Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for Second Quarter 2024

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Private Bancorp of America (OTCQX: PBAM) reported strong financial results for Q2 2024. The company achieved net income of $7.8 million, or $1.35 per diluted share, representing a return on average assets of 1.40% and a return on average tangible common equity of 15.99%. Key highlights include:

- Loans held-for-investment grew 3.8% to $1.98 billion
- Total deposits increased 5.1% to $2.00 billion
- Net interest margin expanded to 4.48%
- Tangible book value per share rose 3.3% to $34.65

The bank maintained strong asset quality with total criticized and classified loans at 0.85% of total loans. PBAM's capital ratios remain well above 'well capitalized' levels, with a Tier 1 leverage ratio of 10.00%.

Positive

Net income of $7.8 million, with return on average assets of 1.40% and return on average tangible common equity of 15.99%
Loans held-for-investment increased by 3.8% quarter-over-quarter and 15.3% year-over-year
Total deposits grew by 5.1% quarter-over-quarter and 17.8% year-over-year
Net interest margin expanded to 4.48% from 4.31% in the previous quarter
Tangible book value per share increased by 3.3% quarter-over-quarter and 20.2% year-over-year
Strong asset quality with total criticized and classified loans at 0.85% of total loans, down from 1.44% in the previous quarter
Capital ratios remain well above 'well capitalized' levels with Tier 1 leverage ratio at 10.00%

Negative

Provision for credit losses increased to $2.1 million from $0.2 million in the previous quarter
Total cost of funding sources increased to 2.78% from 2.70% in the previous quarter and 1.82% in Q2 2023
Efficiency ratio of 49.46%, higher than 37.04% in Q2 2023, indicating increased expenses relative to revenue

07/19/2024 - 05:00 AM

Second Quarter 2024 Highlights

Net income for the second quarter of 2024 of $7.8 million, compared to $7.9 million in the prior quarter and $15.5 million (GAAP basis), or $8.3 million⁽¹⁾ (as adjusted), in the second quarter of 2023. The second quarter of 2023 included loan recoveries of $8.7 million and a $1.6 million benefit from legal fees waived or collected related to the settlement of the ANI loan lawsuit (see non-GAAP reconciliation in the accompanying financial tables of this press release). Net income for the second quarter of 2024 represents a return on average assets of 1.40% and a return on average tangible common equity of 15.99%
Diluted earnings per share for the second quarter of 2024 of $1.35, compared to $1.36 in the prior quarter and $2.69 (GAAP basis), or $1.43⁽¹⁾ (as adjusted), in the second quarter of 2023
Loans held-for-investment (“HFI”) totaled $1.98 billion as of June 30, 2024, an increase of $72.7 million or 3.8% from March 31, 2024. Loans HFI increased 15.3% year over year
Provision for credit losses for the second quarter of 2024 was $2.1 million, compared to $0.2 million for the prior quarter and a net reversal of $7.1 million for the second quarter of 2023. The allowance for loan losses was 1.34% of loans HFI as of June 30, 2024
Credit trends remained positive with total criticized and classified loans at $16.9 million, or 0.85% of total loans, down from the prior quarter of $27.4 million, or 1.44% of total loans
Total deposits were $2.00 billion as of June 30, 2024, an increase of $97.1 million or 5.1% from March 31, 2024. Total deposits increased 17.8% year over year. Federal Home Loan Bank advances decreased by $5.0 million as a result of deposit growth. Core deposits were $1.74 billion as of June 30, 2024, an increase of $136.6 million or 8.5% from March 31, 2024
Net interest margin was 4.48% for the second quarter of 2024, as compared to 4.31% for the prior quarter and 4.73% for the second quarter of 2023
Total cost of funding sources was 2.78% for the second quarter of 2024, an increase from 2.70% in the prior quarter and 1.82% in the second quarter of 2023
Tangible book value per share was $34.65 as of June 30, 2024, an increase of $1.10 since March 31, 2024 primarily as a result of strong earnings. Tangible book value per share increased 3.3% quarter-over-quarter and 20.2% year over year.

LA JOLLA, Calif., July 19, 2024 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the second fiscal quarter ended June 30, 2024. The Company reported net income of $7.8 million , or $1.35 per diluted share, for the second quarter of 2024, compared to $7.9 million, or $1.36, in the prior quarter, and $15.5 million (GAAP basis), or $8.3 million⁽¹⁾(as adjusted), and $2.69 (GAAP basis), or $1.43⁽¹⁾ (as adjusted), in the second quarter of 2023.

Rick Sowers, President and CEO of the Company and the Bank stated, “We experienced continued strong loan and deposit growth in the second quarter fueled by continued expansion of Relationships and the acquisition of new Clients. Growth came from all geographies of the bank and business lines. We also saw continued traction for our Legal Services and Cross Border verticals as well. The Team continues to bring discipline to our lending which has yielded expanded loan rates and solid Net Interest Income growth.”

_{⁽¹⁾ A reconciliation of net income to adjusted net income and diluted earnings per share to adjusted earnings per share is provided on page 13}

Sowers added, “We were very pleased to be recognized in the American Banker as one of the top performing banks in the country in our asset class. This recognition reinforces that through an outstanding, hard working and dedicated Team, you create satisfied Clients and Shareholders.”

“The Company continues to exhibit successful customer acquisition activity despite a challenging interest rate environment. Additionally, the Company is investing in people and infrastructure, including strong risk management, product strategy and innovation needed to support the continued growth of the CalPrivate franchise,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

STATEMENT OF INCOME

Net Interest Income

Net interest income for the second quarter of 2024 totaled $24.7 million, an increase of $1.9 million or 8.4% from the prior quarter and an increase of $2.0 million or 8.6% from the second quarter of 2023. The increase from the prior quarter was driven primarily by 4.4% growth in interest-earning assets and a 24 basis point increase in asset yields as interest income increased by $2.9 million. Interest income in the second quarter of 2024 included $0.6 million from nonaccrual interest on a loan that was paid off during the quarter, contributing 11 basis points to asset yields. Partially offsetting this was an increase of $1.0 million in interest expense, which resulted from a 7.5% increase in average interest bearing-liabilities and a 1 basis point increase in the cost of interest-bearing liabilities.

Net Interest Margin

Net interest margin for the second quarter of 2024 was 4.48%, compared to 4.31% for the prior quarter and 4.73% in the second quarter of 2023. The 17 basis point increase in net interest margin from the prior quarter was primarily due to higher yields on loans, which included 11 basis points from nonaccrual interest on a loan that was paid off during the quarter, partially offset by a higher cost on total deposits. The yield on earning assets was 7.02% for the second quarter of 2024 compared to 6.78% for the prior quarter, and the cost of interest-bearing liabilities was 3.78% for the second quarter of 2024 compared to 3.77% in the prior quarter. The cost of total deposits was 2.67% for the second quarter of 2024 compared to 2.61% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 2.28% in the second quarter of 2024 compared to 2.14% in the prior quarter. The spot rate for total deposits was 2.61% as of June 30, 2024, compared to 2.66% at March 31, 2024.

Provision for Credit Losses

Provision expense for credit losses for the second quarter of 2024 was $2.1 million, compared to $0.2 million in the prior quarter and a net reversal of $7.1 million for the second quarter of 2023. The increase from the prior quarter was primarily due to the $72.7 million increase in loans HFI and higher reserve rates on commercial real estate loans due to CECL model updates. For more details, please refer to the “Asset Quality” section below.

Noninterest Income

Noninterest income was $1.5 million for the second quarter of 2024, compared to $1.4 million in the prior quarter and $1.1 million in the second quarter of 2023. SBA loan sales for the second quarter of 2024 were $8.0 million with a 12.16% average trade premium resulting in a net gain on sale of $661 thousand, compared with $8.9 million with a 10.84% average trade premium resulting in a net gain on sale of $681 thousand in the prior quarter. Management expects continued softness in the market for SBA 7a loans.

Noninterest Expense

Noninterest expense was $13.0 million for the second quarter of 2024, compared to $12.8 million in the prior quarter and $8.8 million in the second quarter of 2023. The efficiency ratio was 49.46% for the second quarter of 2024 compared to 52.84% in the prior quarter and 37.04% in the second quarter of 2023. The decrease in the efficiency ratio from the prior quarter was primarily due to the increase in net interest income described above, while the increase in noninterest expense was relatively modest.

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 $3.3 million for the second quarter of 2024, compared to $3.3 million for the prior quarter. The effective tax rate for the second quarter of 2024 was 29.5%, compared to 29.5% in the prior quarter and 29.7% in the second quarter of 2023.

STATEMENT OF FINANCIAL CONDITION

As of June 30, 2024, total assets were $2.29 billion, an increase of $97.9 million since March 31, 2024. The increase in assets from the prior quarter was primarily due to higher loans receivable, cash balances and investment securities. Total cash and due from banks was $158.4 million as of June 30, 2024, an increase of $16.9 million or 11.9%, since March 31, 2024, primarily due to funds that were deposited at the end of the quarter and deployed in the following month. Loans HFI totaled $1.98 billion as of June 30, 2024, an increase of $72.7 million or 3.8% since March 31, 2024. Investment securities available-for-sale (“AFS”) were $121.7 million as of June 30, 2024, an increase of $7.7 million or 6.7% since March 31, 2024, as a result of new securities purchased. As of June 30, 2024, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $13.0 million (pre-tax) compared to a loss of $12.4 million (pre-tax) as of March 31, 2024. The average duration of the Bank’s AFS portfolio is 3.7 years. The Company has no held-to-maturity securities.

Total deposits were $2.00 billion as of June 30, 2024, an increase of $97.1 million since March 31, 2024. During the quarter, core deposits increased by $136.6 million, which was driven by a $95.9 million increase in interest-bearing core deposits (including balances in the Intrafi ICS and CDARS programs) and a $40.8 million increase in noninterest-bearing core deposits. Deposit mix has continued to shift while short-term interest rates remain higher. Noninterest-bearing deposits represent 32.0% of total core deposits. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 47.9% of total deposits as of June 30, 2024.

As of June 30, 2024, total available liquidity was $1.7 billion or 181.5% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $271 million of on-balance sheet liquidity (cash and investment securities) and $1.5 billion of unused borrowing capacity.

Asset Quality and Allowance for Credit Losses ("ACL")

As of June 30, 2024, the allowance for loan losses was $26.6 million or 1.34% of loans HFI, compared to $24.7 million or 1.29% as of March 31, 2024. The increase in the coverage ratio from March 31, 2024 primarily reflects updates to the third-party national dataset of historical loss rates used in the commercial real estate lifetime loss rate model. The Company continues to have strong credit metrics and its nonperforming assets are 0.11% of total assets as of June 30, 2024 compared to 0.21% as of March 31, 2024. The reserve for unfunded commitments was $1.9 million as of June 30, 2024, compared to $1.7 million as of March 31, 2024. Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

At June 30, 2024 and March 31, 2024, there are no doubtful credits and classified assets were $10.1 million and $10.8 million, respectively. Total classified assets consisted of eight loans as of June 30, 2024, which included seven loans totaling $7.6 million secured by real estate with a weighted average LTV of 43.4%. The remaining loan was a $2.5 million nonaccrual commercial and industrial loan with a specific reserve of $1.5 million.

Capital Ratios ⁽²⁾

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

	June 30, 2024 ⁽²⁾	March 31, 2024
CalPrivate Bank
Tier I leverage ratio	10.00%	10.08%
Tier I risk-based capital ratio	11.23%	11.19%
Total risk-based capital ratio	12.48%	12.44%

_{⁽²⁾ June 30, 2024 capital ratios are preliminary and subject to change.}

About Private Bancorp of America, Inc.

Private Bancorp of America, Inc. (OTCQX: PBAM), is the holding company for CalPrivate Bank. CalPrivate Bank provides a Distinctly Different banking experience through unparalleled service and creative funding solutions to high-net-worth individuals, professionals, locally owned businesses, and real estate entrepreneurs. Customers are serviced through offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo and Beverly Hills as well as efficient electronic banking offerings. The Bank also offers various portfolio and government guaranteed lending programs, including SBA and cross-border Export-Import Bank programs. CalPrivate Bank is an SBA Preferred Lender and a Bauer Financial 5-star rated bank.

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, permit investors to effectively analyze financial trends of our business activities, and 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 in good faith believe 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)

	Jun 30, 2024			Mar 31, 2024			Jun 30, 2023
Assets
Cash and due from banks	$	13,545		$	13,136		$	23,273
Interest-bearing deposits in other financial institutions		12,502			34,790			27,566
Interest-bearing deposits at Federal Reserve Bank		132,330			93,575			85,020
Total cash and due from banks		158,377			141,501			135,859
Interest-bearing time deposits with other institutions		4,097			4,032			7,661
Investment debt securities available for sale		121,725			114,067			94,574
Loans held for sale		-			383			1,982
Loans, net of deferred fees and costs and unaccreted discounts		1,979,720			1,906,992			1,717,705
Allowance for loan losses		(26,591	)		(24,693	)		(22,588	)
Loans held-for-investment, net of allowance		1,953,129			1,882,299			1,695,117
Federal Home Loan Bank stock, at cost		9,586			8,915			8,915
Right of use asset		4,719			2,765			2,525
Premises and equipment, net		2,207			1,804			1,539
Servicing assets, net		2,164			2,203			2,875
Accrued interest receivable		7,906			7,931			6,118
Other assets		21,774			21,877			19,572
Total assets	$	2,285,684		$	2,187,777		$	1,976,737

Liabilities and Shareholders' Equity
Liabilities
Noninterest bearing	$	557,055		$	516,294		$	657,980
Interest bearing		1,444,671			1,388,381			1,041,192
Total deposits		2,001,726			1,904,675			1,699,172
FHLB borrowings		48,000			53,000			66,000
Other borrowings		17,965			17,963			17,958
Accrued interest payable and other liabilities		16,551			18,107			26,396
Total liabilities		2,084,242			1,993,745			1,809,526

Shareholders' equity
Common stock		74,636			74,105			73,379
Additional paid-in capital		3,717			4,108			3,405
Retained earnings		132,179			124,464			100,281
Accumulated other comprehensive (loss) income, net		(9,090	)		(8,645	)		(9,854	)
Total shareholders' equity		201,442			194,032			167,211
Total liabilities and shareholders' equity	$	2,285,684		$	2,187,777		$	1,976,737

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
	Jun 30, 2024		Mar 31, 2024		Jun 30, 2023			Jun 30, 2024		Jun 30, 2023
Interest Income
Loans	$	35,538	$	33,006	$	28,270		$	68,544	$	54,498
Investment securities		1,090		979		560			2,069		1,140
Deposits in other financial institutions		2,034		1,799		1,933			3,833		3,083
Total interest income		38,662		35,784		30,763			74,446		58,721

Interest Expense
Deposits		13,040		12,130		6,581			25,170		11,505
Borrowings		952		886		1,474			1,838		2,340
Total interest expense		13,992		13,016		8,055			27,008		13,845

Net interest income		24,670		22,768		22,708			47,438		44,876
Provision (reversal) for credit losses		2,136		233		(7,149	)		2,369		(7,076	)
Net interest income after provision for credit losses		22,534		22,535		29,857			45,069		51,952

Noninterest income:
Service charges on deposit accounts		430		388		310			818		658
Net gain on sale of loans		661		681		171			1,342		645
Other noninterest income		447		357		573			804		1,216
Total noninterest income		1,538		1,426		1,054			2,964		2,519

Noninterest expense:
Compensation and employee benefits		8,836		8,861		7,189			17,697		15,219
Occupancy and equipment		822		770		795			1,592		1,601
Data processing		1,183		1,058		878			2,241		1,822
Professional services		424		488		(836	)		912		(398	)
Other expenses		1,697		1,606		776			3,303		2,115
Total noninterest expense		12,962		12,783		8,802			25,745		20,359
Income before provision for income taxes		11,110		11,178		22,109			22,288		34,112
Provision for income taxes		3,283		3,294		6,575			6,577		9,604
Net income	$	7,827	$	7,884	$	15,534		$	15,711	$	24,508
Net income available to common shareholders	$	7,761	$	7,832	$	15,407		$	15,595	$	24,345

Earnings per share
Basic earnings per share	$	1.36	$	1.38	$	2.72		$	2.74	$	4.32
Diluted earnings per share	$	1.35	$	1.36	$	2.69		$	2.71	$	4.25

Average shares outstanding		5,702,938		5,679,843		5,654,435			5,688,135		5,631,442
Diluted average shares outstanding		5,762,616		5,754,937		5,726,522			5,755,250		5,722,645

PRIVATE BANCORP OF AMERICA, INC.
Consolidated average balance sheet, interest, yield and rates
(Unaudited)
(Dollars in thousands)

	For the three months ended
	Jun 30, 2024							Mar 31, 2024							Jun 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	$	152,563	$	2,034		5.36	%	$	135,511	$	1,799		5.34	%	$	140,939	$	1,933		5.50	%
Investment securities		123,876		1,090		3.52	%		119,690		979		3.27	%		110,332		560		2.03	%
Loans, including LHFS		1,939,746		35,538		7.37	%		1,868,308		33,006		7.11	%		1,675,790		28,270		6.77	%
Total interest-earning assets		2,216,185		38,662		7.02	%		2,123,509		35,784		6.78	%		1,927,061		30,763		6.40	%
Noninterest-earning assets		25,675							25,469							32,741
Total Assets	$	2,241,860						$	2,148,978						$	1,959,802

Interest-Bearing Liabilities
Interest bearing DDA, excluding brokered		130,361		463		1.43	%		109,838		441		1.61	%		99,334		364		1.47	%
Savings & MMA, excluding brokered		845,856		7,354		3.50	%		765,770		6,421		3.37	%		645,219		3,570		2.22	%
Time deposits, excluding brokered		164,714		1,690		4.13	%		155,703		1,583		4.09	%		101,241		719		2.85	%
Total deposits, excluding brokered		1,140,931		9,507		3.35	%		1,031,311		8,445		3.29	%		845,794		4,653		2.21	%
Total brokered deposits		284,290		3,533		5.00	%		287,885		3,685		5.15	%		155,577		1,928		4.97	%
Total Interest-Bearing Deposits		1,425,221		13,040		3.68	%		1,319,196		12,130		3.70	%		1,001,371		6,581		2.64	%

FHLB advances		47,373		581		4.93	%		49,935		614		4.95	%		96,626		1,202		4.99	%
Other borrowings		17,966		371		8.31	%		17,962		272		6.09	%		17,971		272		6.07	%
Total Interest-Bearing Liabilities		1,490,560		13,992		3.78	%		1,387,093		13,016		3.77	%		1,115,968		8,055		2.90	%

Noninterest-bearing deposits		535,878							553,541							655,169
Total Funding Sources		2,026,438		13,992		2.78	%		1,940,634		13,016		2.70	%		1,771,137		8,055		1.82	%

Noninterest-bearing liabilities		16,334							18,018							26,492
Shareholders' equity		199,088							190,326							162,173

Total Liabilities and Shareholders' Equity	$	2,241,860						$	2,148,978						$	1,959,802

Net interest income/spread			$	24,670		4.24	%			$	22,768		4.08	%			$	22,708		4.58	%
Net interest margin						4.48	%						4.31	%						4.73	%

PRIVATE BANCORP OF AMERICA, INC.
Consolidated average balance sheet, interest, yield and rates
(Unaudited)
(Dollars in thousands)

	Year to Date
	Jun 30, 2024							Jun 30, 2023
	Average Balance		Interest		Average Yield/Rate			Average Balance		Interest		Average Yield/Rate
Interest-Earnings Assets:
Deposits in other financial institutions	$	144,037	$	3,833		5.35	%	$	132,124	$	3,083		4.71	%
Investment securities		121,783		2,069		3.40	%		111,506		1,140		2.06	%
Loans		1,904,028		68,544		7.24	%		1,636,730		54,498		6.71	%
Total interest-earning assets		2,169,848		74,446		6.90	%		1,880,360		58,721		6.30	%
Noninterest-earning assets		25,571							28,819
Total Assets	$	2,195,419						$	1,909,179

Interest-Bearing Liabilities
Interest bearing DDA, excluding brokered		120,100		904		1.51	%		99,983		707		1.43	%
Savings & MMA, excluding brokered		805,813		13,775		3.44	%		632,340		5,948		1.90	%
Time deposits, excluding brokered		160,208		3,273		4.11	%		92,187		1,175		2.57	%
Total deposits, excluding brokered		1,086,121		17,952		3.32	%		824,510		7,830		1.92	%
Total brokered deposits		286,088		7,218		5.07	%		153,794		3,675		4.82	%
Total Interest-Bearing Deposits		1,372,209		25,170		3.69	%		978,304		11,505		2.37	%

FHLB advances		48,653		1,195		4.94	%		72,801		1,796		4.97	%
Other borrowings		17,964		643		7.20	%		17,974		544		6.10	%
Total Interest-Bearing Liabilities		1,438,826		27,008		3.77	%		1,069,079		13,845		2.61	%

Noninterest-bearing deposits		544,709							662,442
Total Funding Sources		1,983,535		27,008		2.74	%		1,731,521		13,845		1.61	%

Noninterest-bearing liabilities		17,176							23,140
Shareholders' equity		194,708							154,518

Total Liabilities and Shareholders' Equity	$	2,195,419						$	1,909,179

Net interest income/spread			$	47,438		4.16	%			$	44,876		4.69	%
Net interest margin						4.40	%						4.81	%

PRIVATE BANCORP OF AMERICA, INC.
Condensed Balance Sheets
(Unaudited)
(Dollars in thousands, except per share amounts)

	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023
Assets
Cash and due from banks	$	158,377		$	141,501		$	178,100		$	198,328		$	135,859
Interest-bearing time deposits with other institutions		4,097			4,032			4,000			1,500			7,661
Investment securities		121,725			114,067			102,499			86,648			94,574
Loans held for sale		-			383			1,233			4,071			1,982
Total loans held-for-investment		1,979,720			1,906,992			1,847,161			1,764,846			1,717,705
Allowance for loan losses		(26,591	)		(24,693	)		(24,476	)		(23,789	)		(22,588	)
Loans held-for-investment, net of allowance		1,953,129			1,882,299			1,822,685			1,741,057			1,695,117
Right of use asset		4,719			2,765			3,096			2,827			2,525
Premises and equipment, net		2,207			1,804			1,700			1,447			1,539
Other assets and interest receivable		41,430			40,926			39,155			38,341			37,480
Total assets	$	2,285,684		$	2,187,777		$	2,152,468		$	2,074,219		$	1,976,737

Liabilities and Shareholders' Equity
Liabilities
Noninterest Bearing	$	557,055		$	516,294		$	572,755		$	595,023		$	657,980
Interest Bearing		1,444,671			1,388,381			1,302,615			1,174,664			1,041,192
Total Deposits		2,001,726			1,904,675			1,875,370			1,769,687			1,699,172
Borrowings		65,965			70,963			74,961			99,959			83,958
Accrued interest payable and other liabilities		16,551			18,107			16,354			29,894			26,396
Total liabilities		2,084,242			1,993,745			1,966,685			1,899,540			1,809,526
Shareholders' equity
Common stock		74,636			74,105			74,003			73,416			73,379
Additional paid-in capital		3,717			4,108			3,679			3,584			3,405
Retained earnings		132,179			124,464			116,604			108,757			100,281
Accumulated other comprehensive (loss) income		(9,090	)		(8,645	)		(8,503	)		(11,078	)		(9,854	)
Total shareholders' equity		201,442			194,032			185,783			174,679			167,211
Total liabilities and shareholders' equity	$	2,285,684		$	2,187,777		$	2,152,468		$	2,074,219		$	1,976,737

Book value per common share	$	35.03		$	33.94		$	32.48		$	30.63		$	29.32
Tangible book value per common share ⁽¹⁾	$	34.65		$	33.55		$	32.08		$	30.20		$	28.82
Shares outstanding		5,751,143			5,717,519			5,719,115			5,703,350			5,702,637

^{_{(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
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
Interest income	$	38,662	$	35,784	$	34,063	$	32,878	$	30,763
Interest expense		13,992		13,016		11,875		9,623		8,055
Net interest income		24,670		22,768		22,188		23,255		22,708
Provision (reversal) for credit losses		2,136		233		459		471		(7,149	)
Net interest income after provision for credit losses		22,534		22,535		21,729		22,784		29,857

Service charges on deposit accounts		430		388		373		313		310
Net gain on sale of loans		661		681		436		466		171
Other noninterest income		447		357		435		380		573
Total noninterest income		1,538		1,426		1,244		1,159		1,054

Compensation and employee benefits		8,836		8,861		7,942		7,512		7,189
Occupancy and equipment		822		770		790		781		795
Data processing		1,183		1,058		1,001		1,064		878
Professional services		424		488		410		564		(836	)
Other expenses		1,697		1,606		1,625		1,922		776
Total noninterest expense		12,962		12,783		11,768		11,843		8,802

Income before provision for income taxes		11,110		11,178		11,205		12,100		22,109
Income taxes		3,283		3,294		3,346		3,611		6,575
Net income	$	7,827	$	7,884	$	7,859	$	8,489	$	15,534
Net income available to common shareholders	$	7,761	$	7,832	$	7,800	$	8,422	$	15,407

Earnings per share
Basic earnings per share	$	1.36	$	1.38	$	1.38	$	1.49	$	2.72
Diluted earnings per share	$	1.35	$	1.36	$	1.36	$	1.47	$	2.69

Average shares outstanding		5,702,938		5,679,843		5,664,028		5,658,340		5,654,435
Diluted average shares outstanding		5,762,616		5,754,937		5,723,735		5,709,994		5,726,522

	Performance Ratios
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023
ROAA		1.40	%		1.48	%		1.51	%		1.68	%		3.18	%
ROAE		15.81	%		16.66	%		17.29	%		19.43	%		38.42	%
ROATCE ⁽¹⁾		15.99	%		16.86	%		17.53	%		19.74	%		39.14	%
Net interest margin		4.48	%		4.31	%		4.33	%		4.67	%		4.73	%
Net interest spread		4.24	%		4.08	%		4.11	%		4.48	%		4.58	%
Efficiency ratio ⁽¹⁾		49.46	%		52.84	%		50.22	%		48.51	%		37.04	%
Noninterest expense / average assets		2.32	%		2.39	%		2.26	%		2.34	%		1.80	%

^{_{(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
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
Total assets	$	2,241,860	$	2,148,978	$	2,062,486	$	2,005,197	$	1,959,802
Earning assets	$	2,216,185	$	2,123,509	$	2,034,556	$	1,977,009	$	1,927,061
Total loans, including loans held for sale	$	1,939,746	$	1,868,308	$	1,788,572	$	1,745,113	$	1,675,790
Total deposits	$	1,961,099	$	1,872,737	$	1,788,659	$	1,698,892	$	1,656,540
Total shareholders' equity	$	199,088	$	190,326	$	180,287	$	173,347	$	162,173

	Loan Balances by Type
	(Dollars in thousands)
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
Commercial Real Estate (CRE):
Investor owned	$	566,314	$	573,587	$	583,069	$	541,088	$	527,819
Owner occupied		216,876		216,123		202,106		185,296		177,177
Multifamily		177,390		175,629		168,324		159,700		158,082
Secured by single family		181,744		157,092		146,370		153,132		148,464
Land and construction		58,109		35,975		33,655		30,253		32,519
SBA secured by real estate		388,271		385,416		349,676		343,576		329,403
Total CRE		1,588,704		1,543,822		1,483,200		1,413,045		1,373,464
Commercial business:
Commercial and industrial		378,161		352,417		350,879		337,815		332,394
SBA non-real estate secured		10,758		8,657		9,807		11,081		9,121
Total commercial business		388,919		361,074		360,686		348,896		341,515
Consumer		2,097		2,096		3,275		2,905		2,726
Total loans held for investment	$	1,979,720	$	1,906,992	$	1,847,161	$	1,764,846	$	1,717,705

	Deposits by Type
	(Dollars in thousands)
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
Noninterest-bearing DDA	$	557,055	$	516,294	$	572,755	$	595,023	$	657,980
Interest-bearing DDA, excluding brokered		156,253		117,129		121,829		108,508		101,064
Savings & MMA, excluding brokered		861,508		812,841		742,617		696,499		670,195
Time deposits, excluding brokered		168,664		160,605		147,583		122,622		105,757
Total deposits, excluding brokered		1,743,480		1,606,869		1,584,784		1,522,652		1,534,996
Total brokered deposits		258,246		297,806		290,586		247,035		164,176
Total deposits	$	2,001,726	$	1,904,675	$	1,875,370	$	1,769,687	$	1,699,172

PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)

	Rollforward of Allowance for Credit Losses
	(Dollars in thousands)
	For the three months ended
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
Allowance for loan losses:
Beginning balance	$	24,693		$	24,476		$	23,789	$	22,588	$	21,135
Provision for loan losses		1,994			251			687		1,194		(7,149	)
Net (charge-offs) recoveries		(96	)		(34	)		-		7		8,602
Ending balance		26,591			24,693			24,476		23,789		22,588
Reserve for unfunded commitments		1,865			1,723			1,741		1,969		2,172
Total allowance for credit losses	$	28,456		$	26,416		$	26,217	$	25,758	$	24,760

	Asset Quality
	(Dollars in thousands)
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023
Total loans held-for-investment	$	1,979,720		$	1,906,992		$	1,847,161		$	1,764,846		$	1,717,705
Allowance for loan losses	$	(26,591	)	$	(24,693	)	$	(24,476	)	$	(23,789	)	$	(22,588	)
30-89 day past due loans	$	-		$	-		$	1,470		$	2,500		$	-
90+ day past due loans	$	2,500		$	3,530		$	3,874		$	1,374		$	3,701
Nonaccrual loans	$	2,500		$	4,656		$	5,053		$	5,105		$	3,354
NPAs / Assets		0.11	%		0.21	%		0.23	%		0.25	%		0.17	%
NPLs / Total loans held-for-investment & OREO		0.13	%		0.24	%		0.27	%		0.29	%		0.20	%
Net quarterly charge-offs (recoveries)	$	96		$	34		$	-		$	(7	)	$	(8,602	)
Net charge-offs (recoveries) /avg loans (annualized)		0.02	%		0.01	%		0.00	%		0.00	%		(2.05	)%
Allowance for loan losses to loans HFI		1.34	%		1.29	%		1.33	%		1.35	%		1.32	%
Allowance for loan losses to nonaccrual loans		1,063.64	%		530.35	%		484.39	%		465.99	%		673.46	%

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)

		For the three months ended
		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
Adjusted income before provision for income taxes
Income before provision for income taxes		$	11,110	$	11,178	$	11,205	$	12,100	$	22,109
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)		$	11,110	$	11,178	$	11,205	$	12,100	$	11,780

Adjusted net income
Net income		$	7,827	$	7,884	$	7,859	$	8,489	$	15,534
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)		$	7,827	$	7,884	$	7,859	$	8,489	$	8,258

Adjusted diluted earnings per share ("Adjusted EPS")
Diluted earnings per share		$	1.35	$	1.36	$	1.36	$	1.47	$	2.69
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)		$	1.35	$	1.36	$	1.36	$	1.47	$	1.43

Diluted average shares outstanding			5,762,616		5,754,937		5,723,735		5,709,994		5,726,522

^{_{(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 $7.7 million (or approximately $0.94 per diluted share after tax) plus certain rights to future recoveries from a guarantor of the charged off loan. This recovery amount represents 80% of the original principal charge-off and is net of the participant bank’s share.}}
^{_{(2) In the second quarter of 2023, in conjunction with the resolution of the ANI litigation, the Company was reimbursed $0.9 million of legal costs by the participant bank. In addition, $0.7 million of previously invoiced legal fees were waived at settlement of the litigation.}}
^{_{(3) In the second quarter of 2023, the Company received $1.0 million related to a loan that was originated and written off by San Diego Private Bank ("SDPB") prior to SDPB merging with the Company in 2013. Accordingly, the Company recorded an allowance recovery of $0.9 million for the amount that would have been written off at the time of the merger under CECL and $0.1 million of interest income for recovered interest.}}
^{_{(4) Net of tax effect of 29.6%, which is comprised of 21.0% for the statutory Federal tax rate plus 8.6% for state franchise taxes, net of Federal benefits.}}

PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)

	GAAP to Non-GAAP Reconciliation
	(Dollars in thousands, except per share amounts)

	Year to Date
	Jun 30, 2024		Jun 30, 2023
Adjusted income before provision for income taxes
Income before provision for income taxes	$	22,288	$	34,112
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)	$	22,288	$	23,783

Adjusted net income
Net income	$	15,711	$	24,508
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)	$	15,711	$	17,232

Adjusted diluted earnings per share ("Adjusted EPS")
Diluted earnings per share	$	2.71	$	4.25
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)	$	2.71	$	2.99

Diluted average shares outstanding		5,755,250		5,722,645

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)

	For the three months ended
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023
Efficiency Ratio
Noninterest expense	$	12,962		$	12,783		$	11,768		$	11,843		$	8,802
Net interest income		24,670			22,768			22,188			23,255			22,708
Noninterest income		1,538			1,426			1,244			1,159			1,054
Total net interest income and noninterest income		26,208			24,194			23,432			24,414			23,762
Efficiency ratio (non-GAAP)		49.46	%		52.84	%		50.22	%		48.51	%		37.04	%

Adjusted Efficiency Ratio
Noninterest expense	$	12,962		$	12,783		$	11,768		$	11,843		$	8,802
Settlement of legal fees related to ANI litigation		-			-			-			-			1,635
Adjusted noninterest expense (non-GAAP)		12,962			12,783			11,768			11,843			10,437
Total net interest income and noninterest income		26,208			24,194			23,432			24,414			23,762
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)		26,208			24,194			23,432			24,414			23,678
Adjusted Efficiency ratio (non-GAAP)		49.46	%		52.84	%		50.22	%		48.51	%		44.08	%

Pretax pre-provision net revenue
Net interest income	$	24,670		$	22,768		$	22,188		$	23,255		$	22,708
Noninterest income		1,538			1,426			1,244			1,159			1,054
Total net interest income and noninterest income		26,208			24,194			23,432			24,414			23,762
Less: Noninterest expense		12,962			12,783			11,768			11,843			8,802
Pretax pre-provision net revenue (non-GAAP)	$	13,246		$	11,411		$	11,664		$	12,571		$	14,960

Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity
Net income	$	7,827		$	7,884		$	7,859		$	8,489		$	15,534
Adjusted net income (non-GAAP) ⁽¹⁾		7,827			7,884			7,859			8,489			8,258
Average assets		2,241,860			2,148,978			2,062,486			2,005,197			1,959,802
Average shareholders' equity		199,088			190,326			180,287			173,347			162,173
Less: Average intangible assets		2,163			2,208			2,451			2,709			2,975
Average tangible common equity (non-GAAP)		196,925			188,118			177,836			170,638			159,198

Return on average assets		1.40	%		1.48	%		1.51	%		1.68	%		3.18	%
Adjusted return on average assets (non-GAAP) ⁽¹⁾		1.40	%		1.48	%		1.51	%		1.68	%		1.69	%
Return on average equity		15.81	%		16.66	%		17.29	%		19.43	%		38.42	%
Adjusted return on average equity (non-GAAP) ⁽¹⁾		15.81	%		16.66	%		17.29	%		19.43	%		20.42	%
Return on average tangible common equity (non-GAAP)		15.99	%		16.86	%		17.53	%		19.74	%		39.14	%
Adjusted return on average tangible common equity (non-GAAP) ⁽¹⁾		15.99	%		16.86	%		17.53	%		19.74	%		20.81	%

Tangible book value per share
Total equity		201,442			194,032			185,783			174,679			167,211
Less: Total intangible assets		2,164			2,203			2,318			2,449			2,875
Total tangible equity		199,278			191,829			183,465			172,230			164,336
Shares outstanding		5,751,143			5,717,519			5,719,115			5,703,350			5,702,637
Tangible book value per share (non-GAAP)	$	34.65		$	33.55		$	32.08		$	30.20		$	28.82

^{_{(1) A reconciliation of net income to adjusted net income is provided on page 13.}}

PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)

	GAAP to Non-GAAP Reconciliation
	(Dollars in thousands)

	Year to Date
	Jun 30, 2024			Jun 30, 2023
Efficiency Ratio
Noninterest expense	$	25,745		$	20,359
Net interest income		47,438			44,876
Noninterest income		2,964			2,519
Total net interest income and noninterest income		50,402			47,395
Efficiency ratio (non-GAAP)		51.08	%		42.96	%

Adjusted Efficiency Ratio
Noninterest expense	$	25,745		$	20,359
Settlement of legal fees related to ANI litigation		-			1,635
Adjusted noninterest expense (non-GAAP)		25,745			21,994
Total net interest income and noninterest income		50,402			47,395
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)		50,402			47,311
Adjusted Efficiency ratio (non-GAAP)		51.08	%		46.49	%

Pretax pre-provision net revenue
Net interest income	$	47,438		$	44,876
Noninterest income		2,964			2,519
Total net interest income and noninterest income		50,402			47,395
Less: Noninterest expense		25,745			20,359
Pretax pre-provision net revenue (non-GAAP)	$	24,657		$	27,036

Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity
Net income	$	15,711		$	24,508
Adjusted net income (non-GAAP) ⁽¹⁾		15,711			17,232
Average assets		2,195,419			1,909,179
Average shareholders' equity		194,708			154,518
Less: Average intangible assets		2,185			2,973
Average tangible common equity		192,523			151,545

Return on average assets		1.44	%		2.59	%
Adjusted return on average assets (non-GAAP) ⁽¹⁾		1.44	%		1.82	%
Return on average equity		16.23	%		31.98	%
Adjusted return on average equity (non-GAAP) ⁽¹⁾		16.23	%		22.49	%
Return on average tangible common equity (non-GAAP)		16.41	%		32.61	%
Adjusted return on average tangible common equity (non-GAAP) ⁽¹⁾		16.41	%		22.93	%

_{^{(1) A reconciliation of net income to adjusted net income is provided on page 14.}}

FAQ

What was Private Bancorp of America's (PBAM) net income for Q2 2024?

Private Bancorp of America (PBAM) reported net income of $7.8 million for Q2 2024.

How much did PBAM's loans held-for-investment grow in Q2 2024?

PBAM's loans held-for-investment grew by $72.7 million or 3.8% in Q2 2024, reaching $1.98 billion.

What was PBAM's net interest margin in Q2 2024?

PBAM's net interest margin was 4.48% for Q2 2024, an increase from 4.31% in the previous quarter.

How did PBAM's total deposits change in Q2 2024?

PBAM's total deposits increased by $97.1 million or 5.1% in Q2 2024, reaching $2.00 billion.

What was PBAM's tangible book value per share as of June 30, 2024?

PBAM's tangible book value per share was $34.65 as of June 30, 2024, an increase of $1.10 or 3.3% from the previous quarter.

Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for Second Quarter 2024

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What was PBAM's tangible book value per share as of June 30, 2024?

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Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for Second Quarter 2024

FAQ

What was Private Bancorp of America's (PBAM) net income for Q2 2024?

How much did PBAM's loans held-for-investment grow in Q2 2024?

What was PBAM's net interest margin in Q2 2024?

How did PBAM's total deposits change in Q2 2024?

What was PBAM's tangible book value per share as of June 30, 2024?

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