Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for First Quarter 2025
Private Bancorp of America (PBAM) reported strong Q1 2025 financial results with net income of $10.6 million, or $1.80 per diluted share, compared to $10.7 million in the previous quarter and $7.9 million in Q1 2024.
Key highlights include:
- Total deposits reached $2.19 billion, up 2.7% from Q4 2024 and 15.1% year-over-year
- Core deposits increased 27.5% year-over-year to $2.05 billion
- Net interest margin was 4.61%, compared to 4.67% in Q4 2024
- Total cost of deposits decreased to 2.22% from 2.36% in previous quarter
- Loans held-for-investment slightly decreased by 0.3% to $2.08 billion
The bank maintained strong capital ratios with a Tier 1 leverage ratio of 10.35% and total risk-based capital ratio of 13.00%. Asset quality metrics showed criticized and classified loans at 1.96% of total loans, up from 1.18% in the previous quarter.
Private Bancorp of America (PBAM) ha riportato solidi risultati finanziari nel primo trimestre del 2025 con un utile netto di 10,6 milioni di dollari, pari a 1,80 dollari per azione diluita, rispetto ai 10,7 milioni del trimestre precedente e ai 7,9 milioni del primo trimestre 2024.
I punti salienti includono:
- I depositi totali hanno raggiunto 2,19 miliardi di dollari, in aumento del 2,7% rispetto al quarto trimestre 2024 e del 15,1% su base annua
- I depositi core sono cresciuti del 27,5% su base annua, raggiungendo 2,05 miliardi di dollari
- Il margine di interesse netto è stato del 4,61%, rispetto al 4,67% del quarto trimestre 2024
- Il costo totale dei depositi è diminuito al 2,22% dal 2,36% del trimestre precedente
- I prestiti detenuti per investimento sono leggermente diminuiti dello 0,3%, attestandosi a 2,08 miliardi di dollari
La banca ha mantenuto solidi coefficienti patrimoniali con un rapporto di leva Tier 1 del 10,35% e un rapporto patrimoniale totale basato sul rischio del 13,00%. Gli indicatori di qualità degli attivi hanno mostrato prestiti criticati e classificati al 1,96% del totale, in aumento rispetto all'1,18% del trimestre precedente.
Private Bancorp of America (PBAM) reportó sólidos resultados financieros en el primer trimestre de 2025 con un ingreso neto de 10,6 millones de dólares, o 1,80 dólares por acción diluida, en comparación con 10,7 millones en el trimestre anterior y 7,9 millones en el primer trimestre de 2024.
Los aspectos destacados incluyen:
- Los depósitos totales alcanzaron 2,19 mil millones de dólares, un aumento del 2,7% respecto al cuarto trimestre de 2024 y del 15,1% interanual
- Los depósitos core aumentaron un 27,5% interanual hasta 2,05 mil millones de dólares
- El margen neto de interés fue del 4,61%, en comparación con el 4,67% del cuarto trimestre de 2024
- El costo total de los depósitos disminuyó al 2,22% desde el 2,36% del trimestre anterior
- Los préstamos mantenidos para inversión disminuyeron ligeramente un 0,3% hasta 2,08 mil millones de dólares
El banco mantuvo sólidos ratios de capital con una ratio de apalancamiento Tier 1 del 10,35% y una ratio total de capital basada en riesgos del 13,00%. Los indicadores de calidad de activos mostraron préstamos criticados y clasificados en un 1,96% del total de préstamos, un aumento respecto al 1,18% del trimestre anterior.
Private Bancorp of America (PBAM)는 2025년 1분기에 순이익 1,060만 달러, 희석 주당 순이익 1.80달러를 기록하며 견고한 실적을 발표했습니다. 이는 이전 분기의 1,070만 달러와 2024년 1분기의 790만 달러와 비교됩니다.
주요 내용은 다음과 같습니다:
- 총 예금액은 21억 9천만 달러로 2024년 4분기 대비 2.7%, 전년 동기 대비 15.1% 증가
- 핵심 예금(core deposits)은 전년 대비 27.5% 증가한 20억 5천만 달러
- 순이자마진은 4.61%로 2024년 4분기의 4.67%와 비교
- 예금 총 비용은 이전 분기의 2.36%에서 2.22%로 감소
- 투자 목적으로 보유한 대출은 0.3% 소폭 감소하여 20억 8천만 달러
은행은 Tier 1 레버리지 비율 10.35%와 총 위험기준 자본 비율 13.00%로 강력한 자본 비율을 유지했습니다. 자산 품질 지표에 따르면, 문제 대출 및 분류 대출이 전체 대출의 1.96%로 이전 분기의 1.18%에서 증가했습니다.
Private Bancorp of America (PBAM) a annoncé de solides résultats financiers pour le premier trimestre 2025 avec un bénéfice net de 10,6 millions de dollars, soit 1,80 dollar par action diluée, contre 10,7 millions au trimestre précédent et 7,9 millions au premier trimestre 2024.
Les points clés incluent :
- Les dépôts totaux ont atteint 2,19 milliards de dollars, en hausse de 2,7 % par rapport au quatrième trimestre 2024 et de 15,1 % sur un an
- Les dépôts de base ont augmenté de 27,5 % sur un an pour atteindre 2,05 milliards de dollars
- La marge nette d'intérêt était de 4,61 %, contre 4,67 % au quatrième trimestre 2024
- Le coût total des dépôts a diminué à 2,22 % contre 2,36 % au trimestre précédent
- Les prêts détenus à des fins d'investissement ont légèrement diminué de 0,3 % pour atteindre 2,08 milliards de dollars
La banque a maintenu de solides ratios de capital avec un ratio de levier Tier 1 de 10,35 % et un ratio total de capital basé sur le risque de 13,00 %. Les indicateurs de qualité des actifs ont montré que les prêts critiqués et classés représentaient 1,96 % du total des prêts, en hausse par rapport à 1,18 % au trimestre précédent.
Private Bancorp of America (PBAM) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 10,6 Millionen US-Dollar bzw. 1,80 US-Dollar je verwässerter Aktie, verglichen mit 10,7 Millionen im Vorquartal und 7,9 Millionen im ersten Quartal 2024.
Wichtige Highlights umfassen:
- Die Gesamteinlagen erreichten 2,19 Milliarden US-Dollar, ein Anstieg von 2,7 % gegenüber dem vierten Quartal 2024 und 15,1 % im Jahresvergleich
- Die Kerneinlagen stiegen im Jahresvergleich um 27,5 % auf 2,05 Milliarden US-Dollar
- Die Nettozinsmarge lag bei 4,61 % gegenüber 4,67 % im vierten Quartal 2024
- Die Gesamtkosten der Einlagen sanken von 2,36 % im Vorquartal auf 2,22 %
- Die zur Investition gehaltenen Kredite gingen leicht um 0,3 % auf 2,08 Milliarden US-Dollar zurück
Die Bank hielt starke Kapitalquoten mit einer Tier-1-Leverage-Ratio von 10,35 % und einer Gesamtkapitalquote auf Risikobasis von 13,00 %. Die Kennzahlen zur Vermögensqualität zeigten, dass kritisierte und klassifizierte Kredite 1,96 % der Gesamtkredite ausmachten, ein Anstieg gegenüber 1,18 % im Vorquartal.
- Net income increased 34.2% year-over-year to $10.6 million
- Core deposits grew 27.5% year-over-year to $2.05 billion
- Cost of deposits decreased to 2.22% from 2.61% year-over-year
- Tangible book value per share increased 20.1% year-over-year
- Strong efficiency ratio improvement to 47.90% from 52.84% year-over-year
- Net income slightly decreased quarter-over-quarter from $10.7M to $10.6M
- Loans held-for-investment decreased 0.3% quarter-over-quarter
- Net interest margin declined to 4.61% from 4.67% in previous quarter
- Criticized and classified loans increased to 1.96% from 1.18% of total loans
- SBA loan sales decreased to $8.3M from $14.9M in previous quarter
First Quarter 2025 Highlights
- Net income for the first quarter of 2025 was
$10.6 million , compared to$10.7 million in the prior quarter and$7.9 million in the first quarter of 2024. Net income for the first quarter of 2025 represents a return on average assets of1.74% and a return on average tangible common equity of18.74% - Diluted earnings per share for the first quarter of 2025 was
$1.80 , compared to$1.82 in the prior quarter and$1.36 in the first quarter of 2024 - Total deposits were
$2.19 billion as of March 31, 2025, an increase of$57.7 million or2.7% from December 31, 2024, which included a reduction in brokered deposits of$96.9 million . Total deposits increased15.1% year over year. Core deposits were$2.05 billion as of March 31, 2025, an increase of$154.6 million or8.2% from December 31, 2024. Core deposits increased27.5% year over year - Total cost of deposits was
2.22% for the first quarter of 2025, a decrease from2.36% in the prior quarter and2.61% in the first quarter of 2024. The spot rate for total deposits was2.11% as of March 31, 2025, compared to2.29% at December 31, 2024. Total cost of funding sources was2.29% for the first quarter of 2025, a decrease from2.45% in the prior quarter and2.70% in the first quarter of 2024 - Loans held-for-investment (“HFI”) totaled
$2.08 billion as of March 31, 2025, a decrease of$6.5 million or0.3% from December 31, 2024. Loans HFI increased9.0% year over year - Net interest margin was
4.61% for the first quarter of 2025, compared to4.67% in the prior quarter and4.31% in the first quarter of 2024 - Provision for credit losses for the first quarter of 2025 was
$0.3 million , compared to$17 thousand for the prior quarter and$0.2 million for the first quarter of 2024. The allowance for loan losses was1.27% of loans HFI as of March 31, 2025 compared to1.31% at December 31, 2024 - As of March 31, 2025, criticized and classified loans totaled
$40.8 million , or1.96% of total loans, up from$24.7 million , or1.18% of total loans, in the prior quarter - Tangible book value per share was
$40.29 as of March 31, 2025, an increase of$1.89 since December 31, 2024 primarily as a result of strong earnings. Tangible book value per share increased4.9% quarter-over-quarter and20.1% year over year.
LA JOLLA, Calif., April 21, 2025 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the first fiscal quarter ended March 31, 2025. The Company reported net income of
Rick Sowers, President and CEO of the Company and the Bank stated, “We continue to be pleased by the Company and the Team’s performance. Strong growth in core deposits over the past year continues and we remain focused on building strong Relationships with our Clients. Loan demand was soft in Q1, as Clients and financial markets digest the current economy and prospects for future growth and stability. We remain optimistic that markets will settle, and demand will return. In the meantime, we are focused on providing the Distinctively Different Service our Clients and Prospects are seeking, getting more efficient and effective in our business through technology, continuous process improvement and building a strong Team throughout the Bank.”
Sowers added, “The Bank was recognized throughout the last year for superior financial performance and industry leading service metrics. These recognitions highlight CalPrivate Bank’s dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value:
- #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
“As Los Angeles continues to tackle the enormous task of cleaning up after the devastating fires, CalPrivate Bank remains committed to being a partner to our Clients and the Communities we serve.”
“As our economy transitions based on priorities of the new administration in Washington DC, and global economic uncertainties increase, management and the board are diligently assessing and acting upon potential future risks and market opportunities. The Bank continues to produce top tier financial results by seeking improved productivity through technology investments, streamlined systems and processes, and hiring top bankers in existing and potential new markets and market segments. We continue to prioritize unparalleled Client service and creative Solutions for our loyal and growing client base. We continue to support a broad range of non-profit organizations in the communities we serve, both through team member volunteering activities and financial resources. Our Team takes great pride in doing well for shareholders by doing good for clients and community,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.
STATEMENT OF INCOME
Net Interest Income
Net interest income for the first quarter of 2025 totaled
Net Interest Margin
Net interest margin for the first quarter of 2025 was
Provision for Credit Losses
Provision expense for credit losses for the first quarter of 2025 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 March 31, 2025, total assets were
Total deposits were
As of March 31, 2025, total available liquidity was
Asset Quality and Allowance for Credit Losses ("ACL")
As of March 31, 2025, the allowance for loan losses was
At March 31, 2025 and December 31, 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, based on assessments performed to date, management does not believe there is a material impact to the financial statements.
Capital Ratios (2)
The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:
| March 31, 2025(2) | December 31, 2024 | |
| CalPrivate Bank | ||
| Tier I leverage ratio | ||
| Tier I risk-based capital ratio | ||
| Total risk-based capital ratio |
(2) March 31, 2025 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) | ||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | ||||||||||
| Assets | ||||||||||||
| Cash and due from banks | $ | 34,720 | $ | 16,528 | $ | 13,136 | ||||||
| Interest-bearing deposits in other financial institutions | 16,155 | 10,419 | 34,790 | |||||||||
| Interest-bearing deposits at Federal Reserve Bank | 167,606 | 136,929 | 93,575 | |||||||||
| Total cash and due from banks | 218,481 | 163,876 | 141,501 | |||||||||
| Interest-bearing time deposits with other institutions | 4,213 | 4,189 | 4,032 | |||||||||
| Investment debt securities available for sale | 156,346 | 145,238 | 114,067 | |||||||||
| Loans held for sale | 2,066 | 3,008 | 383 | |||||||||
| Loans, net of deferred fees and costs and unaccreted discounts | 2,078,653 | 2,085,149 | 1,906,992 | |||||||||
| Allowance for loan losses | (26,437 | ) | (27,267 | ) | (24,693 | ) | ||||||
| Loans held-for-investment, net of allowance | 2,052,216 | 2,057,882 | 1,882,299 | |||||||||
| Federal Home Loan Bank stock, at cost | 9,586 | 9,586 | 8,915 | |||||||||
| Operating lease right of use assets | 6,383 | 6,819 | 2,765 | |||||||||
| Premises and equipment, net | 2,432 | 2,335 | 1,804 | |||||||||
| Servicing assets, net | 1,993 | 2,087 | 2,203 | |||||||||
| Accrued interest receivable | 8,148 | 7,993 | 7,931 | |||||||||
| Other assets | 21,009 | 20,998 | 21,877 | |||||||||
| Total assets | $ | 2,482,873 | $ | 2,424,011 | $ | 2,187,777 | ||||||
| Liabilities and Shareholders' Equity | ||||||||||||
| Liabilities | ||||||||||||
| Noninterest bearing | $ | 599,095 | $ | 553,405 | $ | 516,294 | ||||||
| Interest bearing | 1,593,014 | 1,581,054 | 1,388,381 | |||||||||
| Total deposits | 2,192,109 | 2,134,459 | 1,904,675 | |||||||||
| FHLB borrowings | 16,000 | 28,000 | 53,000 | |||||||||
| Other borrowings | 17,970 | 17,969 | 17,963 | |||||||||
| Accrued interest payable and other liabilities | 21,559 | 20,049 | 18,107 | |||||||||
| Total liabilities | 2,247,638 | 2,200,477 | 1,993,745 | |||||||||
| Shareholders' equity | ||||||||||||
| Common stock | 76,156 | 75,377 | 74,105 | |||||||||
| Additional paid-in capital | 3,712 | 4,393 | 4,108 | |||||||||
| Retained earnings | 162,462 | 152,252 | 124,464 | |||||||||
| Accumulated other comprehensive (loss) income, net | (7,095 | ) | (8,488 | ) | (8,645 | ) | ||||||
| Total shareholders' equity | 235,235 | 223,534 | 194,032 | |||||||||
| Total liabilities and shareholders' equity | $ | 2,482,873 | $ | 2,424,011 | $ | 2,187,777 | ||||||
| PRIVATE BANCORP OF AMERICA, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share amounts) | ||||||||||||
| For the three months ended | ||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | ||||||||||
| Interest Income | ||||||||||||
| Loans | $ | 36,565 | $ | 37,259 | $ | 33,006 | ||||||
| Investment securities | 1,505 | 1,510 | 979 | |||||||||
| Deposits in other financial institutions | 2,198 | 1,661 | 1,799 | |||||||||
| Total interest income | 40,268 | 40,430 | 35,784 | |||||||||
| Interest Expense | ||||||||||||
| Deposits | 11,899 | 12,297 | 12,130 | |||||||||
| Borrowings | 637 | 726 | 886 | |||||||||
| Total interest expense | 12,536 | 13,023 | 13,016 | |||||||||
| Net interest income | 27,732 | 27,407 | 22,768 | |||||||||
| Provision for credit losses | 299 | 17 | 233 | |||||||||
| Net interest income after provision for credit losses | 27,433 | 27,390 | 22,535 | |||||||||
| Noninterest income: | ||||||||||||
| Service charges on deposit accounts | 557 | 558 | 388 | |||||||||
| Net gain on sale of loans | 469 | 932 | 681 | |||||||||
| Other noninterest income | 587 | 456 | 357 | |||||||||
| Total noninterest income | 1,613 | 1,946 | 1,426 | |||||||||
| Noninterest expense: | ||||||||||||
| Compensation and employee benefits | 9,748 | 9,539 | 8,861 | |||||||||
| Occupancy and equipment | 844 | 847 | 770 | |||||||||
| Data processing | 1,326 | 1,195 | 1,058 | |||||||||
| Professional services | 508 | 573 | 488 | |||||||||
| Other expenses | 1,629 | 2,036 | 1,606 | |||||||||
| Total noninterest expense | 14,055 | 14,190 | 12,783 | |||||||||
| Income before provision for income taxes | 14,991 | 15,146 | 11,178 | |||||||||
| Provision for income taxes | 4,429 | 4,488 | 3,294 | |||||||||
| Net income | $ | 10,562 | $ | 10,658 | $ | 7,884 | ||||||
| Net income available to common shareholders | $ | 10,482 | $ | 10,573 | $ | 7,832 | ||||||
| Earnings per share | ||||||||||||
| Basic earnings per share | $ | 1.83 | $ | 1.85 | $ | 1.38 | ||||||
| Diluted earnings per share | $ | 1.80 | $ | 1.82 | $ | 1.36 | ||||||
| Average shares outstanding | 5,734,688 | 5,716,291 | 5,679,843 | |||||||||
| Diluted average shares outstanding | 5,826,229 | 5,813,197 | 5,754,937 | |||||||||
| PRIVATE BANCORP OF AMERICA, INC. Consolidated average balance sheet, interest, yield and rates (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
| For the three months ended | ||||||||||||||||||||||||||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | ||||||||||||||||||||||||||||||||||
| 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 | $ | 202,907 | $ | 2,198 | 4.39 | % | $ | 143,053 | $ | 1,661 | 4.62 | % | $ | 135,511 | $ | 1,799 | 5.34 | % | ||||||||||||||||||
| Investment securities | 157,747 | 1,505 | 3.82 | % | 155,768 | 1,510 | 3.88 | % | 119,690 | 979 | 3.27 | % | ||||||||||||||||||||||||
| Loans, including LHFS | 2,078,588 | 36,565 | 7.13 | % | 2,036,178 | 37,259 | 7.28 | % | 1,868,308 | 33,006 | 7.11 | % | ||||||||||||||||||||||||
| Total interest-earning assets | 2,439,242 | 40,268 | 6.70 | % | 2,334,999 | 40,430 | 6.89 | % | 2,123,509 | 35,784 | 6.78 | % | ||||||||||||||||||||||||
| Noninterest-earning assets | 28,536 | 24,951 | 25,469 | |||||||||||||||||||||||||||||||||
| Total Assets | $ | 2,467,778 | $ | 2,359,950 | $ | 2,148,978 | ||||||||||||||||||||||||||||||
| Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||||||||
| Interest bearing DDA, excluding brokered | 244,301 | 970 | 1.61 | % | 178,811 | 634 | 1.41 | % | 109,838 | 441 | 1.61 | % | ||||||||||||||||||||||||
| Savings & MMA, excluding brokered | 955,259 | 6,830 | 2.90 | % | 904,191 | 6,991 | 3.08 | % | 765,770 | 6,421 | 3.37 | % | ||||||||||||||||||||||||
| Time deposits, excluding brokered | 196,375 | 1,956 | 4.04 | % | 191,794 | 2,004 | 4.16 | % | 155,703 | 1,583 | 4.09 | % | ||||||||||||||||||||||||
| Total deposits, excluding brokered | 1,395,935 | 9,756 | 2.83 | % | 1,274,796 | 9,629 | 3.00 | % | 1,031,311 | 8,445 | 3.29 | % | ||||||||||||||||||||||||
| Total brokered deposits | 183,059 | 2,143 | 4.75 | % | 218,792 | 2,668 | 4.85 | % | 287,885 | 3,685 | 5.15 | % | ||||||||||||||||||||||||
| Total Interest-Bearing Deposits | 1,578,994 | 11,899 | 3.06 | % | 1,493,588 | 12,297 | 3.28 | % | 1,319,196 | 12,130 | 3.70 | % | ||||||||||||||||||||||||
| FHLB advances | 24,122 | 272 | 4.57 | % | 29,446 | 343 | 4.63 | % | 49,935 | 614 | 4.95 | % | ||||||||||||||||||||||||
| Other borrowings | 17,981 | 365 | 8.23 | % | 17,967 | 383 | 8.48 | % | 17,962 | 272 | 6.09 | % | ||||||||||||||||||||||||
| Total Interest-Bearing Liabilities | 1,621,097 | 12,536 | 3.14 | % | 1,541,001 | 13,023 | 3.36 | % | 1,387,093 | 13,016 | 3.77 | % | ||||||||||||||||||||||||
| Noninterest-bearing deposits | 594,408 | 577,462 | 553,541 | |||||||||||||||||||||||||||||||||
| Total Funding Sources | 2,215,505 | 12,536 | 2.29 | % | 2,118,463 | 13,023 | 2.45 | % | 1,940,634 | 13,016 | 2.70 | % | ||||||||||||||||||||||||
| Noninterest-bearing liabilities | 21,542 | 21,524 | 18,018 | |||||||||||||||||||||||||||||||||
| Shareholders' equity | 230,731 | 219,963 | 190,326 | |||||||||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 2,467,778 | $ | 2,359,950 | $ | 2,148,978 | ||||||||||||||||||||||||||||||
| Net interest income/spread | $ | 27,732 | 4.41 | % | $ | 27,407 | 4.44 | % | $ | 22,768 | 4.08 | % | ||||||||||||||||||||||||
| Net interest margin | 4.61 | % | 4.67 | % | 4.31 | % | ||||||||||||||||||||||||||||||
| PRIVATE BANCORP OF AMERICA, INC. Condensed Balance Sheets (Unaudited) (Dollars in thousands, except per share amounts) | ||||||||||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ | 218,481 | $ | 163,876 | $ | 207,174 | $ | 158,377 | $ | 141,501 | ||||||||||
| Interest-bearing time deposits with other institutions | 4,213 | 4,189 | 4,124 | 4,097 | 4,032 | |||||||||||||||
| Investment securities | 156,346 | 145,238 | 141,100 | 121,725 | 114,067 | |||||||||||||||
| Loans held for sale | 2,066 | 3,008 | 2,040 | - | 383 | |||||||||||||||
| Total loans held-for-investment | 2,078,653 | 2,085,149 | 2,012,457 | 1,979,720 | 1,906,992 | |||||||||||||||
| Allowance for loan losses | (26,437 | ) | (27,267 | ) | (26,594 | ) | (26,591 | ) | (24,693 | ) | ||||||||||
| Loans held-for-investment, net of allowance | 2,052,216 | 2,057,882 | 1,985,863 | 1,953,129 | 1,882,299 | |||||||||||||||
| Operating lease right of use assets | 6,383 | 6,819 | 4,344 | 4,719 | 2,765 | |||||||||||||||
| Premises and equipment, net | 2,432 | 2,335 | 2,345 | 2,207 | 1,804 | |||||||||||||||
| Other assets and interest receivable | 40,736 | 40,664 | 39,383 | 41,430 | 40,926 | |||||||||||||||
| Total assets | $ | 2,482,873 | $ | 2,424,011 | $ | 2,386,373 | $ | 2,285,684 | $ | 2,187,777 | ||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Noninterest Bearing | $ | 599,095 | $ | 553,405 | $ | 584,292 | $ | 557,055 | $ | 516,294 | ||||||||||
| Interest Bearing | 1,593,014 | 1,581,054 | 1,522,839 | 1,444,671 | 1,388,381 | |||||||||||||||
| Total Deposits | 2,192,109 | 2,134,459 | 2,107,131 | 2,001,726 | 1,904,675 | |||||||||||||||
| Borrowings | 33,970 | 45,969 | 45,967 | 65,965 | 70,963 | |||||||||||||||
| Accrued interest payable and other liabilities | 21,559 | 20,049 | 19,062 | 16,551 | 18,107 | |||||||||||||||
| Total liabilities | 2,247,638 | 2,200,477 | 2,172,160 | 2,084,242 | 1,993,745 | |||||||||||||||
| Shareholders' equity | ||||||||||||||||||||
| Common stock | 76,156 | 75,377 | 74,688 | 74,636 | 74,105 | |||||||||||||||
| Additional paid-in capital | 3,712 | 4,393 | 4,271 | 3,717 | 4,108 | |||||||||||||||
| Retained earnings | 162,462 | 152,252 | 141,623 | 132,179 | 124,464 | |||||||||||||||
| Accumulated other comprehensive (loss) income | (7,095 | ) | (8,488 | ) | (6,369 | ) | (9,090 | ) | (8,645 | ) | ||||||||||
| Total shareholders' equity | 235,235 | 223,534 | 214,213 | 201,442 | 194,032 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,482,873 | $ | 2,424,011 | $ | 2,386,373 | $ | 2,285,684 | $ | 2,187,777 | ||||||||||
| Book value per common share | $ | 40.63 | $ | 38.76 | $ | 37.21 | $ | 35.03 | $ | 33.94 | ||||||||||
| Tangible book value per common share(1) | $ | 40.29 | $ | 38.40 | $ | 36.87 | $ | 34.65 | $ | 33.55 | ||||||||||
| Shares outstanding | 5,789,306 | 5,766,810 | 5,756,207 | 5,751,143 | 5,717,519 | |||||||||||||||
(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 | |||||||||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | |||||||||||||||
| Interest income | $ | 40,268 | $ | 40,430 | $ | 40,018 | $ | 38,662 | $ | 35,784 | |||||||||
| Interest expense | 12,536 | 13,023 | 14,311 | 13,992 | 13,016 | ||||||||||||||
| Net interest income | 27,732 | 27,407 | 25,707 | 24,670 | 22,768 | ||||||||||||||
| Provision for credit losses | 299 | 17 | 304 | 2,136 | 233 | ||||||||||||||
| Net interest income after provision for credit losses | 27,433 | 27,390 | 25,403 | 22,534 | 22,535 | ||||||||||||||
| Service charges on deposit accounts | 557 | 558 | 504 | 430 | 388 | ||||||||||||||
| Net gain on sale of loans | 469 | 932 | 587 | 661 | 681 | ||||||||||||||
| Other noninterest income | 587 | 456 | 343 | 447 | 357 | ||||||||||||||
| Total noninterest income | 1,613 | 1,946 | 1,434 | 1,538 | 1,426 | ||||||||||||||
| Compensation and employee benefits | 9,748 | 9,539 | 9,422 | 8,836 | 8,861 | ||||||||||||||
| Occupancy and equipment | 844 | 847 | 818 | 822 | 770 | ||||||||||||||
| Data processing | 1,326 | 1,195 | 1,238 | 1,183 | 1,058 | ||||||||||||||
| Professional services | 508 | 573 | 252 | 424 | 488 | ||||||||||||||
| Other expenses | 1,629 | 2,036 | 1,695 | 1,697 | 1,606 | ||||||||||||||
| Total noninterest expense | 14,055 | 14,190 | 13,425 | 12,962 | 12,783 | ||||||||||||||
| Income before provision for income taxes | 14,991 | 15,146 | 13,412 | 11,110 | 11,178 | ||||||||||||||
| Income taxes | 4,429 | 4,488 | 3,959 | 3,283 | 3,294 | ||||||||||||||
| Net income | $ | 10,562 | $ | 10,658 | $ | 9,453 | $ | 7,827 | $ | 7,884 | |||||||||
| Net income available to common shareholders | $ | 10,482 | $ | 10,573 | $ | 9,373 | $ | 7,761 | $ | 7,832 | |||||||||
| Earnings per share | |||||||||||||||||||
| Basic earnings per share | $ | 1.83 | $ | 1.85 | $ | 1.64 | $ | 1.36 | $ | 1.38 | |||||||||
| Diluted earnings per share | $ | 1.80 | $ | 1.82 | $ | 1.63 | $ | 1.35 | $ | 1.36 | |||||||||
| Average shares outstanding | 5,734,688 | 5,716,291 | 5,707,723 | 5,702,938 | 5,679,843 | ||||||||||||||
| Diluted average shares outstanding | 5,826,229 | 5,813,197 | 5,767,401 | 5,762,616 | 5,754,937 | ||||||||||||||
| Performance Ratios | |||||||||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | |||||||||||||||
| ROAA | 1.74 | % | 1.80 | % | 1.62 | % | 1.40 | % | 1.48 | % | |||||||||
| ROAE | 18.56 | % | 19.28 | % | 18.00 | % | 15.81 | % | 16.66 | % | |||||||||
| ROATCE(1) | 18.74 | % | 19.46 | % | 18.18 | % | 15.99 | % | 16.86 | % | |||||||||
| Net interest margin | 4.61 | % | 4.67 | % | 4.44 | % | 4.48 | % | 4.31 | % | |||||||||
| Net interest spread | 4.41 | % | 4.44 | % | 4.20 | % | 4.24 | % | 4.08 | % | |||||||||
| Efficiency ratio(1) | 47.90 | % | 48.34 | % | 49.46 | % | 49.46 | % | 52.84 | % | |||||||||
| Noninterest expense / average assets | 2.31 | % | 2.39 | % | 2.29 | % | 2.32 | % | 2.39 | % | |||||||||
(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 | ||||||||||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | ||||||||||||||||
| Total assets | $ | 2,467,778 | $ | 2,359,950 | $ | 2,328,399 | $ | 2,241,860 | $ | 2,148,978 | ||||||||||
| Earning assets | $ | 2,439,242 | $ | 2,334,999 | $ | 2,303,537 | $ | 2,216,185 | $ | 2,123,509 | ||||||||||
| Total loans, including loans held for sale | $ | 2,078,588 | $ | 2,036,178 | $ | 1,989,748 | $ | 1,939,746 | $ | 1,868,308 | ||||||||||
| Total deposits | $ | 2,173,402 | $ | 2,071,050 | $ | 2,047,197 | $ | 1,961,099 | $ | 1,872,737 | ||||||||||
| Total shareholders' equity | $ | 230,731 | $ | 219,963 | $ | 208,889 | $ | 199,088 | $ | 190,326 | ||||||||||
| Loan Balances by Type | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | ||||||||||||||||
| Commercial Real Estate (CRE): | ||||||||||||||||||||
| Investor owned | $ | 577,512 | $ | 572,659 | $ | 560,481 | $ | 566,314 | $ | 573,587 | ||||||||||
| Owner occupied | 228,232 | 223,442 | 221,364 | 216,876 | 216,123 | |||||||||||||||
| Multifamily | 163,218 | 162,330 | 175,387 | 177,390 | 175,629 | |||||||||||||||
| Secured by single family | 200,650 | 198,579 | 190,738 | 181,744 | 157,092 | |||||||||||||||
| Land and construction | 70,293 | 62,638 | 68,186 | 58,109 | 35,975 | |||||||||||||||
| SBA secured by real estate | 402,524 | 401,990 | 395,646 | 388,271 | 385,416 | |||||||||||||||
| Total CRE | 1,642,429 | 1,621,638 | 1,611,802 | 1,588,704 | 1,543,822 | |||||||||||||||
| Commercial business: | ||||||||||||||||||||
| Commercial and industrial | 417,258 | 441,182 | 383,874 | 378,161 | 352,417 | |||||||||||||||
| SBA non-real estate secured | 17,004 | 20,205 | 15,101 | 10,758 | 8,657 | |||||||||||||||
| Total commercial business | 434,262 | 461,387 | 398,975 | 388,919 | 361,074 | |||||||||||||||
| Consumer | 1,962 | 2,124 | 1,680 | 2,097 | 2,096 | |||||||||||||||
| Total loans held for investment | $ | 2,078,653 | $ | 2,085,149 | $ | 2,012,457 | $ | 1,979,720 | $ | 1,906,992 | ||||||||||
| Deposits by Type | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | ||||||||||||||||
| Noninterest-bearing DDA | $ | 599,095 | $ | 553,405 | $ | 584,292 | $ | 557,055 | $ | 516,294 | ||||||||||
| Interest-bearing DDA, excluding brokered | 257,720 | 251,594 | 182,268 | 156,253 | 117,129 | |||||||||||||||
| Savings & MMA, excluding brokered | 981,491 | 887,740 | 920,219 | 861,508 | 812,841 | |||||||||||||||
| Time deposits, excluding brokered | 210,845 | 201,851 | 186,583 | 168,664 | 160,605 | |||||||||||||||
| Total deposits, excluding brokered | 2,049,151 | 1,894,590 | 1,873,362 | 1,743,480 | 1,606,869 | |||||||||||||||
| Total brokered deposits | 142,958 | 239,869 | 233,769 | 258,246 | 297,806 | |||||||||||||||
| Total deposits | $ | 2,192,109 | $ | 2,134,459 | $ | 2,107,131 | $ | 2,001,726 | $ | 1,904,675 | ||||||||||
| PRIVATE BANCORP OF AMERICA, INC. (Unaudited) | ||||||||||||||||||||
| Rollforward of Allowance for Credit Losses | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| For the three months ended | ||||||||||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | ||||||||||||||||
| Allowance for loan losses: | ||||||||||||||||||||
| Beginning balance | $ | 27,267 | $ | 26,594 | $ | 26,591 | $ | 24,693 | $ | 24,476 | ||||||||||
| Provision for loan losses | 460 | 673 | 3 | 1,994 | 251 | |||||||||||||||
| Net (charge-offs) recoveries | (1,290 | ) | - | - | (96 | ) | (34 | ) | ||||||||||||
| Ending balance | 26,437 | 27,267 | 26,594 | 26,591 | 24,693 | |||||||||||||||
| Reserve for unfunded commitments | 1,348 | 1,509 | 2,165 | 1,865 | 1,723 | |||||||||||||||
| Total allowance for credit losses | $ | 27,785 | $ | 28,776 | $ | 28,759 | $ | 28,456 | $ | 26,416 | ||||||||||
| Asset Quality | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | ||||||||||||||||
| Total loans held-for-investment | $ | 2,078,653 | $ | 2,085,149 | $ | 2,012,457 | $ | 1,979,720 | $ | 1,906,992 | ||||||||||
| Allowance for loan losses | $ | (26,437 | ) | $ | (27,267 | ) | $ | (26,594 | ) | $ | (26,591 | ) | $ | (24,693 | ) | |||||
| 30-89 day past due loans | $ | 2,399 | $ | 1,952 | $ | - | $ | - | $ | - | ||||||||||
| 90+ day past due loans | $ | 13,223 | $ | 11,512 | $ | 11,512 | $ | 2,500 | $ | 3,530 | ||||||||||
| Nonaccrual loans | $ | 15,565 | $ | 11,512 | $ | 11,512 | $ | 2,500 | $ | 4,656 | ||||||||||
| NPAs / Assets | 0.63 | % | 0.47 | % | 0.48 | % | 0.11 | % | 0.21 | % | ||||||||||
| NPLs / Total loans held-for-investment & OREO | 0.75 | % | 0.55 | % | 0.57 | % | 0.13 | % | 0.24 | % | ||||||||||
| Net quarterly charge-offs (recoveries) | $ | 1,290 | $ | - | $ | - | $ | 96 | $ | 34 | ||||||||||
| Net charge-offs (recoveries) /avg loans (annualized) | 0.25 | % | 0.00 | % | 0.00 | % | 0.02 | % | 0.01 | % | ||||||||||
| Allowance for loan losses to loans HFI | 1.27 | % | 1.31 | % | 1.32 | % | 1.34 | % | 1.29 | % | ||||||||||
| Allowance for loan losses to nonaccrual loans | 169.85 | % | 236.86 | % | 231.01 | % | 1,063.64 | % | 530.35 | % | ||||||||||
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 | ||||||||||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | ||||||||||||||||
| Efficiency Ratio | ||||||||||||||||||||
| Noninterest expense | $ | 14,055 | $ | 14,190 | $ | 13,425 | $ | 12,962 | $ | 12,783 | ||||||||||
| Net interest income | 27,732 | 27,407 | 25,707 | 24,670 | 22,768 | |||||||||||||||
| Noninterest income | 1,613 | 1,946 | 1,434 | 1,538 | 1,426 | |||||||||||||||
| Total net interest income and noninterest income | 29,345 | 29,353 | 27,141 | 26,208 | 24,194 | |||||||||||||||
| Efficiency ratio (non-GAAP) | 47.90 | % | 48.34 | % | 49.46 | % | 49.46 | % | 52.84 | % | ||||||||||
| Pretax pre-provision net revenue | ||||||||||||||||||||
| Net interest income | $ | 27,732 | $ | 27,407 | $ | 25,707 | $ | 24,670 | $ | 22,768 | ||||||||||
| Noninterest income | 1,613 | 1,946 | 1,434 | 1,538 | 1,426 | |||||||||||||||
| Total net interest income and noninterest income | 29,345 | 29,353 | 27,141 | 26,208 | 24,194 | |||||||||||||||
| Less: Noninterest expense | 14,055 | 14,190 | 13,425 | 12,962 | 12,783 | |||||||||||||||
| Pretax pre-provision net revenue (non-GAAP) | $ | 15,290 | $ | 15,163 | $ | 13,716 | $ | 13,246 | $ | 11,411 | ||||||||||
| Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity | ||||||||||||||||||||
| Net income | $ | 10,562 | $ | 10,658 | $ | 9,453 | $ | 7,827 | $ | 7,884 | ||||||||||
| Average assets | 2,467,778 | 2,359,950 | 2,328,399 | 2,241,860 | 2,148,978 | |||||||||||||||
| Average shareholders' equity | 230,731 | 219,963 | 208,889 | 199,088 | 190,326 | |||||||||||||||
| Less: Average intangible assets | 2,098 | 2,028 | 2,051 | 2,163 | 2,208 | |||||||||||||||
| Average tangible common equity (non-GAAP) | 228,633 | 217,935 | 206,838 | 196,925 | 188,118 | |||||||||||||||
| Return on average assets | 1.74 | % | 1.80 | % | 1.62 | % | 1.40 | % | 1.48 | % | ||||||||||
| Return on average equity | 18.56 | % | 19.28 | % | 18.00 | % | 15.81 | % | 16.66 | % | ||||||||||
| Return on average tangible common equity (non-GAAP) | 18.74 | % | 19.46 | % | 18.18 | % | 15.99 | % | 16.86 | % | ||||||||||
| Tangible book value per share | ||||||||||||||||||||
| Total equity | 235,235 | 223,534 | 214,213 | 201,442 | 194,032 | |||||||||||||||
| Less: Total intangible assets | 1,993 | 2,087 | 2,006 | 2,164 | 2,203 | |||||||||||||||
| Total tangible equity | 233,242 | 221,447 | 212,207 | 199,278 | 191,829 | |||||||||||||||
| Shares outstanding | 5,789,306 | 5,766,810 | 5,756,207 | 5,751,143 | 5,717,519 | |||||||||||||||
| Tangible book value per share (non-GAAP) | $ | 40.29 | $ | 38.40 | $ | 36.87 | $ | 34.65 | $ | 33.55 | ||||||||||
FAQ
What was Private Bancorp of America's (PBAM) earnings per share in Q1 2025?
How much did PBAM's core deposits grow in Q1 2025?
What is PBAM's current asset quality status as of Q1 2025?
How has PBAM's deposit cost changed in Q1 2025?
What is PBAM's liquidity position as of Q1 2025?
