Private Bancorp Stock Price, News & Analysis

Private Bancorp of America (PBAM) reported a record net income of $9.0 million for Q1 2023, representing a 20.6% increase from Q4 2022 and a 38.0% year-over-year rise. The diluted earnings per share reached $1.57, up 20.1% quarter-over-quarter and 38.7% year-over-year. Total loans held-for-investment (HFI) increased to $1.6 billion, up 2.2% from the previous quarter. However, total deposits decreased to $1.6 billion, a decline of $91 million, mainly due to shifting brokered deposits. The company adopted CECL, which impacted retained earnings negatively. The net interest margin dropped to 4.90% from 5.17%, driven by increased funding costs. Despite challenges, return on equity hit a record 24.8%.

Private Bancorp of America, Inc. (PBAM) reported strong financial results for the fourth quarter and full year ended December 31, 2022. Net income for Q4 reached $7.4 million, a 17% increase from the previous quarter; diluted earnings per share were $1.31. Total loans held-for-investment rose to $1.6 billion, up 6.8% from Q3 2022.

For the full year, net income was $24.7 million, up 17.4% year-over-year, with a diluted EPS of $4.33. The net interest margin improved to 5.17% in Q4. Despite rising funding costs and a slight decline in noninterest income, the company remained optimistic about future growth and performance.

Private Bancorp of America (OTCQX: PBAM) announced the appointment of a new finance and accounting leadership team, led by Cory D. Stewart as Executive VP and CFO. The transition, effective January 4, 2023, includes other senior appointments, signaling a strategic investment in the company's future. This team aims to facilitate an up listing to a national stock exchange, capitalizing on Stewart's extensive banking experience. The company emphasizes its commitment to high integrity and growth while continuing to provide distinct banking experiences through CalPrivate Bank.

Private Bancorp of America (OTCQX:PBAM) reported a net income of $6.4 million for Q3 2022, marking a 44.4% increase from Q2 and 25.7% year-over-year. Diluted earnings per share rose to $1.12, up 45.5%. Total loans held-for-investment reached $1.5 billion, a 7.9% increase from the previous quarter. Net interest margin improved to 4.97%, compared to 4.57% last quarter. Despite rising funding costs, the company remains well-capitalized, with a Tier 1 risk-based capital ratio of 9.35%.

Private Bancorp of America (PBAM) reported second-quarter net income of $4.4 million, a 2.4% increase year-over-year, with diluted EPS of $0.77, up 2.7%. Total loans reached $1.4 billion, marking a year-over-year growth of 30.6%. Non-interest demand deposits rose 23.7% to $747 million. The net interest margin improved to 4.57%. However, non-interest income decreased significantly by $1.7 million, largely due to lower SBA loan sales. Total non-interest expense increased 16% to $12.6 million, driven by higher professional services and inflationary pressures.

Private Bancorp of America (OTCQX: PBAM) has completed its Second Stock Repurchase Program, buying back 60,000 shares without a minimum time limit. Authorized until December 31, 2022, the timing of purchases was based on stock price and market conditions. The repurchased shares have been retired, further enhancing shareholder value.