Private Bancorp of America, Inc. reports banking-company developments through its subsidiary, CalPrivate Bank. Recurring updates focus on quarterly earnings, core deposit growth, loan production, net interest margin, funding costs, credit portfolio quality, and noninterest income tied in part to SBA loan sales.
Company news also covers CalPrivate Bank’s relationship-focused banking model, Southern California market activity, office expansion in Montecito, technology and operating infrastructure investments, leadership appointments, bank board additions, and capital actions such as share repurchase authorization.
Private Bancorp of America (OTCQX: PBAM) reported record net income of $9.5 million for Q3 2024, up from $7.8 million in Q2 and $8.5 million in Q3 2023. Diluted EPS reached $1.63, compared to $1.35 in Q2 and $1.47 in Q3 2023. The company achieved a return on average assets of 1.62% and a return on average tangible common equity of 18.18%.
Key highlights include:
- Loans held-for-investment increased 1.7% to $2.01 billion
- Total deposits grew 5.3% to $2.11 billion
- Net interest margin was 4.44%
- Tangible book value per share rose to $36.87, up 6.4% quarter-over-quarter and 22.1% year-over-year
The bank maintained strong credit metrics with total criticized and classified loans at 1.23% of total loans. PBAM was recognized as the #1 bank for both ROA and ROE among banks with less than $5 billion in assets on The Best U.S. Banks 2024 list.
CalPrivate Bank, a subsidiary of Private Bancorp of America, Inc. (OTCQX: PBAM), has been ranked as the 10th best bank in the U.S. by Bank Director's RankingBanking® 'The Best U.S. Banks 2024' list. The bank also secured the #1 position for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than $5 billion in assets. This recognition highlights CalPrivate Bank's commitment to excellence, innovation, and client-focused banking solutions.
The RankingBanking® list evaluates banks based on profitability, capital adequacy, and asset quality using four key metrics: core return on average equity, core return on average assets, tangible common equity ratio, and nonperforming assets to loans and other real estate owned. CEO Rick Sowers attributes this success to the team's dedication in delivering outstanding service and innovative solutions to clients.
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%.
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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.