Private Bancorp of America, Inc. Announces Continued Strong Net Income for First Quarter 2026
Rhea-AI Summary
Private Bancorp of America (OTCQX: PBAM) reported continued strong first quarter 2026 results with net income of $12.0 million and diluted EPS of $2.07. Return on average assets was 1.88% and return on average tangible common equity was 18.07%.
Core deposits grew to $2.33 billion (+13.5% YoY), total deposits were $2.37 billion, net interest margin was 5.21%, and loans HFI totaled $2.14 billion. The company repurchased 44,214 shares for $3.0 million in Q1 2026.
Positive
- Net income +20% QoQ to $12.0M
- Diluted EPS +21% QoQ to $2.07
- Core deposits +13.5% YoY to $2.33B
- Investment securities AFS +41.3% YoY to $220.9M
Negative
- Provision for credit losses increased to $2.0M from $299K YoY
- Net charge-offs of $1.1M in Q1 2026
News Market Reaction – PBAM
In the Apr 17 session, PBAM gained 5.06%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
First Quarter 2026 Highlights
- Net income for the first quarter of 2026 was
$12.0 million , compared to$10.0 million in the prior quarter and$10.6 million in the first quarter of 2025. - Net income for the first quarter of 2026 represents a return on average assets of
1.88% and a return on average tangible common equity(1) of18.07% . - Diluted earnings per share for the first quarter of 2026 was
$2.07 , compared to$1.71 in the prior quarter and$1.80 in the first quarter of 2025. - Core deposits were
$2.33 billion as of March 31, 2026, an increase of$166.3 million or7.7% from December 31, 2025, and an increase of$276.0 million or13.5% from March 31, 2025. - Total deposits were
$2.37 billion as of March 31, 2026, an increase of$150.8 million or6.8% from December 31, 2025, which included a reduction in brokered deposits of$15.5 million . - Total cost of deposits was
1.67% for the first quarter of 2026, a decrease from1.80% in the prior quarter and2.22% in the first quarter of 2025, an improvement of7.3% quarter over quarter and24.8% year over year. The spot rate for total deposits was1.55% as of March 31, 2026, compared to1.71% at December 31, 2025. Total cost of funding sources was1.73% for the first quarter of 2026, a decrease from1.86% in the prior quarter and2.29% in the first quarter of 2025. - Loans held-for-investment (HFI) totaled
$2.14 billion as of March 31, 2026, an increase of$14.8 million or0.7% from December 31, 2025. - Investment securities available-for-sale (AFS) were
$220.9 million as of March 31, 2026, an increase of$3.1 million or1.41% since December 31, 2025, and an increase of$64.6 million or41.3% from March 31, 2025, primarily as a result of new securities purchased. - Net interest margin was
5.21% for the first quarter of 2026, compared to4.84% in the prior quarter and4.61% in the first quarter of 2025. - Provision for credit losses for the first quarter of 2026 was
$2.0 million , compared to$2.6 million for the prior quarter and$299 thousand for the first quarter of 2025. The allowance for loan losses was1.41% of loans HFI as of March 31, 2026 compared to1.38% at December 31, 2025. - As of March 31, 2026, criticized loans totaled
$68.2 million , or3.19% of total loans, down from$73.2 million , or3.44% of total loans at December 31, 2025. - Tangible book value per share(1) was
$47.38 as of March 31, 2026, an increase of$1.63 since December 31, 2025 primarily as a result of strong earnings.
(1) A non-GAAP financial measure. A reconciliation of non-GAAP financial measures to GAAP financial measures can be found on page 13.
LA JOLLA, Calif., April 17, 2026 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX: PBAM), ("Company") and CalPrivate Bank ("Bank") announced unaudited financial results for the first fiscal quarter ended March 31, 2026. The Company reported net income of
Rick Sowers, President and CEO of the Company and the Bank stated, "The first quarter showed seasonally strong core deposit growth as a result of onboarding new profitable Client Relationships which continues to be our primary objective. This growth is supported by an outstanding Team of professionals who provide our Clients with exceptional service. Our net income, return on assets, return on equity and SBA gain on sale were up over the prior quarter as we focused on expense management amid tepid loan growth and an increasingly competitive credit market. Our discipline on pricing both in lending and deposits resulted in core NIM expansion.”
Sowers added, "We are pleased to see credit metrics improving over the prior quarter. As previously discussed we have reviewed a significant portion of the credit portfolio in conjunction with a change in our credit leadership in 2025 and are laser focused on reducing criticized, classified and non-performing assets. We believe reserves are adequate and continue to take a disciplined approach to underwriting, portfolio management and loan grading."
The Bank's superior financial performance and industry leading service metrics continue to be recognized by industry publications and our Clients. This recognition reinforces our strategic thinking and our dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value:
- Top 20 Community Banks in the US for 2025 by American Banker with assets between
$2B and$10B in assets and #2 in California - Top 10 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than
$5 billion in assets in 2025 - #1 SBA 504 Community Bank Lender in the United States
- Client Net Promoter Score of 81 (World Class)
- Bauer 5 Star Rating
- 2025 Best 50 OTCQX
“We continued to build PBAM’s franchise value through another strong earnings quarter, driven by exceptional deposit growth and net interest margin performance, resulting in superior returns on assets and tangible book value accretion,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank. “Through disciplined risk management and a clear focus on our mission, management has successfully navigated an uncertain economic and geopolitical environment, as well as an increasingly complex and competitive financial services landscape. Our continued investments in technology and talent have further strengthened our position as coastal Southern California’s premier relationship-focused bank serving private and closely held businesses. We remain firmly on our growth trajectory by delivering superior service and tailored financial solutions, earning the trust of our clients, reflected in the fact that the majority of our new business continues to come from referrals.”
STATEMENT OF INCOME
Net Interest Income
Net interest income for the first quarter of 2026 totaled
Net Interest Margin
Net interest margin (NIM) for the first quarter of 2026 was
Provision for Credit Losses
Provision expense for credit losses for the first quarter of 2026 was
Noninterest Income
Noninterest income was
Noninterest Expense
Noninterest expense was
The Company remains committed to making investments in the business, including technology, marketing, and staffing. 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 March 31, 2026, total assets were
Total deposits were
As of March 31, 2026, total available liquidity was
Asset Quality and Allowance for Credit Losses (ACL)
As of March 31, 2026, the allowance for loan losses was
At March 31, 2026, criticized loans totaled
As of March 31, 2026, nonaccrual loans were
Capital Ratios (2)
The Bank’s capital ratios were in excess of the levels established for "well capitalized" institutions and are as follows:
| March 31, 2026 (2) | December 31, 2025 | |||
| CalPrivate Bank | ||||
| Tier I leverage ratio | ||||
| Tier I risk-based capital ratio | ||||
| Total risk-based capital ratio | ||||
(2) March 31, 2026 capital ratios are preliminary and subject to change.
Stock Repurchases
On March 19, 2026, the Company's Board of Directors authorized 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, cross border banking, 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 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
Safe Harbor Paragraph
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, especially given the current turmoil in the banking and financial markets. 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 Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, 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. 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) | ||||||||||||
| Mar 31, 2026 | Dec 31, 2025 | Mar 31, 2025 | ||||||||||
| Assets | ||||||||||||
| Cash and due from banks | $ | 26,135 | $ | 11,148 | $ | 34,720 | ||||||
| Interest-bearing deposits in other financial institutions | 24,078 | 13,523 | 16,155 | |||||||||
| Interest-bearing deposits at Federal Reserve Bank | 246,788 | 130,344 | 167,606 | |||||||||
| Total cash and due from banks | 297,001 | 155,015 | 218,481 | |||||||||
| Interest-bearing time deposits with other institutions | 4,326 | 4,355 | 4,213 | |||||||||
| Investment debt securities available for sale | 220,908 | 217,837 | 156,346 | |||||||||
| Loans held for sale | 596 | 2,330 | 2,066 | |||||||||
| Loans, net of deferred fees and costs and unaccreted discounts | 2,140,964 | 2,126,147 | 2,078,653 | |||||||||
| Allowance for loan losses | (30,236 | ) | (29,323 | ) | (26,437 | ) | ||||||
| Loans held-for-investment, net of allowance | 2,110,728 | 2,096,824 | 2,052,216 | |||||||||
| Federal Home Loan Bank stock, at cost | 10,652 | 10,652 | 9,586 | |||||||||
| Operating lease right of use assets | 7,196 | 6,352 | 6,383 | |||||||||
| Premises and equipment, net | 2,678 | 2,783 | 2,432 | |||||||||
| Servicing assets, net | 1,957 | 1,913 | 1,993 | |||||||||
| Accrued interest receivable | 8,773 | 8,284 | 8,148 | |||||||||
| Other assets | 29,111 | 28,712 | 21,009 | |||||||||
| Total assets | $ | 2,693,926 | $ | 2,535,057 | $ | 2,482,873 | ||||||
| Liabilities and Shareholders' Equity | ||||||||||||
| Liabilities | ||||||||||||
| Noninterest bearing | $ | 735,802 | $ | 606,105 | $ | 599,095 | ||||||
| Interest bearing | 1,638,893 | 1,617,776 | 1,593,014 | |||||||||
| Total deposits | 2,374,695 | 2,223,881 | 2,192,109 | |||||||||
| FHLB borrowings | 8,000 | 11,000 | 16,000 | |||||||||
| Other borrowings | 17,978 | 17,976 | 17,970 | |||||||||
| Accrued interest payable and other liabilities | 20,521 | 18,236 | 21,559 | |||||||||
| Total liabilities | 2,421,194 | 2,271,093 | 2,247,638 | |||||||||
| Shareholders' equity | ||||||||||||
| Common stock | 78,053 | 76,972 | 76,156 | |||||||||
| Additional paid-in capital | 3,992 | 4,389 | 3,712 | |||||||||
| Retained earnings | 196,247 | 187,473 | 162,462 | |||||||||
| Accumulated other comprehensive (loss) income, net | (5,560 | ) | (4,870 | ) | (7,095 | ) | ||||||
| Total shareholders' equity | 272,732 | 263,964 | 235,235 | |||||||||
| Total liabilities and shareholders' equity | $ | 2,693,926 | $ | 2,535,057 | $ | 2,482,873 | ||||||
| PRIVATE BANCORP OF AMERICA, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share amounts) | ||||||||||||
| For the three months ended | ||||||||||||
| Mar 31, 2026 | Dec 31, 2025 | Mar 31, 2025 | ||||||||||
| Interest Income | ||||||||||||
| Loans | $ | 37,967 | $ | 37,290 | $ | 36,565 | ||||||
| Investment securities | 2,661 | 2,288 | 1,505 | |||||||||
| Deposits in other financial institutions | 1,785 | 2,294 | 2,198 | |||||||||
| Total interest income | 42,413 | 41,872 | 40,268 | |||||||||
| Interest Expense | ||||||||||||
| Deposits | 9,360 | 10,352 | 11,899 | |||||||||
| Borrowings | 444 | 467 | 637 | |||||||||
| Total interest expense | 9,804 | 10,819 | 12,536 | |||||||||
| Net interest income | 32,609 | 31,053 | 27,732 | |||||||||
| Provision for credit losses | 2,019 | 2,558 | 299 | |||||||||
| Net interest income after provision for credit losses | 30,590 | 28,495 | 27,433 | |||||||||
| Noninterest income: | ||||||||||||
| Service charges on deposit accounts | 544 | 529 | 557 | |||||||||
| Net gain on sale of loans | 907 | 320 | 469 | |||||||||
| Other noninterest income | 484 | 564 | 587 | |||||||||
| Total noninterest income | 1,935 | 1,413 | 1,613 | |||||||||
| Noninterest expense: | ||||||||||||
| Compensation and employee benefits | 10,811 | 10,633 | 9,748 | |||||||||
| Occupancy and equipment | 858 | 906 | 844 | |||||||||
| Data processing | 1,369 | 1,347 | 1,326 | |||||||||
| Professional services | 610 | 660 | 508 | |||||||||
| Other expenses | 2,032 | 2,187 | 1,629 | |||||||||
| Total noninterest expense | 15,680 | 15,733 | 14,055 | |||||||||
| Income before provision for income taxes | 16,845 | 14,175 | 14,991 | |||||||||
| Provision for income taxes | 4,818 | 4,221 | 4,429 | |||||||||
| Net income | $ | 12,027 | $ | 9,954 | $ | 10,562 | ||||||
| Net income available to common shareholders | $ | 11,942 | $ | 9,874 | $ | 10,482 | ||||||
| Earnings per share | ||||||||||||
| Basic earnings per share | $ | 2.10 | $ | 1.73 | $ | 1.83 | ||||||
| Diluted earnings per share | $ | 2.07 | $ | 1.71 | $ | 1.80 | ||||||
| Average shares outstanding | 5,694,148 | 5,701,291 | 5,734,688 | |||||||||
| Diluted average shares outstanding | 5,773,819 | 5,785,991 | 5,826,229 | |||||||||
| PRIVATE BANCORP OF AMERICA, INC. Consolidated average balance sheet, interest, yield and rates (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||||
| For the three months ended | |||||||||||||||||||||||||||||||||
| Mar 31, 2026 | Dec 31, 2025 | Mar 31, 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 | $ | 184,847 | $ | 1,785 | 3.92 | % | $ | 223,338 | $ | 2,294 | 4.08 | % | $ | 202,907 | $ | 2,198 | 4.39 | % | |||||||||||||||
| Investment securities | 230,033 | 2,661 | 4.63 | % | 220,553 | 2,288 | 4.15 | % | 157,747 | 1,505 | 3.82 | % | |||||||||||||||||||||
| Loans, including LHFS | 2,125,318 | 37,967 | 7.24 | % | 2,101,190 | 37,290 | 7.04 | % | 2,078,588 | 36,565 | 7.13 | % | |||||||||||||||||||||
| Total interest-earning assets | 2,540,198 | 42,413 | 6.77 | % | 2,545,081 | 41,872 | 6.53 | % | 2,439,242 | 40,268 | 6.70 | % | |||||||||||||||||||||
| Noninterest-earning assets | 53,274 | 44,425 | 28,536 | ||||||||||||||||||||||||||||||
| Total Assets | $ | 2,593,472 | $ | 2,589,506 | $ | 2,467,778 | |||||||||||||||||||||||||||
| Interest-Bearing Liabilities | |||||||||||||||||||||||||||||||||
| Interest bearing DDA, excluding brokered | 297,364 | 576 | 0.79 | % | 296,103 | 778 | 1.04 | % | 244,301 | 970 | 1.61 | % | |||||||||||||||||||||
| Savings & MMA, excluding brokered | 1,057,767 | 6,278 | 2.41 | % | 1,014,162 | 6,605 | 2.58 | % | 955,259 | 6,830 | 2.90 | % | |||||||||||||||||||||
| Time deposits, excluding brokered | 216,661 | 1,852 | 3.47 | % | 234,315 | 2,137 | 3.62 | % | 196,375 | 1,956 | 4.04 | % | |||||||||||||||||||||
| Total deposits, excluding brokered | 1,571,792 | 8,706 | 2.25 | % | 1,544,580 | 9,520 | 2.45 | % | 1,395,935 | 9,756 | 2.83 | % | |||||||||||||||||||||
| Total brokered deposits | 61,950 | 654 | 4.28 | % | 75,790 | 832 | 4.36 | % | 183,059 | 2,143 | 4.75 | % | |||||||||||||||||||||
| Total Interest-Bearing Deposits | 1,633,742 | 9,360 | 2.32 | % | 1,620,370 | 10,352 | 2.53 | % | 1,578,994 | 11,899 | 3.06 | % | |||||||||||||||||||||
| FHLB advances | 10,333 | 110 | 4.32 | % | 11,008 | 121 | 4.36 | % | 24,122 | 272 | 4.57 | % | |||||||||||||||||||||
| Other borrowings | 17,976 | 334 | 7.54 | % | 17,975 | 346 | 7.64 | % | 17,981 | 365 | 8.23 | % | |||||||||||||||||||||
| Total Interest-Bearing Liabilities | 1,662,051 | 9,804 | 2.39 | % | 1,649,353 | 10,819 | 2.60 | % | 1,621,097 | 12,536 | 3.14 | % | |||||||||||||||||||||
| Noninterest-bearing deposits | 640,076 | 659,365 | 594,408 | ||||||||||||||||||||||||||||||
| Total Funding Sources | 2,302,127 | 9,804 | 1.73 | % | 2,308,718 | 10,819 | 1.86 | % | 2,215,505 | 12,536 | 2.29 | % | |||||||||||||||||||||
| Noninterest-bearing liabilities | 19,472 | 19,444 | 21,542 | ||||||||||||||||||||||||||||||
| Shareholders' equity | 271,873 | 261,344 | 230,731 | ||||||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 2,593,472 | $ | 2,589,506 | $ | 2,467,778 | |||||||||||||||||||||||||||
| Net interest income/spread | $ | 32,609 | 5.04 | % | $ | 31,053 | 4.67 | % | $ | 27,732 | 4.41 | % | |||||||||||||||||||||
| Net interest margin | 5.21 | % | 4.84 | % | 4.61 | % | |||||||||||||||||||||||||||
| PRIVATE BANCORP OF AMERICA, INC. Condensed Balance Sheets (Unaudited) (Dollars in thousands, except per share amounts) | ||||||||||||||||||||
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ | 297,001 | $ | 155,015 | $ | 261,367 | $ | 140,619 | $ | 218,481 | ||||||||||
| Interest-bearing time deposits with other institutions | 4,326 | 4,355 | 4,295 | 4,270 | 4,213 | |||||||||||||||
| Investment securities | 220,908 | 217,837 | 199,852 | 188,821 | 156,346 | |||||||||||||||
| Loans held for sale | 596 | 2,330 | 314 | 8,826 | 2,066 | |||||||||||||||
| Total loans held-for-investment | 2,140,964 | 2,126,147 | 2,081,611 | 2,081,063 | 2,078,653 | |||||||||||||||
| Allowance for loan losses | (30,236 | ) | (29,323 | ) | (28,785 | ) | (28,178 | ) | (26,437 | ) | ||||||||||
| Loans held-for-investment, net of allowance | 2,110,728 | 2,096,824 | 2,052,826 | 2,052,885 | 2,052,216 | |||||||||||||||
| Operating lease right of use assets | 7,196 | 6,352 | 6,811 | 7,254 | 6,383 | |||||||||||||||
| Premises and equipment, net | 2,678 | 2,783 | 2,252 | 2,213 | 2,432 | |||||||||||||||
| Other assets and interest receivable | 50,493 | 49,561 | 48,764 | 49,992 | 40,736 | |||||||||||||||
| Total assets | $ | 2,693,926 | $ | 2,535,057 | $ | 2,576,481 | $ | 2,454,880 | $ | 2,482,873 | ||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Noninterest Bearing | $ | 735,802 | $ | 606,105 | $ | 654,072 | $ | 601,473 | $ | 599,095 | ||||||||||
| Interest Bearing | 1,638,893 | 1,617,776 | 1,618,296 | 1,561,407 | 1,593,014 | |||||||||||||||
| Total Deposits | 2,374,695 | 2,223,881 | 2,272,368 | 2,162,880 | 2,192,109 | |||||||||||||||
| Borrowings | 25,978 | 28,976 | 28,974 | 28,972 | 33,970 | |||||||||||||||
| Accrued interest payable and other liabilities | 20,521 | 18,236 | 17,185 | 16,089 | 21,559 | |||||||||||||||
| Total liabilities | 2,421,194 | 2,271,093 | 2,318,527 | 2,207,941 | 2,247,638 | |||||||||||||||
| Shareholders' equity | ||||||||||||||||||||
| Common stock | 78,053 | 76,972 | 76,403 | 76,398 | 76,156 | |||||||||||||||
| Additional paid-in capital | 3,992 | 4,389 | 4,479 | 4,009 | 3,712 | |||||||||||||||
| Retained earnings | 196,247 | 187,473 | 182,546 | 172,849 | 162,462 | |||||||||||||||
| Accumulated other comprehensive (loss) income | (5,560 | ) | (4,870 | ) | (5,474 | ) | (6,317 | ) | (7,095 | ) | ||||||||||
| Total shareholders' equity | 272,732 | 263,964 | 257,954 | 246,939 | 235,235 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,693,926 | $ | 2,535,057 | $ | 2,576,481 | $ | 2,454,880 | $ | 2,482,873 | ||||||||||
| Book value per common share | $ | 47.72 | $ | 46.08 | $ | 44.45 | $ | 42.54 | $ | 40.63 | ||||||||||
| Tangible book value per common share(1) | $ | 47.38 | $ | 45.75 | $ | 44.11 | $ | 42.20 | $ | 40.29 | ||||||||||
| Shares outstanding | 5,715,049 | 5,728,187 | 5,803,016 | 5,805,286 | 5,789,306 | |||||||||||||||
(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 | |||||||||||||||||||
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | |||||||||||||||
| Interest income | $ | 42,413 | $ | 41,872 | $ | 41,254 | $ | 41,988 | $ | 40,268 | |||||||||
| Interest expense | 9,804 | 10,819 | 11,922 | 11,875 | 12,536 | ||||||||||||||
| Net interest income | 32,609 | 31,053 | 29,332 | 30,113 | 27,732 | ||||||||||||||
| Provision for credit losses | 2,019 | 2,558 | 1,792 | 1,293 | 299 | ||||||||||||||
| Net interest income after provision for credit losses | 30,590 | 28,495 | 27,540 | 28,820 | 27,433 | ||||||||||||||
| Service charges on deposit accounts | 544 | 529 | 537 | 591 | 557 | ||||||||||||||
| Net gain on sale of loans | 907 | 320 | 1,008 | 523 | 469 | ||||||||||||||
| Other noninterest income | 484 | 564 | 627 | 616 | 587 | ||||||||||||||
| Total noninterest income | 1,935 | 1,413 | 2,172 | 1,730 | 1,613 | ||||||||||||||
| Compensation and employee benefits | 10,811 | 10,633 | 10,882 | 10,319 | 9,748 | ||||||||||||||
| Occupancy and equipment | 858 | 906 | 841 | 840 | 844 | ||||||||||||||
| Data processing | 1,369 | 1,347 | 1,429 | 1,396 | 1,326 | ||||||||||||||
| Professional services | 610 | 660 | 742 | 939 | 508 | ||||||||||||||
| Other expenses | 2,032 | 2,187 | 2,011 | 2,195 | 1,629 | ||||||||||||||
| Total noninterest expense | 15,680 | 15,733 | 15,905 | 15,689 | 14,055 | ||||||||||||||
| Income before provision for income taxes | 16,845 | 14,175 | 13,807 | 14,861 | 14,991 | ||||||||||||||
| Income taxes | 4,818 | 4,221 | 4,106 | 4,412 | 4,429 | ||||||||||||||
| Net income | $ | 12,027 | $ | 9,954 | $ | 9,701 | $ | 10,449 | $ | 10,562 | |||||||||
| Net income available to common shareholders | $ | 11,942 | $ | 9,874 | $ | 9,623 | $ | 10,361 | $ | 10,482 | |||||||||
| Earnings per share | |||||||||||||||||||
| Basic earnings per share | $ | 2.10 | $ | 1.73 | $ | 1.67 | $ | 1.80 | $ | 1.83 | |||||||||
| Diluted earnings per share | $ | 2.07 | $ | 1.71 | $ | 1.65 | $ | 1.77 | $ | 1.80 | |||||||||
| Average shares outstanding | 5,694,148 | 5,701,291 | 5,757,192 | 5,754,872 | 5,734,688 | ||||||||||||||
| Diluted average shares outstanding | 5,773,819 | 5,785,991 | 5,837,837 | 5,837,537 | 5,826,229 | ||||||||||||||
| Performance Ratios | |||||||||||||||||||
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | |||||||||||||||
| ROAA | 1.88 | % | 1.53 | % | 1.51 | % | 1.69 | % | 1.74 | % | |||||||||
| ROAE | 17.94 | % | 15.11 | % | 15.16 | % | 17.30 | % | 18.56 | % | |||||||||
| ROATCE(1) | 18.07 | % | 15.22 | % | 15.28 | % | 17.44 | % | 18.74 | % | |||||||||
| Net interest margin | 5.21 | % | 4.84 | % | 4.65 | % | 4.94 | % | 4.61 | % | |||||||||
| Net interest spread | 5.04 | % | 4.67 | % | 4.45 | % | 4.75 | % | 4.41 | % | |||||||||
| Efficiency ratio(1) | 45.39 | % | 48.46 | % | 50.49 | % | 49.27 | % | 47.90 | % | |||||||||
| Noninterest expense / average assets | 2.41 | % | 2.41 | % | 2.47 | % | 2.53 | % | 2.31 | % | |||||||||
(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 | ||||||||||||||||||||
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | ||||||||||||||||
| Total assets | $ | 2,593,472 | $ | 2,589,506 | $ | 2,550,564 | $ | 2,487,224 | $ | 2,467,778 | ||||||||||
| Earning assets | $ | 2,540,198 | $ | 2,545,081 | $ | 2,505,145 | $ | 2,443,888 | $ | 2,439,242 | ||||||||||
| Total loans, including loans held for sale | $ | 2,125,318 | $ | 2,101,190 | $ | 2,091,309 | $ | 2,069,415 | $ | 2,078,588 | ||||||||||
| Total deposits | $ | 2,273,818 | $ | 2,279,735 | $ | 2,250,180 | $ | 2,195,344 | $ | 2,173,402 | ||||||||||
| Total shareholders' equity | $ | 271,873 | $ | 261,344 | $ | 253,829 | $ | 242,235 | $ | 230,731 | ||||||||||
| Loan Balances by Type | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | ||||||||||||||||
| Commercial Real Estate (CRE): | ||||||||||||||||||||
| Investor owned | $ | 560,707 | $ | 577,730 | $ | 595,834 | $ | 604,073 | $ | 577,512 | ||||||||||
| Owner occupied | 238,057 | 236,623 | 226,919 | 223,558 | 228,232 | |||||||||||||||
| Multifamily | 177,151 | 155,941 | 145,496 | 160,902 | 163,218 | |||||||||||||||
| Secured by single family | 194,494 | 198,743 | 210,785 | 197,100 | 200,650 | |||||||||||||||
| Land and construction | 43,879 | 47,029 | 53,976 | 51,669 | 70,293 | |||||||||||||||
| SBA secured by real estate | 430,962 | 403,609 | 402,659 | 407,148 | 402,524 | |||||||||||||||
| Total CRE | 1,645,250 | 1,619,675 | 1,635,669 | 1,644,450 | 1,642,429 | |||||||||||||||
| Commercial business: | ||||||||||||||||||||
| Commercial and industrial | 461,824 | 471,526 | 415,041 | 404,489 | 417,258 | |||||||||||||||
| SBA non-real estate secured | 31,861 | 32,853 | 28,982 | 30,183 | 17,004 | |||||||||||||||
| Total commercial business | 493,685 | 504,379 | 444,023 | 434,672 | 434,262 | |||||||||||||||
| Consumer | 2,029 | 2,093 | 1,919 | 1,941 | 1,962 | |||||||||||||||
| Total loans held for investment | $ | 2,140,964 | $ | 2,126,147 | $ | 2,081,611 | $ | 2,081,063 | $ | 2,078,653 | ||||||||||
| Deposits by Type | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | ||||||||||||||||
| Noninterest-bearing DDA | $ | 735,802 | $ | 606,105 | $ | 654,072 | $ | 601,473 | $ | 599,095 | ||||||||||
| Interest-bearing DDA, excluding brokered | 298,747 | 309,013 | 268,210 | 251,701 | 257,720 | |||||||||||||||
| Savings & MMA, excluding brokered | 1,073,682 | 1,024,829 | 1,038,035 | 990,798 | 981,491 | |||||||||||||||
| Time deposits, excluding brokered | 216,915 | 218,871 | 231,886 | 227,129 | 210,845 | |||||||||||||||
| Total deposits, excluding brokered | 2,325,146 | 2,158,818 | 2,192,203 | 2,071,101 | 2,049,151 | |||||||||||||||
| Total brokered deposits | 49,549 | 65,063 | 80,165 | 91,779 | 142,958 | |||||||||||||||
| Total deposits | $ | 2,374,695 | $ | 2,223,881 | $ | 2,272,368 | $ | 2,162,880 | $ | 2,192,109 | ||||||||||
| PRIVATE BANCORP OF AMERICA, INC. (Unaudited) | ||||||||||||||||||||
| Rollforward of Allowance for Credit Losses | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| For the three months ended | ||||||||||||||||||||
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | ||||||||||||||||
| Allowance for loan losses: | ||||||||||||||||||||
| Beginning balance | $ | 29,323 | $ | 28,785 | $ | 28,178 | $ | 26,437 | $ | 27,267 | ||||||||||
| Provision for loan losses | 2,026 | 2,898 | 1,666 | 1,741 | 460 | |||||||||||||||
| Net (charge-offs) recoveries | (1,113 | ) | (2,360 | ) | (1,059 | ) | - | (1,290 | ) | |||||||||||
| Ending balance | 30,236 | 29,323 | 28,785 | 28,178 | 26,437 | |||||||||||||||
| Reserve for unfunded commitments | 677 | 684 | 1,024 | 899 | 1,348 | |||||||||||||||
| Total allowance for credit losses | $ | 30,913 | $ | 30,007 | $ | 29,809 | $ | 29,077 | $ | 27,785 | ||||||||||
| Asset Quality | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | ||||||||||||||||
| Total loans held-for-investment | $ | 2,140,964 | $ | 2,126,147 | $ | 2,081,611 | $ | 2,081,063 | $ | 2,078,653 | ||||||||||
| Allowance for loan losses | $ | (30,236 | ) | $ | (29,323 | ) | $ | (28,785 | ) | $ | (28,178 | ) | $ | (26,437 | ) | |||||
| 30-89 day past due loans | $ | 22,436 | $ | 9,136 | $ | 7,350 | $ | 4,842 | $ | 2,399 | ||||||||||
| 90+ day past due loans | $ | 31,182 | $ | 19,485 | $ | 10,314 | $ | 2,850 | $ | 13,223 | ||||||||||
| Nonaccrual loans | $ | 34,512 | $ | 42,164 | $ | 37,660 | $ | 7,716 | $ | 15,565 | ||||||||||
| Other real estate owned (OREO) | $ | 8,568 | $ | 8,568 | $ | 8,568 | $ | 8,568 | $ | - | ||||||||||
| NPAs / Total assets | 1.60 | % | 2.00 | % | 1.79 | % | 0.66 | % | 0.63 | % | ||||||||||
| NPLs / Total loans held-for-investment | 1.61 | % | 1.98 | % | 1.81 | % | 0.37 | % | 0.75 | % | ||||||||||
| Net quarterly charge-offs (recoveries) | $ | 1,113 | $ | 2,360 | $ | 1,059 | $ | - | $ | 1,290 | ||||||||||
| Net charge-offs (recoveries) /avg loans (annualized) | 0.21 | % | 0.45 | % | 0.20 | % | 0.00 | % | 0.25 | % | ||||||||||
| Allowance for loan losses to loans HFI | 1.41 | % | 1.38 | % | 1.38 | % | 1.35 | % | 1.27 | % | ||||||||||
| Allowance for loan losses to nonaccrual loans | 87.61 | % | 69.55 | % | 76.43 | % | 365.19 | % | 169.85 | % | ||||||||||
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, 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 of the GAAP measures.
| GAAP to Non-GAAP Reconciliation | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| For the three months ended | ||||||||||||||||||||
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | ||||||||||||||||
| Efficiency Ratio | ||||||||||||||||||||
| Noninterest expense | $ | 15,680 | $ | 15,733 | $ | 15,905 | $ | 15,689 | $ | 14,055 | ||||||||||
| Net interest income | 32,609 | 31,053 | 29,332 | 30,113 | 27,732 | |||||||||||||||
| Noninterest income | 1,935 | 1,413 | 2,172 | 1,730 | 1,613 | |||||||||||||||
| Total net interest income and noninterest income | 34,544 | 32,466 | 31,504 | 31,843 | 29,345 | |||||||||||||||
| Efficiency ratio (non-GAAP) | 45.39 | % | 48.46 | % | 50.49 | % | 49.27 | % | 47.90 | % | ||||||||||
| Pretax pre-provision net revenue | ||||||||||||||||||||
| Net interest income | $ | 32,609 | $ | 31,053 | $ | 29,332 | $ | 30,113 | $ | 27,732 | ||||||||||
| Noninterest income | 1,935 | 1,413 | 2,172 | 1,730 | 1,613 | |||||||||||||||
| Total net interest income and noninterest income | 34,544 | 32,466 | 31,504 | 31,843 | 29,345 | |||||||||||||||
| Less: Noninterest expense | 15,680 | 15,733 | 15,905 | 15,689 | 14,055 | |||||||||||||||
| Pretax pre-provision net revenue (non-GAAP) | $ | 18,864 | $ | 16,733 | $ | 15,599 | $ | 16,154 | $ | 15,290 | ||||||||||
| Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity | ||||||||||||||||||||
| Net income | $ | 12,027 | $ | 9,954 | $ | 9,701 | $ | 10,449 | $ | 10,562 | ||||||||||
| Average assets | 2,593,472 | 2,589,506 | 2,550,564 | 2,487,224 | 2,467,778 | |||||||||||||||
| Average shareholders' equity | 271,873 | 261,344 | 253,829 | 242,235 | 230,731 | |||||||||||||||
| Less: Average intangible assets | 1,910 | 1,913 | 2,025 | 1,953 | 2,098 | |||||||||||||||
| Average tangible common equity (non-GAAP) | 269,963 | 259,431 | 251,804 | 240,282 | 228,633 | |||||||||||||||
| Return on average assets | 1.88 | % | 1.53 | % | 1.51 | % | 1.69 | % | 1.74 | % | ||||||||||
| Return on average equity | 17.94 | % | 15.11 | % | 15.16 | % | 17.30 | % | 18.56 | % | ||||||||||
| Return on average tangible common equity (non-GAAP) | 18.07 | % | 15.22 | % | 15.28 | % | 17.44 | % | 18.74 | % | ||||||||||
| Tangible book value per share | ||||||||||||||||||||
| Total equity | 272,732 | 263,964 | 257,954 | 246,939 | 235,235 | |||||||||||||||
| Less: Total intangible assets | 1,957 | 1,913 | 2,004 | 1,964 | 1,993 | |||||||||||||||
| Total tangible equity | 270,775 | 262,051 | 255,950 | 244,975 | 233,242 | |||||||||||||||
| Shares outstanding | 5,715,049 | 5,728,187 | 5,803,016 | 5,805,286 | 5,789,306 | |||||||||||||||
| Tangible book value per share (non-GAAP) | $ | 47.38 | $ | 45.75 | $ | 44.11 | $ | 42.20 | $ | 40.29 | ||||||||||
