Private Bancorp of America, Inc. Announces Continued Strong Net Income for Second Quarter 2026 and Intent to Uplist to the NASDAQ Stock Market
Rhea-AI Summary
Private Bancorp of America (OTCQX: PBAM) reported second quarter 2026 net income of $13.1 million, up from $12.0 million in Q1 2026 and $10.4 million a year earlier, with diluted EPS of $2.27 and returns of 1.99% on average assets and 18.90% on average tangible common equity.
Net interest income rose to $33.5 million and net interest margin was 5.18%. Core deposits reached $2.33 billion, up 12.6% year over year, while total deposits were $2.38 billion with a 1.63% total deposit cost. Loans held-for-investment were $2.13 billion, slightly lower quarter over quarter, and criticized loans declined to 2.72% of total loans. Nonperforming assets were 1.50% of total assets and bank capital ratios remained above “well-capitalized” levels.
The company filed a Form 10 registration statement to become an SEC reporting company and pursue an uplisting of its common stock to the NASDAQ Global Select Market, targeted for the third quarter of 2026 subject to SEC and NASDAQ approvals. The board also authorized a stock repurchase program of up to $10.0 million, or approximately 2.3% of outstanding shares.
Positive
- Net income $13.1 million, up from $12.0 million Q1 2026
- Diluted EPS $2.27, up from $2.07 prior quarter and $1.77 year ago
- Core deposits $2.33 billion, up 12.6% year over year
- Total deposit cost 1.63%, down from 2.08% in Q2 2025
- Criticized loans 2.72% of total, down from 3.19% prior quarter
- Nonperforming assets 1.50% of assets, down from 1.60% prior quarter
- Bank Tier 1 leverage ratio 11.52%, above well-capitalized threshold
- Total available liquidity $2.4 billion, 190.8% of uninsured deposits
- Provision reversal $0.2 million versus $2.0 million expense prior quarter
- $10.0 million stock repurchase authorization, about 2.3% of shares
- Form 10 filed and intent to uplist shares to NASDAQ
Negative
- Noninterest income $1.0 million, down from $1.9 million prior quarter
- Noninterest expense $16.9 million, up from $15.7 million prior quarter
- Efficiency ratio 48.81%, higher than 45.39% prior quarter
- Loans held-for-investment $2.13 billion, down $8.2 million quarter over quarter
- AFS securities net unrealized loss $8.9 million, up from $7.9 million
- Uninsured deposits 53.8% of total as of June 30, 2026
- Net interest margin 5.18%, slightly down from 5.21% prior quarter
- Other real estate owned increased by $5.1 million during the quarter
News Market Reaction – PBAM
In the Jul 16 session, PBAM declined 0.33%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Second Quarter 2026 Highlights
- Net income for the second quarter of 2026 was
$13.1 million , compared to$12.0 million in the prior quarter and$10.4 million in the second quarter of 2025. - Net income for the second quarter of 2026 represents a return on average assets of
1.99% and a return on average tangible common equity(1) of18.90% . - Diluted earnings per share for the second quarter of 2026 was
$2.27 , compared to$2.07 in the prior quarter and$1.77 in the second quarter of 2025. - Core deposits were
$2.33 billion as of June 30, 2026, an increase of$6.8 million or0.3% from March 31, 2026, and an increase of$260.8 million or12.6% from June 30, 2025. - Total deposits were
$2.38 billion as of June 30, 2026, an increase of$6.5 million or0.3% from March 31, 2026, which included a reduction in brokered deposits of$0.2 million . - Total cost of deposits was
1.63% for the second quarter of 2026, a decrease from1.67% in the prior quarter and2.08% in the second quarter of 2025, an improvement of2.5% quarter over quarter and21.7% year over year. The spot rate for total deposits was1.65% as of June 30, 2026, compared to1.55% at March 31, 2026 as a result of deposit mix changes. Total cost of funding sources was1.68% for the second quarter of 2026, a decrease from1.73% in the prior quarter and2.14% in the second quarter of 2025. - Loans held-for-investment (“HFI”) totaled
$2.13 billion as of June 30, 2026, a decrease of$8.2 million or0.4% from March 31, 2026. - Investment securities available-for-sale (“AFS”) were
$237.1 million as of June 30, 2026, an increase of$16.2 million or7.3% since March 31, 2026, and an increase of$48.3 million or25.6% from June 30, 2025, primarily as a result of new securities purchased. - Net interest margin was
5.18% for the second quarter of 2026, compared to5.21% in the prior quarter and4.94% in the second quarter of 2025. - For the second quarter of 2026, a provision reversal of
$0.2 million was recorded, compared to a provision expense of$2.0 million for the prior quarter and a provision expense of$1.3 million for the second quarter of 2025. The allowance for loan losses was1.43% of loans HFI as of June 30, 2026 compared to1.41% at March 31, 2026. - As of June 30, 2026, criticized loans totaled
$58.0 million , or2.72% of total loans, down from$68.3 million , or3.19% of total loans at March 31, 2026. - Tangible book value per share(1) was
$49.57 as of June 30, 2026, an increase of$2.19 since March 31, 2026 primarily as a result of strong earnings. - Filing of the Company’s Registration Statement on Form 10 (the “Registration Statement”) pursuant to the Securities Exchange Act of 1934, as amended, in connection with strategic decision to pursue a listing on the NASDAQ Global Select Market (“NASDAQ”).
LA JOLLA, Calif., July 16, 2026 (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, 2026. The Company reported net income of
Rick Sowers, President and Chief Executive Officer of the Company and the Bank stated, “The second quarter of 2026 reflects continued strong earnings, a strong net interest margin that remained above
Sowers added, “We made significant investments in new roles and team members during the first half of the year, including a Chief Operating Officer, General Counsel, and a senior leader in Data and AI, to name a few. These investments reflect the Company’s commitment to scaling the business, focusing on delivering our Distinctively DifferentTM Service to our Clients, delivering long-term shareholder value, and preparing to be a public reporting company.”
“Once again, our team produced superior quarterly profitability while investing in human capital, technology, and the professional fees related to the Board’s intention to transfer the Company’s common stock listing to NASDAQ,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank. “The planned uplisting is subject to the satisfaction of all applicable initial listing requirements, including NASDAQ’s final approval of the listing. Moving to NASDAQ marks a pivotal milestone for our company. We believe this transition will enhance our credibility, expand access to capital, improve market visibility and liquidity, reinforce our ability to attract and retain exceptional talent as we continue to grow, and provide additional flexibility when pursuing accretive strategic growth opportunities. We believe these advantages will better position us to execute our long-term growth strategy and create sustainable long-term value for shareholders.”
STATEMENT OF INCOME
Net Interest Income
Net interest income for the second quarter of 2026 totaled
Net Interest Margin
Net interest margin (“NIM”) for the second quarter of 2026 was
Provision for Credit Losses
A credit loss provision reversal of
Noninterest Income
Noninterest income was
Noninterest Expense
Noninterest expense was
The Company continues to invest in people, processes and technology to scale the business. Inflationary pressures and low unemployment continue to contribute to upward pressure on 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
STATEMENT OF FINANCIAL CONDITION
As of June 30, 2026, total assets were
Total deposits were
As of June 30, 2026, total available liquidity was
Asset Quality and Allowance for Credit Losses (ACL)
As of June 30, 2026, the allowance for loan losses was
At June 30, 2026, criticized loans totaled
As of June 30, 2026, nonaccrual loans were
As of June 30, 2026, nonperforming assets were
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, 2026(2) | March 31, 2026 | |
| CalPrivate Bank | ||
| Tier I leverage ratio | ||
| Tier I risk-based capital ratio | ||
| Total risk-based capital ratio |
(2) June 30, 2026 capital ratios are preliminary and subject to change.
Private Bancorp of America, Inc. Announces Intent to Uplist to NASDAQ Global Market
The Company has filed the Registration Statement with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its planned uplisting of the Company’s common stock to NASDAQ. The Registration Statement has not been declared effective by the SEC. The Registration Statement will become effective following conclusion of the SEC’s review of the Registration Statement and approval by NASDAQ of our listing application. The Company’s common stock will continue to trade on the OTCQX market under the ticker symbol “PBAM” until the Company is able to uplist to NASDAQ. Subject to NASDAQ’s approval of our listing application, we will continue to trade under the ticker symbol “PBAM”. We expect the uplisting to occur, subject to the receipt of the requisite SEC and NASDAQ approvals, during third quarter of 2026.
Share Repurchases Authorized
During the quarter, the Company's Board of Directors authorized a stock repurchase program, whereby the Company may repurchase an aggregate amount of up to
About Private Bancorp of America, Inc. (OTCQX: PBAM)
PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, Beverly Hills, and Montecito, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely held businesses, and real estate entrepreneurs, delivering a Distinctly Different® personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs, and innovative, unique technologies that drive enhanced client performance. CalPrivate Bank has been recognized by Bank Director's RankingBanking® as the 10th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top
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 efficiency ratio, pretax pre-provision net revenue, average tangible common equity, tangible book value per share and 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, to permit investors to effectively analyze financial trends of our business activities, and to 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
Forward-Looking Statements
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. 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 the Company operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, 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, and the risk that the Company may not be able to complete its uplisting to NASDAQ. 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 believe in good faith 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, 2026 | Mar 31, 2026 | Jun 30, 2025 | ||||||||||
| Assets | ||||||||||||
| Cash and due from banks | $ | 32,211 | $ | 26,135 | $ | 26,215 | ||||||
| Interest-bearing deposits in other financial institutions | 22,275 | 24,078 | 14,715 | |||||||||
| Interest-bearing deposits at Federal Reserve Bank | 245,869 | 246,788 | 99,689 | |||||||||
| Total cash and due from banks | 300,355 | 297,001 | 140,619 | |||||||||
| Interest-bearing time deposits with other institutions | 4,344 | 4,326 | 4,270 | |||||||||
| Investment debt securities available for sale | 237,074 | 220,908 | 188,821 | |||||||||
| Loans held for sale | - | 596 | 8,826 | |||||||||
| Loans, net of deferred fees and costs and unaccreted discounts | 2,132,724 | 2,140,964 | 2,081,063 | |||||||||
| Allowance for loan losses | (30,462 | ) | (30,236 | ) | (28,178 | ) | ||||||
| Loans held-for-investment, net of allowance | 2,102,262 | 2,110,728 | 2,052,885 | |||||||||
| Federal Home Loan Bank stock, at cost | 11,251 | 10,652 | 10,652 | |||||||||
| Operating lease right of use assets | 6,733 | 7,196 | 7,254 | |||||||||
| Premises and equipment, net | 2,525 | 2,678 | 2,213 | |||||||||
| Servicing assets, net | 1,717 | 1,957 | 1,964 | |||||||||
| Accrued interest receivable | 8,248 | 8,773 | 8,624 | |||||||||
| Other assets | 33,793 | 29,111 | 28,752 | |||||||||
| Total assets | $ | 2,708,302 | $ | 2,693,926 | $ | 2,454,880 | ||||||
| Liabilities and Shareholders' Equity | ||||||||||||
| Liabilities | ||||||||||||
| Noninterest bearing | $ | 663,200 | $ | 735,802 | $ | 601,473 | ||||||
| Interest bearing | 1,718,037 | 1,638,893 | 1,561,407 | |||||||||
| Total deposits | 2,381,237 | 2,374,695 | 2,162,880 | |||||||||
| FHLB borrowings | 8,000 | 8,000 | 11,000 | |||||||||
| Other borrowings | 17,979 | 17,978 | 17,972 | |||||||||
| Accrued interest payable and other liabilities | 15,570 | 20,521 | 16,089 | |||||||||
| Total liabilities | 2,422,786 | 2,421,194 | 2,207,941 | |||||||||
| Shareholders' equity | ||||||||||||
| Common stock | 78,214 | 78,053 | 76,398 | |||||||||
| Additional paid-in capital | 4,264 | 3,992 | 4,009 | |||||||||
| Retained earnings | 209,263 | 196,247 | 172,849 | |||||||||
| Accumulated other comprehensive (loss) income, net | (6,225 | ) | (5,560 | ) | (6,317 | ) | ||||||
| Total shareholders' equity | 285,516 | 272,732 | 246,939 | |||||||||
| Total liabilities and shareholders' equity | $ | 2,708,302 | $ | 2,693,926 | $ | 2,454,880 | ||||||
| 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, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | ||||||||||||||||
| Interest Income | ||||||||||||||||||||
| Loans | $ | 39,038 | $ | 37,967 | $ | 38,004 | $ | 77,005 | $ | 74,569 | ||||||||||
| Investment securities | 2,384 | 2,661 | 1,800 | 5,045 | 3,305 | |||||||||||||||
| Deposits in other financial institutions | 1,953 | 1,785 | 2,184 | 3,738 | 4,382 | |||||||||||||||
| Total interest income | 43,375 | 42,413 | 41,988 | 85,788 | 82,256 | |||||||||||||||
| Interest Expense | ||||||||||||||||||||
| Deposits | 9,413 | 9,360 | 11,376 | 18,773 | 23,275 | |||||||||||||||
| Borrowings | 417 | 444 | 499 | 861 | 1,136 | |||||||||||||||
| Total interest expense | 9,830 | 9,804 | 11,875 | 19,634 | 24,411 | |||||||||||||||
| Net interest income | 33,545 | 32,609 | 30,113 | 66,154 | 57,845 | |||||||||||||||
| Provision for credit losses | (204 | ) | 2,019 | 1,293 | 1,815 | 1,592 | ||||||||||||||
| Net interest income after provision for credit losses | 33,749 | 30,590 | 28,820 | 64,339 | 56,253 | |||||||||||||||
| Noninterest income: | ||||||||||||||||||||
| Service charges on deposit accounts | 533 | 544 | 591 | 1,077 | 1,148 | |||||||||||||||
| Net gain on sale of loans | 4 | 907 | 523 | 911 | 992 | |||||||||||||||
| Other noninterest income | 464 | 484 | 616 | 948 | 1,203 | |||||||||||||||
| Total noninterest income | 1,001 | 1,935 | 1,730 | 2,936 | 3,343 | |||||||||||||||
| Noninterest expense: | ||||||||||||||||||||
| Compensation and employee benefits | 11,142 | 10,811 | 10,319 | 21,953 | 20,067 | |||||||||||||||
| Occupancy and equipment | 876 | 858 | 840 | 1,734 | 1,684 | |||||||||||||||
| Data processing | 1,491 | 1,369 | 1,396 | 2,860 | 2,722 | |||||||||||||||
| Professional services | 1,061 | 610 | 939 | 1,671 | 1,447 | |||||||||||||||
| Other expenses | 2,293 | 2,032 | 2,195 | 4,325 | 3,824 | |||||||||||||||
| Total noninterest expense | 16,863 | 15,680 | 15,689 | 32,543 | 29,744 | |||||||||||||||
| Income before provision for income taxes | 17,887 | 16,845 | 14,861 | 34,732 | 29,852 | |||||||||||||||
| Provision for income taxes | 4,769 | 4,818 | 4,412 | 9,587 | 8,841 | |||||||||||||||
| Net income | $ | 13,118 | $ | 12,027 | $ | 10,449 | $ | 25,145 | $ | 21,011 | ||||||||||
| Net income available to common shareholders | $ | 13,018 | $ | 11,942 | $ | 10,361 | $ | 24,960 | $ | 20,834 | ||||||||||
| Earnings per share | ||||||||||||||||||||
| Basic earnings per share | $ | 2.29 | $ | 2.10 | $ | 1.80 | $ | 4.39 | $ | 3.63 | ||||||||||
| Diluted earnings per share | $ | 2.27 | $ | 2.07 | $ | 1.77 | $ | 4.34 | $ | 3.57 | ||||||||||
| Average shares outstanding | 5,681,165 | 5,694,148 | 5,754,872 | 5,687,621 | 5,744,836 | |||||||||||||||
| Diluted average shares outstanding | 5,741,395 | 5,773,819 | 5,837,537 | 5,757,609 | 5,830,897 | |||||||||||||||
| PRIVATE BANCORP OF AMERICA, INC. Consolidated average balance sheet, interest, yield and rates (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
| For the three months ended | ||||||||||||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | ||||||||||||||||||||||||||||||||||
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 | $ | 206,162 | $ | 1,953 | 3.80 | % | $ | 184,847 | $ | 1,785 | 3.92 | % | $ | 191,701 | $ | 2,184 | 4.57 | % | ||||||||||||||||||
| Investment securities | 241,093 | 2,384 | 3.96 | % | 230,033 | 2,661 | 4.63 | % | 182,772 | 1,800 | 3.94 | % | ||||||||||||||||||||||||
| Loans, including LHFS | 2,148,935 | 39,038 | 7.29 | % | 2,125,318 | 37,967 | 7.24 | % | 2,069,415 | 38,004 | 7.37 | % | ||||||||||||||||||||||||
| Total interest-earning assets | 2,596,190 | 43,375 | 6.70 | % | 2,540,198 | 42,413 | 6.77 | % | 2,443,888 | 41,988 | 6.89 | % | ||||||||||||||||||||||||
| Noninterest-earning assets | 46,930 | 53,274 | 43,336 | |||||||||||||||||||||||||||||||||
| Total Assets | $ | 2,643,120 | $ | 2,593,472 | $ | 2,487,224 | ||||||||||||||||||||||||||||||
| Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||||||||
| Interest bearing DDA, excluding brokered | 293,170 | 319 | 0.44 | % | 297,364 | 576 | 0.79 | % | 242,929 | 814 | 1.34 | % | ||||||||||||||||||||||||
| Savings & MMA, excluding brokered | 1,114,162 | 6,765 | 2.44 | % | 1,057,767 | 6,278 | 2.41 | % | 1,002,820 | 7,130 | 2.85 | % | ||||||||||||||||||||||||
| Time deposits, excluding brokered | 213,426 | 1,818 | 3.42 | % | 216,661 | 1,852 | 3.47 | % | 218,900 | 2,097 | 3.84 | % | ||||||||||||||||||||||||
| Total deposits, excluding brokered | 1,620,758 | 8,902 | 2.20 | % | 1,571,792 | 8,706 | 2.25 | % | 1,464,649 | 10,041 | 2.75 | % | ||||||||||||||||||||||||
| Total brokered deposits | 49,514 | 511 | 4.14 | % | 61,950 | 654 | 4.28 | % | 120,935 | 1,335 | 4.43 | % | ||||||||||||||||||||||||
| Total Interest-Bearing Deposits | 1,670,272 | 9,413 | 2.26 | % | 1,633,742 | 9,360 | 2.32 | % | 1,585,584 | 11,376 | 2.88 | % | ||||||||||||||||||||||||
| FHLB advances | 8,000 | 83 | 4.16 | % | 10,333 | 110 | 4.32 | % | 12,868 | 139 | 4.33 | % | ||||||||||||||||||||||||
| Other borrowings | 17,981 | 334 | 7.45 | % | 17,976 | 334 | 7.54 | % | 17,973 | 360 | 8.03 | % | ||||||||||||||||||||||||
| Total Interest-Bearing Liabilities | 1,696,253 | 9,830 | 2.32 | % | 1,662,051 | 9,804 | 2.39 | % | 1,616,425 | 11,875 | 2.95 | % | ||||||||||||||||||||||||
| Noninterest-bearing deposits | 649,135 | 640,076 | 609,760 | |||||||||||||||||||||||||||||||||
| Total Funding Sources | 2,345,388 | 9,830 | 1.68 | % | 2,302,127 | 9,804 | 1.73 | % | 2,226,185 | 11,875 | 2.14 | % | ||||||||||||||||||||||||
| Noninterest-bearing liabilities | 17,583 | 19,472 | 18,804 | |||||||||||||||||||||||||||||||||
| Shareholders' equity | 280,149 | 271,873 | 242,235 | |||||||||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 2,643,120 | $ | 2,593,472 | $ | 2,487,224 | ||||||||||||||||||||||||||||||
| Net interest income/spread | $ | 33,545 | 5.02 | % | $ | 32,609 | 5.04 | % | $ | 30,113 | 4.75 | % | ||||||||||||||||||||||||
| Net interest margin | 5.18 | % | 5.21 | % | 4.94 | % | ||||||||||||||||||||||||||||||
| PRIVATE BANCORP OF AMERICA, INC. Consolidated average balance sheet, interest, yield and rates (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||||
| Year to Date | ||||||||||||||||||||||||
| Jun 30, 2026 | Jun 30, 2025 | |||||||||||||||||||||||
Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | |||||||||||||||||||
| Interest-Earnings Assets: | ||||||||||||||||||||||||
| Deposits in other financial institutions | $ | 195,563 | $ | 3,738 | 3.85 | % | $ | 197,273 | $ | 4,382 | 4.48 | % | ||||||||||||
| Investment securities | 235,594 | 5,045 | 4.31 | % | 170,328 | 3,305 | 3.90 | % | ||||||||||||||||
| Loans | 2,137,192 | 77,005 | 7.27 | % | 2,073,976 | 74,569 | 7.25 | % | ||||||||||||||||
| Total interest-earning assets | 2,568,349 | 85,788 | 6.74 | % | 2,441,577 | 82,256 | 6.79 | % | ||||||||||||||||
| Noninterest-earning assets | 50,084 | 35,977 | ||||||||||||||||||||||
| Total Assets | $ | 2,618,433 | $ | 2,477,554 | ||||||||||||||||||||
| Interest-Bearing Liabilities | ||||||||||||||||||||||||
| Interest bearing DDA, excluding brokered | 295,256 | 895 | 0.61 | % | 243,611 | 1,784 | 1.48 | % | ||||||||||||||||
| Savings & MMA, excluding brokered | 1,086,121 | 13,043 | 2.42 | % | 979,170 | 13,960 | 2.88 | % | ||||||||||||||||
| Time deposits, excluding brokered | 215,034 | 3,670 | 3.44 | % | 207,699 | 4,053 | 3.94 | % | ||||||||||||||||
| Total deposits, excluding brokered | 1,596,411 | 17,608 | 2.22 | % | 1,430,480 | 19,797 | 2.79 | % | ||||||||||||||||
| Total brokered deposits | 55,698 | 1,165 | 4.22 | % | 151,825 | 3,478 | 4.62 | % | ||||||||||||||||
| Total Interest-Bearing Deposits | 1,652,109 | 18,773 | 2.29 | % | 1,582,305 | 23,275 | 2.97 | % | ||||||||||||||||
| FHLB advances | 9,160 | 193 | 4.25 | % | 18,464 | 411 | 4.49 | % | ||||||||||||||||
| Other borrowings | 17,979 | 668 | 7.49 | % | 17,977 | 725 | 8.13 | % | ||||||||||||||||
| Total Interest-Bearing Liabilities | 1,679,248 | 19,634 | 2.36 | % | 1,618,746 | 24,411 | 3.04 | % | ||||||||||||||||
| Noninterest-bearing deposits | 644,631 | 602,126 | ||||||||||||||||||||||
| Total Funding Sources | 2,323,879 | 19,634 | 1.70 | % | 2,220,872 | 24,411 | 2.22 | % | ||||||||||||||||
| Noninterest-bearing liabilities | 18,522 | 20,165 | ||||||||||||||||||||||
| Shareholders' equity | 276,032 | 236,517 | ||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 2,618,433 | $ | 2,477,554 | ||||||||||||||||||||
| Net interest income/spread | $ | 66,154 | 5.04 | % | $ | 57,845 | 4.57 | % | ||||||||||||||||
| Net interest margin | 5.19 | % | 4.78 | % | ||||||||||||||||||||
| PRIVATE BANCORP OF AMERICA, INC. Condensed Balance Sheets (Unaudited) (Dollars in thousands, except per share amounts) | ||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ | 300,355 | $ | 297,001 | $ | 155,015 | $ | 261,367 | $ | 140,619 | ||||||||||
| Interest-bearing time deposits with other institutions | 4,344 | 4,326 | 4,355 | 4,295 | 4,270 | |||||||||||||||
| Investment securities | 237,074 | 220,908 | 217,837 | 199,852 | 188,821 | |||||||||||||||
| Loans held for sale | - | 596 | 2,330 | 314 | 8,826 | |||||||||||||||
| Total loans held-for-investment | 2,132,724 | 2,140,964 | 2,126,147 | 2,081,611 | 2,081,063 | |||||||||||||||
| Allowance for loan losses | (30,462 | ) | (30,236 | ) | (29,323 | ) | (28,785 | ) | (28,178 | ) | ||||||||||
| Loans held-for-investment, net of allowance | 2,102,262 | 2,110,728 | 2,096,824 | 2,052,826 | 2,052,885 | |||||||||||||||
| Operating lease right of use assets | 6,733 | 7,196 | 6,352 | 6,811 | 7,254 | |||||||||||||||
| Premises and equipment, net | 2,525 | 2,678 | 2,783 | 2,252 | 2,213 | |||||||||||||||
| Other assets and interest receivable | 55,009 | 50,493 | 49,561 | 48,764 | 49,992 | |||||||||||||||
| Total assets | $ | 2,708,302 | $ | 2,693,926 | $ | 2,535,057 | $ | 2,576,481 | $ | 2,454,880 | ||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Noninterest Bearing | $ | 663,200 | $ | 735,802 | $ | 606,105 | $ | 654,072 | $ | 601,473 | ||||||||||
| Interest Bearing | 1,718,037 | 1,638,893 | 1,617,776 | 1,618,296 | 1,561,407 | |||||||||||||||
| Total Deposits | 2,381,237 | 2,374,695 | 2,223,881 | 2,272,368 | 2,162,880 | |||||||||||||||
| Borrowings | 25,979 | 25,978 | 28,976 | 28,974 | 28,972 | |||||||||||||||
| Accrued interest payable and other liabilities | 15,570 | 20,521 | 18,236 | 17,185 | 16,089 | |||||||||||||||
| Total liabilities | 2,422,786 | 2,421,194 | 2,271,093 | 2,318,527 | 2,207,941 | |||||||||||||||
| Shareholders' equity | ||||||||||||||||||||
| Common stock | 78,214 | 78,053 | 76,972 | 76,403 | 76,398 | |||||||||||||||
| Additional paid-in capital | 4,264 | 3,992 | 4,389 | 4,479 | 4,009 | |||||||||||||||
| Retained earnings | 209,263 | 196,247 | 187,473 | 182,546 | 172,849 | |||||||||||||||
| Accumulated other comprehensive (loss) income | (6,225 | ) | (5,560 | ) | (4,870 | ) | (5,474 | ) | (6,317 | ) | ||||||||||
| Total shareholders' equity | 285,516 | 272,732 | 263,964 | 257,954 | 246,939 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,708,302 | $ | 2,693,926 | $ | 2,535,057 | $ | 2,576,481 | $ | 2,454,880 | ||||||||||
| Book value per common share | $ | 49.87 | $ | 47.72 | $ | 46.08 | $ | 44.45 | $ | 42.54 | ||||||||||
| Tangible book value per common share(1) | $ | 49.57 | $ | 47.38 | $ | 45.75 | $ | 44.11 | $ | 42.20 | ||||||||||
| Shares outstanding | 5,725,696 | 5,715,049 | 5,728,187 | 5,803,016 | 5,805,286 | |||||||||||||||
(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, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | |||||||||||||||
| Interest income | $ | 43,375 | $ | 42,413 | $ | 41,872 | $ | 41,254 | $ | 41,988 | |||||||||
| Interest expense | 9,830 | 9,804 | 10,819 | 11,922 | 11,875 | ||||||||||||||
| Net interest income | 33,545 | 32,609 | 31,053 | 29,332 | 30,113 | ||||||||||||||
| Provision for credit losses | (204 | ) | 2,019 | 2,558 | 1,792 | 1,293 | |||||||||||||
| Net interest income after provision for credit losses | 33,749 | 30,590 | 28,495 | 27,540 | 28,820 | ||||||||||||||
| Service charges on deposit accounts | 533 | 544 | 529 | 537 | 591 | ||||||||||||||
| Net gain on sale of loans | 4 | 907 | 320 | 1,008 | 523 | ||||||||||||||
| Other noninterest income | 464 | 484 | 564 | 627 | 616 | ||||||||||||||
| Total noninterest income | 1,001 | 1,935 | 1,413 | 2,172 | 1,730 | ||||||||||||||
| Compensation and employee benefits | 11,142 | 10,811 | 10,633 | 10,882 | 10,319 | ||||||||||||||
| Occupancy and equipment | 876 | 858 | 906 | 841 | 840 | ||||||||||||||
| Data processing | 1,491 | 1,369 | 1,347 | 1,429 | 1,396 | ||||||||||||||
| Professional services | 1,061 | 610 | 660 | 742 | 939 | ||||||||||||||
| Other expenses | 2,293 | 2,032 | 2,187 | 2,011 | 2,195 | ||||||||||||||
| Total noninterest expense | 16,863 | 15,680 | 15,733 | 15,905 | 15,689 | ||||||||||||||
| Income before provision for income taxes | 17,887 | 16,845 | 14,175 | 13,807 | 14,861 | ||||||||||||||
| Income taxes | 4,769 | 4,818 | 4,221 | 4,106 | 4,412 | ||||||||||||||
| Net income | $ | 13,118 | $ | 12,027 | $ | 9,954 | $ | 9,701 | $ | 10,449 | |||||||||
| Net income available to common shareholders | $ | 13,018 | $ | 11,942 | $ | 9,874 | $ | 9,623 | $ | 10,361 | |||||||||
| Earnings per share | |||||||||||||||||||
| Basic earnings per share | $ | 2.29 | $ | 2.10 | $ | 1.73 | $ | 1.67 | $ | 1.80 | |||||||||
| Diluted earnings per share | $ | 2.27 | $ | 2.07 | $ | 1.71 | $ | 1.65 | $ | 1.77 | |||||||||
| Average shares outstanding | 5,681,165 | 5,694,148 | 5,701,291 | 5,757,192 | 5,754,872 | ||||||||||||||
| Diluted average shares outstanding | 5,741,395 | 5,773,819 | 5,785,991 | 5,837,837 | 5,837,537 | ||||||||||||||
| Performance Ratios | |||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | |||||||||||||||
| ROAA | 1.99 | % | 1.88 | % | 1.53 | % | 1.51 | % | 1.69 | % | |||||||||
| ROAE | 18.78 | % | 17.94 | % | 15.11 | % | 15.16 | % | 17.30 | % | |||||||||
| ROATCE(1) | 18.90 | % | 18.07 | % | 15.22 | % | 15.28 | % | 17.44 | % | |||||||||
| Net interest margin | 5.18 | % | 5.21 | % | 4.84 | % | 4.65 | % | 4.94 | % | |||||||||
| Net interest spread | 5.02 | % | 5.04 | % | 4.67 | % | 4.45 | % | 4.75 | % | |||||||||
| Efficiency ratio(1) | 48.81 | % | 45.39 | % | 48.46 | % | 50.49 | % | 49.27 | % | |||||||||
| Noninterest expense / average assets | 2.56 | % | 2.45 | % | 2.41 | % | 2.47 | % | 2.53 | % | |||||||||
(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, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | ||||||||||||||||
| Total assets | $ | 2,643,120 | $ | 2,593,472 | $ | 2,589,506 | $ | 2,550,564 | $ | 2,487,224 | ||||||||||
| Earning assets | $ | 2,596,190 | $ | 2,540,198 | $ | 2,545,081 | $ | 2,505,145 | $ | 2,443,888 | ||||||||||
| Total loans, including loans held for sale | $ | 2,148,935 | $ | 2,125,318 | $ | 2,101,190 | $ | 2,091,309 | $ | 2,069,415 | ||||||||||
| Total deposits | $ | 2,319,407 | $ | 2,273,818 | $ | 2,279,735 | $ | 2,250,180 | $ | 2,195,344 | ||||||||||
| Total shareholders' equity | $ | 280,149 | $ | 271,873 | $ | 261,344 | $ | 253,829 | $ | 242,235 | ||||||||||
| Loan Balances by Type | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | ||||||||||||||||
| Commercial Real Estate (CRE): | ||||||||||||||||||||
| Investor owned | $ | 570,865 | $ | 560,707 | $ | 577,730 | $ | 595,833 | $ | 604,070 | ||||||||||
| Owner occupied | 223,442 | 238,653 | 236,623 | 226,919 | 224,760 | |||||||||||||||
| Multifamily | 184,005 | 177,151 | 155,941 | 145,496 | 160,902 | |||||||||||||||
| Secured by single family | 205,365 | 194,494 | 198,743 | 210,812 | 197,137 | |||||||||||||||
| Land and construction | 48,782 | 43,879 | 47,029 | 53,976 | 51,669 | |||||||||||||||
| SBA secured by real estate | 409,467 | 430,962 | 403,609 | 402,648 | 401,546 | |||||||||||||||
| Total CRE | 1,641,926 | 1,645,846 | 1,619,675 | 1,635,684 | 1,640,084 | |||||||||||||||
| Commercial business: | ||||||||||||||||||||
| Commercial and industrial | 453,854 | 461,824 | 471,526 | 415,353 | 412,107 | |||||||||||||||
| SBA non-real estate secured | 34,935 | 31,265 | 32,853 | 28,655 | 26,931 | |||||||||||||||
| Total commercial business | 488,789 | 493,089 | 504,379 | 444,008 | 439,038 | |||||||||||||||
| Consumer | 2,009 | 2,029 | 2,093 | 1,919 | 1,941 | |||||||||||||||
| Total loans held for investment | $ | 2,132,724 | $ | 2,140,964 | $ | 2,126,147 | $ | 2,081,611 | $ | 2,081,063 | ||||||||||
| Deposits by Type | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | ||||||||||||||||
| Noninterest-bearing DDA | $ | 663,200 | $ | 735,802 | $ | 606,105 | $ | 654,072 | $ | 601,473 | ||||||||||
| Interest-bearing DDA, excluding brokered | 308,561 | 298,747 | 309,013 | 268,210 | 251,701 | |||||||||||||||
| Savings & MMA, excluding brokered | 1,136,048 | 1,073,682 | 1,024,829 | 1,038,035 | 990,798 | |||||||||||||||
| Time deposits, excluding brokered | 224,127 | 216,915 | 218,871 | 231,886 | 227,129 | |||||||||||||||
| Total deposits, excluding brokered | 2,331,936 | 2,325,146 | 2,158,818 | 2,192,203 | 2,071,101 | |||||||||||||||
| Total brokered deposits | 49,301 | 49,549 | 65,063 | 80,165 | 91,779 | |||||||||||||||
| Total deposits | $ | 2,381,237 | $ | 2,374,695 | $ | 2,223,881 | $ | 2,272,368 | $ | 2,162,880 | ||||||||||
| PRIVATE BANCORP OF AMERICA, INC. (Unaudited) | ||||||||||||||||||||
| Rollforward of Allowance for Credit Losses | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| For the three months ended | ||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | ||||||||||||||||
| Allowance for loan losses: | ||||||||||||||||||||
| Beginning balance | $ | 30,236 | $ | 29,323 | $ | 28,785 | $ | 28,178 | $ | 26,437 | ||||||||||
| Provision for loan losses | (73 | ) | 2,026 | 2,898 | 1,666 | 1,741 | ||||||||||||||
| Net (charge-offs) recoveries | 299 | (1,113 | ) | (2,360 | ) | (1,059 | ) | - | ||||||||||||
| Ending balance | 30,462 | 30,236 | 29,323 | 28,785 | 28,178 | |||||||||||||||
| Reserve for unfunded commitments | 546 | 677 | 684 | 1,024 | 899 | |||||||||||||||
| Total allowance for credit losses | $ | 31,008 | $ | 30,913 | $ | 30,007 | $ | 29,809 | $ | 29,077 | ||||||||||
| Asset Quality | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | ||||||||||||||||
| Total loans held-for-investment | $ | 2,132,724 | $ | 2,140,964 | $ | 2,126,147 | $ | 2,081,611 | $ | 2,081,063 | ||||||||||
| Allowance for loan losses | $ | (30,462 | ) | $ | (30,236 | ) | $ | (29,323 | ) | $ | (28,785 | ) | $ | (28,178 | ) | |||||
| 30-89 day past due loans, excluding nonaccrual | $ | 880 | $ | 20,741 | $ | 5,945 | $ | 7,354 | $ | 4,680 | ||||||||||
| 90+ day past due loans, excluding nonaccrual | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
| Nonaccrual loans | $ | 26,893 | $ | 34,584 | $ | 42,227 | $ | 37,663 | $ | 7,722 | ||||||||||
| Other real estate owned (OREO) | $ | 13,637 | $ | 8,568 | $ | 8,568 | $ | 8,568 | $ | 8,568 | ||||||||||
| NPAs / Total assets | 1.50 | % | 1.60 | % | 2.00 | % | 1.79 | % | 0.66 | % | ||||||||||
| NPLs / Total loans held-for-investment | 1.26 | % | 1.62 | % | 1.99 | % | 1.81 | % | 0.37 | % | ||||||||||
| Net quarterly charge-offs (recoveries) | $ | (299 | ) | $ | 1,113 | $ | 2,360 | $ | 1,059 | $ | - | |||||||||
| Net charge-offs (recoveries) /avg loans (annualized) | (0.06 | )% | 0.21 | % | 0.45 | % | 0.20 | % | 0.00 | % | ||||||||||
| Allowance for loan losses to loans HFI | 1.43 | % | 1.41 | % | 1.38 | % | 1.38 | % | 1.35 | % | ||||||||||
| Allowance for loan losses to nonaccrual loans | 113.27 | % | 87.43 | % | 69.44 | % | 76.43 | % | 364.91 | % | ||||||||||
PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)
The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, tangible book value per share and 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 for the GAAP measures.
| GAAP to Non-GAAP Reconciliation | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| For the three months ended | ||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | ||||||||||||||||
| Efficiency Ratio | ||||||||||||||||||||
| Noninterest expense | $ | 16,863 | $ | 15,680 | $ | 15,733 | $ | 15,905 | $ | 15,689 | ||||||||||
| Net interest income | 33,545 | 32,609 | 31,053 | 29,332 | 30,113 | |||||||||||||||
| Noninterest income | 1,001 | 1,935 | 1,413 | 2,172 | 1,730 | |||||||||||||||
| Total net interest income and noninterest income | 34,546 | 34,544 | 32,466 | 31,504 | 31,843 | |||||||||||||||
| Efficiency ratio (non-GAAP) | 48.81 | % | 45.39 | % | 48.46 | % | 50.49 | % | 49.27 | % | ||||||||||
| Pretax pre-provision net revenue | ||||||||||||||||||||
| Net interest income | $ | 33,545 | $ | 32,609 | $ | 31,053 | $ | 29,332 | $ | 30,113 | ||||||||||
| Noninterest income | 1,001 | 1,935 | 1,413 | 2,172 | 1,730 | |||||||||||||||
| Total net interest income and noninterest income | 34,546 | 34,544 | 32,466 | 31,504 | 31,843 | |||||||||||||||
| Less: Noninterest expense | 16,863 | 15,680 | 15,733 | 15,905 | 15,689 | |||||||||||||||
| Pretax pre-provision net revenue (non-GAAP) | $ | 17,683 | $ | 18,864 | $ | 16,733 | $ | 15,599 | $ | 16,154 | ||||||||||
| Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity | ||||||||||||||||||||
| Net income | $ | 13,118 | $ | 12,027 | $ | 9,954 | $ | 9,701 | $ | 10,449 | ||||||||||
| Average assets | 2,643,120 | 2,593,472 | 2,589,506 | 2,550,564 | 2,487,224 | |||||||||||||||
| Average shareholders' equity | 280,149 | 271,873 | 261,344 | 253,829 | 242,235 | |||||||||||||||
| Less: Average intangible assets | 1,819 | 1,910 | 1,913 | 2,025 | 1,953 | |||||||||||||||
| Average tangible common equity (non-GAAP) | 278,330 | 269,963 | 259,431 | 251,804 | 240,282 | |||||||||||||||
| Return on average assets | 1.99 | % | 1.88 | % | 1.53 | % | 1.51 | % | 1.69 | % | ||||||||||
| Return on average equity | 18.78 | % | 17.94 | % | 15.11 | % | 15.16 | % | 17.30 | % | ||||||||||
| Return on average tangible common equity (non-GAAP) | 18.90 | % | 18.07 | % | 15.22 | % | 15.28 | % | 17.44 | % | ||||||||||
| Tangible book value per share | ||||||||||||||||||||
| Total equity | 285,516 | 272,732 | 263,964 | 257,954 | 246,939 | |||||||||||||||
| Less: Total intangible assets | 1,717 | 1,957 | 1,913 | 2,004 | 1,964 | |||||||||||||||
| Total tangible equity | 283,799 | 270,775 | 262,051 | 255,950 | 244,975 | |||||||||||||||
| Shares outstanding | 5,725,696 | 5,715,049 | 5,728,187 | 5,803,016 | 5,805,286 | |||||||||||||||
| Tangible book value per share (non-GAAP) | $ | 49.57 | $ | 47.38 | $ | 45.75 | $ | 44.11 | $ | 42.20 | ||||||||||
