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Private Bancorp of America, Inc. Adds an Additional Unaudited Table to the Fourth Quarter and Year End Unaudited Schedules Previously Released

LA JOLLA, Calif., Jan. 23, 2018 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM)

Private Bancorp of America, Inc. (the “Bancorp”), parent company of San Diego Private Bank (the “Bank”), announces the inclusion of an additional unaudited financial table in the numeric disclosures for the fourth quarter and the fiscal year ended December 31, 2017.

The additional table details full-year 2017 and 2016 income and expense. In addition, certain share data for prior quarters is amended in the tables. Income for the year ended December 31, 2017 was $3.425 million or $0.71 per fully-diluted share. Without the revaluation of the Bank’s deferred tax asset, income for the year would have been $4.941 million or $1.03 per fully-diluted share. Thomas V. Wornham, President and CEO commented that “We are very pleased with the 2017 results especially since diluted average shares outstanding are 18% higher in 2017 compared to 2016. The increase is due principally to the successful $17MM capital raise completed in April 2017.”

About Private Bancorp of America, Inc.

Private Bancorp of America, Inc. (OTCQX:PBAM), is the holding company for San Diego Private Bank. San Diego Private 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; serviced through offices in Coronado, San Diego, La Jolla, Newport Beach 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. San Diego Private Bank is a SBA Preferred Lender.

Investor Relations Contact

Thomas V. Wornham
President/CEO
Private Bancorp of America, Inc. and San Diego Private Bank
(858) 875.6900

Safe Harbor Paragraph

This press release may include 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 forwardlooking statements. These factors include economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. 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 forwardlooking 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.

[FINANCIAL TABLES FOLLOW]

PRIVATE BANCORP OF AMERICA, INC.
SELECTED FINANCIAL DATA
For the three months ended December 31, 2017 December 31, 2017
Q-o-Q Y-o-Y
SELECT FINANCIAL DATA AND PERFORMANCE RATIOS December 31, 2017 September 30, 2017 December 31, 2016 change ($)change (%) change ($)change (%)
(unaudited)
Common shares outstanding at period-end 5,008,627 4,999,427 4,139,664 9,200 0% 868,963 21%
Book value per common share $ 15.88 $ 15.94 $ 13.73 $ (0.07)0% $ 2.15 16%
Tangible book value per common share $ 15.79 $ 15.84 $ 13.55 $ (0.06)0% $ 2.24 17%
PERFORMANCE RATIOS (%):
Return on average assets (annualized) -0.07% 0.92% 1.05% -0.99%-107% -1.12%-107%
Return on average equity (annualized) -0.55% 6.69% 9.36% -7.23%-108% -9.91%-106%
Return on average tangible common equity (annualized) -0.55% 6.71% 9.47% -7.27%-108% -10.03%-106%
Net interest margin 3.92% 4.11% 4.01% -0.18%-4% -0.09%-2%
Net interest spread 3.87% 4.05% 3.97% -0.18%-4% -0.10%-2%
Efficiency ratio 64.98% 64.12% 56.75% 0.86%1% 8.23%15%
Noninterest expense / average assets 2.54% 2.68% 2.32% -0.14%-5% 0.22%10%
CAPITAL RATIOS (%):
Tier 1 leverage ratio 12.11% 13.39% 10.83% -1.28%-10% 1.28%12%
Tier 1 risk-based capital ratio 14.80% 15.99% 12.05% -1.19%-7% 2.75%23%
Common equity Tier 1 ratio 14.80% 15.99% 12.05% -1.19%-7% 2.75%23%
Total risk-based capital ratio 15.71% 16.90% 12.95% -1.19%-7% 2.76%21%
Tangible equity / tangible assets 11.78% 13.43% 10.66% -1.64%-12% 1.12%11%
December 31, 2017 December 31, 2017
Q-o-Q Y-o-Y
CREDIT QUALITY PROFILE AND METRICS: December 31, 2017 September 30, 2017 December 31, 2016 change ($)change (%) change ($)change (%)
Total Loans ($000s) 497,152 450,468 438,295 46,684 10% 58,857 13%
30-89 day past due loans ($000s) 1,424 - - 1,424 NM 1,424 NM
90+ day past due loans ($000s) - - - - NM - NM
nonaccrual loans ($000s) 1,586 1,606 191 (20)-1% 1,395 730%
NPAs / Assets (%) 0.24% 0.27% 0.04% (0)-13% 0 575%
NPLs / loans & REO (%) 0.32% 0.36% 0.04% (0)-11% 0 632%
Net chargeoffs ($000s) 0 0 0 - NM - NM
NCOs / avg loans (annualized) (%) 0% 0% 0% - NM - NM
Reserve ratio (%) 0.91% 0.94% 0.92% -0.03%-3% -0.01%-1%
Reserve coverage ratio (%) 285% 263% 2104% 22%8% -1819%-86%
December 31, 2017 December 31, 2017
Q-o-Q Y-o-Y
LOAN PORTFOLIO COMPOSITION ($000s) December 31, 2017 September 30, 2017 December 31, 2016 change ($)change (%) change ($)change (%)
Real estate - investor owned 189,355 183,587 178,209 5,768 3% 11,146 6%
Real estate - owner occupied 62,657 46,501 46,201 16,156 35% 16,456 36%
Real estate - multifamily 56,500 52,595 50,434 3,905 7% 6,066 12%
Real estate - single family 48,362 51,225 47,715 (2,863)-6% 647 1%
Commercial business 113,218 93,860 78,725 19,358 21% 34,493 44%
Land and construction 24,679 20,585 36,929 4,094 20% (12,250)-33%
Consumer 1,734 318 82 1,416 445% 1,652 2015%
Leases - - - - NM - NM
Other - - - - NM - NM
Total loans held for investment 496,505 448,671 438,295 47,834 11% 58,210 13%
Loans held for sale 647 1,797 - (1,150)-64% 647 NM
Total loans, including loans held for sale 497,152 450,468 438,295 46,684 10% 58,857 13%
Allowance for loan losses (4,521) (4,221) (4,018) (300)7% (503)13%
Net loans 492,631 446,247 434,277 46,384 10% 58,354 13%
DEPOSIT COMPOSITION ($000S)
Non interest bearing DDA 162,049 124,055 122,023 37,994 31% 40,026 33%
Interest bearing DDA 16,373 10,963 13,292 5,410 49% 3,081 23%
Savings & MMA 295,075 258,235 180,258 36,840 14% 114,817 64%
Retail CD 6,035 6,793 5,458 (758)-11% 577 11%
Jumbo CD 53,651 48,064 87,654 5,587 12% (34,003)-39%
Total deposits 533,183 448,110 408,685 85,073 19% 124,498 30%

PRIVATE BANCORP OF AMERICA, INC.
SELECTED FINANCIAL DATA
December 31, 2017 December 31, 2017
Q-o-Q Y-o-Y
BALANCE SHEETDecember 31, 2017 September 30, 2017 December 31, 2016 change ($)change (%) change ($)change (%)
(unaudited - in $000s)
Assets
Cash and due from banks 15,128 13,363 38,368 1,765 13% (23,240)-61%
Interest-bearing deposits at Federal Reserve Bank 87,401 70,336 32,092 17,065 24% 55,309 172%
102,529 83,699 70,460 18,830 22% 32,069 46%
Interest-bearing time deposits with other institutions 2,997 2,997 1,245 - 0% 1,752 141%
Investment securities available for sale 61,568 45,512 27,984 16,056 35% 33,584 120%
Investment securities held to maturity - - -
Loans 497,152 450,468 438,295 46,684 10% 58,857 13%
Allowance for loan losses (4,521) (4,221) (4,018) (300)7% (503)13%
492,631 446,247 434,277 46,384 10% 58,354 13%
Federal Home Loan Bank stock, at cost 2,295 2,295 2,135 - 0% 160 7%
Premises and equipment, net 1,530 1,416 923 114 8% 607 66%
Goodwill - - - - 0% - 0%
Other intangible assets 487 503 690 (16)-3% (203)-29%
Deferred tax asset/liability 4,233 5,553 5,703 (1,320)-24% (1,470)-26%
Accrued interest receivable 1,811 1,450 1,277 361 25% 534 42%
Other assets 1,164 800 980 364 46% 184 19%
671,245 590,472 545,674 80,773 14% 125,571 23%
Liabilities and Shareholders' Equity
Liabilities
Noninterest Bearing 162,049 124,055 122,023 37,994 31% 40,026 33%
Interest Bearing 371,134 324,055 286,662 47,079 15% 84,472 29%
Total Deposits 533,183 448,110 408,685 85,073 19% 124,498 30%
FHLB Borrowings 50,000 50,000 68,000 - 0% (18,000)-26%
Other borrowings 7,896 7,892 7,882 4 0% 14 0%
Accrued interest payable and other liabilities 645 4,756 2,310 (4,111)-86% (1,665)-72%
591,724 510,758 486,877 80,966 16% 104,847 22%
Shareholders' equity
Common stock 57,857 57,684 40,713 173 0% 17,144 42%
Additional paid-in capital 2,569 2,528 2,343 41 2% 226 10%
Retained earnings 19,265 19,350 15,814 (85)0% 3,451 22%
Accumulated other comprehensive income (170) 152 (73) (322)-212% (97)133%
79,521 79,714 58,797 (193)0% 20,724 35%
Total liabilities and shareholders' equity 671,245 590,472 545,674 80,773 14% 125,571 23%

PRIVATE BANCORP OF AMERICA, INC.
SELECTED FINANCIAL DATA
December 31, 2017
For the year ended Y-o-Y
INCOME STATEMENT December 31, 2017 December 31, 2016 change ($)change (%)
(unaudited - in $000s, except per share data)
Interest Income
Loans 23,401 20,084 3,317 17%
Investment securities 923 820 103 13%
Deposits in other financial institutions 666 247 419 170%
24,990 21,151 3,839 18%
Interest Expense
Deposits 1,523 1,324 199 15%
Borrowings 962 776 186 24%
2,485 2,100 385 18%
Net interest income 22,505 19,051 3,454 18%
Provision for credit losses 503 818 (315)-39%
Net interest income after provision for credit losses 22,002 18,233 3,769 21%
Noninterest income:
Service charges on deposit accounts 327 229 98 43%
Net gain on sale of loans & leases 311 372 (61)-16%
Gain (loss) on sale of investment securities 8 (1) 9 -900%
Other noninterest income 279 518 (239)-46%
925 1,118 (193)-17%
Noninterest expense:
Salary and employee benefits 9,616 8,155 1,461 18%
Occupancy and equipment 1,637 1,203 434 36%
Data processing 1,093 1,081 12 1%
Professional services 873 540 333 62%
Other expenses 1,787 1,378 409 30%
15,006 12,357 2,649 21%
Income before provision for income tax 7,921 6,994 927 13%
Provision for income tax 4,496 2,673 1,823 68%
Net income available to common shareholders 3,425 4,321 (896)-21%
Earnings per share
Basic earnings per share $ 0.73 $ 1.08 $ (0.35)-32%
Diluted earnings per share $ 0.71 $ 1.06 $ (0.35)-33%
Average shares outstanding 4,684,980 3,994,651 690,329 17%
Diluted average shares outstanding 4,807,374 4,069,311 738,063 18%

PRIVATE BANCORP OF AMERICA, INC.
SELECTED FINANCIAL DATA
December 31, 2017 December 31, 2017
For the three months ended Q-o-Q Y-o-Y
INCOME STATEMENT December 31, 2017 September 30, 2017 December 31, 2016 change ($)change (%) change ($)change (%)
(unaudited - in $000s, except per share data)
Interest Income
Loans 6,241 5,962 5,283 279 5% 958 18%
Investment securities 321 227 259 94 41% 62 24%
Deposits in other financial institutions 214 195 67 19 10% 147 219%
6,776 6,384 5,609 392 6% 1,167 21%
Interest Expense
Deposits 429 379 383 50 13% 46 12%
Borrowings 267 263 202 4 2% 65 32%
696 642 585 54 8% 111 19%
Net interest income 6,080 5,742 5,024 338 6% 1,056 21%
Provision for credit losses 300 17 340 283 1665% (40)-12%
Net interest income after provision for credit losses 5,780 5,725 4,684 55 1% 1,096 23%
Noninterest income:
Service charges on deposit accounts 72 77 94 (5)-6% (22)-23%
Net gain on sale of loans & leases 73 - 168 73 NM (95)-57%
Gain (loss) on sale of investment securities - - - - NM - NM
Other noninterest income 26 45 46 (19)-42% (20)-43%
171 122 308 49 40% (137)-44%
Noninterest expense:
Salary and employee benefits 2,581 2,492 2,025 89 4% 556 27%
Occupancy and equipment 458 466 302 (8)-2% 156 52%
Data processing 260 278 251 (18)-6% 9 4%
Professional services 217 175 105 42 24% 112 107%
Other expenses 546 457 343 89 19% 203 59%
4,062 3,868 3,026 194 5% 1,036 34%
Income before provision for income tax 1,889 1,979 1,966 (90)-5% (77)-4%
Provision for income tax 1,999 815 598 1,184 145% 1,401 234%
Net income available to common shareholders (110) 1,164 1,368 (1,274)-109% (1,478)-108%
Earnings per share
Basic earnings per share $ (0.02) $ 0.24 $ 0.34 $ (0.26)-109% $ (0.36)-107%
Diluted earnings per share $ (0.02) $ 0.23 $ 0.33 $ (0.25)-109% $ (0.35)-107%
Average shares outstanding 4,948,981 4,936,518 4,071,993 12,463 0% 876,988 22%
Diluted average shares outstanding 5,071,375 5,052,520 4,187,134 18,855 0% 884,241 21%

PRIVATE BANCORP OF AMERICA, INC.
SELECTED FINANCIAL DATA
For the three months ended For the three months ended For the three months ended
December 31, 2017 September 30, 2017 December 31, 2016
Average Average Average Average Average Average
RATE AND YIELD TABLE Balance Interest Yield/Rate Balance Interest Yield/Rate Balance Interest Yield/Rate
(unaudited - in $000s)
Interest-Earnings Assets:
Deposits in other financial institutions 78,516 214 1.08% 65,682 195 1.18% 54,702 67 0.49%
Investment securities 54,751 321 2.33% 40,053 227 2.25% 30,697 259 3.35%
Loans 481,667 6,241 5.14% 448,915 5,962 5.27% 411,814 5,283 5.09%
Total interest-earning assets 614,934 6,776 4.37% 554,650 6,384 4.57% 497,213 5,609 4.48%
Noninterest-earning assets 18,781 18,041 19,842
Total Assets 633,715 572,691 517,055
Interest-Bearing Liabilities
Interest-bearing transaction accounts 13,469 7 0.21% 12,376 6 0.19% 13,032 6 0.18%
Money market 279,626 302 0.43% 227,391 242 0.42% 176,234 204 0.46%
Savings deposits 5,230 3 0.23% 5,551 3 0.21% 4,749 3 0.25%
Certificates of deposit 53,685 116 0.86% 56,758 129 0.90% 79,818 170 0.84%
Total Interest-Bearing Deposits 352,010 428 0.48% 302,076 380 0.50% 273,833 383 0.55%
FHLB advances 50,000 163 1.29% 50,761 158 1.23% 50,554 97 0.76%
Other borrowings 7,894 104 5.23% 7,890 104 5.23% 7,881 105 5.29%
Total Interest-Bearing Liabilities 57,894 267 1.83% 58,651 262 1.77% 332,268 202 0.24%
Noninterest-bearing deposits 140,454 129,918 124,203
Total Funding Sources 550,358 695 0.50% 490,645 642 0.52% 456,471 585 0.51%
Noninterest-bearing liabilities 3,623 3,021 2,586
Shareholders' equity 79,734 79,025 57,998
Total Liabilities and Shareholders' Equity 633,715 572,691 517,055
Net interest spread 3.87% 4.05% 3.97%
Net interest income 6,081 5,742 5,024
Net interest margin 3.92% 4.11% 4.01%

Source:Private Bancorp of America, Inc.