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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 (PBAM) reported strong financial results for Q4 2021, with net income rising to $7.3 million ($1.28 per diluted share), up from $5.1 million in Q3 2021. For FY 2021, net income doubled to $21.0 million compared to $10.9 million in FY 2020. Total loans increased by 26.9% to $1.2 billion, while non-interest-bearing demand deposits grew by 28.4%. The net interest margin reached 4.44% and tangible book value per share rose to $22.26, a 4.7% increase. The company remains well-capitalized with a Tier 1 risk-based capital ratio of 10.63%.
Private Bancorp of America (PBAM) announced its third-quarter results, reporting a net income of $5.1 million or $0.89 per diluted share, up from $4.3 million or $0.75 in Q2’21. The company also achieved a net interest margin of 4.39%, a 4.6% increase in tangible book value per share, and a notable growth in gross loans by 3.7%. Non-interest income decreased by 14.8% to $2.4 million. The company remains well capitalized, with a Tier 1 risk-based capital ratio of 10.64%.
Private Bancorp of America, Inc. (OTCQX: PBAM) has appointed Mag Wangsuwana as Executive Vice President and Chief Financial Officer effective August 23, 2021. Wangsuwana, who has over 25 years of financial services experience, was formerly CFO at First Choice Bank. Rick Sowers, CEO, expressed confidence in Wangsuwana's ability to enhance the company's growth trajectory. The press release also thanked former CFO Richard Pimentel for his contributions. The company, which operates CalPrivate Bank, provides tailored banking solutions for high-net-worth individuals and businesses across several locations in California.
Private Bancorp of America (OTCQX: PBAM) announced a stock repurchase program, allowing the purchase of up to 75,000 shares for a total of $1,500,000. This program, authorized by the Board of Directors, will be executed through privately-negotiated transactions and market purchases under a trading plan compliant with Rules 10b5-1 and 10b-18. The buybacks are set to continue until July 31, 2022, reflecting the company’s commitment to enhancing shareholder value.
Private Bancorp of America, Inc. (OTCQX:PBAM) reported its Q2 2021 financial results, highlighting a net income of $4.3 million, or $0.75 per diluted share, down from $4.6 million in Q1 2021. Year-to-date net income rose to $8.9 million compared to $4.0 million in 2020. Key metrics include a net interest margin of 4.03% and a 50% increase in non-interest income, driven by robust SBA loan sales. Total loans grew by 7.6%, and total deposits increased by 3.6% sequentially. Despite rising expenses, the company remains optimistic about future growth and profitability.
Private Bancorp of America (OTCQX:PBAM) reported a net income of $4.6 million, or $0.81 per diluted share, for Q1 2021, showing a 4.5% increase from the previous quarter and a 141.6% rise year-over-year. Total loans rose to $1.1 billion, an 8.3% quarter-on-quarter and 22% year-on-year growth, while total deposits grew to $1.2 billion, up 4.6% for the quarter. However, the net interest margin decreased to 3.89% from 4.74% in Q4 2020, primarily due to lower SBA PPP loan income and increased borrowing costs. Non-interest income increased by 63.3% year-over-year, reflecting strong SBA loan sales.