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

Net income for the quarter was $2.1 million, up 9% for the quarter and 98% year-over-year.
Net interest income for the quarter was $11.6 million, up 0.7% for the quarter and 15% year-over-year.
Net interest margin for the quarter was 3.66% compared to 4.46% in the first quarter and 4.70% in the prior year.
Total assets increased $88.1 million, or 7%, for the quarter and $333 million, or 36%, year-over-year.
Total loans increased to $1.0 billion up 15% for the quarter and up 29% year-over-year
Funded $158.2 million in loans through the Paycheck Protection Program.
Total deposits increased to $1.0 billion up 8% for the quarter and up 42% year-over-year
Non-interest-bearing deposits increased 27% during the quarter and 83% year-over-year.
The Allowance for Loan Losses increased $1.5 million to $11.1 million in response to increasing uncertain economic conditions.
No delinquent or past due loans at June 30, 2020

LA JOLLA, Calif., July 20, 2020 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. PBAM, ("Company") and CalPrivate Bank ("Bank") announced unaudited financial results for the second quarter ending June 30, 2020. For the second quarter of 2020, the Company reported net income of $2.1 million or $0.37 per diluted share.

The Bank remains focused on ensuring the safety and prosperity of our employees and clients during the ongoing COVID-19 crisis and continues operating at most of our locations with modified branch hours. During the quarter, the Bank supported our clients and acquired new clients by participating in the Small Business Administrations' Paycheck Protection Program ("PPP"). The Bank funded 611 loans for $158.2 million and collected approximately $5.5 million in fees from PPP lending efforts. These fees are anticipated to be accretive to non-interest income over approximately the next two years.

As of June 30, 2020, 56 loans totaling $97.5 have been granted loan deferrals in relation to COVID-19. The Bank had no past due loans at the end of the quarter. Criticized assets were $5.3 million, consisting of 5 relationships all related to the impacts of COVID-19. Classified assets were $4.8 million at quarter end, of which the largest loan was a well secured $3.5 million credit. There were no doubtful credits or charge offs in the quarter.

The Allowance for Loan Losses increased $1.5 million to $11.1 million in the quarter with a resulting coverage ratio of 1.08% compared to $9.6 million or 1.07% at the first quarter of 2020 and $7.6 million or 0.96% at the second 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 economic uncertainties related to COVID-19. Excluding the impact of PPP loans, the coverage ratio on the loan portfolio increased to 1.28%.

Tom Wornham, CEO of the Company and the Bank said, "Our growth continues to come from all of our business lines throughout our Coastal Southern California footprint. 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 continue to implement our pandemic and business continuity plans, allowing us to run our business safely and soundly. The COVID-19 environment still creates uncertain economic factors. The Bank maintains strong on balance sheet and contingent liquidity positions with a liquidity ratio at 20% at the end of the quarter and loan-to-deposit ratio of 99.03%.

"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 increased our on-balance sheet liquidity. We continue to increase 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, "Our team has done a tremendous job responding to client needs during the past quarter. It's clear that their dedication to the success of our clients and the communities we serve is at the forefront of everything we do. This has led to growth in both our existing relationships and the establishment of new ones as a result of our efforts in the PP Program and our solutions-based approach. It is the focus on local businesses and families that continues to highlight the importance of community banks like CalPrivate in our financial systems and labor markets."

The Company reported net income of $2.1 million or $0.37 per diluted share for the quarter ended June 30, 2020 compared with net income of $1.9 million or $0.34 per diluted share in the first quarter and $1.1 million or $0.20 per diluted share for the same period last year. Net interest income was $11.6 million for the second quarter of 2020, representing a $85 thousand or 0.70%, increase compared to the first quarter of 2020 and a $1.5 million or 15.1% increase, compared to the same period in 2019. Net interest margin for the second quarter of 2020 was 3.66% compared with 4.46% for the first quarter of 2020 and 4.70% for the same period in 2019. The decrease in the net interest margin for the quarter was attributable to decreased market rates as a result of rate cuts in the Fed Funds Rate, costs associated with calling wholesale brokered deposits and the effect of lower yielding PPP loans. The yield on earning assets for the second quarter of 2020 was 4.29% compared with 5.35% in the first quarter and 5.67% for the same period in 2019. The yield on loans for the quarter decreased to 5.30% compared to 5.99% in the first quarter of this year and decreased from 6.13% in the second quarter of 2019. The cost of total funding sources was 0.69% for the quarter compared with 0.95% in the first quarter and 1.04% for the same period in 2019. The funding cost for the quarter was negatively impacted by accelerating the premium of wholesale CDs by 11 bps. Additionally, the decrease in funding costs was due to repricing of floating rate client deposit costs and an increase in non-interest-bearing deposit balances.

Non-interest income was $1.4 million for the second quarter of 2020, representing a $232 thousand or 20% increase compared to the first quarter of 2020 and a $772 thousand or 127% increase compared to the same period in 2019. The increase in non-interest income for the quarter and compared to a year ago is primarily due to gains from investment sales offset by fewer gains from SBA loans sales. SBA loan sales for the second quarter were $3.4 million with a 10.4% trade premium compared with $11.2 million with a 9.8% trade premium in the first quarter of 2020 and $4.7 million with a 10.3% trade premium in the second quarter of 2019.

Non-interest expense was $8.7 million for the second quarter of 2020 representing a $45 thousand increase, or 1%, compared to the first quarter of 2020 and a $465 thousand, or 6% increase, compared to the same period in 2019. The increase in first quarter expenses was primarily due to increases in salaries and commissions partially offset by a decrease in professional fees. The increase compared to the second quarter of 2019 was due to increases in facilities and professional services. Approximately $186 thousand of salary and other expense for the quarter was attributed to COVID-19 and PPP related expenses.

The Company increased total assets to $1.3 billion at June 30, 2020, representing an increase of $88.1 million or 7% compared to the first quarter of 2020 and $333 million or 36% compared to the same period in 2019. Total loans increased $132.4 million, or 15%, from the first quarter to $1.0 billion at June 30, 2020 and increased $231.2 million, or 29%, from the second quarter of 2019. Substantially all of the loan growth for the quarter was related to PPP loans.

"The Company's second quarter of 2020 was marked by the significant increase in non-interest-bearing deposits from relationship clients and the successful execution of the Paycheck Protection Program. The CalPrivate Bank team members reacted magnificently to the challenges of work-at-home and maintained our Distinctly Different™ client service levels, a hallmark of the Bank," said Selwyn Isakow, Chairman of the Board of PBAM and the Bank. "The Board and management continue to closely monitor the loan portfolio in these uncertain times, seeking to assist our valued clients in meeting their goals, while also enhancing the Loan Loss Reserve based on the precariousness of external factors. The Bank also has evaluated and enhanced our Diversity, Equity and Inclusion Policy and the organization continues to encourage Team member community service activities."

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)

	June 30, 2020			March 31, 2020				Dollar change			Percentage change		June 30, 2019			Dollar change			Percentage change
Assets

Cash and due from banks	$	18,431		$	24,966			$	(6,535	)	-26.2	%	$	26,410		$	(7,979	)	-30.2	%
Interest-bearing deposits in other financial institutions		1,200			3,192				(1,992	)	-62.4	%		2,447			(1,247	)	-51.0	%
Interest-bearing deposits at Federal Reserve Bank		179,615			192,996				(13,381	)	-6.9	%		14,227			165,388		1162.5	%
Total cash and due from banks		199,246			221,154		1		(21,908	)	-9.9	%		43,084			156,162		362.5	%
Interest-bearing time deposits with other institutions		5,758			5,756				2		0.0	%		2,254			3,504		155.5	%
Investment securities available for sale		27,664			49,327				(21,663	)	-43.9	%		84,719			(57,055	)	-67.3	%
Loans		1,026,509			894,076				132,433		14.8	%		795,345			231,164		29.1	%
Allowance for loan losses		(11,100	)		(9,598	)			(1,502	)	15.6	%		(7,637	)		(3,463	)	45.3	%
Net loans		1,015,409			884,478				130,931		14.8	%		787,708			227,701		28.9	%
Federal Home Loan Bank stock, at cost		4,602			4,060				542		13.3	%		4,060			542		13.3	%
Right of use asset		5,632			6,022				(390	)	-6.5	%		7,271			(1,639	)	0.0	%
Premises and equipment, net		3,055			3,052				3		0.1	%		2,669			386		14.5	%
Other intangible assets		1,281			1,267				14		1.1	%		904			377		41.7	%
Deferred tax asset		4,141			4,141				-		0.0	%		4,409			(268	)	-6.1	%
Accrued interest receivable		3,556			3,122				434		13.9	%		2,731			825		30.2	%
Other assets		3,668			3,502				166		4.7	%		738			2,930		397.0	%
Total assets	$	1,274,012		$	1,185,881			$	88,131		7.4	%	$	940,547		$	333,465		35.5	%

Liabilities and Shareholders' Equity

Liabilities
Noninterest bearing	$	452,155		$	355,225			$	96,930		27.3	%	$	247,153		$	205,002		82.9	%
Interest Bearing		584,451			607,062				(22,611	)	-3.7	%		485,011			99,440		20.5	%
Total deposits		1,036,606			962,287				74,319		7.7	%		732,164			304,442		41.6	%
FHLB borrowings		105,000			95,000				10,000		10.5	%		82,000			23,000		28.0	%
Other borrowings		17,936			17,934				2		0.0	%		17,929			7		0.0	%
Accrued interest payable and other liabilities		14,097			12,497				1,600		12.8	%		10,599			3,498		33.0	%
Total liabilities		1,173,639			1,087,718				85,921		7.9	%		842,692			330,947		39.3	%

Shareholders' equity
Common stock		69,512			69,165				347		0.5	%		68,740			772		1.1	%
Additional paid-in capital		3,002			3,254				(252	)	-7.7	%		2,823			179		6.3	%
Retained earnings		26,984			24,839				2,145		8.6	%		25,997			987		3.8	%
Accumulated other comprehensive income		875			905				(30	)	-3.3	%		295			580		196.6	%
Total stockholders' equity		100,373			98,163				2,210		2.3	%		97,855			2,518		2.6	%

Total liabilities and stockholders' equity	$	1,274,012		$	1,185,881			$	88,131		7.4	%	$	940,547		$	333,465		35.5	%

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

	For the three months ended
	June 30, 2020		March 31, 2020		Dollar change			Percentage change		June 30, 2019		Dollar change			Percentage change
Interest Income
Loans	$	13,293	$	13,129	$	164		1.2	%	$	11,442	$	1,851		16.2	%
Investment securities		251		401		(150	)	-37.4	%		601		(350	)	-58.2	%
Deposits in other financial institutions		91		304		(213	)	-70.1	%		126		(35	)	-27.8	%
Total interest income		13,635		13,834		(199	)	-1.4	%		12,169		1,466		12.0	%

Interest Expense
Deposits		1,356		1,710		(354	)	-20.7	%		1,340		16		1.2	%
Borrowings		659		589		70		11.9	%		736		(77	)	-10.5	%
Total interest expense		2,015		2,299		(284	)	-12.4	%		2,076		(61	)	-2.9	%

Net interest income		11,620		11,535		85		0.7	%		10,093		1,527		15.1	%
Provision for loan losses		1,511		997		514		51.6	%		996		515		51.7	%
Net interest income after provision for loan losses		10,109		10,538		(429	)	-4.1	%		9,097		1,012		11.1	%

Noninterest income:
Service charges on deposit accounts		143		173		(30	)	-17.3	%		117		26		22.2	%
Net gain on sale of loans		210		679		(469	)	-69.1	%		307		(97	)	-31.6	%
Gain on sale of investment securities		751		-		751		NM			4		747		18675.0	%
Other noninterest income		274		294		(20	)	-6.8	%		178		96		53.9	%
Total noninterest income		1,378		1,146		232		20.2	%		606		772		127.4	%

Noninterest expense:
Salary and employee benefits		5,790		5,552		238		4.3	%		5,892		(102	)	-1.7	%
Occupancy and equipment		900		884		16		1.8	%		641		259		40.4	%
Data processing		561		518		43		8.3	%		490		71		14.5	%
Professional services		628		859		(231	)	-26.9	%		364		264		72.5	%
Other expenses		827		848		(21	)	-2.5	%		854		(27	)	-3.2	%
Total noninterest expense		8,706		8,661		45		0.5	%		8,241		465		5.6	%

Income before provision for income taxes		2,781		3,023		(242	)	-8.0	%		1,462		1,319		90.2	%
Provision for income taxes		711		1,116		(405	)	-36.3	%		411		300		73.0	%
Net income	$	2,070	$	1,907	$	163		8.5	%	$	1,051	$	1,019		97.0	%
Net income available to common shareholders	$	2,038	$	1,874	$	164		8.8	%	$	1,031	$	1,007		97.7	%

Earnings per share
Basic earnings per share	$	0.37	$	0.34	$	0.03		8.8	%	$	0.21	$	0.16		80.4	%
Diluted earnings per share	$	0.37	$	0.34	$	0.03		8.8	%	$	0.20	$	0.17		84.2	%

Average shares outstanding		5,435,155		5,488,197		(53,042	)	-1.0	%		5,027,437		407,718		8.1	%
Diluted average shares outstanding		5,453,597		5,555,376		(101,779	)	-1.8	%		5,133,305		320,292		6.2	%

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

	For the six months ended
	June 30, 2020		June 30, 2019		Dollar change			Percentage change
Interest Income
Loans	$	26,421	$	21,953	$	4,468		20.4	%
Investment securities		652		1,274		(622	)	-48.8	%
Deposits in other financial institutions		395		259		136		52.5	%
Total interest income		27,468		23,486		3,982		17.0	%

Interest Expense
Deposits		3,066		2,547		519		20.4	%
Borrowings		1,248		1,215		33		2.7	%
Total interest expense		4,314		3,762		552		14.7	%

Net interest income		23,154		19,724		3,430		17.4	%
Provision for loan losses		2,508		1,385		1,123		81.1	%
Net interest income after provision for loan losses		20,646		18,339		2,307		12.6	%

Noninterest income:
Service charges on deposit accounts		317		210		107		51.0	%
Net gain on sale of loans		889		654		235		35.9	%
Gain on sale of investment securities		751		25		726		2904.0	%
Other noninterest income		568		269		299		111.2	%
Total noninterest income		2,525		1,158		1,367		118.0	%

Noninterest expense:
Salary and employee benefits		11,343		11,101		242		2.2	%
Occupancy and equipment		1,784		1,314		470		35.8	%
Data processing		1,079		1,014		65		6.4	%
Professional services		1,487		750		737		98.3	%
Other expenses		1,675		1,578		97		6.1	%
Total noninterest expense		17,368		15,757		1,611		10.2	%

Income before provision for income taxes		5,803		3,740		2,063		55.2	%
Provision for income tax		1,827		1,102		725		65.8	%
Net income	$	3,976	$	2,638	$	1,338		50.7	%
Net income available to common shareholders	$	3,909	$	2,589	$	1,320		51.0	%

Earnings per share
Basic earnings per share	$	0.71	$	0.52	$	0.19		37.5	%
Diluted earnings per share	$	0.71	$	0.51	$	0.20		40.4	%

Average shares outstanding		5,488,160		5,012,604		475,556		9.5	%
Diluted average shares outstanding		5,530,697		5,118,471		412,226		8.1	%

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

	For the three months ended
	June 30, 2020						March 31, 2020						June 30, 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	$	231,621	$	91	0.16	%	$	104,156	$	304	1.17	%	$	23,651	$	126	2.14	%
Investment securities		38,539		251	2.61	%		54,456		401	2.95	%		89,102		601	2.70	%
Loans		1,008,220		13,293	5.30	%		881,655		13,129	5.99	%		748,846		11,442	6.13	%
Total interest-earning assets		1,278,380		13,635	4.29	%		1,040,267		13,834	5.35	%		861,599		12,169	5.67	%
Noninterest-earning assets		15,104						47,975						35,521
Total Assets	$	1,293,484					$	1,088,242					$	897,120

Interest-Bearing Liabilities
Interest-bearing transaction accounts	$	73,509	$	26	0.14	%	$	83,471	$	165	0.80	%	$	33,191	$	66	0.80	%
Money market		394,523		476	0.49	%		391,262		973	1.00	%		320,310		720	0.90	%
Savings deposits		8,863		2	0.09	%		9,212		6	0.26	%		6,779		5	0.30	%
Certificates of deposit		126,545		852	2.71	%		113,964		566	2.00	%		98,004		549	2.25	%
Total Interest-Bearing Deposits		603,440		1,356	0.90	%		597,909		1,710	1.27	%		458,284		1,340	1.17	%

FHLB advances		100,385		387	1.55	%		63,394		317	2.01	%		65,797		423	2.58	%
Other borrowings		17,934		272	6.07	%		17,933		272	6.07	%		14,711		313	8.29	%
Total Interest-Bearing Liabilities		118,319		659	2.24	%		81,327		589	3.05	%		80,508		736	3.67	%

Noninterest-bearing deposits		458,631						298,418						260,295
Total Funding Sources		1,180,390		2,015	0.69	%		977,654		2,299	0.95	%		799,087		2,076	1.04	%

Noninterest-bearing liabilities		12,964						13,022						11,069

Shareholders' equity		100,130						97,566						86,964

Total Liabilities and Shareholders' Equity	$	1,293,484					$	1,088,242					$	897,120

Net interest spread					3.60	%					4.40	%					4.62	%

Net interest income			$	11,620					$	11,535					$	10,093
Net interest margin					3.66	%					4.46	%					4.70	%

	PRIVATE BANCORP OF AMERICA, INC.
	Condensed Balance Sheets
	(Unaudited)
	(Dollars in thousands, except per share amounts)
	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019
Assets
Cash and due from banks	$	205,004		$	226,910		$	111,368		$	90,108		$	45,338
Investment securities		27,664			49,327			51,179			73,171			84,719
Loans		1,026,509			894,076			885,556			820,989			795,345
Allowance for loan losses		(11,100	)		(9,598	)		(8,601	)		(7,893	)		(7,637	)
Net loans		1,015,409			884,478			876,955			813,096			787,708
Right of use asset		5,632			6,022			6,452			6,877			7,271
Premises and equipment, net		3,055			3,052			3,165			2,947			2,669
Other assets and interest receivable		17,248			16,092			16,868			13,786			12,842
Total assets	$	1,274,012		$	1,185,881		$	1,065,987		$	999,985		$	940,547

Liabilities and Shareholders' Equity

Liabilities
Noninterest Bearing	$	452,155		$	355,225		$	268,116		$	266,205		$	247,153
Interest Bearing		584,451			607,062			582,139			557,800			485,011
Total Deposits		1,036,606			962,287			850,255			824,005			732,164
Borrowings		122,936			112,934			107,932			72,930			99,929
Accrued interest payable and other liabilities		14,097			12,497			12,120			9,779			10,599
Total liabilities		1,173,639			1,087,718			970,307			906,714			842,692

Shareholders' equity
Common stock		69,512			69,165			69,159			68,804			68,740
Additional paid-in capital		3,002			3,254			3,048			2,997			2,823
Retained earnings		26,984			24,839			22,905			20,917			25,997
Accumulated other comprehensive income		875			905			568			553			295
Total shareholders' equity		100,373			98,163			95,680			93,271			97,855
Total liabilities and shareholders' equity	$	1,274,012		$	1,185,881		$	1,065,987		$	999,985		$	940,547

Book value per common share	$	17.99		$	17.57		$	17.15		$	16.84		$	17.60
Tangible book value per common share	$	17.76		$	17.35		$	16.96		$	16.66		$	17.44


	Regulatory Capital Ratios (PBAM) ¹
	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019
Tier 1 leverage ratio		7.57	%		8.79	%		9.17	%		9.54	%		10.69	%
Tier 1 risk-based capital ratio		9.66	%		9.20	%		9.86	%		10.24	%		11.10	%
Common equity Tier 1 ratio		9.66	%		9.20	%		9.86	%		10.24	%		11.10	%
Total risk-based capital ratio		12.60	%		11.91	%		12.71	%		13.09	%		14.10	%
Tangible equity / tangible assets		7.79	%		8.18	%		8.88	%		9.24	%		10.32	%

¹ Preliminary ratios for June 30, 2020

	PRIVATE BANCORP OF AMERICA, INC.
	Condensed Statements of Income
	(Unaudited)
	(Dollars in thousands, except per share amounts)
	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019
Interest income	$	13,635		$	13,834		$	13,472		$	13,222		$	12,169
Interest expense		2,015			2,299			2,400			2,253			2,076
Net interest income		11,620			11,535			11,072			10,969			10,093
Provision for loan losses		1,511			997			708			9,737			996
Net interest income after provision for loan losses		10,109			10,538			10,364			1,232			9,097

Noninterest income		1,378			1,146			1,021			584			606

Salary and employee benefits		5,790			5,552			5,427			6,341			5,892
Occupancy and equipment		900			884			832			793			641
Data processing		561			518			631			588			490
Professional services		628			859			726			639			364
Other expenses		827			848			946			570			854
Total noninterest expense		8,706			8,661			8,562			8,931			8,241

Income (loss) before provision for income taxes		2,781			3,023			2,823			(7,115	)		1,462
Income taxes		711			1,116			857			(2,081	)		411
Net income (loss)	$	2,070		$	1,907		$	1,966		$	(5,034	)	$	1,051
Net income (loss) available to common shareholders	$	2,038		$	1,874		$	1,931		$	(4,950	)	$	1,031

Earnings (loss) per share
Basic earnings (loss) per share	$	0.37		$	0.34		$	0.36		$	(0.91	)	$	0.21
Diluted earnings (loss) per share	$	0.37		$	0.34		$	0.35		$	(0.89	)	$	0.20

Average shares outstanding		5,435,155			5,488,197			5,414,056			5,465,278			5,027,437
Diluted average shares outstanding		5,453,597			5,555,376			5,492,930			5,563,931			5,133,305

	Performance Ratios
	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019
ROAA		0.64	%		0.70	%		0.77	%		-2.06	%		0.47	%
ROAE		8.31	%		7.86	%		8.53	%		-20.30	%		4.85	%
ROTE		8.42	%		7.96	%		8.01	%		-20.50	%		4.90	%
Net interest margin		3.66	%		4.46	%		4.47	%		4.67	%		4.70	%
Net interest spread		3.60	%		4.40	%		4.40	%		4.59	%		4.62	%
Efficiency ratio		66.98	%		68.30	%		70.80	%		77.30	%		77.03	%
Noninterest expense / average assets		2.71	%		3.20	%		3.33	%		3.65	%		3.68	%





Average assets	$	1,293,484		$	1,088,242		$	1,018,944		$	970,864		$	897,120

		4.021978022			4.021978022			3.967391304			3.967391304			4.010989011

Salary and employee benefits		1.80	%		2.05	%		2.11	%		2.59	%		2.63	%
Occupancy and equipment		0.28	%		0.33	%		0.32	%		0.32	%		0.29	%
Data processing		0.17	%		0.19	%		0.25	%		0.24	%		0.22	%
Professional services		0.20	%		0.32	%		0.28	%		0.26	%		0.16	%
Other expenses		0.26	%		0.31	%		0.37	%		0.23	%		0.38	%
		2.71	%		3.20	%		3.33	%		3.65	%		3.68	%

	PRIVATE BANCORP OF AMERICA, INC.
	Average Balances
	(Unaudited)
	(Dollars in thousands)
	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019
Total assets	$	1,293,484		$	1,088,242		$	1,018,944		$	970,864		$	897,120
Earning assets	$	1,278,380		$	1,040,267		$	982,032		$	931,781		$	861,599
Total loans	$	1,008,220		$	881,655		$	845,199		$	816,281		$	748,846
Total deposits	$	1,062,071		$	896,327		$	842,229		$	778,821		$	718,579
Total equity	$	100,130		$	97,566		$	91,464		$	98,391		$	86,964


	Loan Balances by Type
	(Dollars in thousands)
	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019
Real estate - investor owned	$	234,806		$	246,026		$	245,658		$	247,953		$	245,068
Real estate - owner occupied		240,587			234,771			225,778			192,739			175,112
Real estate - multifamily		66,431			67,550			68,308			68,536			67,839
Real estate - single family		57,521			58,429			59,487			59,782			56,783
Commercial business		385,329			245,610			243,438			204,166			201,892
Land and construction		26,327			27,044			32,151			37,918			37,966
Consumer		8,046			7,300			6,172			5,585			7,035
Total loans held for investment		1,019,047			886,730			880,992			816,679			791,695
Loans held for sale		7,462			7,346			4,564			4,310			3,650
Total loans, including loans held for sale		1,026,509			894,076			885,556			820,989			795,345
Allowance for loan losses		(11,100	)		(9,598	)		(8,601	)		(7,893	)		(7,637	)
Net loans	$	1,015,409		$	884,478		$	876,955		$	813,096		$	787,708


	Deposits by Type
	(Dollars in thousands)
	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019
Non interest bearing DDA	$	452,155		$	355,225		$	268,116		$	266,205		$	247,153
Interest bearing DDA		63,805			108,368			112,397			47,805			29,583
Savings & MMA		427,685			366,109			350,563			394,128			363,803
Retail CD		8,493			8,484			6,989			7,132			7,025
Jumbo CD		84,468			124,101			112,190			108,735			84,600
Total deposits	$	1,036,606		$	962,287		$	850,255		$	824,005		$	732,164


	Asset Quality
	(Dollars in thousands)
	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019
Total Loans	$	1,026,509		$	894,076		$	885,556		$	820,989		$	795,345
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		0.00	%		0.07	%		0.00	%		0.00	%		0.00	%
Net quarterly charge-offs	$	-		$	-		$	-		$	9,481		$	-
Net charge-offs/avg loans (annualized)		0.00	%		0.00	%		0.00	%		4.65	%		0.00	%
Allowance for loan losses to loans		1.08	%		1.07	%		0.97	%		0.96	%		0.96	%
Allowance for loan losses to nonaccrual loans	NM				1447.66	%	NM			NM			NM

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