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

First Quarter Highlights

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

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

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

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

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

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

STATEMENT OF INCOME

Net Interest Income

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

Net Interest Margin

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

Provision for Loan Losses

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

Non-Interest Income

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

Non-Interest Expense

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

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

STATEMENT OF FINANCIAL CONDITION

Balance Sheet

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

Asset Quality and Loan Deferrals

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

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

Capital Ratios (1)

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

  Mar 31, 2022 (1) Dec 31, 2021 Mar 31, 2021
Private Bancorp of America      
Tier I leverage ratio 8.85% 8.42% 8.07%
Tier I risk-based capital ratio 10.31% 10.63% 11.35%
Total risk-based capital ratio 12.94% 13.38% 14.46%
       
CalPrivate Bank      
Tier I leverage ratio 9.72% 9.29% 9.16%
Tier I risk-based capital ratio 11.33% 11.73% 12.88%
Total risk-based capital ratio 12.58% 12.98% 14.14%

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

Stock Repurchase Program

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

About Private Bancorp of America, Inc.

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

Investor Relations Contacts

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

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

Safe Harbor Paragraph

This press release includes forward-looking statements that involve inherent risks and uncertainties. Private Bancorp of America, Inc. cautions readers that a number of important factors could cause actual results to differ materially from those in the forwardlooking statements. These factors include the effects of the COVID-19 pandemic and related government actions on the Bank and its customers, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate and develop business through the addition of new personnel and facilities and merged banks, whether our efforts to expand loan, product and service offerings will prove profitable, the effects of the bank mergers and acquisitions in our markets, system failures and internet security, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forwardlooking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.

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

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

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

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

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

  PRIVATE BANCORP OF AMERICA, INC.
  (Unaudited)
  Selected Quarterly Average Balances
  (Dollars in thousands)
  Mar 31, 2022   Dec 31, 2021   Sep 30, 2021   Jun 30, 2021   Mar 31, 2021
Total assets $ 1,516,352     $ 1,514,583     $ 1,442,278     $ 1,370,209     $ 1,362,887  
Earning assets $ 1,494,850     $ 1,490,235     $ 1,420,970     $ 1,351,992     $ 1,331,448  
Total loans, including loans held for sale $ 1,268,695     $ 1,222,234     $ 1,185,865     $ 1,125,958     $ 1,044,828  
Total deposits $ 1,341,631     $ 1,346,777     $ 1,276,349     $ 1,184,352     $ 1,145,776  
Total equity $ 132,472     $ 127,387     $ 120,618     $ 114,881     $ 110,284  
                   
                   
  Loan Balances by Type
  (Dollars in thousands)
  Mar 31, 2022   Dec 31, 2021   Sep 30, 2021   Jun 30, 2021   Mar 31, 2021
Real estate – investor owned $ 350,152     $ 324,167     $ 307,469     $ 293,461     $ 247,928  
Real estate – owner occupied   371,840       339,081       329,985       313,579       284,494  
Real estate – multifamily   105,964       97,285       82,460       72,790       75,361  
Real estate – single family   89,630       86,399       81,239       90,223       75,353  
Commercial business   307,421       294,944       274,708       244,493       227,635  
SBA PPP loans   8,795       35,524       74,152       110,673       133,740  
Land and construction   44,856       39,702       34,996       32,413       30,103  
Consumer   6,180       7,049       7,126       6,979       7,386  
Total loans held for investment 1,284,838     1,224,151     1,192,135     1,164,611     1,082,000  
                   
                   
  Deposits by Type
  (Dollars in thousands)
  Mar 31, 2022   Dec 31, 2021   Sep 30, 2021   Jun 30, 2021   Mar 31, 2021
Non interest bearing DDA $ 724,469     $ 682,589     $ 646,233     $ 603,914     $ 579,318  
Interest bearing DDA   75,904       81,788       68,056       70,320       59,399  
Savings & MMA   503,552       513,070       530,782       463,165       423,957  
Retail CD   3,384       5,281       5,633       5,827       5,855  
Jumbo CD   63,705       62,935       62,541       62,218       95,130  
Total deposits $ 1,371,014     $ 1,345,663     $ 1,313,245     $ 1,205,444     $ 1,163,659  
                   
                   
  Asset Quality
  (Dollars in thousands)
  Mar 31, 2022   Dec 31, 2021   Sep 30, 2021   Jun 30, 2021   Mar 31, 2021
Total loans held-for-investment $ 1,284,838     $ 1,224,151     $ 1,192,135     $ 1,164,611     $ 1,082,000  
30-89 day past due loans $     $     $ 200     $     $  
90+ day past due loans $     $     $     $     $  
Nonaccrual loans $ 1,453     $ 1,510     $ 1,494     $ 1,540     $ 1,609  
                   
NPAs / Assets   0.09 %     0.10 %     0.10 %     0.11 %     0.12 %
NPLs / Total loans held-for-investment & OREO   0.11 %     0.12 %     0.12 %     0.13 %     0.15 %
Net quarterly charge-offs $     $     $     $     $  
Net charge-offs/avg loans (annualized)   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
Allowance for loan losses to loans HFI   1.33 %     1.39 %     1.35 %     1.35 %     1.35 %
Allowance for loan losses to nonaccrual loans   1178.05 %     1124.11 %     1080.39 %     1020.00 %     904.97 %

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