Private Bancorp of America, Inc. Reports 2019 Fourth Quarter Financial Results - Private Bancorp (OTC:PBAM)

Total assets increased to $1.1 billion up 7% for the quarter and 26% year-over-year
Total loans increased to $885.6 million up 8% for the quarter and up 28% year-over-year
Total deposits increased to $850.3 million up 3% for the quarter and up 22% year-over-year
Record fourth quarter earnings of $2.0 million, or $0.35 per diluted share
Net interest income for the year increased 43%

LA JOLLA, Calif., Jan. 29, 2020 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. PBAM, ("Company") and CalPrivate Bank ("Bank") announced unaudited financial results for the fourth quarter and year ending December 31, 2019. For the full year 2019, the Company reported a net loss of $428,000 or $0.08 per diluted share. The net loss for the year was due to the $9.5 million pre-tax loan charge-off reported in the third quarter of 2019.

The Company reported net income of $2.0 million or $0.35 per diluted share for the quarter ended December 31, 2019 compared with a net loss of $5.0 million or $0.89 per diluted share in the third quarter of 2019 and net income of $1.0 million or $0.20 per diluted share for the fourth quarter of 2018. Net interest income was $11.1 million for the fourth quarter of 2019 representing a $103,000 or 1%, increase compared to the third quarter of 2019 and a $2.3 million or 26% increase, compared to the same period in 2018. Net interest margin for the fourth quarter was 4.47% compared with 4.67% for the third quarter and 4.52% for the same period in 2018. The yield on earning assets for the quarter was 5.44% compared with 5.63% in the third quarter and 5.33% for the same period in 2018 reflecting the impact of changes in the Federal Funds Rate, and an increase in loan yields year-over-year. The cost of total funding sources was 1.04% for the quarter compared with 1.04% in the third quarter and 0.88% for the same period in 2018. The increase in funding costs compared to the fourth quarter of 2018 was partially attributable to the increased cost from the subordinate debt issued during the second quarter of 2019.

Non-interest income was $1.0 million for the fourth quarter of 2019 representing a $437,000 or 75% increase compared to the third quarter of 2019 and a $460,000 increase, or 82% increase compared to the same period in 2018. The quarterly increase is primarily due to increased gains from SBA loan sales and gain-on-sale of investment securities. The increase compared to the same period in 2018 is due to the increase in SBA loan sales and other non-interest income.

Non-interest expense was $8.6 million for the fourth quarter of 2019 representing a $369,000 decrease, or 4%, compared to the third quarter of 2019 and a $1.6 million, or 23% increase, compared to the same period in 2018. The decrease was caused by downward adjustments to bonus and commission accruals, offset by increases to professional and other expenses related to increased legal costs, regulatory assessments and expenses related to unfunded commitments. The increase compared to 2018 was due to increases in salaries and benefits, data processing costs, professional services and other expenses due to increased headcount, legal fees and expense related to unfunded commitments.

The Company increased total assets to $1.1 billion at December 31, 2019 representing an increase of $66 million or 7% compared to the third quarter of 2019 and $218.8 million or 26% compared to the same period in 2018. Total loans increased $64.6 million, or 8%, from the third quarter to $885.6 million at December 31, 2019 and increased $191 million, or 28%, from the fourth quarter of 2018. The Allowance for Loan Losses increased $708 thousand to $8.6 million in the quarter with a resulting coverage ratio of 0.97% compared to $7.9 million or 0.96% at the third quarter of 2019 and $6.3 million or 0.90% at the fourth quarter of 2018.

Tom Wornham, President and CEO of the Company and CEO of the Bank said, "Our growth continues to come from all around our Coastal Southern California footprint and across all of our business lines. We are very appreciative of the support of our clients and shareholders; as well as the hard work of our Team Members who are successfully implementing our organic growth strategy. While we are very disappointed we incurred our only significant loan loss since the merger in 2013, we are proud that without this event PBAM would have reported record earnings in 2019."

Rick Sowers, President of the Bank added, "We are more than half way through our 36-month growth strategy that we communicated to our investors. We have experienced tremendous growth and I am proud of our Team. Our focus remains on continuing to improve our operating leverage, continually providing an exceptional client experience and getting the most out of the investments we have made."

"The company continued to grow based on prior and current investments in infrastructure, talent and technology. The focus on client experience and corporate culture resulted in the strengthening of the franchise through broader and deeper client relationships and exceptional Team Member engagement," said Selwyn Isakow, Chairman of PBAM and the Bank. "The company remains well capitalized and reported no past due or delinquent loans at the end of the year. We remain committed to providing our shareholders with solid long-term returns."

About Private Bancorp of America, Inc.

Private Bancorp of America, Inc. PBAM, is the holding company for CalPrivate Bank. CalPrivate 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. Customers are serviced through offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo 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. CalPrivate Bank is an SBA Preferred Lender.

Investor Relations Contact

Thomas V. Wornham
President/CEO
Private Bancorp of America, Inc.
(858) 875-6900

Safe Harbor Paragraph

This press release includes 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 loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate and develop business through the addition of new personnel and facilities and merged banks, whether our efforts to expand loan, product and service offerings will prove profitable, the effects of the bank mergers and acquisitions in our markets, system failures and internet security, 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.

PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in thousands)

	December 31, 2019			September 30, 2019				Dollar change			Percentage change		December 31, 2018			Dollar change			Percentage change
Assets

Cash and due from banks	$	34,551		$	29,480			$	5,071		17.2	%		24,140		$	10,411		43.1	%
Interest-bearing deposits at Federal Reserve Bank		74,561			58,373				16,188		27.7	%		18,964			55,597		293.2	%
Total cash and due from banks		109,112			87,853		1		21,259		24.2	%		43,104			66,008		153.1	%
Interest-bearing time deposits with other institutions		2,256			2,255				1		0.0	%		2,751			(495	)	-18.0	%
Investment securities available for sale		51,215			73,209				(21,994	)	-30.0	%		98,170			(46,955	)	-47.8	%
Loans		885,556			820,989				64,567		7.9	%		694,531			191,025		27.5	%
Allowance for loan losses		(8,601	)		(7,893	)			(708	)	9.0	%		(6,252	)		(2,349	)	37.6	%
Net loans		876,955			813,096				63,859		7.9	%		688,279			188,676		27.4	%
Federal Home Loan Bank stock, at cost		4,060			4,060				0		0.0	%		3,310			750		22.7	%
Right of use asset		6,452			6,877				(425	)	-6.2	%		0			6,452		0.0	%
Premises and equipment, net		3,165			2,947				218		7.4	%		2,223			942		42.4	%
Other intangible assets		1,080			978				102		10.5	%		884			196		22.2	%
Deferred tax asset		5,966			4,576				1,390		30.4	%		4,409			1,557		35.3	%
Accrued interest receivable		2,703			2,569				134		5.2	%		2,527			176		7.0	%
Other assets		3,022			1,565				1,457		93.1	%		1,507			1,515		100.5	%
Total assets	$	1,065,986		$	999,985			$	66,001		6.6	%	$	847,164		$	218,822		25.8	%

Liabilities and Shareholders' Equity

Liabilities
Noninterest bearing	$	268,116		$	266,205			$	1,911		0.7	%	$	226,119		$	41,997		18.6	%
Interest Bearing		582,139			557,800				24,339		4.4	%		470,344			111,795		23.8	%
Total deposits		850,255			824,005				26,250		3.2	%		696,463			153,792		22.1	%
FHLB borrowings		90,000			55,000				35,000		63.6	%		55,000			35,000		63.6	%
Other borrowings		17,932			17,930				2		0.0	%		7,909			10,023		126.7	%
Accrued interest payable and other liabilities		12,120			9,779				2,341		23.9	%		4,241			7,879		185.8	%
Total liabilities		970,307			906,714				63,593		7.0	%		763,613			206,694		27.1	%

Shareholders' equity
Common stock		69,159			68,804				355		0.5	%		58,373			10,786		18.5	%
Additional paid-in capital		3,048			2,997				51		1.7	%		3,083			(35	)	-1.1	%
Retained earnings		22,904			20,917				1,987		9.5	%		23,363			(459	)	-2.0	%
Accumulated other comprehensive income		568			553				15		2.7	%		(1,268	)		1,836		-144.8	%
Total stockholders' equity		95,679			93,271				2,408		2.6	%		83,551			12,128		14.5	%

Total liabilities and stockholders' equity	$	1,065,986		$	999,985			$	66,001		6.6	%	$	847,164		$	218,822		25.8	%

PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the three months ended
	December 31, 2019		September 30, 2019			Dollar change			Percentage change		December 31, 2018			Dollar change			Percentage change
Interest Income
Loans	$	12,733	$	12,497		$	236		1.9	%	$	9,459		$	3,274		34.6	%
Investment securities		485		544			(59	)	-10.8	%		747			(262	)	-35.1	%
Deposits in other financial institutions		254		181			73		40.3	%		127			127		100.0	%
Total interest income		13,472		13,222			250		1.9	%		10,333			3,139		30.4	%

Interest Expense
Deposits		1,825		1,605			220		13.7	%		860			965		112.2	%
Borrowings		575		648			(73	)	-11.3	%		710			(135	)	-19.0	%
Total interest expense		2,400		2,253			147		6.5	%		1,570			830		52.9	%

Net interest income		11,072		10,969			103		0.9	%		8,763			2,309		26.3	%
Provision for credit losses		708		9,737			(9,029	)	-92.7	%		863			(155	)	-18.0	%
Net interest income after provision for credit losses		10,364		1,232			9,132		741.2	%		7,900			2,464		31.2	%

Noninterest income:
Service charges on deposit accounts		138		137			1		0.7	%		96			42		43.8	%
Net gain on sale of loans		432		163			269		165.0	%		410			22		5.4	%
Gain on sale of investment securities		190		125			65		52.0	%		(13	)		203		-1561.5	%
Other noninterest income		261		159			102		64.2	%		68			193		283.8	%
Total noninterest income		1,021		584			437		74.8	%		561			460		82.0	%

Noninterest expense:
Salary and employee benefits		5,427		6,341			(914	)	-14.4	%		4,741			686		14.5	%
Occupancy and equipment		832		793			39		4.9	%		620			212		34.2	%
Data processing		631		588			43		7.3	%		541			90		16.6	%
Professional services		726		639			87		13.6	%		350			376		107.4	%
Other expenses		946		570			376		66.0	%		688			258		37.5	%
Total noninterest expense		8,562		8,931			(369	)	-4.1	%		6,940			1,622		23.4	%

Income (loss) before provision for income taxes		2,823		(7,115	)		9,938		-139.7	%		1,521			1,302		85.6	%
Provision for income taxes		857		(2,081	)		2,938		-141.2	%		474			383		80.8	%
Net income (loss)	$	1,966	$	(5,034	)	$	7,000		-139.1	%	$	1,047		$	919		87.8	%
Net income available to common shareholders	$	1,931	$	(4,950	)	$	6,881		-139.0	%		1,025		$	906		88.4	%

Earnings per share
Basic earnings (loss) per share	$	0.36	$	(0.91	)	$	1.27		-139.7	%	$	0.21		$	0.15		74.6	%
Diluted earnings (loss) per share	$	0.35	$	(0.89	)	$	1.24		-139.3	%	$	0.20		$	0.15		75.8	%

Average shares outstanding		5,414,056		5,465,278			(51,222	)	-0.9	%		4,970,090			443,966		8.9	%
Diluted average shares outstanding		5,492,930		5,563,931			(71,001	)	-1.3	%		5,147,858			345,072		6.7	%

PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the twelve months ended
	December 31, 2019			December 31, 2018			Dollar change			Percentage change
Interest Income
Loans	$	47,182			30,219		$	16,963		56.1	%
Investment securities		2,303			2,698			(395	)	-14.6	%
Deposits in other financial institutions		695			704			(9	)	-1.3	%
Total interest income		50,180			33,621			16,559		49.3	%

Interest Expense
Deposits		5,977			2,405			3,572		148.5	%
Borrowings		2,438			1,967			471		23.9	%
Total interest expense		8,415			4,372			4,043		92.5	%

Net interest income		41,765			29,249			12,516		42.8	%
Provision for credit losses		11,830			1,731			10,099		583.4	%
Net interest income after provision for credit losses		29,935			27,518			2,417		8.8	%

Noninterest income:
Service charges on deposit accounts		485			258			227		88.0	%
Net gain on sale of loans		1,249			1,670			(421	)	-25.2	%
Gain on sale of investment securities		341			(4	)		345		-8625.0	%
Other noninterest income		688			441			247		56.0	%
Total noninterest income		2,763			2,365			398		16.8	%

Noninterest expense:
Salary and employee benefits		22,889			15,943			6,946		43.6	%
Occupancy and equipment		2,941			2,310			631		27.3	%
Data processing		2,233			1,902			331		17.4	%
Professional services		2,121			1,248			873		70.0	%
Other expenses		3,099			2,632			467		17.7	%
Total noninterest expense		33,283			24,035			9,248		38.5	%

Income (loss) before provision for income taxes		(585	)		5,848			(6,433	)	-110.0	%
Provision for income tax		(157	)		1,712			(1,869	)	-109.2	%
Net income (loss)	$	(428	)	$	4,136		$	(4,564	)	-110.3	%
Net income available to common shareholders	$	(420	)	$	4,073		$	(4,493	)	-110.3	%

Earnings per share
Basic earnings (loss) per share	$	(0.08	)	$	0.82		$	(0.90	)	-109.7	%
Diluted earnings (loss) per share	$	(0.08	)	$	0.80		$	(0.88	)	-110.1	%

Average shares outstanding		5,241,325			4,959,314			282,011		5.7	%
Diluted average shares outstanding		5,320,200			5,136,987			183,213		3.6	%

	PRIVATE BANCORP OF AMERICA, INC.
	Consolidated average balance sheet, interest, yield and rates
	(Unaudited)
	(Dollars in thousands)

	For the three months ended
	December 31, 2019						September 30, 2019						December 31, 2018
	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	$	66,186	$	254	1.52	%	$	35,658	$	181	2.01	%	$	24,810	$	127	2.03	%
Investment securities		70,647		485	2.75	%		79,842		544	2.73	%		102,746		747	2.88	%
Loans		845,199		12,733	5.98	%		816,281		12,497	6.07	%		640,963		9,459	5.85	%
Total interest-earning assets		982,032		13,472	5.44	%		931,781		13,222	5.63	%		768,519		10,333	5.33	%
Noninterest-earning assets		36,912						39,083						24,752
Total Assets	$	1,018,944					$	970,864					$	793,271

Interest-Bearing Liabilities
Interest-bearing transaction accounts	$	56,061	$	130	0.92	%	$	37,644	$	69	0.73	%	$	17,890	$	9	0.20	%
Money market		389,499		1,009	1.03	%		372,008		959	1.02	%		306,361		530	0.69	%
Savings deposits		10,078		6	0.24	%		7,099		5	0.28	%		6,385		4	0.25	%
Certificates of deposit		114,699		680	2.35	%		100,705		572	2.25	%		70,416		317	1.79	%
Total Interest-Bearing Deposits		570,337		1,825	1.27	%		517,456		1,605	1.23	%		401,052		860	0.85	%

FHLB advances		56,814		306	2.14	%		63,301		376	2.36	%		97,918		605	2.45	%
Other borrowings		17,931		269	6.00	%		17,929		272	6.07	%		7,907		105	5.27	%
Total Interest-Bearing Liabilities		74,745		575	3.05	%		81,230		648	3.16	%		105,825		710	2.66	%

Noninterest-bearing deposits		271,892						261,365						199,588
Total Funding Sources		916,974		2,400	1.04	%		860,051		2,253	1.04	%		706,465		1,570	0.88	%

Noninterest-bearing liabilities		10,506						12,422						4,200

Shareholders' equity		91,464						98,391						82,606

Total Liabilities and Shareholders' Equity	$	1,018,944					$	970,864					$	793,271

Net interest spread					4.40	%					4.59	%					4.45	%

Net interest income			$	11,072					$	10,969					$	8,763
Net interest margin					4.47	%					4.67	%					4.52	%



	Condensed Balance Sheets
	(Dollars in thousands, except per share amounts)
	Dec 31, 2019				Sep 30, 2019				Jun 30, 2019				Mar 31, 2019				Dec 31, 2018
Assets
Cash and due from banks	$	111,368			$	90,108			$	45,337			$	37,998			$	45,855
Investment securities		51,215				73,209				84,752				85,852				98,170
Loans		885,556				820,989				795,345				713,408				694,531
Allowance for loan losses		(8,601	)			(7,893	)			(7,637	)			(6,641	)			(6,252	)
Net loans		876,955				813,096				787,708				706,767				688,279
Right of use asset		6,452				6,877				7,271				6,951				-
Premises and equipment, net		3,165				2,947				2,669				2,416				2,223
Other assets and interest receivable		16,831		-		13,748		-		12,810		-		12,554		-		12,637
Total assets	$	1,065,986			$	999,985			$	940,547			$	852,538			$	847,164

Liabilities and Shareholders' Equity

Liabilities
Noninterest Bearing	$	268,116			$	266,205			$	247,153			$	263,255			$	226,119
Interest Bearing		582,139				557,800				485,011				443,572				470,344
Total Deposits		850,255				824,005				732,164				706,827				696,463
Borrowings		107,932				72,930				99,929				47,832				62,909
Accrued interest payable and other liabilities		12,120				9,779				10,599				11,777				4,240
Total liabilities		970,307				906,714				842,692				766,436				763,612

Shareholders' equity
Common stock		69,159				68,804				68,740				58,576				58,373
Additional paid-in capital		3,048				2,997				2,823				3,062				3,083
Retained earnings		22,904				20,917				25,997				24,952				23,364
Accumulated other comprehensive income		568				553				295				(488	)			(1,268	)
Total shareholders' equity		95,679				93,271				97,855				86,102				83,552
Total liabilities and shareholders' equity	$	1,065,986			$	999,985			$	940,547			$	852,538			$	847,164

Book value per common share	$	17.15			$	16.84			$	17.60			$	16.90			$	16.41
Tangible book value per common share	$	16.96			$	16.66			$	17.44			$	16.72			$	16.23


	Regulatory Capital Ratios (PBAM) ¹
	Dec 31, 2019				Sep 30, 2019				Jun 30, 2019				Mar 31, 2019				Dec 31, 2018
Tier 1 leverage ratio		9.17	%			9.54	%			10.69	%			9.97	%			10.39	%
Tier 1 risk-based capital ratio		9.86	%			10.24	%			11.10	%			11.10	%			11.36	%
Common equity Tier 1 ratio		9.86	%			10.24	%			11.10	%			11.10	%			11.36	%
Total risk-based capital ratio		12.71	%			13.09	%			14.10	%			12.01	%			12.25	%
Tangible equity / tangible assets		8.88	%			9.24	%			10.32	%			10.00	%			9.74	%

¹ Preliminary ratios for December 31, 2019


	Condensed Statements of Income
	(Dollars in thousands, except per share amounts)
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018
Interest income	$	13,472		$	13,222		$	12,169		$	11,317		$	10,333
Interest expense		2,400			2,253			2,076			1,686			1,570
Net interest income		11,072			10,969			10,093			9,631			8,763
Provision for credit losses		708			9,737			996			389			863
Net interest income after provision for credit losses		10,364			1,232			9,097			9,242			7,900

Noninterest income		1,021			584			606			552			561

Salary and employee benefits		5,427			6,341			5,892			5,229			4,741
Occupancy and equipment		832			793			641			674			620
Data processing		631			588			490			524			541
Professional services		726			639			364			392			350
Other expenses		946			570			854			730			688
Total noninterest expense		8,562			8,931			8,241			7,549			6,940

Income before provision for income taxes		2,823			(7,115	)		1,462			2,245			1,521
Income taxes		857			(2,081	)		411			656			474
Net income	$	1,966		$	(5,034	)	$	1,051		$	1,589		$	1,047
Net income available to common shareholders	$	1,931		$	(4,950	)	$	1,031		$	1,559		$	1,025

Earnings per share
Basic earnings per share	$	0.36		$	(0.91	)	$	0.21		$	0.31		$	0.21
Diluted earnings per share	$	0.35		$	(0.89	)	$	0.20		$	0.30		$	0.20

Average shares outstanding		5,414,056			5,465,278			5,027,437			4,996,811			5,042,921
Diluted average shares outstanding		5,492,930			5,563,931			5,133,305			5,114,096			5,160,206

	Performance Ratios
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018
ROAA		0.77	%		-2.06	%		0.47	%		0.76	%		0.52	%
ROAE		8.53	%		-20.30	%		4.85	%		7.60	%		5.03	%
ROTE		8.01	%		-20.50	%		4.90	%		7.72	%		5.09	%
Net interest margin		4.47	%		4.67	%		4.70	%		4.77	%		4.52	%
Net interest spread		4.40	%		4.59	%		4.62	%		4.71	%		4.45	%
Efficiency ratio		70.80	%		77.30	%		77.03	%		74.13	%		74.43	%
Noninterest expense / average assets		3.33	%		3.65	%		3.68	%		3.61	%		3.47	%


	Average Balances
	(Dollars in thousands)
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018
Total assets	$	1,018,944		$	970,864		$	897,120		$	847,900		$	793,271
Earning assets	$	982,032		$	931,781		$	861,599		$	818,630		$	768,519
Total loans	$	845,199		$	816,281		$	748,846		$	701,715		$	640,963
Total deposits	$	842,229		$	778,821		$	718,579		$	690,384		$	600,640
Total equity	$	91,464		$	98,391		$	86,964		$	84,827		$	82,606


	Loan Balances by Type
	(Dollars in thousands)
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018
Real estate - investor owned	$	245,658		$	247,953		$	245,068		$	235,185		$	234,540
Real estate - owner occupied		225,778			192,739			175,112			136,484			122,258
Real estate - multifamily		68,308			68,536			67,839			69,083			62,388
Real estate - single family		59,487			59,782			56,783			58,334			59,685
Commercial business		243,438			204,166			201,892			173,027			180,602
Land and construction		32,151			37,918			37,966			32,987			24,679
Consumer		6,172			5,585			7,035			5,107			5,255
Total loans held for investment		880,992			816,679			791,695			710,207			689,407
Loans held for sale		4,564			4,310			3,650			3,201			5,124
Total loans, including loans held for sale		885,556			820,989			795,345			713,408			694,531
Allowance for loan losses		(8,601	)		(7,893	)		(7,637	)		(6,641	)		(6,252	)
Net loans	$	876,955		$	813,096		$	787,708		$	706,767		$	688,279


	Deposits by Type
	(Dollars in thousands)
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018
Non interest bearing DDA	$	268,116		$	266,205		$	247,153		$	263,255		$	226,119
Interest bearing DDA		112,397			47,805			29,583			23,195			21,079
Savings & MMA		350,563			394,128			363,803			325,880			344,776
Retail CD		6,989			7,132			7,025			4,135			7,651
Jumbo CD		112,191			108,735			84,600			90,362			96,838
Total deposits	$	850,255		$	824,005		$	732,164		$	706,827		$	696,463


	Asset Quality
	(Dollars in thousands)
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018
Total Loans	$	885,556		$	820,989		$	795,345		$	713,408		$	694,531
30-89 day past due loans	$	-		$	-		$	155		$	-		$	-
90+ day past due loans	$	-		$	-		$	-		$	-		$	-
Nonaccrual loans	$	-		$	-		$	-		$	-		$	-

NPAs / Assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
NPLs / loans & OREO		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Net quarterly charge-offs	$	-		$	9,481		$	-		$	-		$	-
Net charge-offs/avg loans (annualized)		0.00	%		4.65	%		0.00	%		0.00	%		0.00	%
Allowance for loan losses to loans		0.97	%		0.96	%		0.96	%		0.93	%		0.90	%
Allowance for loan losses to nonaccrual loans	NM			NM			NM			NM			NM

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