Private Bancorp of America, Inc. Reports First Quarter 2020 Financial Results - Private Bancorp (OTC:PBAM)

Net income increased 20% to $1.9 million compared to $1.6 million for the same period one year ago
Net interest income increased 20% to $11.5 million compared to $9.6 million for the same period last year
Total assets increased $120 million, or 11%, for the quarter and $333 million, or 39%, year-over-year.
Total loans increased to $894.1 million up 1% for the quarter and up 25% year-over-year
The Allowance for Loan Losses increased $997 thousand to $9.6 million in response to uncertain economic conditions resulting from COVID-19
Total deposits increased to $962.2 million up 13% for the quarter and up 36% year-over-year
Non-interest bearing deposits increased 32% during the quarter and 35% year-over-year.

LA JOLLA, Calif., April 30, 2020 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. PBAM, ("Company") and CalPrivate Bank ("Bank") announced unaudited financial results for the first quarter ending March 31, 2020. For the first quarter of 2020, the Company reported net income of $1.9 million or $0.34 per diluted share.

The COVID-19 pandemic caused widespread disruptions to the economy and communities the Bank serves. In response, the Bank implemented its business continuity and pandemic plans allowing us to serve and protect our customers, employees and communities. These included measures to protect client and employee safety, modifying branch hours and locations and moving the majority of the Company's resources to operating remotely. In addition, the Bank was fully ready to participate in the Small Business Administrations' Paycheck Protection Program ("PPP") on April 3, 2020 and immediately began processing loans for clients with approximately 462 loans approved for $127.8 million through April 24, 2020. The Bank is also participating in the second phase of the Paycheck Protection Program and began processing applications on April 27, 2020 and has 106 loans approved for $23 million as of April 28, 2020. The Bank's loan portfolio as of the end of the quarter has no direct exposure to the oil and gas industry and 5% of the portfolio is in the hospitality and restaurant industries. The Bank continues to monitor draws on lines of credit and has not experienced significant unusual activity. The Bank maintains a very strong on balance sheet liquidity position with a liquidity ratio at 26% at April 28, 2020 and continues to evaluate all contingent funding facilities available during this time including the Paycheck Protection Program Lending Facility provided by the Federal Reserve.

Tom Wornham, CEO of the Company and 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. We have been able to successfully implement our pandemic and business continuity plans, allowing us to continue to run our business safely and soundly. The COVID-19 environment has produced uncertain economic factors. We have adjusted the way we do business to protect our Team Members and Clients. In an effort to mitigate the impact on the Bank, we have also increased our on balance sheet liquidity. We increased our loan loss reserves, and remain in constant communication with our borrowers, a cornerstone of our relationship based model."

Rick Sowers, President of the Company and Bank added, "Although this is a challenging time, our Team is performing well and we could not be more proud of them. Nearly 80% of our Team is working remotely and their focus continues to be on servicing our client relationships and finding new relationships that are attracted to our model of concierge and solution oriented service. We see our model resonating with more and more prospects and see opportunity in our market positioning. Additionally, our Team did an exceptional job in implementing the SBA Paycheck Protection Program on the first day it was available, something we are very proud of."

The Company reported net income of $1.90 million or $0.34 per diluted share for the quarter ended March 31, 2020 compared with net income of $1.6 million or $0.30 per diluted share for the same period last year. Net interest income was $11.5 million for the first quarter of 2020, representing a $462 thousand or 4%, increase compared to the fourth quarter of 2019 and a $1.9 million or 20% increase, compared to the same period in 2019. Net interest margin for the first quarter was 4.46% compared with 4.47% for the fourth quarter and 4.77% for the same period in 2019. The yield on earning assets for the quarter was 5.35% compared with 5.44% in the fourth quarter and 5.61% for the same period in 2019. The yield on loans for the quarter increased to 5.99% compared to 5.98% in the fourth quarter and decreased from 6.07% in the first quarter of 2019. The cost of total funding sources was 0.95% for the quarter compared with 1.04% in the fourth quarter and 0.90% for the same period in 2019. The decrease in funding costs was due to repricing of floating rate deposits costs and calling and repricing wholesale funding. The increase in funding costs compared to the first quarter of 2019 is partially due to increased cost of subordinated debt that was issued in the second quarter of 2019.

Non-interest income was $1.1 million for the first quarter of 2020, representing a $125 thousand or 12% increase compared to the fourth quarter of 2019 and a $594 thousand or 108% increase compared to the same period in 2019. The increase in non-interest income is primarily due to increases in SBA loan sales compared with the fourth quarter and first quarter of 2019.

Non-interest expense was $8.7 million for the first quarter of 2020 representing a $99 thousand increase, or 1%, compared to the fourth quarter of 2019 and a $1.1 million, or 14% increase, compared to the same period in 2019. The increase was primarily due to increases in salaries and commissions and professional fees partially offset by decreases in data processing and other non-interest expense. The increase compared to the first quarter of 2019 was due to increases in salaries and benefits, facilities and professional services, associated with increased headcount.

The Company increased total assets to $1.2 billion at March 31, 2020, representing an increase of $120 million or 11% compared to the fourth quarter of 2019 and $333 million or 39% compared to the same period in 2019. Total loans increased $8.5 million, or 1%, from the fourth quarter to $894.1 million at March 31, 2020 and increased $180.7 million, or 25%, from the first quarter of 2019.

The Allowance for Loan Losses increased $997 thousand to $9.6 million in the quarter with a resulting coverage ratio of 1.07% compared to $8.6 million or 0.97% at the fourth quarter of 2019 and $6.6 million or 0.93% at the first quarter of 2019. The increase in the Allowance for Loan Losses was primarily due to qualitative factors related to the general economic outlook in the markets we serve and the potential impact on the loan portfolio resulting from COVID-19. As of April 28, 2020, thirty-nine loans totaling $73.0 million were on deferral status and continue to accrue interest. Additionally, one credit, unrelated to COVID-19 was placed on non-accrual status and the Company is confident in our real estate secured position with minimal loss exposure.

"The first quarter of 2020 was influenced by reactions and preparations for the disruption caused by the global health crisis and the resultant economic crisis. I am pleased to report that our Board and management immediately implemented systems, plans and processes to mitigate the impact of the COVID-19 pandemic on our employees, clients and communities," said Selwyn Isakow, Chairman of the Board of PBAM and the Bank. "Our management team is focused on assessing the risks in our loan portfolio and have been working on assisting our clients as appropriate, while exploring opportunities in this period of industry dislocation, as evidenced by the strong deposit growth during the quarter. CalPrivate Bank, as a preferred SBA provider, is participating in the Paycheck Protection Program launched by the Treasury and Small Business Administration. In these unprecedented times, we are also refocusing our charitable giving and assistance based on the needs of the communities we serve. The efforts of our Team Members has been nothing short of extraordinary during this disruptive period, for which we are most appreciative."

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 and a Bauer Financial 5 star rated bank.

Investor Relations Contact

Thomas V. Wornham
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 the effects of the COVID-19 pandemic and related government actions on the Bank and its customers, 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)

	March 31, 2020			December 31, 2019				Dollar change			Percentage change		March 31, 2019			Dollar change			Percentage change
Assets

Cash and due from banks	$	24,966		$	31,051			$	(6,085	)	-19.6	%	$	22,959		$	2,007		8.7	%
Interest-bearing deposits in other financial institutions		3,192			1,243				1,949		156.8	%		1,286			1,906		148.2	%
Interest-bearing deposits at Federal Reserve Bank		192,996			73,318				119,678		163.2	%		11,002			181,994		1654.2	%
Total cash and due from banks		221,154			105,612		1		115,542		109.4	%		35,247			185,907		527.4	%
Interest-bearing time deposits with other institutions		5,756			5,756				0		0.0	%		2,751			3,005		109.2	%
Investment securities available for sale		49,327			51,179				(1,852	)	-3.6	%		85,814			(36,487	)	-42.5	%
Loans		894,076			885,556				8,520		1.0	%		713,408			180,668		25.3	%
Allowance for loan losses		(9,598	)		(8,601	)			(997	)	11.6	%		(6,641	)		(2,957	)	44.5	%
Net loans		884,478			876,955				7,523		0.9	%		706,767			177,711		25.1	%
Federal Home Loan Bank stock, at cost		4,060			4,060				0		0.0	%		3,310			750		22.7	%
Right of use asset		6,022			6,452				(430	)	-6.7	%		6,951			(929	)	0.0	%
Premises and equipment, net		3,052			3,165				(113	)	-3.6	%		2,416			636		26.3	%
Other intangible assets		1,040			1,080				(40	)	-3.7	%		928			112		12.1	%
Deferred tax asset		4,141			4,141				0		0.0	%		4,409			(268	)	-6.1	%
Accrued interest receivable		3,122			2,703				419		15.5	%		2,535			587		23.2	%
Other assets		3,729			4,884				(1,155	)	-23.6	%		1,410			2,319		164.5	%
Total assets	$	1,185,881		$	1,065,987			$	119,894		11.2	%	$	852,538		$	333,343		39.1	%

Liabilities and Shareholders' Equity

Liabilities
Noninterest bearing	$	355,225		$	268,116			$	87,109		32.5	%	$	263,255		$	91,970		34.9	%
Interest Bearing		607,062			582,139				24,923		4.3	%		443,572			163,490		36.9	%
Total deposits		962,287			850,255				112,032		13.2	%		706,827			255,460		36.1	%
FHLB borrowings		95,000			90,000				5,000		5.6	%		40,000			55,000		137.5	%
Other borrowings		17,934			17,932				2		0.0	%		7,832			10,102		129.0	%
Accrued interest payable and other liabilities		12,497			12,120				377		3.1	%		11,777			720		6.1	%
Total liabilities		1,087,718			970,307				117,411		12.1	%		766,436			321,282		41.9	%

Shareholders' equity
Common stock		69,165			69,159				6		0.0	%		58,576			10,589		18.1	%
Additional paid-in capital		3,254			3,048				206		6.8	%		3,062			192		6.3	%
Retained earnings		24,839			22,905				1,934		8.4	%		24,952			(113	)	-0.5	%
Accumulated other comprehensive income		905			568				337		59.3	%		(488	)		1,393		-285.5	%
Total stockholders' equity		98,163			95,680				2,483		2.6	%		86,102			12,061		14.0	%

Total liabilities and stockholders' equity	$	1,185,881		$	1,065,987			$	119,894		11.2	%	$	852,538		$	333,343		39.1	%

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

	For the three months ended
	March 31, 2020		December 31, 2019		Dollar change			Percentage change		March 31, 2019		Dollar change			Percentage change
Interest Income
Loans	$	13,129	$	12,733	$	396		3.1	%	$	10,511	$	2,618		24.9	%
Investment securities		401		485		(84	)	-17.3	%		673		(272	)	-40.4	%
Deposits in other financial institutions		304		254		50		19.7	%		133		171		128.6	%
Total interest income		13,834		13,472		362		2.7	%		11,317		2,517		22.2	%

Interest Expense
Deposits		1,710		1,825		(115	)	-6.3	%		1,207		503		41.7	%
Borrowings		589		575		14		2.4	%		479		110		23.0	%
Total interest expense		2,299		2,400		(101	)	-4.2	%		1,686		613		36.4	%

Net interest income		11,534		11,072		462		4.2	%		9,631		1,903		19.8	%
Provision for credit losses		997		708		289		40.8	%		389		608		156.3	%
Net interest income after provision for credit losses		10,537		10,364		173		1.7	%		9,242		1,295		14.0	%

Noninterest income:
Service charges on deposit accounts		173		138		35		25.4	%		121		52		43.0	%
Net gain on sale of loans		679		432		247		57.2	%		347		332		95.7	%
Gain on sale of investment securities		0		190		(190	)	-100.0	%		10		(10	)	-100.0	%
Other noninterest income		294		261		33		12.6	%		74		220		297.3	%
Total noninterest income		1,146		1,021		125		12.2	%		552		594		107.6	%

Noninterest expense:
Salary and employee benefits		5,552		5,427		125		2.3	%		5,229		323		6.2	%
Occupancy and equipment		884		832		52		6.3	%		674		210		31.2	%
Data processing		518		631		(113	)	-17.9	%		524		(6	)	-1.1	%
Professional services		859		726		133		18.3	%		392		467		119.1	%
Other expenses		848		946		(98	)	-10.4	%		730		118		16.2	%
Total noninterest expense		8,661		8,562		99		1.2	%		7,549		1,112		14.7	%

Income before provision for income taxes		3,023		2,823		200		7.1	%		2,245		778		34.7	%
Provision for income taxes		1,116		857		259		30.2	%		656		460		70.1	%
Net income	$	1,907	$	1,966	$	(59	)	-3.0	%	$	1,589	$	318		20.0	%
Net income available to common shareholders	$	1,874	$	1,931	$	(57	)	-3.0	%	$	1,559	$	315		20.2	%

Earnings per share
Basic earnings per share	$	0.34	$	0.36	$	(0.02	)	-5.6	%	$	0.31	$	0.03		9.7	%
Diluted earnings per share	$	0.34	$	0.35	$	(0.01	)	-2.9	%	$	0.30	$	0.04		13.3	%

Average shares outstanding		5,488,197		5,414,056		74,141		1.4	%		4,996,811		491,386		9.8	%
Diluted average shares outstanding		5,555,376		5,492,930		62,446		1.1	%		5,114,096		441,280		8.6	%

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

	For the three months ended
	March 31, 2020						December 31, 2019						March 31, 2019
	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	$	104,156	$	304	1.17	%	$	66,186	$	254	1.52	%	$	24,237	$	133	2.23	%
Investment securities		54,456		401	2.95	%		70,647		485	2.75	%		92,678		673	2.95	%
Loans		881,655		13,129	5.99	%		845,199		12,733	5.98	%		701,715		10,511	6.07	%
Total interest-earning assets		1,040,267		13,834	5.35	%		982,032		13,472	5.44	%		818,630		11,317	5.61	%
Noninterest-earning assets		47,975						36,912						29,270
Total Assets	$	1,088,242					$	1,018,944					$	847,900

Interest-Bearing Liabilities
Interest-bearing transaction accounts	$	83,471	$	165	0.80	%	$	56,061	$	130	0.92	%	$	20,554	$	14	0.28	%
Money market		391,262		973	1.00	%		389,499		1,009	1.03	%		315,798		646	0.83	%
Savings deposits		9,212		6	0.26	%		10,078		6	0.24	%		6,715		4	0.24	%
Certificates of deposit		113,964		566	2.00	%		114,699		680	2.35	%		105,361		543	2.09	%
Total Interest-Bearing Deposits		597,909		1,710	1.15	%		570,337		1,825	1.27	%		448,428		1,207	1.09	%

FHLB advances		63,394		317	2.01	%		56,814		306	2.14	%		60,056		377	2.55	%
Other borrowings		17,933		272	6.07	%		17,931		269	6.00	%		7,871		102	5.26	%
Total Interest-Bearing Liabilities		81,327		589	2.91	%		74,745		575	3.05	%		67,927		479	2.86	%

Noninterest-bearing deposits		298,418						271,892						241,956
Total Funding Sources		977,654		2,299	0.95	%		916,974		2,400	1.04	%		758,311		1,686	0.90	%

Noninterest-bearing liabilities		13,022						10,506						4,762

Shareholders' equity		97,566						91,464						84,827

Total Liabilities and Shareholders' Equity	$	1,088,242					$	1,018,944					$	847,900

Net interest spread					4.40	%					4.40	%					4.71	%

Net interest income			$	11,535					$	11,072					$	9,631
Net interest margin					4.46	%					4.47	%					4.77	%


	Condensed Balance Sheets
	(Dollars in thousands, except per share amounts)
	Mar 31, 2020				Dec 31, 2019				Sep 30, 2019				Jun 30, 2019			Mar 31, 2019
Assets
Cash and due from banks	$	226,910			$	111,368			$	90,108			$	45,337		$	37,998
Investment securities		49,327				51,179				73,171				84,719			85,814
Loans		894,076				885,556				820,989				795,345			713,408
Allowance for loan losses		(9,598	)			(8,601	)			(7,893	)			(7,637	)		(6,641	)
Net loans		884,478				876,955				813,096				787,708			706,767
Right of use asset		6,022				6,452				6,877				7,271			6,951
Premises and equipment, net		3,052				3,165				2,947				2,669			2,416
Other assets and interest receivable		16,092		-		16,868		-		13,786		-		12,843			12,592
Total assets	$	1,185,881			$	1,065,987			$	999,985			$	940,547		$	852,538

Liabilities and Shareholders' Equity

Liabilities
Noninterest Bearing	$	355,225			$	268,116			$	266,205			$	247,153		$	263,255
Interest Bearing		607,062				582,139				557,800				485,011			443,572
Total Deposits		962,287				850,255				824,005				732,164			706,827
Borrowings		112,934				107,932				72,930				99,929			47,832
Accrued interest payable and other liabilities		12,497				12,120				9,779				10,599			11,777
Total liabilities		1,087,718				970,307				906,714				842,692			766,436

Shareholders' equity
Common stock		69,165				69,159				68,804				68,740			58,576
Additional paid-in capital		3,254				3,048				2,997				2,823			3,062
Retained earnings		24,839				22,905				20,917				25,997			24,952
Accumulated other comprehensive income		905				568				553				295			(488	)
Total shareholders' equity		98,163				95,680				93,271				97,855			86,102
Total liabilities and shareholders' equity	$	1,185,881			$	1,065,987			$	999,985			$	940,547		$	852,538

Book value per common share	$	17.57			$	17.15			$	16.84			$	17.60		$	16.90
Tangible book value per common share	$	17.35			$	16.96			$	16.66			$	17.44		$	16.72


	Regulatory Capital Ratios (PBAM) ¹
	Mar 31, 2020				Dec 31, 2019				Sep 30, 2019				Jun 30, 2019			Mar 31, 2019
Tier 1 leverage ratio		8.79	%			9.17	%			9.54	%			10.69	%		9.97	%
Tier 1 risk-based capital ratio		9.20	%			9.86	%			10.24	%			11.10	%		11.10	%
Common equity Tier 1 ratio		9.20	%			9.86	%			10.24	%			11.10	%		11.10	%
Total risk-based capital ratio		11.91	%			12.71	%			13.09	%			14.10	%		12.01	%
Tangible equity / tangible assets		8.18	%			8.88	%			9.24	%			10.32	%		10.00	%

¹ Preliminary ratios for March 31, 2020


	Condensed Statements of Income
	(Dollars in thousands, except per share amounts)
	Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019
Interest income	$	13,834		$	13,472		$	13,222		$	12,169		$	11,317
Interest expense		2,299			2,400			2,253			2,076			1,686
Net interest income		11,535			11,072			10,969			10,093			9,631
Provision for credit losses		997			708			9,737			996			389
Net interest income after provision for credit losses		10,538			10,364			1,232			9,097			9,242

Noninterest income		1,146			1,021			584			606			552

Salary and employee benefits		5,552			5,427			6,341			5,892			5,229
Occupancy and equipment		884			832			793			641			674
Data processing		518			631			588			490			524
Professional services		859			726			639			364			392
Other expenses		848			946			570			854			730
Total noninterest expense		8,661			8,562			8,931			8,241			7,549

Income before provision for income taxes		3,023			2,823			(7,115	)		1,462			2,245
Income taxes		1,116			857			(2,081	)		411			656
Net income	$	1,907		$	1,966		$	(5,034	)	$	1,051		$	1,589
Net income available to common shareholders	$	1,874		$	1,931		$	(4,950	)	$	1,031		$	1,559

Earnings per share
Basic earnings per share	$	0.34		$	0.36		$	(0.91	)	$	0.21		$	0.31
Diluted earnings per share	$	0.34		$	0.35		$	(0.89	)	$	0.20		$	0.30

Average shares outstanding		5,488,197			5,414,056			5,465,278			5,027,437			4,996,811
Diluted average shares outstanding		5,555,376			5,492,930			5,563,931			5,133,305			5,114,096

	Performance Ratios
	Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019
ROAA		0.70	%		0.77	%		-2.06	%		0.47	%		0.76	%
ROAE		7.86	%		8.53	%		-20.30	%		4.85	%		7.60	%
ROTE		7.96	%		8.01	%		-20.50	%		4.90	%		7.72	%
Net interest margin		4.46	%		4.47	%		4.67	%		4.70	%		4.77	%
Net interest spread		4.40	%		4.40	%		4.59	%		4.62	%		4.71	%
Efficiency ratio		68.30	%		70.80	%		77.30	%		77.03	%		74.13	%
Noninterest expense / average assets		3.20	%		3.33	%		3.65	%		3.68	%		3.61	%


	Average Balances
	(Dollars in thousands)
	Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019
Total assets	$	1,088,242		$	1,018,944		$	970,864		$	897,120		$	847,900
Earning assets	$	1,040,267		$	982,032		$	931,781		$	861,599		$	818,630
Total loans	$	881,655		$	845,199		$	816,281		$	748,846		$	701,715
Total deposits	$	896,327		$	842,229		$	778,821		$	718,579		$	690,384
Total equity	$	97,566		$	91,464		$	98,391		$	86,964		$	84,827


	Loan Balances by Type
	(Dollars in thousands)
	Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019
Real estate - investor owned	$	246,026		$	245,658		$	247,953		$	245,068		$	235,185
Real estate - owner occupied		234,771			225,778			192,739			175,112			136,484
Real estate - multifamily		67,550			68,308			68,536			67,839			69,083
Real estate - single family		58,429			59,487			59,782			56,783			58,334
Commercial business		245,610			243,438			204,166			201,892			173,027
Land and construction		27,044			32,151			37,918			37,966			32,987
Consumer		7,300			6,172			5,585			7,035			5,107
Total loans held for investment		886,730			880,992			816,679			791,695			710,207
Loans held for sale		7,346			4,564			4,310			3,650			3,201
Total loans, including loans held for sale		894,076			885,556			820,989			795,345			713,408
Allowance for loan losses		(9,598	)		(8,601	)		(7,893	)		(7,637	)		(6,641	)
Net loans	$	884,478		$	876,955		$	813,096		$	787,708		$	706,767


	Deposits by Type
	(Dollars in thousands)
	Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019
Non interest bearing DDA	$	355,225		$	268,116		$	266,205		$	247,153		$	263,255
Interest bearing DDA		108,368			112,397			47,805			29,583			23,195
Savings & MMA		366,109			350,563			394,128			363,803			325,880
Retail CD		8,484			6,989			7,132			7,025			4,135
Jumbo CD		124,101			112,190			108,735			84,600			90,362
Total deposits	$	962,287		$	850,255		$	824,005		$	732,164		$	706,827


	Asset Quality
	(Dollars in thousands)
	Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019
Total Loans	$	894,076		$	885,556		$	820,989		$	795,345		$	713,408
30-89 day past due loans	$	297		$	-		$	-		$	155		$	-
90+ day past due loans	$	-		$	-		$	-		$	-		$	-
Nonaccrual loans	$	663		$	-		$	-		$	-		$	-

NPAs / Assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
NPLs / loans & OREO		0.07	%		0.00	%		0.00	%		0.00	%		0.00	%
Net quarterly charge-offs	$	-		$	-		$	9,481		$	-		$	-
Net charge-offs/avg loans (annualized)		0.00	%		0.00	%		4.65	%		0.00	%		0.00	%
Allowance for loan losses to loans		1.07	%		0.97	%		0.96	%		0.96	%		0.93	%
Allowance for loan losses to nonaccrual loans		1447.66	%		NM			NM			NM			NM

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