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Private Bancorp of America, Inc. Announces First Quarter Results

LA JOLLA, Calif., April 21, 2016 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQB:PBAM)

Private Bancorp of America, Inc., the parent company of San Diego Private Bank (“Bank”), announced first quarter operating results for the quarter ending March 31, 2016. Earnings per share of $0.29 for the quarter were slightly lower than the $0.31 EPS the company reported for the same period a year ago. Thomas V. Wornham, President and CEO, indicated that holding company expenses, increased compliance costs and investments in technology and new product launches underway, increased non-interest expense by 11% year over year. Net income for the quarter ended March 31, 2016 was $1,118,000 compared to $1,303,000 for the same period a year ago.

Loans ended the quarter at $345,985,000, up 4% year over year. Deposits were $330,609,000 at March 31, 2016, down 2% from the same period a year ago. Total Assets were up 1% year over year and revenues were up 2%.

Mr. Wornham, stated “I am very proud of the Bank Team’s ability to implement new products and services while maintaining forward momentum. We are half way through the roll out of our new Treasury Management and upgraded consumer electronic product offerings. As noted previously, we began making significant investments in people and systems to be in a position to expand the Bank on a firm foundation. Despite this internal focus, we generated over $30,000,000 in new loans during the first quarter and even with these investments in improved client solutions and systems, the Bank’s operating expenses are lower this quarter than the fourth quarter of 2015 and our efficiency ratio improved from 66% to 58% year over year. We believe we are positioned well to adapt to the changing landscape and have a strong 2016.”

This press release may include forward looking statements that involve inherent risks and uncertainties. San Diego Private Bank cautions readers that a number of important factors could cause actual results to differ materially from those in the forward‐looking statements. These factors include economic conditions and competition in the geographic and business areas in which San Diego Private Bank operates, our ability to successfully integrate the operations of merged banks, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward‐looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.

Private Bancorp of America, Inc. and Subsidiary
Statements of Income
(Unaudited – in thousands)
Three months
ended
March 31, 2016
Three months
ended
March 31, 2015
Interest Income $5,118 $4,843
Interest Expense 488 370
Net Interest Income 4,630 4,473
Provision for Loan Losses 51 35
Net Interest Income after
Provision for Loan Losses

4,579

4,438
Other Income 349 502
Operating Expenses 3,024 2,714
Operating Income 1,904 2,226
Income Taxes 786 923
Net Earnings $1,118 $1,303
Basic Earnings Per Share $0.29 $0.32
Diluted Earnings Per Share $0.28 $0.31


Private Bancorp of America, Inc. and Subsidiary
Statements of Condition
(Unaudited –in thousands)
March 31, 2016 December 31, 2015 March 31, 2015
Assets
Cash and Cash Equivalents $60,027 $58,075 $81,078
Investments 29,897 29,385 18,152
Loans, Net 345,985 354,708 333,178
Premises, Equipment and Other Assets 11,538 12,787 12,630
Total Assets 447,447 454,955 445,038
Liabilities and Shareholders’ Equity
Demand Deposits 96,540 110,976 106,772
Interest Bearing Deposits 234,069 228,855 230,491
Total Deposits 330,609 339,831 336,263
FHLB Advances / Borrowings 60,372 60,369 52,500
Other Liabilities 2,676 3,603 2,322
Shareholders’ Equity 53,790 51,152 52,953
Total Liabilities and Shareholders’ Equity $447,447 $454,955 $445,038


Selected Ratios: March 31, 2016
December 31, 2015
March 31, 2015
Tangible Book Value Per Share $13.42 $13.19 $12.57
Tier 1 Leverage Ratio (Bank) 12.27% 11.85% 11.49%
Total Risk Based Capital Ratio (Bank) 15.83% 16.28% 15.63%
Asset Quality
(Non-Performing Assets + 90 Days
Past Due Accruing)
divided by (Equity + Allowance
for Loan Losses)



0.32



%



0.37



%



3.49



%




Investor Relations Contact Thomas V. Wornham President/CEO San Diego Private Bank (858) 875.6900

Source:Private Bancorp of America, Inc.