Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for Second Quarter 2025
Private Bancorp of America (OTCQX:PBAM) reported strong Q2 2025 financial results with net income of $10.4 million, or $1.77 per diluted share, representing a 33.5% increase year-over-year. The bank achieved a return on average assets of 1.69% and a return on average tangible common equity of 17.44%.
Key highlights include core deposits growth of 18.8% year-over-year to $2.07 billion, an impressive net interest margin of 4.94%, and a 21.8% year-over-year increase in tangible book value per share to $42.20. The bank maintained strong asset quality with an allowance for loan losses at 1.35% of loans held-for-investment.
The bank continues to expand its footprint with a new Santa Barbara County office opening planned for Q3 2025 and has added 8 new relationship-focused team members. PBAM has received multiple industry recognitions, including ranking among the Top 20 Community Banks in the US for 2025 by American Banker.
Private Bancorp of America (OTCQX:PBAM) ha annunciato solidi risultati finanziari per il secondo trimestre 2025, con un utile netto di 10,4 milioni di dollari, pari a 1,77 dollari per azione diluita, segnando un aumento del 33,5% rispetto all'anno precedente. La banca ha raggiunto un rendimento medio degli attivi dell'1,69% e un ritorno sul capitale tangibile comune medio del 17,44%.
I punti salienti includono una crescita dei depositi core del 18,8% su base annua fino a 2,07 miliardi di dollari, un margine di interesse netto impressionante del 4,94% e un aumento del valore contabile tangibile per azione del 21,8% su base annua, arrivato a 42,20 dollari. La banca ha mantenuto una solida qualità degli attivi con un accantonamento per perdite su prestiti pari all'1,35% dei prestiti in portafoglio.
La banca continua ad espandere la propria presenza con l'apertura prevista di una nuova filiale nella contea di Santa Barbara nel terzo trimestre 2025 e ha aggiunto 8 nuovi membri al team focalizzati sulle relazioni. PBAM ha ricevuto numerosi riconoscimenti nel settore, inclusa la classifica tra le Top 20 Community Banks negli Stati Uniti per il 2025 secondo American Banker.
Private Bancorp of America (OTCQX:PBAM) reportó sólidos resultados financieros en el segundo trimestre de 2025, con un ingreso neto de 10.4 millones de dólares, o 1.77 dólares por acción diluida, lo que representa un aumento del 33.5% interanual. El banco logró un retorno sobre activos promedio del 1.69% y un retorno sobre el capital tangible común promedio del 17.44%.
Los aspectos destacados incluyen un crecimiento de los depósitos básicos del 18.8% interanual hasta 2.07 mil millones de dólares, un margen neto de interés impresionante del 4.94% y un aumento del 21.8% interanual en el valor contable tangible por acción, alcanzando los 42.20 dólares. El banco mantuvo una sólida calidad de activos con una provisión para pérdidas crediticias del 1.35% sobre los préstamos mantenidos para inversión.
El banco continúa expandiendo su presencia con la apertura planificada de una nueva oficina en el condado de Santa Bárbara para el tercer trimestre de 2025 y ha incorporado 8 nuevos miembros al equipo enfocados en las relaciones. PBAM ha recibido múltiples reconocimientos en la industria, incluyendo estar entre los Top 20 Community Banks en EE.UU. para 2025 según American Banker.
Private Bancorp of America (OTCQX:PBAM)는 2025년 2분기 강력한 재무 실적을 발표했으며, 순이익은 1,040만 달러, 희석 주당 순이익은 1.77달러로 전년 대비 33.5% 증가했습니다. 은행은 평균 자산 수익률 1.69%와 평균 유형 보통주 자본 수익률 17.44%를 달성했습니다.
주요 내용으로는 핵심 예금이 전년 대비 18.8% 증가하여 20.7억 달러에 달했고, 인상적인 순이자마진 4.94%, 그리고 유형 장부가치 주당 21.8% 증가하여 42.20달러를 기록했습니다. 은행은 투자용 대출에 대한 대손충당금 비율을 1.35%로 유지하며 자산 품질을 견고하게 유지했습니다.
은행은 2025년 3분기에 새로 산타바버라 카운티 지점 개설을 계획하며 사업 영역을 확장하고 있으며, 관계 중심의 팀원 8명을 새로 영입했습니다. PBAM은 American Banker가 선정한 2025년 미국 상위 20개 커뮤니티 뱅크 중 하나로 여러 산업 인정을 받았습니다.
Private Bancorp of America (OTCQX:PBAM) a publié de solides résultats financiers pour le deuxième trimestre 2025, avec un bénéfice net de 10,4 millions de dollars, soit 1,77 dollar par action diluée, représentant une augmentation de 33,5 % par rapport à l'année précédente. La banque a enregistré un rendement moyen des actifs de 1,69 % et un rendement moyen des capitaux propres tangibles de 17,44 %.
Les points clés incluent une croissance des dépôts de base de 18,8 % en glissement annuel pour atteindre 2,07 milliards de dollars, une marge nette d'intérêt impressionnante de 4,94 %, ainsi qu'une augmentation de 21,8 % en glissement annuel de la valeur comptable tangible par action à 42,20 dollars. La banque a maintenu une bonne qualité d'actifs avec une provision pour pertes sur prêts représentant 1,35 % des prêts détenus à des fins d'investissement.
La banque poursuit son expansion avec l'ouverture prévue d'une nouvelle agence dans le comté de Santa Barbara au troisième trimestre 2025 et a recruté 8 nouveaux membres d'équipe axés sur les relations clients. PBAM a reçu plusieurs distinctions dans le secteur, notamment en figurant parmi les 20 meilleures banques communautaires des États-Unis pour 2025 selon American Banker.
Private Bancorp of America (OTCQX:PBAM) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettogewinn von 10,4 Millionen US-Dollar bzw. 1,77 US-Dollar je verwässerter Aktie, was einer Steigerung von 33,5 % im Jahresvergleich entspricht. Die Bank erzielte eine Rendite auf das durchschnittliche Vermögen von 1,69 % und eine Rendite auf das durchschnittliche greifbare Stammkapital von 17,44 %.
Zu den wichtigsten Highlights zählen ein Wachstum der Kern-Einlagen um 18,8 % gegenüber dem Vorjahr auf 2,07 Milliarden US-Dollar, eine beeindruckende Nettozinsmarge von 4,94 % sowie eine Steigerung des greifbaren Buchwerts je Aktie um 21,8 % im Jahresvergleich auf 42,20 US-Dollar. Die Bank hielt eine starke Vermögensqualität mit einer Rückstellung für Kreditausfälle von 1,35 % der gehaltenen Investitionsdarlehen aufrecht.
Die Bank baut ihre Präsenz weiter aus und plant die Eröffnung einer neuen Niederlassung im Santa Barbara County im dritten Quartal 2025. Zudem wurden 8 neue teamorientierte Mitarbeiter eingestellt. PBAM erhielt mehrere Branchenanerkennungen, darunter die Einstufung unter die Top 20 Community Banks in den USA für 2025 durch American Banker.
- Net income increased 33.5% year-over-year to $10.4 million
- Core deposits grew 18.8% year-over-year to $2.07 billion
- Net interest margin improved to 4.94% from 4.48% year-over-year
- Total cost of deposits decreased to 2.08% from 2.67% year-over-year
- Tangible book value per share increased 21.8% year-over-year to $42.20
- Strong liquidity position with $2.1 billion available (194.5% of uninsured deposits)
- Criticized loans increased to $58.2 million (2.79% of total loans) from $40.8 million in Q1
- Noninterest expense increased to $15.7 million from $14.1 million in Q1
- Efficiency ratio slightly deteriorated to 49.27% from 47.90% in Q1
- Net income decreased quarter-over-quarter from $10.6 million to $10.4 million
- Provision for credit losses increased to $1.3 million from $0.3 million in Q1
Second Quarter 2025 Highlights
- Net income for the second quarter of 2025 was
$10.4 million , compared to$10.6 million in the prior quarter and$7.8 million in the second quarter of 2024. Net income increased33.5% year over year - Net income for the second quarter of 2025 represents a return on average assets of
1.69% and a return on average tangible common equity of17.44% - Diluted earnings per share for the second quarter of 2025 was
$1.77 , compared to$1.80 in the prior quarter and$1.35 in the second quarter of 2024 - Core deposits were
$2.07 billion as of June 30, 2025, an increase of$22.0 million or1.1% from March 31, 2025. Core deposits increased$327.6 million or18.8% year over year. Total deposits were$2.16 billion as of June 30, 2025, a decrease of$29.2 million or1.3% from March 31, 2025, which included a reduction in brokered deposits of$51.2 million . Total deposits increased8.1% year over year - Total cost of deposits was
2.08% for the second quarter of 2025, a decrease from2.22% in the prior quarter and2.67% in the second quarter of 2024, an improvement of6.4% quarter over quarter and22.3% year over year. The spot rate for total deposits was2.04% as of June 30, 2025, compared to2.11% at March 31, 2025. Total cost of funding sources was2.14% for the second quarter of 2025, a decrease from2.29% in the prior quarter and2.78% in the second quarter of 2024 - Loans held-for-investment (“HFI”) totaled
$2.08 billion as of June 30, 2025, an increase of$2.4 million or0.1% from March 31, 2025. Loans HFI increased5.1% year over year - Net interest margin was
4.94% for the second quarter of 2025, compared to4.61% in the prior quarter and4.48% in the second quarter of 2024 - Provision for credit losses for the second quarter of 2025 was
$1.3 million , compared to$0.3 million for the prior quarter and$2.1 million for the second quarter of 2024. The allowance for loan losses was1.35% of loans HFI as of June 30, 2025 compared to1.27% at March 31, 2025 - As of June 30, 2025, criticized loans totaled
$58.2 million , or2.79% of total loans, up from$40.8 million , or1.96% of total loans, in the prior quarter - Tangible book value per share was
$42.20 as of June 30, 2025, an increase of$1.91 since March 31, 2025 primarily as a result of strong earnings. Tangible book value per share increased4.7% quarter-over-quarter and21.8% year over year.
LA JOLLA, Calif., July 17, 2025 (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, 2025. The Company reported net income of
Rick Sowers, President and CEO of the Company and the Bank stated, “Earnings continue to be strong as a result of improvement in our deposit base and funding costs as well as an industry leading net interest margin. Although 2025 has been a slower year for loan growth due to economic uncertainty and what we view as unreasonable market loan pricing, we are adding new Relationships across our footprint by delivering Distinctively Different Service and providing Clients with customized Solutions that meet their individual needs. We have onboarded 8 new Relationship focused Team Members this quarter, with more in the pipeline. We are strong believers in the Southern California market, as demonstrated by our new Santa Barbara County office in Montecito, which we anticipate opening in the third quarter.”
Sowers added, “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 - #1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than
$5 billion in assets in 2024 - #1 SBA 504 Community Bank Lender in the United States
- #10 Best U.S. Bank by Bank Director’s RankingBanking®
- Client Net Promoter Score of 81 (World Class)
- Bauer 5 Star Rating
- 2025 Best 50 OTCQX
“Management has continued to focus on providing clients with a differentiated superior banking experience while producing industry leading shareholder value creation. Client surveys validate superior service levels while financial results remain in the top tier of banks nationally. Outstanding net interest margin and superior efficiency ratios confirm both the bank’s unique client relationship strategy, calculated decision making, and the effective operating systems that have resulted from our continuous improvement focus through project management, product evaluation, and technology implementation programs. In preparation for a less certain general economic environment, we have continued to invest in people and technology. We expanded our geographic footprint into Santa Barbara County and added relationship managers throughout Southern California, and management is preparing for and evaluating a wave of newer technologies including AI and risk management tools. In addition, our Team takes pride in continuing to commit their time and the bank’s financial support for non-profits in the communities we serve, in gratitude for these organizations’ outstanding work to strengthen their communities by improving the lives of those they serve,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.
STATEMENT OF INCOME
Net Interest Income
Net interest income for the second quarter of 2025 totaled
Net Interest Margin
Net interest margin for the second quarter of 2025 was
Provision for Credit Losses
Provision expense for credit losses for the second quarter of 2025 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 have an impact on rising 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, 2025, total assets were
Total deposits were
As of June 30, 2025, total available liquidity was
Asset Quality and Allowance for Credit Losses ("ACL")
As of June 30, 2025, the allowance for loan losses was
At June 30, 2025 and March 31, 2025, there were no doubtful credits and classified assets were
The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. Of these loans, two relationships with loan balances totaling
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, 2025 (2) | March 31, 2025 | |
| CalPrivate Bank | ||
| Tier I leverage ratio | ||
| Tier I risk-based capital ratio | ||
| Total risk-based capital ratio | ||
(2) June 30, 2025 capital ratios are preliminary and subject to change.
CalPrivate Bank Announces Board of Directors Changes
During the second quarter, Thomas Wornham and Richard Smith concluded their service on the Bank's Board of Directors. The Bank extends its sincere gratitude to Mr. Wornham and Mr. Smith for their contributions and dedication during their tenure. Neither individual served on the Company's Board of Directors. Mr. Smith continues his business development activities for the Bank.
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 coming soon, 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) | |||||||||||
| Jun 30, 2025 | Mar 31, 2025 | Jun 30, 2024 | |||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 26,215 | $ | 34,720 | $ | 13,545 | |||||
| Interest-bearing deposits in other financial institutions | 14,715 | 16,155 | 12,502 | ||||||||
| Interest-bearing deposits at Federal Reserve Bank | 99,689 | 167,606 | 132,330 | ||||||||
| Total cash and due from banks | 140,619 | 218,481 | 158,377 | ||||||||
| Interest-bearing time deposits with other institutions | 4,270 | 4,213 | 4,097 | ||||||||
| Investment debt securities available for sale | 188,821 | 156,346 | 121,725 | ||||||||
| Loans held for sale | 8,826 | 2,066 | - | ||||||||
| Loans, net of deferred fees and costs and unaccreted discounts | 2,081,063 | 2,078,653 | 1,979,720 | ||||||||
| Allowance for loan losses | (28,178 | ) | (26,437 | ) | (26,591 | ) | |||||
| Loans held-for-investment, net of allowance | 2,052,885 | 2,052,216 | 1,953,129 | ||||||||
| Federal Home Loan Bank stock, at cost | 10,652 | 9,586 | 9,586 | ||||||||
| Operating lease right of use assets | 7,254 | 6,383 | 4,719 | ||||||||
| Premises and equipment, net | 2,213 | 2,432 | 2,207 | ||||||||
| Servicing assets, net | 1,964 | 1,993 | 2,164 | ||||||||
| Accrued interest receivable | 8,624 | 8,148 | 7,906 | ||||||||
| Other assets | 28,752 | 21,009 | 21,774 | ||||||||
| Total assets | $ | 2,454,880 | $ | 2,482,873 | $ | 2,285,684 | |||||
| Liabilities and Shareholders' Equity | |||||||||||
| Liabilities | |||||||||||
| Noninterest bearing | $ | 601,473 | $ | 599,095 | $ | 557,055 | |||||
| Interest bearing | 1,561,407 | 1,593,014 | 1,444,671 | ||||||||
| Total deposits | 2,162,880 | 2,192,109 | 2,001,726 | ||||||||
| FHLB borrowings | 11,000 | 16,000 | 48,000 | ||||||||
| Other borrowings | 17,972 | 17,970 | 17,965 | ||||||||
| Accrued interest payable and other liabilities | 16,089 | 21,559 | 16,551 | ||||||||
| Total liabilities | 2,207,941 | 2,247,638 | 2,084,242 | ||||||||
| Shareholders' equity | |||||||||||
| Common stock | 76,398 | 76,156 | 74,636 | ||||||||
| Additional paid-in capital | 4,009 | 3,712 | 3,717 | ||||||||
| Retained earnings | 172,849 | 162,462 | 132,179 | ||||||||
| Accumulated other comprehensive (loss) income, net | (6,317 | ) | (7,095 | ) | (9,090 | ) | |||||
| Total shareholders' equity | 246,939 | 235,235 | 201,442 | ||||||||
| Total liabilities and shareholders' equity | $ | 2,454,880 | $ | 2,482,873 | $ | 2,285,684 | |||||
| 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, 2025 | Mar 31, 2025 | Jun 30, 2024 | Jun 30, 2025 | Jun 30, 2024 | |||||||||||||||
| Interest Income | |||||||||||||||||||
| Loans | $ | 38,004 | $ | 36,565 | $ | 35,538 | $ | 74,569 | $ | 68,544 | |||||||||
| Investment securities | 1,800 | 1,505 | 1,090 | 3,305 | 2,069 | ||||||||||||||
| Deposits in other financial institutions | 2,184 | 2,198 | 2,034 | 4,382 | 3,833 | ||||||||||||||
| Total interest income | 41,988 | 40,268 | 38,662 | 82,256 | 74,446 | ||||||||||||||
| Interest Expense | |||||||||||||||||||
| Deposits | 11,376 | 11,899 | 13,040 | 23,275 | 25,170 | ||||||||||||||
| Borrowings | 499 | 637 | 952 | 1,136 | 1,838 | ||||||||||||||
| Total interest expense | 11,875 | 12,536 | 13,992 | 24,411 | 27,008 | ||||||||||||||
| Net interest income | 30,113 | 27,732 | 24,670 | 57,845 | 47,438 | ||||||||||||||
| Provision for credit losses | 1,293 | 299 | 2,136 | 1,592 | 2,369 | ||||||||||||||
| Net interest income after provision for credit losses | 28,820 | 27,433 | 22,534 | 56,253 | 45,069 | ||||||||||||||
| Noninterest income: | |||||||||||||||||||
| Service charges on deposit accounts | 591 | 557 | 430 | 1,148 | 818 | ||||||||||||||
| Net gain on sale of loans | 523 | 469 | 661 | 992 | 1,342 | ||||||||||||||
| Other noninterest income | 616 | 587 | 447 | 1,203 | 804 | ||||||||||||||
| Total noninterest income | 1,730 | 1,613 | 1,538 | 3,343 | 2,964 | ||||||||||||||
| Noninterest expense: | |||||||||||||||||||
| Compensation and employee benefits | 10,319 | 9,748 | 8,836 | 20,067 | 17,697 | ||||||||||||||
| Occupancy and equipment | 840 | 844 | 822 | 1,684 | 1,592 | ||||||||||||||
| Data processing | 1,396 | 1,326 | 1,183 | 2,722 | 2,241 | ||||||||||||||
| Professional services | 939 | 508 | 424 | 1,447 | 912 | ||||||||||||||
| Other expenses | 2,195 | 1,629 | 1,697 | 3,824 | 3,303 | ||||||||||||||
| Total noninterest expense | 15,689 | 14,055 | 12,962 | 29,744 | 25,745 | ||||||||||||||
| Income before provision for income taxes | 14,861 | 14,991 | 11,110 | 29,852 | 22,288 | ||||||||||||||
| Provision for income taxes | 4,412 | 4,429 | 3,283 | 8,841 | 6,577 | ||||||||||||||
| Net income | $ | 10,449 | $ | 10,562 | $ | 7,827 | $ | 21,011 | $ | 15,711 | |||||||||
| Net income available to common shareholders | $ | 10,361 | $ | 10,482 | $ | 7,761 | $ | 20,834 | $ | 15,595 | |||||||||
| Earnings per share | |||||||||||||||||||
| Basic earnings per share | $ | 1.80 | $ | 1.83 | $ | 1.36 | $ | 3.63 | $ | 2.74 | |||||||||
| Diluted earnings per share | $ | 1.77 | $ | 1.80 | $ | 1.35 | $ | 3.57 | $ | 2.71 | |||||||||
| Average shares outstanding | 5,754,872 | 5,734,688 | 5,702,938 | 5,744,836 | 5,688,135 | ||||||||||||||
| Diluted average shares outstanding | 5,837,537 | 5,826,229 | 5,762,616 | 5,830,897 | 5,755,250 | ||||||||||||||
| PRIVATE BANCORP OF AMERICA, INC. Consolidated average balance sheet, interest, yield and rates (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| For the three months ended | |||||||||||||||||||||||||||||||||||
| Jun 30, 2025 | Mar 31, 2025 | Jun 30, 2024 | |||||||||||||||||||||||||||||||||
| 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 | $ | 191,701 | $ | 2,184 | 4.57 | % | $ | 202,907 | $ | 2,198 | 4.39 | % | $ | 152,563 | $ | 2,034 | 5.36 | % | |||||||||||||||||
| Investment securities | 182,772 | 1,800 | 3.94 | % | 157,747 | 1,505 | 3.82 | % | 123,876 | 1,090 | 3.52 | % | |||||||||||||||||||||||
| Loans, including LHFS | 2,069,415 | 38,004 | 7.37 | % | 2,078,588 | 36,565 | 7.13 | % | 1,939,746 | 35,538 | 7.37 | % | |||||||||||||||||||||||
| Total interest-earning assets | 2,443,888 | 41,988 | 6.89 | % | 2,439,242 | 40,268 | 6.70 | % | 2,216,185 | 38,662 | 7.02 | % | |||||||||||||||||||||||
| Noninterest-earning assets | 43,336 | 28,536 | 25,675 | ||||||||||||||||||||||||||||||||
| Total Assets | $ | 2,487,224 | $ | 2,467,778 | $ | 2,241,860 | |||||||||||||||||||||||||||||
| Interest-Bearing Liabilities | |||||||||||||||||||||||||||||||||||
| Interest bearing DDA, excluding brokered | 242,929 | 814 | 1.34 | % | 244,301 | 970 | 1.61 | % | 130,361 | 463 | 1.43 | % | |||||||||||||||||||||||
| Savings & MMA, excluding brokered | 1,002,820 | 7,130 | 2.85 | % | 955,259 | 6,830 | 2.90 | % | 845,856 | 7,354 | 3.50 | % | |||||||||||||||||||||||
| Time deposits, excluding brokered | 218,900 | 2,097 | 3.84 | % | 196,375 | 1,956 | 4.04 | % | 164,714 | 1,690 | 4.13 | % | |||||||||||||||||||||||
| Total deposits, excluding brokered | 1,464,649 | 10,041 | 2.75 | % | 1,395,935 | 9,756 | 2.83 | % | 1,140,931 | 9,507 | 3.35 | % | |||||||||||||||||||||||
| Total brokered deposits | 120,935 | 1,335 | 4.43 | % | 183,059 | 2,143 | 4.75 | % | 284,290 | 3,533 | 5.00 | % | |||||||||||||||||||||||
| Total Interest-Bearing Deposits | 1,585,584 | 11,376 | 2.88 | % | 1,578,994 | 11,899 | 3.06 | % | 1,425,221 | 13,040 | 3.68 | % | |||||||||||||||||||||||
| FHLB advances | 12,868 | 139 | 4.33 | % | 24,122 | 272 | 4.57 | % | 47,373 | 581 | 4.93 | % | |||||||||||||||||||||||
| Other borrowings | 17,973 | 360 | 8.03 | % | 17,981 | 365 | 8.23 | % | 17,966 | 371 | 8.31 | % | |||||||||||||||||||||||
| Total Interest-Bearing Liabilities | 1,616,425 | 11,875 | 2.95 | % | 1,621,097 | 12,536 | 3.14 | % | 1,490,560 | 13,992 | 3.78 | % | |||||||||||||||||||||||
| Noninterest-bearing deposits | 609,760 | 594,408 | 535,878 | ||||||||||||||||||||||||||||||||
| Total Funding Sources | 2,226,185 | 11,875 | 2.14 | % | 2,215,505 | 12,536 | 2.29 | % | 2,026,438 | 13,992 | 2.78 | % | |||||||||||||||||||||||
| Noninterest-bearing liabilities | 18,804 | 21,542 | 16,334 | ||||||||||||||||||||||||||||||||
| Shareholders' equity | 242,235 | 230,731 | 199,088 | ||||||||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 2,487,224 | $ | 2,467,778 | $ | 2,241,860 | |||||||||||||||||||||||||||||
| Net interest income/spread | $ | 30,113 | 4.75 | % | $ | 27,732 | 4.41 | % | $ | 24,670 | 4.24 | % | |||||||||||||||||||||||
| Net interest margin | 4.94 | % | 4.61 | % | 4.48 | % | |||||||||||||||||||||||||||||
| PRIVATE BANCORP OF AMERICA, INC. Consolidated average balance sheet, interest, yield and rates (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||
| Year to Date | |||||||||||||||||||||||
| Jun 30, 2025 | Jun 30, 2024 | ||||||||||||||||||||||
| Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||
| Interest-Earnings Assets: | |||||||||||||||||||||||
| Deposits in other financial institutions | $ | 197,273 | $ | 4,382 | 4.48 | % | $ | 144,037 | $ | 3,833 | 5.35 | % | |||||||||||
| Investment securities | 170,328 | 3,305 | 3.88 | % | 121,783 | 2,069 | 3.40 | % | |||||||||||||||
| Loans | 2,073,976 | 74,569 | 7.25 | % | 1,904,028 | 68,544 | 7.24 | % | |||||||||||||||
| Total interest-earning assets | 2,441,577 | 82,256 | 6.79 | % | 2,169,848 | 74,446 | 6.90 | % | |||||||||||||||
| Noninterest-earning assets | 35,977 | 25,571 | |||||||||||||||||||||
| Total Assets | $ | 2,477,554 | $ | 2,195,419 | |||||||||||||||||||
| Interest-Bearing Liabilities | |||||||||||||||||||||||
| Interest bearing DDA, excluding brokered | 243,611 | 1,784 | 1.48 | % | 120,100 | 904 | 1.51 | % | |||||||||||||||
| Savings & MMA, excluding brokered | 979,170 | 13,960 | 2.88 | % | 805,813 | 13,775 | 3.44 | % | |||||||||||||||
| Time deposits, excluding brokered | 207,699 | 4,053 | 3.94 | % | 160,208 | 3,273 | 4.11 | % | |||||||||||||||
| Total deposits, excluding brokered | 1,430,480 | 19,797 | 2.79 | % | 1,086,121 | 17,952 | 3.32 | % | |||||||||||||||
| Total brokered deposits | 151,825 | 3,478 | 4.62 | % | 286,088 | 7,218 | 5.07 | % | |||||||||||||||
| Total Interest-Bearing Deposits | 1,582,305 | 23,275 | 2.97 | % | 1,372,209 | 25,170 | 3.69 | % | |||||||||||||||
| FHLB advances | 18,464 | 411 | 4.49 | % | 48,653 | 1,195 | 4.94 | % | |||||||||||||||
| Other borrowings | 17,977 | 725 | 8.13 | % | 17,964 | 643 | 7.20 | % | |||||||||||||||
| Total Interest-Bearing Liabilities | 1,618,746 | 24,411 | 3.04 | % | 1,438,826 | 27,008 | 3.77 | % | |||||||||||||||
| Noninterest-bearing deposits | 602,126 | 544,709 | |||||||||||||||||||||
| Total Funding Sources | 2,220,872 | 24,411 | 2.22 | % | 1,983,535 | 27,008 | 2.74 | % | |||||||||||||||
| Noninterest-bearing liabilities | 20,165 | 17,176 | |||||||||||||||||||||
| Shareholders' equity | 236,517 | 194,708 | |||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 2,477,554 | $ | 2,195,419 | |||||||||||||||||||
| Net interest income/spread | $ | 57,845 | 4.57 | % | $ | 47,438 | 4.16 | % | |||||||||||||||
| Net interest margin | 4.78 | % | 4.40 | % | |||||||||||||||||||
| PRIVATE BANCORP OF AMERICA, INC. Condensed Balance Sheets (Unaudited) (Dollars in thousands, except per share amounts) | |||||||||||||||||||
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | |||||||||||||||
| Assets | |||||||||||||||||||
| Cash and due from banks | $ | 140,619 | $ | 218,481 | $ | 163,876 | $ | 207,174 | $ | 158,377 | |||||||||
| Interest-bearing time deposits with other institutions | 4,270 | 4,213 | 4,189 | 4,124 | 4,097 | ||||||||||||||
| Investment securities | 188,821 | 156,346 | 145,238 | 141,100 | 121,725 | ||||||||||||||
| Loans held for sale | 8,826 | 2,066 | 3,008 | 2,040 | - | ||||||||||||||
| Total loans held-for-investment | 2,081,063 | 2,078,653 | 2,085,149 | 2,012,457 | 1,979,720 | ||||||||||||||
| Allowance for loan losses | (28,178 | ) | (26,437 | ) | (27,267 | ) | (26,594 | ) | (26,591 | ) | |||||||||
| Loans held-for-investment, net of allowance | 2,052,885 | 2,052,216 | 2,057,882 | 1,985,863 | 1,953,129 | ||||||||||||||
| Operating lease right of use assets | 7,254 | 6,383 | 6,819 | 4,344 | 4,719 | ||||||||||||||
| Premises and equipment, net | 2,213 | 2,432 | 2,335 | 2,345 | 2,207 | ||||||||||||||
| Other assets and interest receivable | 49,992 | 40,736 | 40,664 | 39,383 | 41,430 | ||||||||||||||
| Total assets | $ | 2,454,880 | $ | 2,482,873 | $ | 2,424,011 | $ | 2,386,373 | $ | 2,285,684 | |||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||||
| Liabilities | |||||||||||||||||||
| Noninterest Bearing | $ | 601,473 | $ | 599,095 | $ | 553,405 | $ | 584,292 | $ | 557,055 | |||||||||
| Interest Bearing | 1,561,407 | 1,593,014 | 1,581,054 | 1,522,839 | 1,444,671 | ||||||||||||||
| Total Deposits | 2,162,880 | 2,192,109 | 2,134,459 | 2,107,131 | 2,001,726 | ||||||||||||||
| Borrowings | 28,972 | 33,970 | 45,969 | 45,967 | 65,965 | ||||||||||||||
| Accrued interest payable and other liabilities | 16,089 | 21,559 | 20,049 | 19,062 | 16,551 | ||||||||||||||
| Total liabilities | 2,207,941 | 2,247,638 | 2,200,477 | 2,172,160 | 2,084,242 | ||||||||||||||
| Shareholders' equity | |||||||||||||||||||
| Common stock | 76,398 | 76,156 | 75,377 | 74,688 | 74,636 | ||||||||||||||
| Additional paid-in capital | 4,009 | 3,712 | 4,393 | 4,271 | 3,717 | ||||||||||||||
| Retained earnings | 172,849 | 162,462 | 152,252 | 141,623 | 132,179 | ||||||||||||||
| Accumulated other comprehensive (loss) income | (6,317 | ) | (7,095 | ) | (8,488 | ) | (6,369 | ) | (9,090 | ) | |||||||||
| Total shareholders' equity | 246,939 | 235,235 | 223,534 | 214,213 | 201,442 | ||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,454,880 | $ | 2,482,873 | $ | 2,424,011 | $ | 2,386,373 | $ | 2,285,684 | |||||||||
| Book value per common share | $ | 42.54 | $ | 40.63 | $ | 38.76 | $ | 37.21 | $ | 35.03 | |||||||||
| Tangible book value per common share (1) | $ | 42.20 | $ | 40.29 | $ | 38.40 | $ | 36.87 | $ | 34.65 | |||||||||
| Shares outstanding | 5,805,286 | 5,789,306 | 5,766,810 | 5,756,207 | 5,751,143 | ||||||||||||||
(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, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | |||||||||||||||
| Interest income | $ | 41,988 | $ | 40,268 | $ | 40,430 | $ | 40,018 | $ | 38,662 | |||||||||
| Interest expense | 11,875 | 12,536 | 13,023 | 14,311 | 13,992 | ||||||||||||||
| Net interest income | 30,113 | 27,732 | 27,407 | 25,707 | 24,670 | ||||||||||||||
| Provision for credit losses | 1,293 | 299 | 17 | 304 | 2,136 | ||||||||||||||
| Net interest income after provision for credit losses | 28,820 | 27,433 | 27,390 | 25,403 | 22,534 | ||||||||||||||
| Service charges on deposit accounts | 591 | 557 | 558 | 504 | 430 | ||||||||||||||
| Net gain on sale of loans | 523 | 469 | 932 | 587 | 661 | ||||||||||||||
| Other noninterest income | 616 | 587 | 456 | 343 | 447 | ||||||||||||||
| Total noninterest income | 1,730 | 1,613 | 1,946 | 1,434 | 1,538 | ||||||||||||||
| Compensation and employee benefits | 10,319 | 9,748 | 9,539 | 9,422 | 8,836 | ||||||||||||||
| Occupancy and equipment | 840 | 844 | 847 | 818 | 822 | ||||||||||||||
| Data processing | 1,396 | 1,326 | 1,195 | 1,238 | 1,183 | ||||||||||||||
| Professional services | 939 | 508 | 573 | 252 | 424 | ||||||||||||||
| Other expenses | 2,195 | 1,629 | 2,036 | 1,695 | 1,697 | ||||||||||||||
| Total noninterest expense | 15,689 | 14,055 | 14,190 | 13,425 | 12,962 | ||||||||||||||
| Income before provision for income taxes | 14,861 | 14,991 | 15,146 | 13,412 | 11,110 | ||||||||||||||
| Income taxes | 4,412 | 4,429 | 4,488 | 3,959 | 3,283 | ||||||||||||||
| Net income | $ | 10,449 | $ | 10,562 | $ | 10,658 | $ | 9,453 | $ | 7,827 | |||||||||
| Net income available to common shareholders | $ | 10,361 | $ | 10,482 | $ | 10,573 | $ | 9,373 | $ | 7,761 | |||||||||
| Earnings per share | |||||||||||||||||||
| Basic earnings per share | $ | 1.80 | $ | 1.83 | $ | 1.85 | $ | 1.64 | $ | 1.36 | |||||||||
| Diluted earnings per share | $ | 1.77 | $ | 1.80 | $ | 1.82 | $ | 1.63 | $ | 1.35 | |||||||||
| Average shares outstanding | 5,754,872 | 5,734,688 | 5,716,291 | 5,707,723 | 5,702,938 | ||||||||||||||
| Diluted average shares outstanding | 5,837,537 | 5,826,229 | 5,813,197 | 5,767,401 | 5,762,616 | ||||||||||||||
| Performance Ratios | |||||||||||||||||||
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | |||||||||||||||
| ROAA | 1.69 | % | 1.74 | % | 1.80 | % | 1.62 | % | 1.40 | % | |||||||||
| ROAE | 17.30 | % | 18.56 | % | 19.28 | % | 18.00 | % | 15.81 | % | |||||||||
| ROATCE (1) | 17.44 | % | 18.74 | % | 19.46 | % | 18.18 | % | 15.99 | % | |||||||||
| Net interest margin | 4.94 | % | 4.61 | % | 4.67 | % | 4.44 | % | 4.48 | % | |||||||||
| Net interest spread | 4.75 | % | 4.41 | % | 4.44 | % | 4.20 | % | 4.24 | % | |||||||||
| Efficiency ratio (1) | 49.27 | % | 47.90 | % | 48.34 | % | 49.46 | % | 49.46 | % | |||||||||
| Noninterest expense / average assets | 2.53 | % | 2.31 | % | 2.39 | % | 2.29 | % | 2.32 | % | |||||||||
(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, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | |||||||||||||||
| Total assets | $ | 2,487,224 | $ | 2,467,778 | $ | 2,359,950 | $ | 2,328,399 | $ | 2,241,860 | |||||||||
| Earning assets | $ | 2,443,888 | $ | 2,439,242 | $ | 2,334,999 | $ | 2,303,537 | $ | 2,216,185 | |||||||||
| Total loans, including loans held for sale | $ | 2,069,415 | $ | 2,078,588 | $ | 2,036,178 | $ | 1,989,748 | $ | 1,939,746 | |||||||||
| Total deposits | $ | 2,195,344 | $ | 2,173,402 | $ | 2,071,050 | $ | 2,047,197 | $ | 1,961,099 | |||||||||
| Total shareholders' equity | $ | 242,235 | $ | 230,731 | $ | 219,963 | $ | 208,889 | $ | 199,088 | |||||||||
| Loan Balances by Type | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | |||||||||||||||
| Commercial Real Estate (CRE): | |||||||||||||||||||
| Investor owned | $ | 604,073 | $ | 577,512 | $ | 572,659 | $ | 560,481 | $ | 566,314 | |||||||||
| Owner occupied | 223,558 | 228,232 | 223,442 | 221,364 | 216,876 | ||||||||||||||
| Multifamily | 160,902 | 163,218 | 162,330 | 175,387 | 177,390 | ||||||||||||||
| Secured by single family | 197,100 | 200,650 | 198,579 | 190,738 | 181,744 | ||||||||||||||
| Land and construction | 51,669 | 70,293 | 62,638 | 68,186 | 58,109 | ||||||||||||||
| SBA secured by real estate | 407,148 | 402,524 | 401,990 | 395,646 | 388,271 | ||||||||||||||
| Total CRE | 1,644,450 | 1,642,429 | 1,621,638 | 1,611,802 | 1,588,704 | ||||||||||||||
| Commercial business: | |||||||||||||||||||
| Commercial and industrial | 404,489 | 417,258 | 441,182 | 383,874 | 378,161 | ||||||||||||||
| SBA non-real estate secured | 30,183 | 17,004 | 20,205 | 15,101 | 10,758 | ||||||||||||||
| Total commercial business | 434,672 | 434,262 | 461,387 | 398,975 | 388,919 | ||||||||||||||
| Consumer | 1,941 | 1,962 | 2,124 | 1,680 | 2,097 | ||||||||||||||
| Total loans held for investment | $ | 2,081,063 | $ | 2,078,653 | $ | 2,085,149 | $ | 2,012,457 | $ | 1,979,720 | |||||||||
| Deposits by Type | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | |||||||||||||||
| Noninterest-bearing DDA | $ | 601,473 | $ | 599,095 | $ | 553,405 | $ | 584,292 | $ | 557,055 | |||||||||
| Interest-bearing DDA, excluding brokered | 251,701 | 257,720 | 251,594 | 182,268 | 156,253 | ||||||||||||||
| Savings & MMA, excluding brokered | 990,798 | 981,491 | 887,740 | 920,219 | 861,508 | ||||||||||||||
| Time deposits, excluding brokered | 227,129 | 210,845 | 201,851 | 186,583 | 168,664 | ||||||||||||||
| Total deposits, excluding brokered | 2,071,101 | 2,049,151 | 1,894,590 | 1,873,362 | 1,743,480 | ||||||||||||||
| Total brokered deposits | 91,779 | 142,958 | 239,869 | 233,769 | 258,246 | ||||||||||||||
| Total deposits | $ | 2,162,880 | $ | 2,192,109 | $ | 2,134,459 | $ | 2,107,131 | $ | 2,001,726 | |||||||||
| PRIVATE BANCORP OF AMERICA, INC. (Unaudited) | |||||||||||||||||||
| Rollforward of Allowance for Credit Losses | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| For the three months ended | |||||||||||||||||||
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | |||||||||||||||
| Allowance for loan losses: | |||||||||||||||||||
| Beginning balance | $ | 26,437 | $ | 27,267 | $ | 26,594 | $ | 26,591 | $ | 24,693 | |||||||||
| Provision for loan losses | 1,741 | 460 | 673 | 3 | 1,994 | ||||||||||||||
| Net (charge-offs) recoveries | - | (1,290 | ) | - | - | (96 | ) | ||||||||||||
| Ending balance | 28,178 | 26,437 | 27,267 | 26,594 | 26,591 | ||||||||||||||
| Reserve for unfunded commitments | 899 | 1,348 | 1,509 | 2,165 | 1,865 | ||||||||||||||
| Total allowance for credit losses | $ | 29,077 | $ | 27,785 | $ | 28,776 | $ | 28,759 | $ | 28,456 | |||||||||
| Asset Quality | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | |||||||||||||||
| Total loans held-for-investment | $ | 2,081,063 | $ | 2,078,653 | $ | 2,085,149 | $ | 2,012,457 | $ | 1,979,720 | |||||||||
| Allowance for loan losses | $ | (28,178 | ) | $ | (26,437 | ) | $ | (27,267 | ) | $ | (26,594 | ) | $ | (26,591 | ) | ||||
| 30-89 day past due loans | $ | 4,842 | $ | 2,399 | $ | 1,952 | $ | - | $ | - | |||||||||
| 90+ day past due loans | $ | 2,850 | $ | 13,223 | $ | 11,512 | $ | 11,512 | $ | 2,500 | |||||||||
| Nonaccrual loans | $ | 7,716 | $ | 15,565 | $ | 11,512 | $ | 11,512 | $ | 2,500 | |||||||||
| Other real estate owned (OREO) | $ | 8,568 | $ | - | $ | - | $ | - | $ | - | |||||||||
| NPAs / Total assets | 0.66 | % | 0.63 | % | 0.47 | % | 0.48 | % | 0.11 | % | |||||||||
| NPLs / Total loans held-for-investment | 0.37 | % | 0.75 | % | 0.55 | % | 0.57 | % | 0.13 | % | |||||||||
| Net quarterly charge-offs (recoveries) | $ | - | $ | 1,290 | $ | - | $ | - | $ | 96 | |||||||||
| Net charge-offs (recoveries) /avg loans (annualized) | 0.00 | % | 0.25 | % | 0.00 | % | 0.00 | % | 0.02 | % | |||||||||
| Allowance for loan losses to loans HFI | 1.35 | % | 1.27 | % | 1.31 | % | 1.32 | % | 1.34 | % | |||||||||
| Allowance for loan losses to nonaccrual loans | 365.19 | % | 169.85 | % | 236.86 | % | 231.01 | % | 1063.64 | % | |||||||||
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 | |||||||||||||||||||
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | |||||||||||||||
| Efficiency Ratio | |||||||||||||||||||
| Noninterest expense | $ | 15,689 | $ | 14,055 | $ | 14,190 | $ | 13,425 | $ | 12,962 | |||||||||
| Net interest income | 30,113 | 27,732 | 27,407 | 25,707 | 24,670 | ||||||||||||||
| Noninterest income | 1,730 | 1,613 | 1,946 | 1,434 | 1,538 | ||||||||||||||
| Total net interest income and noninterest income | 31,843 | 29,345 | 29,353 | 27,141 | 26,208 | ||||||||||||||
| Efficiency ratio (non-GAAP) | 49.27 | % | 47.90 | % | 48.34 | % | 49.46 | % | 49.46 | % | |||||||||
| Pretax pre-provision net revenue | |||||||||||||||||||
| Net interest income | $ | 30,113 | $ | 27,732 | $ | 27,407 | $ | 25,707 | $ | 24,670 | |||||||||
| Noninterest income | 1,730 | 1,613 | 1,946 | 1,434 | 1,538 | ||||||||||||||
| Total net interest income and noninterest income | 31,843 | 29,345 | 29,353 | 27,141 | 26,208 | ||||||||||||||
| Less: Noninterest expense | 15,689 | 14,055 | 14,190 | 13,425 | 12,962 | ||||||||||||||
| Pretax pre-provision net revenue (non-GAAP) | $ | 16,154 | $ | 15,290 | $ | 15,163 | $ | 13,716 | $ | 13,246 | |||||||||
| Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity | |||||||||||||||||||
| Net income | $ | 10,449 | $ | 10,562 | $ | 10,658 | $ | 9,453 | $ | 7,827 | |||||||||
| Average assets | 2,487,224 | 2,467,778 | 2,359,950 | 2,328,399 | 2,241,860 | ||||||||||||||
| Average shareholders' equity | 242,235 | 230,731 | 219,963 | 208,889 | 199,088 | ||||||||||||||
| Less: Average intangible assets | 1,953 | 2,098 | 2,028 | 2,051 | 2,163 | ||||||||||||||
| Average tangible common equity (non-GAAP) | 240,282 | 228,633 | 217,935 | 206,838 | 196,925 | ||||||||||||||
| Return on average assets | 1.69 | % | 1.74 | % | 1.80 | % | 1.62 | % | 1.40 | % | |||||||||
| Return on average equity | 17.30 | % | 18.56 | % | 19.28 | % | 18.00 | % | 15.81 | % | |||||||||
| Return on average tangible common equity (non-GAAP) | 17.44 | % | 18.74 | % | 19.46 | % | 18.18 | % | 15.99 | % | |||||||||
| Tangible book value per share | |||||||||||||||||||
| Total equity | 246,939 | 235,235 | 223,534 | 214,213 | 201,442 | ||||||||||||||
| Less: Total intangible assets | 1,964 | 1,993 | 2,087 | 2,006 | 2,164 | ||||||||||||||
| Total tangible equity | 244,975 | 233,242 | 221,447 | 212,207 | 199,278 | ||||||||||||||
| Shares outstanding | 5,805,286 | 5,789,306 | 5,766,810 | 5,756,207 | 5,751,143 | ||||||||||||||
| Tangible book value per share (non-GAAP) | $ | 42.20 | $ | 40.29 | $ | 38.40 | $ | 36.87 | $ | 34.65 | |||||||||
PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)
The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted 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) | |||||||
| Year to Date | |||||||
| Jun 30, 2025 | Jun 30, 2024 | ||||||
| Efficiency Ratio | |||||||
| Noninterest expense | $ | 29,744 | $ | 25,745 | |||
| Net interest income | 57,845 | 47,438 | |||||
| Noninterest income | 3,343 | 2,964 | |||||
| Total net interest income and noninterest income | 61,188 | 50,402 | |||||
| Efficiency ratio (non-GAAP) | 48.61 | % | 51.08 | % | |||
| Pretax pre-provision net revenue | |||||||
| Net interest income | $ | 57,845 | $ | 47,438 | |||
| Noninterest income | 3,343 | 2,964 | |||||
| Total net interest income and noninterest income | 61,188 | 50,402 | |||||
| Less: Noninterest expense | 29,744 | 25,745 | |||||
| Pretax pre-provision net revenue (non-GAAP) | $ | 31,444 | $ | 24,657 | |||
| Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity | |||||||
| Net income | $ | 21,011 | $ | 15,711 | |||
| Average assets | 2,477,554 | 2,195,419 | |||||
| Average shareholders' equity | 236,517 | 194,708 | |||||
| Less: Average intangible assets | 2,025 | 2,185 | |||||
| Average tangible common equity (non-GAAP) | 234,492 | 192,523 | |||||
| Return on average assets | 1.71 | % | 1.44 | % | |||
| Return on average equity | 17.91 | % | 16.23 | % | |||
| Return on average tangible common equity (non-GAAP) | 18.07 | % | 16.41 | % | |||
FAQ
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