Private Bancorp of America, Inc. Announces Second Quarter 2022 Financial Results

Second Quarter Highlights

• Net income for the quarter was $4.4 million, up 2.4% from the same period in the prior year
• Diluted earnings per share of $0.77, up 2.7% from the same period in the prior year
• Total loans held-for-investment (HFI), excluding Paycheck Protection Program (PPP) loans, reached $1.4 billion, an increase of $322.9 million or 30.6% year-over-year and $100.8 million or 7.9% over Q1'22
• Non-interest-bearing demand deposits grew $143.0 million or 23.7% year over year and $22.5 million from the prior quarter to $747.0 million, representing 51.9% of total deposits
• Net interest margin (ex-PPP loans) of 4.57% compared to 4.14% for Q1'21 and compared to 4.51% for Q1'22
• Cost of funding sources remained low at 0.20%
• The provision for loan losses for the second quarter of 2022 was $659 thousand, an increase of $517 thousand compared to the first quarter of 2022
• Allowance for Loan Losses was 1.29% of total loans HFI (ex-PPP loans)
• Tangible book value per share of $22.68, down $0.12 from Q1'22 related to a mark-to-market adjustment on the securities portfolio
• Private Bancorp of America, Inc. (PBAM) well capitalized Tier 1 risk-based capital ratio of 9.51% (preliminary)

LA JOLLA, Calif., July 21, 2024 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. PBAM, (Company) and CalPrivate Bank (Bank) announced unaudited financial results for the second quarter ending June 30, 2022. The Company reported net income of $4.4 million, or $0.77 per diluted share, for the second quarter of 2022 compared to $6.5 million, or $1.13 per diluted share for the first quarter of 2022.