,7% auf 2,01 Milliarden Dollar
- Gesamte Einlagen wuchsen um 5,3% auf 2,11 Milliarden Dollar
- Die Nettomarge betrug 4,44%
- Der tangible Buchwert pro Aktie stieg auf 36,87 Dollar, was einem Anstieg von 6,4% gegenüber dem vorherigen Quartal und von 22,1% im Jahresvergleich entspricht
Die Bank hielt starke Kreditkennzahlen, wobei insgesamt kritisierte und klassifizierte Kredite 1,23% der Gesamtkredite ausmachten. PBAM wurde als die Nr. 1 Bank sowohl für ROA als auch für ROE unter Banken mit weniger als 5 Milliarden Dollar in Vermögenswerten in der Liste der besten US-Banken 2024 anerkannt.
- Record net income of $9.5 million for Q3 2024, up 21.8% from Q2
- Diluted EPS increased to $1.63, up 20.7% from Q2
- Return on average tangible common equity of 18.18%
- Loans held-for-investment grew 1.7% quarter-over-quarter and 14.0% year-over-year
- Total deposits increased 5.3% quarter-over-quarter and 19.1% year-over-year
- Tangible book value per share rose 6.4% quarter-over-quarter and 22.1% year-over-year
- Ranked #1 for ROA and ROE among banks with less than $5 billion in assets
- Net interest margin decreased slightly to 4.44% from 4.48% in Q2
- Increase in nonperforming assets to 0.48% of total assets from 0.11% in Q2
- Classified assets increased to $14.9 million from $10.1 million in Q2
Third Quarter 2024 Highlights
- Record net income for the third quarter of 2024 was
$9.5 million , compared to$7.8 million in the prior quarter and$8.5 million in the third quarter of 2023. Net income for the third quarter of 2024 represents a return on average assets of1.62% and a return on average tangible common equity of18.18% - Diluted earnings per share for the third quarter of 2024 was
$1.63 , compared to$1.35 in the prior quarter and$1.47 in the third quarter of 2023 - Loans held-for-investment (“HFI”) totaled
$2.01 billion as of September 30, 2024, an increase of$32.7 million or1.7% from June 30, 2024. Loans HFI increased14.0% year over year - Total deposits were
$2.11 billion as of September 30, 2024, an increase of$105.4 million or5.3% from June 30, 2024. Total deposits increased19.1% year over year. Core deposits were$1.87 billion as of September 30, 2024, an increase of$129.9 million or7.4% from June 30, 2024. Core deposits increased23.0% year over year - Federal Home Loan Bank advances decreased by
$20.0 million as a result of strong deposit growth - Total cost of funding sources was
2.71% for the third quarter of 2024, a decrease from2.78% in the prior quarter and an increase from2.12% in the third quarter of 2023 - Net interest margin was
4.44% for the third quarter of 2024, compared to4.48% in the prior quarter and4.67% in the third quarter of 2023 - Provision for credit losses for the third quarter of 2024 was
$0.3 million , compared to$2.1 million for the prior quarter and$0.5 million for the third quarter of 2023. The allowance for loan losses was1.32% of loans HFI as of September 30, 2024 - Credit metrics remained strong with total criticized and classified loans at
$24.8 million , or1.23% of total loans, up from$16.9 million , or0.85% of total loans, in the prior quarter - Tangible book value per share was
$36.87 as of September 30, 2024, an increase of$2.22 since June 30, 2024 primarily as a result of strong earnings. Tangible book value per share increased6.4% quarter-over-quarter and22.1% year over year.
LA JOLLA, Calif., Oct. 18, 2024 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the third fiscal quarter ended September 30, 2024. The Company reported net income of
Rick Sowers, President and CEO of the Company and the Bank stated, “For the third quarter we produced record net income and net interest income. We continued our strong momentum from the first half of the year and delivered Return on Equity of over
Sowers added, “Our Team was proud to be recognized on The Best U.S. Banks 2024 list, sponsored by Crowe. The Bank ranked #1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than
“The Company continues to outperform financially through unparalleled client service. This quarter’s Bank Director’s Magazine, rated PBAM as the 10th Best Bank of any size in the country. The Bank continues to expand its customer base and grow existing client relationships, despite a challenging interest rate environment. Superior financial results have created the ability to grow the balance sheet, invest in exceptional people, innovation, and technology, including infrastructure, risk management systems, and new products, while still maintaining solid capital ratios. This has enhanced CalPrivate's franchise value,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.
STATEMENT OF INCOME
Net Interest Income
Net interest income for the third quarter of 2024 totaled
Net Interest Margin
Net interest margin for the third quarter of 2024 was
Provision for Credit Losses
Provision expense for credit losses for the third 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 September 30, 2024, total assets were
Total deposits were
As of September 30, 2024, total available liquidity was
Asset Quality and Allowance for Credit Losses ("ACL")
As of September 30, 2024, the allowance for loan losses was
At September 30, 2024 and June 30, 2024, there were no doubtful credits and classified assets were
Capital Ratios (2)
The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:
| September 30, 2024 (2) | June 30, 2024 | |||
| CalPrivate Bank | ||||
| Tier I leverage ratio | 10.05 | % | 10.00 | % |
| Tier I risk-based capital ratio | 11.46 | % | 11.24 | % |
| Total risk-based capital ratio | 12.71 | % | 12.49 | % |
(2) September 30, 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.
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) | ||||||||||||
| Sep 30, 2024 | Jun 30, 2024 | Sep 30, 2023 | ||||||||||
| Assets | ||||||||||||
| Cash and due from banks | $ | 29,555 | $ | 13,545 | $ | 20,013 | ||||||
| Interest-bearing deposits in other financial institutions | 10,160 | 12,502 | 20,508 | |||||||||
| Interest-bearing deposits at Federal Reserve Bank | 167,459 | 132,330 | 157,807 | |||||||||
| Total cash and due from banks | 207,174 | 158,377 | 198,328 | |||||||||
| Interest-bearing time deposits with other institutions | 4,124 | 4,097 | 1,500 | |||||||||
| Investment debt securities available for sale | 141,100 | 121,725 | 86,648 | |||||||||
| Loans held for sale | 2,040 | - | 4,071 | |||||||||
| Loans, net of deferred fees and costs and unaccreted discounts | 2,012,457 | 1,979,720 | 1,764,846 | |||||||||
| Allowance for loan losses | (26,594 | ) | (26,591 | ) | (23,789 | ) | ||||||
| Loans held-for-investment, net of allowance | 1,985,863 | 1,953,129 | 1,741,057 | |||||||||
| Federal Home Loan Bank stock, at cost | 9,586 | 9,586 | 8,915 | |||||||||
| Right of use asset | 4,344 | 4,719 | 2,827 | |||||||||
| Premises and equipment, net | 2,345 | 2,207 | 1,447 | |||||||||
| Servicing assets, net | 2,006 | 2,164 | 2,449 | |||||||||
| Accrued interest receivable | 7,738 | 7,906 | 6,877 | |||||||||
| Other assets | 20,053 | 21,774 | 20,100 | |||||||||
| Total assets | $ | 2,386,373 | $ | 2,285,684 | $ | 2,074,219 | ||||||
| Liabilities and Shareholders' Equity | ||||||||||||
| Liabilities | ||||||||||||
| Noninterest bearing | $ | 584,292 | $ | 557,055 | $ | 595,023 | ||||||
| Interest bearing | 1,522,839 | 1,444,671 | 1,174,664 | |||||||||
| Total deposits | 2,107,131 | 2,001,726 | 1,769,687 | |||||||||
| FHLB borrowings | 28,000 | 48,000 | 82,000 | |||||||||
| Other borrowings | 17,967 | 17,965 | 17,959 | |||||||||
| Accrued interest payable and other liabilities | 19,062 | 16,551 | 29,894 | |||||||||
| Total liabilities | 2,172,160 | 2,084,242 | 1,899,540 | |||||||||
| Shareholders' equity | ||||||||||||
| Common stock | 74,688 | 74,636 | 73,416 | |||||||||
| Additional paid-in capital | 4,271 | 3,717 | 3,584 | |||||||||
| Retained earnings | 141,623 | 132,179 | 108,757 | |||||||||
| Accumulated other comprehensive (loss) income, net | (6,369 | ) | (9,090 | ) | (11,078 | ) | ||||||
| Total shareholders' equity | 214,213 | 201,442 | 174,679 | |||||||||
| Total liabilities and shareholders' equity | $ | 2,386,373 | $ | 2,285,684 | $ | 2,074,219 | ||||||
| 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 | |||||||||||||||||||
| Sep 30, 2024 | Jun 30, 2024 | Sep 30, 2023 | Sep 30, 2024 | Sep 30, 2023 | ||||||||||||||||
| Interest Income | ||||||||||||||||||||
| Loans | $ | 36,353 | $ | 35,538 | $ | 30,568 | $ | 104,897 | $ | 85,066 | ||||||||||
| Investment securities | 1,345 | 1,090 | 562 | 3,414 | 1,702 | |||||||||||||||
| Deposits in other financial institutions | 2,320 | 2,034 | 1,748 | 6,153 | 4,831 | |||||||||||||||
| Total interest income | 40,018 | 38,662 | 32,878 | 114,464 | 91,599 | |||||||||||||||
| Interest Expense | ||||||||||||||||||||
| Deposits | 13,468 | 13,040 | 8,210 | 38,638 | 19,715 | |||||||||||||||
| Borrowings | 843 | 952 | 1,413 | 2,681 | 3,753 | |||||||||||||||
| Total interest expense | 14,311 | 13,992 | 9,623 | 41,319 | 23,468 | |||||||||||||||
| Net interest income | 25,707 | 24,670 | 23,255 | 73,145 | 68,131 | |||||||||||||||
| Provision (reversal) for credit losses | 304 | 2,136 | 471 | 2,673 | (6,605 | ) | ||||||||||||||
| Net interest income after provision for credit losses | 25,403 | 22,534 | 22,784 | 70,472 | 74,736 | |||||||||||||||
| Noninterest income: | ||||||||||||||||||||
| Service charges on deposit accounts | 504 | 430 | 313 | 1,322 | 971 | |||||||||||||||
| Net gain on sale of loans | 587 | 661 | 466 | 1,929 | 1,111 | |||||||||||||||
| Other noninterest income | 343 | 447 | 380 | 1,147 | 1,596 | |||||||||||||||
| Total noninterest income | 1,434 | 1,538 | 1,159 | 4,398 | 3,678 | |||||||||||||||
| Noninterest expense: | ||||||||||||||||||||
| Compensation and employee benefits | 9,422 | 8,836 | 7,512 | 27,119 | 22,731 | |||||||||||||||
| Occupancy and equipment | 818 | 822 | 781 | 2,410 | 2,382 | |||||||||||||||
| Data processing | 1,238 | 1,183 | 1,064 | 3,479 | 2,886 | |||||||||||||||
| Professional services | 252 | 424 | 564 | 1,164 | 166 | |||||||||||||||
| Other expenses | 1,695 | 1,697 | 1,922 | 4,998 | 4,037 | |||||||||||||||
| Total noninterest expense | 13,425 | 12,962 | 11,843 | 39,170 | 32,202 | |||||||||||||||
| Income before provision for income taxes | 13,412 | 11,110 | 12,100 | 35,700 | 46,212 | |||||||||||||||
| Provision for income taxes | 3,959 | 3,283 | 3,611 | 10,536 | 13,215 | |||||||||||||||
| Net income | $ | 9,453 | $ | 7,827 | $ | 8,489 | $ | 25,164 | $ | 32,997 | ||||||||||
| Net income available to common shareholders | $ | 9,373 | $ | 7,761 | $ | 8,422 | $ | 24,970 | $ | 32,763 | ||||||||||
| Earnings per share | ||||||||||||||||||||
| Basic earnings per share | $ | 1.64 | $ | 1.36 | $ | 1.49 | $ | 4.39 | $ | 5.81 | ||||||||||
| Diluted earnings per share | $ | 1.63 | $ | 1.35 | $ | 1.47 | $ | 4.33 | $ | 5.75 | ||||||||||
| Average shares outstanding | 5,707,723 | 5,702,938 | 5,658,340 | 5,693,972 | 5,640,764 | |||||||||||||||
| Diluted average shares outstanding | 5,767,401 | 5,762,616 | 5,709,994 | 5,761,087 | 5,697,911 | |||||||||||||||
| PRIVATE BANCORP OF AMERICA, INC. Consolidated average balance sheet, interest, yield and rates (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
| For the three months ended | ||||||||||||||||||||||||||||||||||||
| Sep 30, 2024 | Jun 30, 2024 | Sep 30, 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 | $ | 171,347 | $ | 2,320 | 5.39 | % | $ | 152,563 | $ | 2,034 | 5.36 | % | $ | 130,583 | $ | 1,748 | 5.31 | % | ||||||||||||||||||
| Investment securities | 142,442 | 1,345 | 3.78 | % | 123,876 | 1,090 | 3.52 | % | 101,313 | 562 | 2.22 | % | ||||||||||||||||||||||||
| Loans, including LHFS | 1,989,748 | 36,353 | 7.27 | % | 1,939,746 | 35,538 | 7.37 | % | 1,745,113 | 30,568 | 6.95 | % | ||||||||||||||||||||||||
| Total interest-earning assets | 2,303,537 | 40,018 | 6.91 | % | 2,216,185 | 38,662 | 7.02 | % | 1,977,009 | 32,878 | 6.60 | % | ||||||||||||||||||||||||
| Noninterest-earning assets | 24,862 | 25,675 | 28,188 | |||||||||||||||||||||||||||||||||
| Total Assets | $ | 2,328,399 | $ | 2,241,860 | $ | 2,005,197 | ||||||||||||||||||||||||||||||
| Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||||||||
| Interest bearing DDA, excluding brokered | 150,674 | 616 | 1.63 | % | 130,361 | 463 | 1.43 | % | 99,243 | 402 | 1.61 | % | ||||||||||||||||||||||||
| Savings & MMA, excluding brokered | 891,697 | 7,745 | 3.46 | % | 845,856 | 7,354 | 3.50 | % | 657,453 | 4,248 | 2.56 | % | ||||||||||||||||||||||||
| Time deposits, excluding brokered | 171,746 | 1,857 | 4.30 | % | 164,714 | 1,690 | 4.13 | % | 114,437 | 933 | 3.23 | % | ||||||||||||||||||||||||
| Total deposits, excluding brokered | 1,214,117 | 10,218 | 3.35 | % | 1,140,931 | 9,507 | 3.35 | % | 871,133 | 5,583 | 2.54 | % | ||||||||||||||||||||||||
| Total brokered deposits | 258,614 | 3,250 | 5.00 | % | 284,290 | 3,533 | 5.00 | % | 202,644 | 2,627 | 5.14 | % | ||||||||||||||||||||||||
| Total Interest-Bearing Deposits | 1,472,731 | 13,468 | 3.64 | % | 1,425,221 | 13,040 | 3.68 | % | 1,073,777 | 8,210 | 3.03 | % | ||||||||||||||||||||||||
| FHLB advances | 36,142 | 437 | 4.81 | % | 47,373 | 581 | 4.93 | % | 87,190 | 1,142 | 5.20 | % | ||||||||||||||||||||||||
| Other borrowings | 17,966 | 406 | 8.99 | % | 17,966 | 371 | 8.31 | % | 17,958 | 271 | 5.99 | % | ||||||||||||||||||||||||
| Total Interest-Bearing Liabilities | 1,526,839 | 14,311 | 3.73 | % | 1,490,560 | 13,992 | 3.78 | % | 1,178,925 | 9,623 | 3.24 | % | ||||||||||||||||||||||||
| Noninterest-bearing deposits | 574,466 | 535,878 | 625,115 | |||||||||||||||||||||||||||||||||
| Total Funding Sources | 2,101,305 | 14,311 | 2.71 | % | 2,026,438 | 13,992 | 2.78 | % | 1,804,040 | 9,623 | 2.12 | % | ||||||||||||||||||||||||
| Noninterest-bearing liabilities | 18,205 | 16,334 | 27,810 | |||||||||||||||||||||||||||||||||
| Shareholders' equity | 208,889 | 199,088 | 173,347 | |||||||||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 2,328,399 | $ | 2,241,860 | $ | 2,005,197 | ||||||||||||||||||||||||||||||
| Net interest income/spread | $ | 25,707 | 4.20 | % | $ | 24,670 | 4.24 | % | $ | 23,255 | 4.48 | % | ||||||||||||||||||||||||
| Net interest margin | 4.44 | % | 4.48 | % | 4.67 | % | ||||||||||||||||||||||||||||||
| PRIVATE BANCORP OF AMERICA, INC. Consolidated average balance sheet, interest, yield and rates (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||||
| Year to Date | ||||||||||||||||||||||||
| Sep 30, 2024 | Sep 30, 2023 | |||||||||||||||||||||||
| Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | |||||||||||||||||||
| Interest-Earnings Assets: | ||||||||||||||||||||||||
| Deposits in other financial institutions | $ | 153,207 | $ | 6,153 | 5.36 | % | $ | 131,621 | $ | 4,831 | 4.91 | % | ||||||||||||
| Investment securities | 128,720 | 3,414 | 3.54 | % | 108,071 | 1,702 | 2.10 | % | ||||||||||||||||
| Loans | 1,932,809 | 104,897 | 7.25 | % | 1,673,254 | 85,066 | 6.80 | % | ||||||||||||||||
| Total interest-earning assets | 2,214,736 | 114,464 | 6.90 | % | 1,912,946 | 91,599 | 6.40 | % | ||||||||||||||||
| Noninterest-earning assets | 25,334 | 28,581 | ||||||||||||||||||||||
| Total Assets | $ | 2,240,070 | $ | 1,941,527 | ||||||||||||||||||||
| Interest-Bearing Liabilities | ||||||||||||||||||||||||
| Interest bearing DDA, excluding brokered | 130,365 | 1,520 | 1.56 | % | 99,734 | 1,109 | 1.49 | % | ||||||||||||||||
| Savings & MMA, excluding brokered | 834,650 | 21,520 | 3.44 | % | 640,803 | 10,196 | 2.13 | % | ||||||||||||||||
| Time deposits, excluding brokered | 164,082 | 5,130 | 4.18 | % | 99,685 | 2,108 | 2.83 | % | ||||||||||||||||
| Total deposits, excluding brokered | 1,129,097 | 28,170 | 3.33 | % | 840,222 | 13,413 | 2.13 | % | ||||||||||||||||
| Total brokered deposits | 276,863 | 10,468 | 5.05 | % | 170,256 | 6,302 | 4.95 | % | ||||||||||||||||
| Total Interest-Bearing Deposits | 1,405,960 | 38,638 | 3.67 | % | 1,010,478 | 19,715 | 2.61 | % | ||||||||||||||||
| FHLB advances | 44,452 | 1,632 | 4.90 | % | 77,651 | 2,938 | 5.06 | % | ||||||||||||||||
| Other borrowings | 17,965 | 1,049 | 7.80 | % | 17,969 | 815 | 6.06 | % | ||||||||||||||||
| Total Interest-Bearing Liabilities | 1,468,377 | 41,319 | 3.76 | % | 1,106,098 | 23,468 | 2.84 | % | ||||||||||||||||
| Noninterest-bearing deposits | 554,700 | 649,863 | ||||||||||||||||||||||
| Total Funding Sources | 2,023,077 | 41,319 | 2.73 | % | 1,755,961 | 23,468 | 1.79 | % | ||||||||||||||||
| Noninterest-bearing liabilities | 17,522 | 24,718 | ||||||||||||||||||||||
| Shareholders' equity | 199,471 | 160,848 | ||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 2,240,070 | $ | 1,941,527 | ||||||||||||||||||||
| Net interest income/spread | $ | 73,145 | 4.17 | % | $ | 68,131 | 4.61 | % | ||||||||||||||||
| Net interest margin | 4.41 | % | 4.76 | % | ||||||||||||||||||||
PRIVATE BANCORP OF AMERICA, INC. Condensed Balance Sheets (Unaudited) (Dollars in thousands, except per share amounts) | ||||||||||||||||||||
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ | 207,174 | $ | 158,377 | $ | 141,501 | $ | 178,100 | $ | 198,328 | ||||||||||
| Interest-bearing time deposits with other institutions | 4,124 | 4,097 | 4,032 | 4,000 | 1,500 | |||||||||||||||
| Investment securities | 141,100 | 121,725 | 114,067 | 102,499 | 86,648 | |||||||||||||||
| Loans held for sale | 2,040 | - | 383 | 1,233 | 4,071 | |||||||||||||||
| Total loans held-for-investment | 2,012,457 | 1,979,720 | 1,906,992 | 1,847,161 | 1,764,846 | |||||||||||||||
| Allowance for loan losses | (26,594 | ) | (26,591 | ) | (24,693 | ) | (24,476 | ) | (23,789 | ) | ||||||||||
| Loans held-for-investment, net of allowance | 1,985,863 | 1,953,129 | 1,882,299 | 1,822,685 | 1,741,057 | |||||||||||||||
| Right of use asset | 4,344 | 4,719 | 2,765 | 3,096 | 2,827 | |||||||||||||||
| Premises and equipment, net | 2,345 | 2,207 | 1,804 | 1,700 | 1,447 | |||||||||||||||
| Other assets and interest receivable | 39,383 | 41,430 | 40,926 | 39,155 | 38,341 | |||||||||||||||
| Total assets | $ | 2,386,373 | $ | 2,285,684 | $ | 2,187,777 | $ | 2,152,468 | $ | 2,074,219 | ||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Noninterest Bearing | $ | 584,292 | $ | 557,055 | $ | 516,294 | $ | 572,755 | $ | 595,023 | ||||||||||
| Interest Bearing | 1,522,839 | 1,444,671 | 1,388,381 | 1,302,615 | 1,174,664 | |||||||||||||||
| Total Deposits | 2,107,131 | 2,001,726 | 1,904,675 | 1,875,370 | 1,769,687 | |||||||||||||||
| Borrowings | 45,967 | 65,965 | 70,963 | 74,961 | 99,959 | |||||||||||||||
| Accrued interest payable and other liabilities | 19,062 | 16,551 | 18,107 | 16,354 | 29,894 | |||||||||||||||
| Total liabilities | 2,172,160 | 2,084,242 | 1,993,745 | 1,966,685 | 1,899,540 | |||||||||||||||
| Shareholders' equity | ||||||||||||||||||||
| Common stock | 74,688 | 74,636 | 74,105 | 74,003 | 73,416 | |||||||||||||||
| Additional paid-in capital | 4,271 | 3,717 | 4,108 | 3,679 | 3,584 | |||||||||||||||
| Retained earnings | 141,623 | 132,179 | 124,464 | 116,604 | 108,757 | |||||||||||||||
| Accumulated other comprehensive (loss) income | (6,369 | ) | (9,090 | ) | (8,645 | ) | (8,503 | ) | (11,078 | ) | ||||||||||
| Total shareholders' equity | 214,213 | 201,442 | 194,032 | 185,783 | 174,679 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,386,373 | $ | 2,285,684 | $ | 2,187,777 | $ | 2,152,468 | $ | 2,074,219 | ||||||||||
| Book value per common share | $ | 37.21 | $ | 35.03 | $ | 33.94 | $ | 32.48 | $ | 30.63 | ||||||||||
| Tangible book value per common share (1) | $ | 36.87 | $ | 34.65 | $ | 33.55 | $ | 32.08 | $ | 30.20 | ||||||||||
| Shares outstanding | 5,756,207 | 5,751,143 | 5,717,519 | 5,719,115 | 5,703,350 | |||||||||||||||
(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 | |||||||||||||||||||
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | |||||||||||||||
| Interest income | $ | 40,018 | $ | 38,662 | $ | 35,784 | $ | 34,063 | $ | 32,878 | |||||||||
| Interest expense | 14,311 | 13,992 | 13,016 | 11,875 | 9,623 | ||||||||||||||
| Net interest income | 25,707 | 24,670 | 22,768 | 22,188 | 23,255 | ||||||||||||||
| Provision for credit losses | 304 | 2,136 | 233 | 459 | 471 | ||||||||||||||
| Net interest income after provision for credit losses | 25,403 | 22,534 | 22,535 | 21,729 | 22,784 | ||||||||||||||
| Service charges on deposit accounts | 504 | 430 | 388 | 373 | 313 | ||||||||||||||
| Net gain on sale of loans | 587 | 661 | 681 | 436 | 466 | ||||||||||||||
| Other noninterest income | 343 | 447 | 357 | 435 | 380 | ||||||||||||||
| Total noninterest income | 1,434 | 1,538 | 1,426 | 1,244 | 1,159 | ||||||||||||||
| Compensation and employee benefits | 9,422 | 8,836 | 8,861 | 7,942 | 7,512 | ||||||||||||||
| Occupancy and equipment | 818 | 822 | 770 | 790 | 781 | ||||||||||||||
| Data processing | 1,238 | 1,183 | 1,058 | 1,001 | 1,064 | ||||||||||||||
| Professional services | 252 | 424 | 488 | 410 | 564 | ||||||||||||||
| Other expenses | 1,695 | 1,697 | 1,606 | 1,625 | 1,922 | ||||||||||||||
| Total noninterest expense | 13,425 | 12,962 | 12,783 | 11,768 | 11,843 | ||||||||||||||
| Income before provision for income taxes | 13,412 | 11,110 | 11,178 | 11,205 | 12,100 | ||||||||||||||
| Income taxes | 3,959 | 3,283 | 3,294 | 3,346 | 3,611 | ||||||||||||||
| Net income | $ | 9,453 | $ | 7,827 | $ | 7,884 | $ | 7,859 | $ | 8,489 | |||||||||
| Net income available to common shareholders | $ | 9,373 | $ | 7,761 | $ | 7,832 | $ | 7,800 | $ | 8,422 | |||||||||
| Earnings per share | |||||||||||||||||||
| Basic earnings per share | $ | 1.64 | $ | 1.36 | $ | 1.38 | $ | 1.38 | $ | 1.49 | |||||||||
| Diluted earnings per share | $ | 1.63 | $ | 1.35 | $ | 1.36 | $ | 1.36 | $ | 1.47 | |||||||||
| Average shares outstanding | 5,707,723 | 5,702,938 | 5,679,843 | 5,664,028 | 5,658,340 | ||||||||||||||
| Diluted average shares outstanding | 5,767,401 | 5,762,616 | 5,754,937 | 5,723,735 | 5,709,994 | ||||||||||||||
| Performance Ratios | |||||||||||||||||||
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | |||||||||||||||
| ROAA | 1.62 | % | 1.40 | % | 1.48 | % | 1.51 | % | 1.68 | % | |||||||||
| ROAE | 18.00 | % | 15.81 | % | 16.66 | % | 17.29 | % | 19.43 | % | |||||||||
| ROATCE (1) | 18.18 | % | 15.99 | % | 16.86 | % | 17.53 | % | 19.74 | % | |||||||||
| Net interest margin | 4.44 | % | 4.48 | % | 4.31 | % | 4.33 | % | 4.67 | % | |||||||||
| Net interest spread | 4.20 | % | 4.24 | % | 4.08 | % | 4.11 | % | 4.48 | % | |||||||||
| Efficiency ratio (1) | 49.46 | % | 49.46 | % | 52.84 | % | 50.22 | % | 48.51 | % | |||||||||
| Noninterest expense / average assets | 2.29 | % | 2.32 | % | 2.39 | % | 2.26 | % | 2.34 | % | |||||||||
(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 | ||||||||||||||||||||
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | ||||||||||||||||
| Total assets | ||||||||||||||||||||
| Earning assets | ||||||||||||||||||||
| Total loans, including loans held for sale | ||||||||||||||||||||
| Total deposits | ||||||||||||||||||||
| Total shareholders' equity | ||||||||||||||||||||
| Loan Balances by Type | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | ||||||||||||||||
| Commercial Real Estate (CRE): | ||||||||||||||||||||
| Investor owned | $ | 560,481 | $ | 566,314 | $ | 573,587 | $ | 583,069 | $ | 541,088 | ||||||||||
| Owner occupied | 221,364 | 216,876 | 216,123 | 202,106 | 185,296 | |||||||||||||||
| Multifamily | 175,387 | 177,390 | 175,629 | 168,324 | 159,700 | |||||||||||||||
| Secured by single family | 190,738 | 181,744 | 157,092 | 146,370 | 153,132 | |||||||||||||||
| Land and construction | 68,186 | 58,109 | 35,975 | 33,655 | 30,253 | |||||||||||||||
| SBA secured by real estate | 395,646 | 388,271 | 385,416 | 349,676 | 343,576 | |||||||||||||||
| Total CRE | 1,611,802 | 1,588,704 | 1,543,822 | 1,483,200 | 1,413,045 | |||||||||||||||
| Commercial business: | ||||||||||||||||||||
| Commercial and industrial | 383,874 | 378,161 | 352,417 | 350,879 | 337,815 | |||||||||||||||
| SBA non-real estate secured | 15,101 | 10,758 | 8,657 | 9,807 | 11,081 | |||||||||||||||
| Total commercial business | 398,975 | 388,919 | 361,074 | 360,686 | 348,896 | |||||||||||||||
| Consumer | 1,680 | 2,097 | 2,096 | 3,275 | 2,905 | |||||||||||||||
| Total loans held for investment | $ | 2,012,457 | $ | 1,979,720 | $ | 1,906,992 | $ | 1,847,161 | $ | 1,764,846 | ||||||||||
| Deposits by Type | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | ||||||||||||||||
| Noninterest-bearing DDA | $ | 584,292 | $ | 557,055 | $ | 516,294 | $ | 572,755 | $ | 595,023 | ||||||||||
| Interest-bearing DDA, excluding brokered | 182,268 | 156,253 | 117,129 | 121,829 | 108,508 | |||||||||||||||
| Savings & MMA, excluding brokered | 920,219 | 861,508 | 812,841 | 742,617 | 696,499 | |||||||||||||||
| Time deposits, excluding brokered | 186,583 | 168,664 | 160,605 | 147,583 | 122,622 | |||||||||||||||
| Total deposits, excluding brokered | 1,873,362 | 1,743,480 | 1,606,869 | 1,584,784 | 1,522,652 | |||||||||||||||
| Total brokered deposits | 233,769 | 258,246 | 297,806 | 290,586 | 247,035 | |||||||||||||||
| Total deposits | $ | 2,107,131 | $ | 2,001,726 | $ | 1,904,675 | $ | 1,875,370 | $ | 1,769,687 | ||||||||||
| PRIVATE BANCORP OF AMERICA, INC. (Unaudited) | ||||||||||||||||||||
| Rollforward of Allowance for Credit Losses | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| For the three months ended | ||||||||||||||||||||
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | ||||||||||||||||
| Allowance for loan losses: | ||||||||||||||||||||
| Beginning balance | $ | 26,591 | $ | 24,693 | $ | 24,476 | $ | 23,789 | $ | 22,588 | ||||||||||
| Provision for loan losses | 3 | 1,994 | 251 | 687 | 1,194 | |||||||||||||||
| Net (charge-offs) recoveries | - | (96 | ) | (34 | ) | - | 7 | |||||||||||||
| Ending balance | 26,594 | 26,591 | 24,693 | 24,476 | 23,789 | |||||||||||||||
| Reserve for unfunded commitments | 2,165 | 1,865 | 1,723 | 1,741 | 1,969 | |||||||||||||||
| Total allowance for credit losses | $ | 28,759 | $ | 28,456 | $ | 26,416 | $ | 26,217 | $ | 25,758 | ||||||||||
| Asset Quality | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | ||||||||||||||||
| Total loans held-for-investment | $ | 2,012,457 | $ | 1,979,720 | $ | 1,906,992 | $ | 1,847,161 | $ | 1,764,846 | ||||||||||
| Allowance for loan losses | $ | (26,594 | ) | $ | (26,591 | ) | $ | (24,693 | ) | $ | (24,476 | ) | $ | (23,789 | ) | |||||
| 30-89 day past due loans | $ | - | $ | - | $ | - | $ | 1,470 | $ | 2,500 | ||||||||||
| 90+ day past due loans | $ | 11,512 | $ | 2,500 | $ | 3,530 | $ | 3,874 | $ | 1,374 | ||||||||||
| Nonaccrual loans | $ | 11,512 | $ | 2,500 | $ | 4,656 | $ | 5,053 | $ | 5,105 | ||||||||||
| NPAs / Assets | 0.48 | % | 0.11 | % | 0.21 | % | 0.23 | % | 0.25 | % | ||||||||||
| NPLs / Total loans held-for-investment & OREO | 0.57 | % | 0.13 | % | 0.24 | % | 0.27 | % | 0.29 | % | ||||||||||
| Net quarterly charge-offs (recoveries) | $ | - | $ | 96 | $ | 34 | $ | - | $ | (7 | ) | |||||||||
| Net charge-offs (recoveries) /avg loans (annualized) | 0.00 | % | 0.02 | % | 0.01 | % | 0.00 | % | 0.00 | % | ||||||||||
| Allowance for loan losses to loans HFI | 1.32 | % | 1.34 | % | 1.29 | % | 1.33 | % | 1.35 | % | ||||||||||
| Allowance for loan losses to nonaccrual loans | 231.01 | % | 1,063.64 | % | 530.35 | % | 484.39 | % | 465.99 | % | ||||||||||
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 and adjusted EPS. 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 | ||||||||
| Sep 30, 2024 | Sep 30, 2023 | |||||||
| Adjusted income before provision for income taxes | ||||||||
| Income before provision for income taxes | $ | 35,700 | $ | 46,212 | ||||
| ANI recovery (1) | - | (7,708 | ) | |||||
| Settlement of legal fees related to ANI litigation (2) | - | (1,635 | ) | |||||
| Recovery of principal and interest on a loan acquired with credit deterioration as part of a business combination (3) | - | (986 | ) | |||||
| Adjusted income before provision for income taxes (non-GAAP) | $ | 35,700 | $ | 35,883 | ||||
| Adjusted net income | ||||||||
| Net income | $ | 25,164 | $ | 32,997 | ||||
| ANI recovery, net of tax (1)(4) | - | (5,430 | ) | |||||
| Settlement of legal fees related to ANI litigation, net of tax (2)(4) | - | (1,152 | ) | |||||
| Recovery of principal and interest on a loan acquired with credit deterioration as part of a business combination, net of tax(3)(4) | - | (694 | ) | |||||
| Adjusted net income (non-GAAP) | $ | 25,164 | $ | 25,721 | ||||
| Adjusted diluted earnings per share ("Adjusted EPS") | ||||||||
| Diluted earnings per share | $ | 4.33 | $ | 5.75 | ||||
| ANI recovery, net of tax (1)(4) | - | (0.94 | ) | |||||
| Settlement of legal fees related to ANI litigation, net of tax (2)(4) | - | (0.20 | ) | |||||
| 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 | ) | |||||
| Adjusted EPS (non-GAAP) | $ | 4.33 | $ | 4.49 | ||||
| Diluted average shares outstanding | 5,761,087 | 5,697,911 | ||||||
(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 | ||||||||||||||||||||
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | ||||||||||||||||
| Efficiency Ratio | ||||||||||||||||||||
| Noninterest expense | $ | 13,425 | $ | 12,962 | $ | 12,783 | $ | 11,768 | $ | 11,843 | ||||||||||
| Net interest income | 25,707 | 24,670 | 22,768 | 22,188 | 23,255 | |||||||||||||||
| Noninterest income | 1,434 | 1,538 | 1,426 | 1,244 | 1,159 | |||||||||||||||
| Total net interest income and noninterest income | 27,141 | 26,208 | 24,194 | 23,432 | 24,414 | |||||||||||||||
| Efficiency ratio (non-GAAP) | 49.46 | % | 49.46 | % | 52.84 | % | 50.22 | % | 48.51 | % | ||||||||||
| Pretax pre-provision net revenue | ||||||||||||||||||||
| Net interest income | $ | 25,707 | $ | 24,670 | $ | 22,768 | $ | 22,188 | $ | 23,255 | ||||||||||
| Noninterest income | 1,434 | 1,538 | 1,426 | 1,244 | 1,159 | |||||||||||||||
| Total net interest income and noninterest income | 27,141 | 26,208 | 24,194 | 23,432 | 24,414 | |||||||||||||||
| Less: Noninterest expense | 13,425 | 12,962 | 12,783 | 11,768 | 11,843 | |||||||||||||||
| Pretax pre-provision net revenue (non-GAAP) | $ | 13,716 | $ | 13,246 | $ | 11,411 | $ | 11,664 | $ | 12,571 | ||||||||||
| Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity | ||||||||||||||||||||
| Net income | $ | 9,453 | $ | 7,827 | $ | 7,884 | $ | 7,859 | $ | 8,489 | ||||||||||
| Average assets | 2,328,399 | 2,241,860 | 2,148,978 | 2,062,486 | 2,005,197 | |||||||||||||||
| Average shareholders' equity | 208,889 | 199,088 | 190,326 | 180,287 | 173,347 | |||||||||||||||
| Less: Average intangible assets | 2,051 | 2,163 | 2,208 | 2,451 | 2,709 | |||||||||||||||
| Average tangible common equity (non-GAAP) | 206,838 | 196,925 | 188,118 | 177,836 | 170,638 | |||||||||||||||
| Return on average assets | 1.62 | % | 1.40 | % | 1.48 | % | 1.51 | % | 1.68 | % | ||||||||||
| Return on average equity | 18.00 | % | 15.81 | % | 16.66 | % | 17.29 | % | 19.43 | % | ||||||||||
| Return on average tangible common equity (non-GAAP) | 18.18 | % | 15.99 | % | 16.86 | % | 17.53 | % | 19.74 | % | ||||||||||
| Tangible book value per share | ||||||||||||||||||||
| Total equity | 214,213 | 201,442 | 194,032 | 185,783 | 174,679 | |||||||||||||||
| Less: Total intangible assets | 2,006 | 2,164 | 2,203 | 2,318 | 2,449 | |||||||||||||||
| Total tangible equity | 212,207 | 199,278 | 191,829 | 183,465 | 172,230 | |||||||||||||||
| Shares outstanding | 5,756,207 | 5,751,143 | 5,717,519 | 5,719,115 | 5,703,350 | |||||||||||||||
| Tangible book value per share (non-GAAP) | $ | 36.87 | $ | 34.65 | $ | 33.55 | $ | 32.08 | $ | 30.20 | ||||||||||
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 | ||||||||
| Sep 30, 2024 | Sep 30, 2023 | |||||||
| Efficiency Ratio | ||||||||
| Noninterest expense | $ | 39,170 | $ | 32,202 | ||||
| Net interest income | 73,145 | 68,131 | ||||||
| Noninterest income | 4,398 | 3,678 | ||||||
| Total net interest income and noninterest income | 77,543 | 71,809 | ||||||
| Efficiency ratio (non-GAAP) | 50.51 | % | 44.84 | % | ||||
| Adjusted Efficiency Ratio | ||||||||
| Noninterest expense | $ | 39,170 | $ | 32,202 | ||||
| Settlement of legal fees related to ANI litigation | - | 1,635 | ||||||
| Adjusted noninterest expense (non-GAAP) | 39,170 | 33,837 | ||||||
| Total net interest income and noninterest income | 77,543 | 71,809 | ||||||
| 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) | 77,543 | 71,725 | ||||||
| Adjusted Efficiency ratio (non-GAAP) | 50.51 | % | 47.18 | % | ||||
| Pretax pre-provision net revenue | ||||||||
| Net interest income | $ | 73,145 | $ | 68,131 | ||||
| Noninterest income | 4,398 | 3,678 | ||||||
| Total net interest income and noninterest income | 77,543 | 71,809 | ||||||
| Less: Noninterest expense | 39,170 | 32,202 | ||||||
| Pretax pre-provision net revenue (non-GAAP) | $ | 38,373 | $ | 39,607 | ||||
| Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity | ||||||||
| Net income | $ | 25,164 | $ | 32,997 | ||||
| Adjusted net income (non-GAAP) (1) | 25,164 | 25,721 | ||||||
| Average assets | 2,240,070 | 1,941,527 | ||||||
| Average shareholders' equity | 199,471 | 160,848 | ||||||
| Less: Average intangible assets | 2,140 | 2,879 | ||||||
| Average tangible common equity | 197,331 | 157,969 | ||||||
| Return on average assets | 1.50 | % | 2.27 | % | ||||
| Adjusted return on average assets (non-GAAP) (1) | 1.50 | % | 1.77 | % | ||||
| Return on average equity | 16.85 | % | 27.43 | % | ||||
| Adjusted return on average equity (non-GAAP) (1) | 16.85 | % | 21.38 | % | ||||
| Return on average tangible common equity (non-GAAP) | 17.03 | % | 27.93 | % | ||||
| Adjusted return on average tangible common equity (non-GAAP) (1) | 17.03 | % | 21.77 | % | ||||
(1) A reconciliation of net income to adjusted net income is provided on page 13.
FAQ
What was Private Bancorp of America's (PBAM) net income for Q3 2024?
How much did PBAM's diluted earnings per share (EPS) increase in Q3 2024?
What was PBAM's return on average tangible common equity for Q3 2024?
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