Private Bancorp of America, Inc. Reports Record Quarterly Financial Results

First Quarter Highlights

• First quarter net income was $4.6 million, or $0.81 per diluted share, up from $4.4 million or $0.78 per diluted share in the prior quarter, and up 141.6% from $1.9 million or $0.34 per diluted share from the same period in 2020
• Net interest margin for the quarter was 3.89% compared with 4.74% in the prior quarter. The net interest margin excluding SBA PPP loans was 3.75% and 4.18% in the prior quarter
• Total loans were $1.1 billion, up 8.3% for the quarter and 22% year over year
• Funded $104.0 million in the second round of the SBA Paycheck Protection Program
• Allowance for Loan Losses to total loans is 1.33% and 1.52% excluding PPP loans
• Total deposits were $1.2 billion, up 4.6% for the quarter and 20.9% year over year
• Return on Average Assets of 1.37% and Return on Average Equity of 16.94%

LA JOLLA, Calif., April 26, 2021 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX:PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the first quarter ending March 31, 2021. The Company reported net income of $4.6 million, or $0.81 per diluted share, for the first quarter of 2021 compared to $4.4 million, or $0.78 per diluted share for the fourth quarter of 2020.   

Rick Sowers, President and CEO of the Company and the Bank stated, “We are pleased with the progress the Team continues to make in growing the Company and increasing our operating leverage. Loan demand is beginning to show signs of returning as the overall economy begins to open up and we expect that this will translate into new opportunities for our Clients and the Bank. We remain focused on building strong Relationships with our Clients and bringing a Solutions based approach to Private and Business Banking.”

Sowers continued, “Our SBA Team at Private Business Capital has positioned itself well in the markets we serve and this led to increased loan fundings and gain on sale income in the first quarter. Given the opportunities in the marketplace with reduced SBA fees, we anticipate a continued contribution to non-interest income in 2021. Additionally, the Bank was able to support our Clients and Communities with round 2 of the Paycheck Protection Program and originated loans totaling over $100 million in the quarter.”

Net Interest Income

Net interest income for the first quarter totaled $12.8 million representing a decrease of $1.8 million, or 12.5% compared to the fourth quarter of 2020 and an increase of $1.3 million or 10.8% increase for the same period in 2020. The decrease in net interest income for the quarter is due to a $1.4 million decrease in loan income. The decrease is due to a $1.5 million decrease in SBA PPP loan income during the quarter resulting from less loan forgiveness/payoffs and $607 thousand in higher borrowing costs. The increase in borrowing costs is due to a $619 thousand prepayment penalty associated with repaying $25 million in higher cost FHLB term advances. The increase compared to the first quarter of 2020 is due to increased average loan balances and lower funding costs partially offset by an increase in borrowing costs resulting from prepaying FHLB term advances.

Net Interest Margin

Net interest margin for the first quarter of 2021 was 3.89% (3.75% excluding PPP loans) compared with 4.74% (4.18% excluding PPP loans) for the fourth quarter of 2020 and 4.46% for the same period in 2020. The 85 bp decrease in the net interest margin for the quarter was due to less revenue from SBA PPP loans, lower loan yields and the costs associated with prepaying FHLB advances. The yield on earning assets for the first quarter of 2021 was 4.42% compared with 5.14% in the fourth quarter and 5.35% for the same period in 2020. The yield on loans for the quarter decreased to 5.50% (5.48% excluding PPP loans) compared to 6.15% (5.62% excluding PPP loans) in the fourth quarter and 5.99% in the first quarter of 2020. The cost of total funding sources was 0.57% for the quarter compared with 0.43% in the fourth quarter and 0.95% for the same period in 2020. The increase in funding costs for the quarter was negatively impacted by 20 bps from prepaying fixed rate FHLB advances.

Non-Interest Income

Non-interest income was $1.9 million for the first quarter of 2021, representing a $235 thousand or 14.4% increase compared to the fourth quarter of 2020 and a $725 thousand or 63.3% increase compared to the same period in 2020. The increase in non-interest income for the quarter is primarily due to $306 thousand in additional revenue from SBA loans sales recorded in the first quarter. The increase in non-interest income compared to a year ago is primarily due to $797 thousand in additional gains from the sale of SBA loans partially offset by a $170 thousand decrease in loan referral fees.   SBA loan sales for the first quarter were $13.2 million with a 14.1% trade premium compared with $14.1 million with a 12.3% trade premium in the fourth quarter of 2020 and $11.2 million with a 9.8% trade premium in the first quarter of 2020.

Non-Interest Expense

Non-interest expense was $7.8 million for the first quarter of 2021 representing a $647 thousand or 7.7% decrease compared to the fourth quarter of 2020 and a $888 thousand or 10.3% decrease, compared to the same period in 2020. The decrease in expenses for the quarter was primarily due to decreases in salaries and benefits and professional fees partially offset by an increase in occupancy expense. The decrease compared to the first quarter of 2020 was due to decreases in salaries and benefits and professional services partially offset by an increase in data processing expense. The reduction in salaries and benefits, as compared to the first quarter of 2020, is due to an increase in deferred loan origination costs and less vacation expense.

Balance Sheet

At March 31, 2021, the Company reported total assets of $1.4 billion representing an increase of $30 million or 2.3% compared to the fourth quarter of 2020 and an increase of $173.8 million or 14.7% compared to March 31, 2020. The increase in assets for the quarter was due to increases in loans and investment securities offset by a decrease in cash and due from banks. Loans increased $83.1 million or 8.3% in the quarter due to a $71.4 million increase in SBA-PPP loans and a $11.7 million increase in non-SBA PPP loans. Total deposits were $1.2 billion representing an increase of $50.7 million, or 4.6%, compared to the fourth quarter of 2020 and an increase of $201.4 million, or 20.9%, compared to March 31, 2020. Total non-interest-bearing deposits represented 50% of total deposits at March 31, 2021 compared with 48% at December 31, 2020 and 37% at March 31, 2020.   Total FHLB advances decreased $25 million as the Company elected to prepay longer-term FHLB advances, at a cost of $619 thousand.

The Company generated $104.0 million of new PPP loans in the quarter. As of March 31, 2021 $33.8 million of round 1 loans remained outstanding with 78% forgiven by the SBA or repaid by the borrower. A total of $1.4 million of fees and interest related to PPP loans were recorded in the quarter.

Asset Quality and Loan Deferrals

The Allowance for Loan Losses increased $299 thousand to $14.6 million in the quarter with a resulting coverage ratio of 1.33% of total loans outstanding, including PPP loans, compared to $14.3 million or 1.41% at the fourth quarter of 2020 and $9.6 million or 1.07% at the first quarter of 2020. The increase in the Allowance for Loan Losses was primarily due to loan growth and 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. The coverage ratio at March 31, 2021, excluding the impact of PPP loans, increased to 1.52% from 1.51% in the prior quarter.

As of March 31, 2021, there were no doubtful credits or charge offs and no past due loans at the end of the quarter and Classified assets totaled $11.1 million. Classified assets included one loan totaling $1.6 million on non-accrual and the remaining $9.5 million consisted of ten relationships with three borrowers related to the impacts of COVID-19.

At March 31, 2021, five loans totaling $26.2 million are on COVID-19 related deferrals. No new deferrals were granted during the quarter and of the loans on deferral, three loans, or $23.6 million are real estate secured with an average LTV of 50 %. Two loans totaling $2.6 million are unsecured.

“The record last twelve months EPS of $2.41 reflects CalPrivate Bank’s success on PPP loan programs and the Team’s dedication to working with clients on forgiveness of those loans, as well as the continued focus on providing outstanding solutions and service to all our clients. These results were attained during a period of general economic disruption and uncertainty, while continuing to make investments in people and technology”, said Selwyn Isakow Chairman of the Board of the Company and the Bank.

Isakow added, “The dramatic decline in loan payment deferrals and experiencing no delinquent loans, is a tribute to the Bank’s solid credit underwriting and loan portfolio management teams as well as to the relationship managers and our clients. The bank remains well-positioned for future growth within clearly defined risk management parameters.”

About Private Bancorp of America, Inc.

Private Bancorp of America, Inc. (OTCQX: 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

Rick Sowers
President and CEO
Private Bancorp of America, Inc.
(424) 303-4894

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, 2021				December 31, 2020				Dollar change			Percentage change			March 31, 2020				Dollar change			Percentage change
Assets
Cash and due from banks	$	8,922			$	8,040			$	882		11.0	%		$	24,966			$	(16,044	)	-64.3	%
Interest-bearing deposits in other financial institutions	4,187				7,309				(3,122		)	-42.7	%		3,192				995			31.2	%
Interest-bearing deposits at Federal Reserve Bank	151,641				260,876				(109,235		)	-41.9	%		192,996				(41,355		)	-21.4	%
Total cash and due from banks	164,750				276,225				(111,475		)	-40.4	%		221,154				(56,404		)	-25.5	%
Interest-bearing time deposits with other institutions	5,760				5,760				–			0.0	%		5,756				4			0.1	%
Investment securities available for sale	81,429				26,086				55,343			212.2	%		49,327				32,102			65.1	%
Loan held for sale	12,430				9,687				2,743			28.3	%		7,346				5,084			69.2	%
Loans, net of deferred fees and costs	1,082,000				998,870				83,130			8.3	%		886,730				195,270			22.0	%
Allowance for loan losses	(14,561		)		(14,262		)		(299		)	2.1	%		(9,598		)		(4,963		)	51.7	%
Net loans	1,067,439				984,608				82,831			8.4	%		877,132				190,307			21.7	%
Federal Home Loan Bank stock, at cost	4,602				4,602				–			0.0	%		4,060				542			13.3	%
Right of use asset	5,589				5,990				(401		)	-6.7	%		6,022				(433		)	-7.2	%
Premises and equipment, net	2,582				2,649				(67		)	-2.5	%		3,052				(470		)	-15.4	%
Other intangible assets	1,789				1,602				187			11.7	%		1,267				522			41.2	%
Deferred tax asset	5,982				5,982				–			0.0	%		4,141				1,841			44.5	%
Accrued interest receivable	3,659				3,540				119			3.4	%		3,122				537			17.2	%
Other assets	3,706				3,009				697			23.2	%		3,502				204			5.8	%
Total assets	$	1,359,717			$	1,329,740			$	29,977		2.3	%		$	1,185,881			$	173,836		14.7	%
Liabilities and Shareholders’ Equity
Liabilities
Noninterest bearing	$	579,318			$	531,732			$	47,586		8.9	%		$	355,225			$	224,093		63.1	%
Interest Bearing	584,341				581,216				3,125			0.5	%		607,062				(22,721		)	-3.7	%
Total deposits	1,163,659				1,112,948				50,711			4.6	%		962,287				201,372			20.9	%
FHLB borrowings	50,000				75,000				(25,000		)	-33.3	%		95,000				(45,000		)	-47.4	%
Other borrowings	17,941				17,939				2			0.0	%		17,934				7			0.0	%
Accrued interest payable and other liabilities	16,507				16,100				407			2.5	%		12,497				4,010			32.1	%
Total liabilities	1,248,107				1,221,987				26,120			2.1	%		1,087,718				160,389			14.7	%
Shareholders’ equity
Common stock	70,053				69,557				496			0.7	%		69,165				888			1.3	%
Additional paid-in capital	3,317				3,496				(179		)	-5.1	%		3,254				63			1.9	%
Retained earnings	38,510				33,904				4,606			13.6	%		24,839				13,671			55.0	%
Accumulated other comprehensive (loss) income	(270		)		796				(1,066		)	-133.9	%		905				(1,175		)	-129.8	%
Total stockholders’ equity	111,610				107,753				3,857			3.6	%		98,163				13,447			13.7	%
Total liabilities and stockholders’ equity	$	1,359,717			$	1,329,740			$	29,977		2.3	%		$	1,185,881			$	173,836		14.7	%

PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
	For the three months ended
	March 31, 2021			December 31, 2020			Dollar change			Percentage change			March 31, 2020			Dollar change			Percentage change
Interest Income
Loans	$	14,159		$	15,540		$	(1,381	)	-8.9	%		$	13,129		$	1,030		7.8	%
Investment securities	306			245			61			24.9	%		401			(95		)	-23.7	%
Deposits in other financial institutions	58			41			17			41.5	%		304			(246		)	-80.9	%
Total interest income	14,523			15,826			(1,303		)	-8.2	%		13,834			689			5.0	%
Interest Expense
Deposits	517			596			(79		)	-13.3	%		1,710			(1,193		)	-69.8	%
Borrowings	1,220			613			607			99.0	%		589			631			107.1	%
Total interest expense	1,737			1,209			528			43.7	%		2,299			(562		)	-24.4	%
Net interest income	12,786			14,617			(1,831		)	-12.5	%		11,535			1,251			10.8	%
Provision for loan losses	300			1,579			(1,279		)	-81.0	%		997			(697		)	-69.9	%
Net interest income after provision for loan losses	12,486			13,038			(552		)	-4.2	%		10,538			1,948			18.5	%
Noninterest income:
Service charges on deposit accounts	224			196			28			14.3	%		173			51			29.5	%
Net gain on sale of loans	1,476			1,170			306			26.2	%		679			797			117.4	%
Gain on sale of investment securities	–			–			–			NM			–			–			NM
Other noninterest income	171			270			(99		)	-36.7	%		294			(123		)	-41.8	%
Total noninterest income	1,871			1,636			235			14.4	%		1,146			725			63.3	%
Noninterest expense:
Salary and employee benefits	4,915			5,293			(378		)	-7.1	%		5,552			(637		)	-11.5	%
Occupancy and equipment	810			774			36			4.7	%		884			(74		)	-8.4	%
Data processing	635			624			11			1.8	%		518			117			22.6	%
Professional services	650			949			(299		)	-31.5	%		859			(209		)	-24.3	%
Other expenses	763			780			(17		)	-2.2	%		848			(85		)	-10.0	%
Total noninterest expense	7,773			8,420			(647		)	-7.7	%		8,661			(888		)	-10.3	%
Income before provision for income taxes	6,584			6,254			330			5.3	%		3,023			3,561			117.8	%
Provision for income taxes	1,977			1,874			103			5.5	%		1,116			861			77.2	%
Net income	$	4,607		$	4,380		$	227		5.2	%		$	1,907		$	2,700		141.6	%
Net income available to common shareholders	$	4,529		$	4,307		$	222		5.2	%		$	1,874		$	2,655		141.7	%
Earnings per share
Basic earnings per share	$	0.82		$	0.78		$	0.04		5.1	%		$	0.34		$	0.48		141.2	%
Diluted earnings per share	$	0.81		$	0.78		$	0.03		3.8	%		$	0.34		$	0.47		138.2	%
Average shares outstanding	5,514,887			5,501,272			13,615			0.2	%		5,488,197			26,690			0.5	%
Diluted average shares outstanding	5,579,477			5,540,232			39,245			0.7	%		5,555,376			24,101			0.4	%

PRIVATE BANCORP OF AMERICA, INC.
Consolidated average balance sheet, interest, yield and rates
(Unaudited)
(Dollars in thousands)
	For the three months ended
	March 31, 2021									December 31, 2020									March 31, 2020
	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	$	227,393		$	58		0.10	%		$	189,856		$	41		0.09	%		$	104,156		$	304		1.17	%
Investment securities	59,227			306			2.07	%		30,238			245			3.24	%		54,456			401			2.95	%
Loans	1,044,828			14,159			5.50	%		1,005,712			15,540			6.15	%		881,655			13,129			5.99	%
Total interest-earning assets	1,331,448			14,523			4.42	%		1,225,806			15,826			5.14	%		1,040,267			13,834			5.35	%
Noninterest-earning assets	31,439									8,805									47,975
Total Assets	$	1,362,887								$	1,234,611								$	1,088,242
Interest-Bearing Liabilities
Interest-bearing transaction accounts	$	58,042		$	12		0.08	%		$	56,867		$	17		0.12	%		$	83,471		$	165		0.80	%
Money market	431,423			235			0.22	%		400,764			270			0.27	%		391,262			973			1.00	%
Savings deposits	8,766			2			0.09	%		8,617			3			0.14	%		9,212			6			0.26	%
Certificates of deposit	100,521			268			1.08	%		98,225			306			1.24	%		113,964			566			2.00	%
Total Interest-Bearing Deposits	598,752			517			0.35	%		564,473			596			0.42	%		597,909			1,710			1.15	%
FHLB advances	73,056			948			5.26	%		77,348			341			1.75	%		63,394			317			2.01	%
Other borrowings	17,940			272			6.06	%		17,938			272			6.07	%		17,933			272			6.07	%
Total Interest-Bearing Liabilities	90,996			1,220			5.44	%		95,286			613			2.56	%		81,327			589			2.91	%
Noninterest-bearing deposits	547,024									452,916									298,418
Total Funding Sources	1,236,772			1,737			0.57	%		1,112,675			1,209			0.43	%		977,654			2,299			0.95	%
Noninterest-bearing liabilities	15,831									15,062									13,022
Shareholders’ equity	110,284									106,874									97,566
Total Liabilities and Shareholders’ Equity	$	1,362,887								$	1,234,611								$	1,088,242
Net interest spread							3.85	%								4.71	%								4.40	%
Net interest income				$	12,786								$	14,617								$	11,535
Net interest margin							3.89	%								4.74	%								4.46	%

PRIVATE BANCORP OF AMERICA, INC.
Condensed Balance Sheets
(Unaudited)
(Dollars in thousands, except per share amounts)
	Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020
Assets
Cash and due from banks	$	164,750			$	276,225			$	155,346			$	199,246			$	221,154
Interest-bearing time deposits with other institutions	5,760				5,760				5,760				5,758				5,756
Investment securities	81,429				26,086				26,525				27,664				49,327
Loans held for sale	12,430				9,687				8,402				7,409				7,346
Loans (excluding SBA PPP loans)	948,260				936,532				880,174				865,603				886,730
SBA PPP loans	133,740				62,338				154,210				153,497				–
Allowance for loan losses	(14,561		)		(14,262		)		(12,682		)		(11,100		)		(9,598		)
Net loans	1,067,439				984,608				1,021,702				1,008,000				877,132
Right of use asset	5,589				5,990				5,186				5,632				6,022
Premises and equipment, net	2,582				2,649				2,859				3,055				3,052
Other assets and interest receivable	19,738				18,735				18,414				17,248				16,092
Total assets	$	1,359,717			$	1,329,740			$	1,244,194			$	1,274,012			$	1,185,881
Liabilities and Shareholders’ Equity
Liabilities
Noninterest Bearing	$	579,318			$	531,732			$	471,324			$	452,155			$	355,225
Interest Bearing	584,341				581,216				557,455				584,451				607,062
Total Deposits	1,163,659				1,112,948				1,028,779				1,036,606				962,287
Borrowings	67,941				92,939				97,938				122,936				112,934
Accrued interest payable and other liabilities	16,507				16,100				14,227				14,097				12,497
Total liabilities	1,248,107				1,221,987				1,140,944				1,173,639				1,087,718
Shareholders’ equity
Common stock	70,053				69,557				69,540				69,512				69,165
Additional paid-in capital	3,317				3,496				3,230				3,002				3,254
Retained earnings	38,510				33,904				29,521				26,984				24,839
Accumulated other comprehensive (loss) income	(270		)		796				959				875				905
Total shareholders’ equity	111,610				107,753				103,250				100,373				98,163
Total liabilities and shareholders’ equity	$	1,359,717			$	1,329,740			$	1,244,194			$	1,274,012			$	1,185,881
Book value per common share	$	19.87			$	19.24			$	18.50			$	17.99			$	17.57
Tangible book value per common share	$	19.55			$	18.95			$	18.26			$	17.76			$	17.35
Shares outstanding	5,618,324				5,600,508				5,580,456				5,578,884				5,586,270
	Regulatory Capital Ratios (PBAM) 1
	Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020
Tier 1 leverage ratio	8.07		%		8.52		%		7.92		%		7.57		%		8.79		%
Tier 1 risk-based capital ratio	11.35		%		11.20		%		11.35		%		9.66		%		9.20		%
Common equity Tier 1 ratio	11.35		%		11.20		%		11.35		%		9.66		%		9.20		%
Total risk-based capital ratio	14.46		%		14.36		%		14.63		%		12.60		%		11.91		%
Tangible equity / tangible assets	8.09		%		7.99		%		8.20		%		7.79		%		8.18		%
1 Preliminary ratios for March 31, 2021

PRIVATE BANCORP OF AMERICA, INC.
Condensed Statements of Income
(Unaudited)
(Dollars in thousands, except per share amounts)
	Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020
Interest income	$	14,523			$	15,826			$	13,860			$	13,635			$	13,834
Interest expense	1,737				1,209				1,363				2,015				2,299
Net interest income	12,786				14,617				12,497				11,620				11,535
Provision for loan losses	300				1,579				1,582				1,511				997
Net interest income after provision for loan losses	12,486				13,038				10,915				10,109				10,538
Noninterest income	1,871				1,636				936				1,378				1,146
Salary and employee benefits	4,915				5,293				5,365				5,790				5,552
Occupancy and equipment	810				774				864				900				884
Data processing	635				624				643				561				518
Professional services	650				949				514				628				859
Other expenses	763				780				846				827				848
Total noninterest expense	7,773				8,420				8,232				8,706				8,661
Income before provision for income taxes	6,584				6,254				3,619				2,781				3,023
Income taxes	1,977				1,874				1,084				711				1,116
Net income	$	4,607			$	4,380			$	2,535			$	2,070			$	1,907
Net income available to common shareholders	$	4,529			$	4,307			$	2,499			$	2,038			$	1,874
Earnings per share
Basic earnings per share	$	0.82			$	0.78			$	0.45			$	0.37			$	0.34
Diluted earnings per share	$	0.81			$	0.78			$	0.45			$	0.37			$	0.34
Average shares outstanding	5,514,887				5,501,272				5,499,970				5,435,155				5,488,197
Diluted average shares outstanding	5,579,477				5,540,232				5,516,013				5,453,597				5,555,376
	Performance Ratios
	Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020
ROAA	1.37		%		1.41		%		0.79		%		0.64		%		0.70		%
ROAE	16.94		%		16.30		%		9.84		%		8.31		%		7.86		%
ROATE	17.19		%		16.54		%		9.96		%		8.42		%		7.96		%
Net interest margin	3.89		%		4.74		%		3.94		%		3.66		%		4.46		%
Net interest spread	3.85		%		4.71		%		3.90		%		3.60		%		4.40		%
Efficiency ratio	53.03		%		51.81		%		61.28		%		66.98		%		68.30		%
Noninterest expense / average assets	2.31		%		2.71		%		2.58		%		2.71		%		3.20		%

PRIVATE BANCORP OF AMERICA, INC.
Average Balances
(Unaudited)
(Dollars in thousands)
	Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020
Total assets	$	1,362,887			$	1,234,611			$	1,271,363			$	1,293,484			$	1,088,242
Earning assets	$	1,331,448			$	1,225,806			$	1,260,834			$	1,278,380			$	1,040,267
Total loans	$	1,044,828			$	1,005,712			$	1,037,195			$	1,008,220			$	881,655
Total deposits	$	1,145,776			$	1,017,389			$	1,036,223			$	1,062,071			$	896,327
Total equity	$	110,284			$	106,874			$	102,539			$	100,130			$	97,566
	Loan Balances by Type
	(Dollars in thousands)
	Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020
Real estate – investor owned	$	247,928			$	243,745			$	231,787			$	234,806			$	246,026
Real estate – owner occupied	284,494				268,193				259,375				240,587				234,771
Real estate – multifamily	75,361				69,187				64,268				66,431				67,550
Real estate – single family	75,353				67,522				59,994				57,521				58,429
Commercial business	227,635				251,711				228,914				231,885				245,610
SBA PPP loans	133,740				62,338				154,210				153,497				–
Land and construction	30,103				29,377				28,277				26,327				27,044
Consumer	7,386				6,797				7,559				8,046				7,300
Total loans held for investment	1,082,000				998,870				1,034,384				1,019,100				886,730
Loans held for sale	12,430				9,687				8,402				7,409				7,346
Total loans, including loans held for sale	1,094,430				1,008,557				1,042,786				1,026,509				894,076
Allowance for loan losses	(14,561		)		(14,262		)		(12,682		)		(11,100		)		(9,598		)
Net loans	$	1,079,869			$	994,295			$	1,030,104			$	1,015,409			$	884,478
	Deposits by Type
	(Dollars in thousands)
	Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020
Non interest bearing DDA	$	579,318			$	531,732			$	471,324			$	452,155			$	355,225
Interest bearing DDA	59,399				60,606				56,837				63,805				108,368
Savings & MMA	423,957				424,540				396,233				427,685				366,109
Retail CD	5,855				7,770				8,401				8,493				8,484
Jumbo CD	95,130				88,300				95,984				84,468				124,101
Total deposits	$	1,163,659			$	1,112,948			$	1,028,779			$	1,036,606			$	962,287
	Asset Quality
	(Dollars in thousands)
	Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020
Total loans, including loans held for sale	$	1,094,430			$	1,008,557			$	1,042,786			$	1,026,509			$	894,076
30-89 day past due loans	$	–			$	–			$	–			$	–			$	297
90+ day past due loans	$	–			$	–			$	–			$	–			$	–
Nonaccrual loans	$	1,609			$	1,609			$	1,743			$	–			$	663
NPAs / Assets	0.12		%		0.12		%		0.14		%		0.00		%		0.06		%
NPLs / loans & OREO	0.15		%		0.16		%		0.17		%		0.00		%		0.07		%
Net quarterly charge-offs	$	–			$	–			$	–			$	–			$	–
Net charge-offs/avg loans (annualized)	0.00		%		0.00		%		0.00		%		0.00		%		0.00		%
Allowance for loan losses to loans	1.33		%		1.41		%		1.22		%		1.08		%		1.07		%
Allowance for loan losses to nonaccrual loans	904.97		%		886.39		%		727.60		%		NM				1447.66		%

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