San Diego Private Bank Announces the Opening of Its Private Bank of America Branch in Beverly Hills and Releases Updated Financial Tables

by | Aug 2, 2017 | Globe Newswire

LA JOLLA, Calif., Aug. 02, 2017 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX:PBAM)

San Diego Private Bank announces that its Private Bank of America branch opened on July 31st in Beverly Hills.  Private Bank of America is a division of San Diego Private Bank (the “Bank”), a subsidiary of Private Bancorp of America, Inc. (“Bancorp”). The office is a full-service branch and will provide a full range of financial products.

The office is located at 9606 Santa Monica Boulevard, Suite 400, Beverly Hills, CA 90210. The office is the fifth branch for San Diego Private Bank, joining locations in La Jolla, Downtown San Diego, Coronado and Newport Beach.  The Bank also has a loan production office in San Marcos.

The Company is also releasing an update to the financial tables originally included in its July 24, 2017 press release.

About Private Bancorp of America, Inc.

Private Bancorp of America, Inc. (OTCQX:PBAM), is the holding company for San Diego Private Bank.  San Diego Private Bank provides a Distinctly Different banking experience through unparalleled service and creative funding solutions to high net worth individuals, professionals, locally owned  businesses and real estate entrepreneurs; serviced through offices in Coronado, San Diego, La Jolla, Newport Beach and Beverly Hills as well as efficient electronic banking offerings. The Bank also offers various portfolio and government guaranteed lending programs, including SBA and cross-border Export-Import Bank programs. San Diego Private Bank is a SBA Preferred Lender.

Safe Harbor Paragraph          

This press release may include forward-looking statements that involve inherent risks and uncertainties. Private Bancorp of America, Inc. cautions readers that a number of important factors could cause actual results to differ materially from those in the forward‐looking statements. These factors include economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate the operations of merged banks, 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.

[FINANCIAL TABLES FOLLOW]

 

 
      For the three months ended   June 30, 2017   June 30, 2017
                  Q-o-Q   Y-o-Y
  SELECT FINANCIAL DATA AND PERFORMANCE RATIOS   June 30, 2017   March 31, 2017   June 30, 2016   change ($) change (%)   change ($) change (%)
  (unaudited)                        
                           
  Common shares outstanding at period-end     4,989,211       4,169,450       4,082,381       819,761   20 %     906,830   22 %
                           
  Book value per common share   $ 15.70     $ 14.56     $ 13.73     $ 1.14   8 %   $ 1.97   14 %
  Tangible book value per common share   $ 15.58     $ 14.24     $ 13.55     $ 1.34   9 %   $ 2.03   15 %
                           
  PERFORMANCE RATIOS (%):                        
  Return on average assets (annualized)     0.76 %     1.00 %     0.66 %     -0.24 % -24 %     0.10 % 15 %
  Return on average equity (annualized)     5.66 %     8.99 %     5.59 %     -3.33 % -37 %     0.06 % 1 %
  Return on average tangible common equity (annualized)     6.14 %     9.14 %     5.74 %     -3.00 % -33 %     0.40 % 7 %
  Net interest margin     4.20 %     4.06 %     4.18 %     0.13 % 3 %     0.02 % 0 %
  Net interest spread     4.14 %     4.02 %     4.14 %     0.12 % 3 %     0.01 % 0 %
  Efficiency ratio     65.64 %     59.05 %     65.49 %     6.59 % 11 %     0.16 % 0 %
  Noninterest expense / average assets     2.74 %     2.46 %     2.75 %     0.29 % 12 %     -0.01 % 0 %
                           
  CAPITAL RATIOS (%):                        
  Tier 1 leverage ratio     14.89 %     11.27 %     12.32 %     3.62 % 32 %     2.57 % 21 %
  Tier 1 risk-based capital ratio     16.81 %     13.99 %     13.49 %     2.82 % 20 %     3.32 % 25 %
  Common equity Tier 1 ratio     16.81 %     13.99 %     13.49 %     2.82 % 20 %     3.32 % 25 %
  Total risk-based capital ratio     17.73 %     14.94 %     14.39 %     2.79 % 19 %     3.34 % 23 %
  Tangible equity / tangible assets     13.77 %     11.05 %     11.50 %     2.72 % 25 %     2.27 % 20 %
                           
                  June 30, 2017   June 30, 2017
      Quarter ended:           Q-o-Q   Y-o-Y
  CREDIT QUALITY PROFILE AND METRICS:   June 30, 2017   March 31, 2017   June 30, 2016   change ($) change (%)   change ($) change (%)
                           
  Total Loans ($000s)     453,207       421,410       387,268       31,797   8 %     65,939   17 %
  30-89 day past due loans ($000s)     –       –       –       –   NM     –   NM
  90+ day past due loans ($000s)     –       –       –       –   NM     –   NM
  nonaccrual loans ($000s)     139       137       196       2   1 %     (57 ) -29 %
                           
  NPAs / Assets (%)     0.02 %     0.03 %     0.04 %     0.00 % -3 %     -0.02 % -40 %
  NPLs / loans & REO (%)     0.03 %     0.03 %     0.05 %     0.00 % -6 %     -0.02 % -39 %
  Net chargeoffs ($000s)     0       0       0.00 %     –   NM     –   NM
  NCOs / avg loans (annualized) (%)     0       0       0.00 %     –   NM     –   NM
  Reserve ratio (%)     0.93 %     0.95 %     0.93 %     -0.03 % -3 %     0.00 % 0 %
  Reserve coverage ratio (%)     3024 %     2933 %     1835 %     92 % 3 %     1189 % 65 %
                           
                  June 30, 2017   June 30, 2017
      Quarter ended:           Q-o-Q   Y-o-Y
  LOAN PORTFOLIO COMPOSITION ($000s)   June 30, 2017   March 31, 2017   June 30, 2016   change ($) change (%)   change ($) change (%)
  Real estate – investor owned     183,936       171,221       138,329       12,715   7 %     45,607   33 %
  Real estate – owner occupied     48,086       47,229       48,195       857   2 %     (109 ) 0 %
  Real estate – multifamily     49,518       48,423       47,133       1,095   2 %     2,385   5 %
  Real estate – single family     54,559       52,704       52,415       1,855   4 %     2,144   4 %
  Commercial business     89,739       69,965       66,543       19,774   28 %     23,196   35 %
  Land and construction     25,461       29,957       33,389       (4,496 ) -15 %     (7,928 ) -24 %
  Consumer     258       139       252       119   86 %     6   2 %
  Leases     –       –       –       –   NM     –   NM
  Other     –       –       –       –   NM     –   NM
  Total loans held for investment     451,557       419,638       386,256       31,919   8 %     65,301   17 %
                           
  Loans held for sale     1,650       1,772       1,012       (122 ) -7 %     638   63 %
  Total loans, including loans held for sale     453,207       421,410       387,268       31,797   8 %     65,939   17 %
                           
  Allowance for loan losses     (4,204 )     (4,018 )     (3,597 )     (186 ) 5 %     (607 ) 17 %
  Net loans     449,003       417,392       383,671       31,611   8 %     65,332   17 %
                           
  DEPOSIT COMPOSITION ($000S)                        
  Non interest bearing DDA     120,197       126,486       105,115       (6,289 ) -5 %     15,082   14 %
  Interest bearing DDA     14,616       14,772       13,090       (156 ) -1 %     1,526   12 %
  Money market     193,396       193,965       156,806       (569 ) 0 %     36,590   23 %
  Savings     5,703       6,216       6,348       (513 ) -8 %     (645 ) -10 %
  Tiim Deposits     57,424       74,866       65,150       (17,442 ) -23 %     (7,726 ) -12 %
  Total deposits     391,336       416,305       346,509       (24,969 ) -6 %     44,827   13 %
                                   

 

                             
                  June 30, 2017    June 30, 2017  
                  Q-o-Q   Y-o-Y  
  BALANCE SHEET June 30, 2017   March 31, 2017   June 30, 2016   change ($) change (%)   change ($) change (%)  
  (unaudited – in $000s)                        
                             
  Assets                        
                             
  Cash and due from banks 12,179     38,273     28,490     (26,094 ) -68 %   (16,311 ) -57 %  
  Interest-bearing deposits at Federal Reserve Bank 57,189     40,419     27,112     16,770   41 %   30,077   111 %  
      69,368     78,692     55,602     (9,324 ) -12 %   13,766   25 %  
  Interest-bearing time deposits with other institutions 2,997     1,245     996     1,752   141 %   2,001   201 %  
  Investment securities available for sale 31,693     29,058     29,774     2,635   9 %   1,919   6 %  
  Investment securities held to maturity –     –     –                
                             
  Loans 453,207     421,410     387,268     31,797   8 %   65,939   17 %  
  Allowance for loan losses (4,204 )   (4,018 )   (3,597 )   (186 ) 5 %   (607 ) 17 %  
      449,003     417,392     383,671     31,611   8 %   65,332   17 %  
                             
  Federal Home Loan Bank stock, at cost 2,295     2,135     2,135     160   7 %   160   7 %  
  Premises and equipment, net 1,187     980     927     207   21 %   260   28 %  
  Goodwill –     –     –                
  Other intangible assets 609     665     744     (56 ) -8 %   (135 ) -18 %  
  Deferred tax asset/liability 5,532     5,632     5,436     (100 ) -2 %   96   2 %  
  Accrued interest receivable 1,376     1,273     1,227     103   8 %   149   12 %  
  Other assets 841     869     1,204     (28 ) -3 %   (363 ) -30 %  
      564,901     537,941     481,716     26,960   5 %   83,185   17 %  
                             
  Liabilities and Shareholders’ Equity                        
                             
  Liabilities                        
  Interest bearing deposits 120,197     126,486     105,115     (6,289 ) -5 %   15,082   14 %  
  Noninterest bearing deposits 271,139     289,818     241,000     (18,679 ) -6 %   30,139   13 %  
  Total Deposits 391,336     416,304     346,115     (24,968 ) -6 %   45,221   13 %  
  FHLB Borrowings 85,000     50,000     70,000     35,000   70 %   15,000   21 %  
  Other borrowings 7,889     7,886     7,876     3   0 %   13   0 %  
  Accrued interest payable and other liabilities 2,339     3,047     1,685     (708 ) -23 %   654   39 %  
      486,564     477,237     425,676     9,327   2 %   60,888   14 %  
                             
  Shareholders’ equity                        
  Common stock 57,426     41,065     39,812     16,361   40 %   17,614   44 %  
  Additional paid-in capital 2,543     2,445     2,531     98   4 %   12   0 %  
  Retained earnings 18,184     17,160     13,370     1,024   6 %   4,814   36 %  
  Accumulated other comprehensive income 184     34     327     150   441 %   (143 ) -44 %  
      78,337   # 60,704     56,040     17,633   29 %   22,297   40 %  
                             
  Total liabilities and shareholders’ equity 564,901   # 537,941     481,716     26,960   5 %   83,185   17 %  
                                 

 

 
                  June 30, 2017   June 30, 2017
      For the three months ended   Q-o-Q   Y-o-Y
  INCOME STATEMENT   June 30, 2017   March 31, 2017   June 30, 2016   change ($) change (%)   change ($) change (%)
  (unaudited – in $000s, except per share data)                        
                           
  Interest Income                        
  Loans     5,697       5,501     4,855     196   4 %     842   17 %
  Investment securities     186       188     191     (2 ) -1 %     (5 ) -3 %
  Deposits in other financial institutions     138       119     60     19   16 %     78   130 %
        6,021       5,808     5,106     213   4 %     915   18 %
                           
  Interest Expense                        
  Deposits     340       375     316     (35 ) -9 %     24   8 %
  Borrowings     223       209     185     14   7 %     38   21 %
        563       584     501     (21 ) -4 %     62   12 %
                           
  Net interest income     5,458       5,224     4,605     234   4 %     853   19 %
  Provision for credit losses     186       –     364     186   NM     (178 ) -49 %
  Net interest income after provision for credit losses     5,272       5,224     4,241     48   1 %     1,031   24 %
                           
  Noninterest income:                        
  Service charges on deposit accounts     82       96     76     (14 ) -15 %     6   8 %
  Net gain on sale of loans & leases     91       146     31     (55 ) -38 %     60   194 %
  Gain (loss) on sale of investment securities     8       –     –     8   NM     8   NM
  Other noninterest income     (4 )     153     89     (157 ) -103 %     (93 ) -104 %
        177       395     196     (218 ) -55 %     (19 ) -10 %
                           
  Noninterest expense:                        
  Salary and employee benefits     2,318       2,226     2,065     92   4 %     253   12 %
  Occupancy and equipment     393       318     291     75   24 %     102   35 %
  Data processing     265       289     303     (24 ) -8 %     (38 ) -13 %
  Professional services     314       168     157     146   87 %     157   100 %
  Other expenses     409       317     328     92   29 %     81   25 %
        3,699       3,318     3,144     381   11 %     555   18 %
                           
  Income before provision for income tax     1,750       2,301     1,293     (551 ) -24 %     457   35 %
  Provision for income tax     725       955     534     (230 ) -24 %     191   36 %
  Net income available to common shareholders     1,025       1,346     759     (321 ) -24 %     266   35 %
                           
  Earnings per share                        
  Basic earnings per share   $ 0.23     $ 0.33   $ 0.19   $ (0.09 ) -29 %   $ 0.04   20 %
  Diluted earnings per share   $ 0.23     $ 0.32   $ 0.18   $ (0.10 ) -30 %   $ 0.05   28 %
                           
  Average shares outstanding     4,413,085       4,112,967     3,916,623     300,118   7 %     496,462   13 %
  Diluted average shares outstanding     4,545,771       4,187,627     4,301,221     358,144   9 %     244,550   6 %

 

                                         
      For the three months ended   For the three months ended   For the three months ended  
      June 30, 2017   March 31, 2017   June 30, 2016  
      Average       Average   Average       Average   Average       Average  
  RATE AND YIELD TABLE   Balance   Interest   Yield/Rate   Balance   Interest   Yield/Rate   Balance   Interest   Yield/Rate  
  (unaudited – in $000s)                                      
                                         
  Interest-Earnings Assets:                                      
  Deposits in other financial institutions   58,122   138   0.95 %   61,198   119   0.79 %   51,304   60   0.47 %  
  Investment securities   31,932   186   2.34 %   30,340   188   2.51 %   32,046   190   2.38 %  
  Loans   431,644   5,697   5.29 %   429,768   5,501   5.19 %   358,338   4,855   5.43 %  
  Total interest-earning assets   521,698   6,021   4.63 %   521,306   5,808   4.52 %   441,688   5,106   4.64 %  
  Noninterest-earning assets   19,251           20,725           17,108          
  Total Assets   540,949           542,031           458,796          
                                         
  Interest-Bearing Liabilities                                      
  Interest-bearing transaction accounts   15,170   7   0.19 %   13,490   7   0.21 %   11,718   6   0.21 %  
  Money market   189,070   198   0.42 %   183,483   192   0.42 %   151,271   157   0.42 %  
  Savings deposits   5,673   3   0.21 %   5,734   3   0.21 %   5,048   3   0.24 %  
  Certificates of deposit   63,612   132   0.83 %   89,355   173   0.79 %   67,024   151   0.90 %  
  Total Interest-Bearing Deposits   273,525   340   0.50 %   292,062   375   0.52 %   235,061   317   0.54 %  
                                         
  FHLB advances   50,385   120   0.96 %   50,400   107   0.86 %   51,808   81   0.63 %  
  Other borrowings   7,886   103   5.24 %   7,885   102   5.25 %   7,871   104   5.30 %  
  Total Interest-Bearing Liabilities   58,271   223   1.53 %   58,285   209   1.45 %   59,679   185   1.24 %  
                                         
  Noninterest-bearing deposits   134,087           129,043           107,379          
  Total Funding Sources   465,883   563   0.48 %   479,390   584   0.49 %   402,119   502   0.50 %  
                                         
  Noninterest-bearing liabilities   2,385           2,556           2,246          
                                         
  Shareholders’ equity   72,681           60,085           54,431          
                                         
  Total Liabilities and Shareholders’ Equity   540,949           542,031           458,796          
                                         
  Net interest spread           4.14 %           4.02 %           4.14 %  
                                         
  Net interest income       5,458           5,224           4,604    
  Net interest margin           4.20 %           4.06 %           4.18 %  

 

 

 

CONTACT: Investor Relations Contact

Thomas V. Wornham 
President/CEO 
Private Bancorp of America, Inc. and San Diego Private Bank 
(858) 875.6900