149 0 Kommentare Private Bancorp of America, Inc. Announces Record Net Income and Earnings Per Share for Full Year 2023 with Total Assets of $2.2 Billion

Fourth Quarter 2023 Highlights

Net income for the fourth quarter of 2023 of $7.9 million, compared to $8.5 million in the prior quarter and up from $7.4 million in the fourth quarter of 2022. Net income for the fourth quarter of 2023 represents a return on average assets of 1.51% and a return on average tangible common equity of 17.53%

Diluted earnings per share for the fourth quarter of 2023 of $1.36, compared to $1.47 in the prior quarter and $1.31 in the fourth quarter of 2022

Loans held-for-investment (“HFI”) totaled $1.85 billion as of December 31, 2023, an increase of $82.3 million or 4.7% from September 30, 2023

Provision for credit losses for the fourth quarter of 2023 was $0.5 million, compared to $0.5 million for the prior quarter and $0.1 million for the fourth quarter of 2022

Total deposits were $1.88 billion as of December 31, 2023, an increase of $105.7 million or 6.0% from September 30, 2023. Federal Home Loan Bank advances decreased by $25.0 million as a consequence of deposit growth. Core deposits were $1.58 billion as of December 31, 2023, an increase of $62.1 million or 4.1% from September 30, 2023

As of December 31, 2023, total available liquidity was $1.6 billion or 172% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $272 million of on-balance sheet liquidity (cash and investment securities) and $1.3 billion of unused borrowing capacity

Net interest margin was 4.33% for the fourth quarter of 2023, as compared to 4.67% for the prior quarter and 5.17% for the fourth quarter of 2022

Total cost of deposits was 2.41% for the fourth quarter of 2023, an increase from 1.92% for the prior quarter and 0.79% in the fourth quarter of 2022

The spot rate for total deposits was 2.49% as of December 31, 2023, compared to 2.18% at September 30, 2023. Total cost of funding sources was 2.53% for the fourth quarter of 2023, an increase from 2.12% in the prior quarter and 0.86% in the fourth quarter of 2022

Tangible book value per share was $32.08 as of December 31, 2023, an increase of $1.88 since September 30, 2023 as a result of strong earnings and a decrease in net unrealized losses on the available-for-sale investment securities portfolio. Tangible book value per share increased 6.2% quarter-over-quarter

2023 Full Year and Period End Highlights

Record net income of $40.9 million (GAAP basis), or $33.6 million⁽¹⁾ (as adjusted), for FY'23, up from $24.7 million in FY'22. Net income for 2023 represents a return on average assets of 1.70%⁽¹⁾ (as adjusted) and a return on average tangible common equity of 20.60%⁽¹⁾ (as adjusted)

Record diluted earnings per share of $7.11 (GAAP basis), or $5.85⁽¹⁾ (as adjusted), for FY'23, up from $4.33 in FY'22

Loans held-for-investment (“HFI”) totaled $1.85 billion as of December 31, 2023, an increase of $258.9 million or 16.3% from December 31, 2022

Provision for credit losses was a net reversal of $6.1 million for FY'23, compared to a provision of $2.2 million in FY'22. The net reversal for FY'23 reflects recoveries of $8.6 million, which includes $7.7 million for the settlement of a lawsuit against ANI Development, LLC/Gina Champion-Cain and Chicago Title (parent company, Fidelity National Financial) related to a previously charged-off loan, as well as a recovery of $902 thousand for a loan that was acquired as part of a merger in 2013

Total deposits were $1.88 billion as of December 31, 2023, an increase of $200.2 million or 12.0% from December 31, 2022. Federal Home Loan Bank advances increased by $57.0 million as a consequence of funding loan growth. Core deposits were $1.58 billion as of December 31, 2023, an increase of $114.4 million or 7.8% from December 31, 2022

Net interest margin was 4.65% for FY'23, as compared to 4.87% in FY'22

Total cost of deposits was 1.81% for FY'23, an increase from 0.34% in FY'22. The spot rate for total deposits was 2.49% as of December 31, 2023, compared to 2.18% at December 31, 2022. Total cost of funding sources was 1.98% for FY'23, an increase from 0.42% in FY'22

Tangible book value per share was $32.08 as of December 31, 2023, an increase of $7.02 since December 31, 2022 as a result of strong earnings and a decrease in net unrealized losses on the available-for-sale investment securities portfolio. Tangible book value per share increased 28.0% year-over-year

LA JOLLA, Calif., Jan. 19, 2024 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the fourth fiscal quarter ended December 31, 2023. The Company reported net income of $7.9 million, or $1.36 per diluted share, for the fourth quarter of 2023, which represents a 5.6% increase from $7.4 million, or $1.31 per diluted share, for the fourth quarter of 2022. For the fiscal year ended December 31, 2023, the Company reported record net income of $40.9 million (GAAP basis), or $33.6 million⁽¹⁾ (as adjusted), and record diluted earnings per share of $7.11 (GAAP basis), or $5.85⁽¹⁾ (as adjusted).

Rick Sowers, President and CEO of the Company and the Bank stated, “I am extremely proud of the accomplishments our Team achieved in 2023. Record earnings for yet another year in 2023, despite a challenging environment, is a testament to how CalPrivate Bank continues to build Relationships and provide valued Solutions to Clients. We are very pleased with achieving loan growth of 16% in 2023 while many other banks backed away from lending in their communities. Competition for deposits remains intense so we are focused on providing exceptional service and being a Trusted partner to our Clients.”

Sowers added, “The market disruptions during 2023 have provided an opportunity for CalPrivate Bank to hire exceptional talent and leverage our Distinctly Different Service model to serve the needs of our communities. Credit trends remain solid and we continue to diligently perform portfolio management activities to anticipate and prepare for changes in economic and interest rate conditions. Our goal remains to stay attuned to the market and enhance shareholder value.”

“The Company continues to exhibit successful customer acquisition activity despite a challenging interest rate environment. Additionally, the Company is investing in people and infrastructure, including strong risk management, product strategy and innovation needed to support the continued growth of the CalPrivate franchise,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

^{(1) A reconciliation of net income to adjusted net income and diluted earnings per share to adjusted earnings per share is provided on page 15.}

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STATEMENT OF INCOME

Net Interest Income

Net interest income for the fourth quarter of 2023 totaled $22.2 million, a decrease of $1.1 million or 4.6% from the prior quarter and a decrease of $0.4 million or 1.8% from the fourth quarter of 2022. The decrease from the prior quarter was driven primarily by margin compression as interest expense increased by $2.3 million, which resulted primarily from a 44 basis point increase in the cost of interest-bearing liabilities. Partially offsetting this was an increase of $1.2 million in interest income, which resulted from a 2.9% increase in average earning assets and 4 basis point increase in yield on earning assets.

Net Interest Margin

Net interest margin for the fourth quarter of 2023 was 4.33%, compared to 4.67% for the prior quarter and 5.17% in the fourth quarter of 2022. The 34 basis point decrease in net interest margin from the prior quarter was due primarily to higher rates paid on deposits and other funding sources, partially offset by higher rates on new loan originations and variable rate loans and investment securities. The yield on earning assets was 6.64% for the fourth quarter of 2023 compared to 6.60% for the prior quarter, and the cost of interest-bearing liabilities was 3.68% for the fourth quarter of 2023 compared to 3.24% in the prior quarter. The cost of total deposits was 2.41% for the fourth quarter of 2023 compared to 1.92% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.93% in the fourth quarter of 2023 compared to 1.48% in the prior quarter.

Provision for Credit Losses

Provision expense for credit losses for the fourth quarter of 2023 was $0.5 million, compared to $0.5 million in the prior quarter and provision expense of $0.1 million for the fourth quarter of 2022. For more details, please refer to the “Asset Quality” section below.

Noninterest Income

Noninterest income was $1.2 million for the fourth quarter of 2023, compared to $1.2 million in the prior quarter and $1.1 million in the fourth quarter of 2022. SBA loan sales for the fourth quarter of 2023 were $6.7 million with a 9.62% average trade premium resulting in a net gain on sale of $436 thousand, compared with $7.2 million with a 9.47% average trade premium resulting in a net gain on sale of $466 thousand in the prior quarter. Management expects continued softness in the market for SBA 7a loans.

Noninterest Expense

Noninterest expense was $11.8 million for the fourth quarter of 2023, compared to $11.8 million in the prior quarter and $13.1 million in the fourth quarter of 2022. Compensation and employee benefits expense increased $430 thousand compared to the prior quarter driven by increased headcount and adjustments to share-based compensation. Other expenses declined by $297 thousand due primarily to the reclassification adjustment recorded in the prior quarter for the reversal of reserve for unfunded commitments which was previously presented as other expenses and is now recorded in the provision (reversal) for credit losses line of the income statement. The efficiency ratio was 50.22% for the fourth quarter of 2023 compared to 48.51% in the prior quarter and 55.22% in the fourth quarter of 2022. The increase in the efficiency ratio from the prior quarter was due primarily to the aforementioned decrease in net interest income.

The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.

Provision for Income Tax Expense

Provision for income tax expense was $3.3 million for the fourth quarter of 2023, compared to $3.6 million for the prior quarter. The effective tax rate for the fourth quarter of 2023 was 29.9%, compared to 29.8% in the prior quarter and 29.4% in the fourth quarter of 2022.

STATEMENT OF FINANCIAL CONDITION

As of December 31, 2023, total assets were $2.15 billion, an increase of $78.2 million since the prior quarter and $297.6 million since December 31, 2022. The increase in assets from the prior quarter was primarily due to higher loans receivable and investment securities, partially offset by lower cash balances. Total cash and due from banks was $178.1 million as of December 31, 2023, a decrease of $20.2 million or 10.2%, since September 30, 2023, primarily due to the timing of the settlement of $52 million of brokered certificates of deposit obtained at the end of September 2023 and subsequently used to pay off Federal Home Loan Bank Advances in early October 2023. Loans HFI totaled $1.85 billion as of December 31, 2023, an increase of $82.3 million or 4.7% since September 30, 2023. Investment securities available for sale (“AFS”) were $102.5 million as of December 31, 2023, an increase of $15.9 million, or 18.3% since September 30, 2023 as a result of new securities purchased and lower net unrealized losses. As of December 31, 2023, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $12.1 million (pre-tax) compared to a loss of $15.8 million as of September 30, 2023. The average duration of the Bank’s AFS portfolio is 3.6 years. The Company has no held-to-maturity securities.

Total deposits were $1.88 billion as of December 31, 2023, an increase of $105.7 million since September 30, 2023. During the quarter, core deposits increased by $62.1 million, which was driven by an $84.4 million increase in interest-bearing core deposits (including balances in the IntraFi ICS and CDARS programs), partially offset by a $22.3 million decrease in noninterest-bearing core deposits. A portion of the increase in core deposits is seasonal in nature due to end of year client activities. Noninterest-bearing deposits represent 36.1% of total core deposits. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 48.0% of total deposits as of December 31, 2023.

Asset Quality and Allowance for Credit Losses ("ACL")

As of December 31, 2023, the allowance for loan losses was $24.5 million or 1.33% of loans HFI, compared to 1.35% as of September 30, 2023 and 1.21% at December 31, 2022. The increase in the coverage ratio from December 31, 2022 primarily resulted from the adoption of CECL. The Company continues to have strong credit metrics and its nonperforming assets are 0.23% of total assets as of December 31, 2023. The reserve for unfunded commitments was $1.7 million as of December 31, 2023, compared to $2.0 million as of September 30, 2023 and the change was due to a decrease in commitment balances available. Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

At both December 31, 2023 and September 30, 2023, there are no doubtful credits and classified assets were $11.0 million. Total classified assets consisted of 9 loans as of December 31, 2023, which included 6 loans totaling $7.1 million secured by real estate with a weighted average LTV of 58.5%. The remaining 3 loans were commercial and industrial loans, two of which were SBA loans with a balance of $1.4 million, which includes one loan that is 75% guaranteed and one loan that is 90% guaranteed by the SBA, and the third was a $2.5 million unsecured loan with a specific reserve of $1.25 million.

Capital Ratios ⁽²⁾

The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

	December 31, 2023 ⁽²⁾	September 30, 2023
CalPrivate Bank
Tier I leverage ratio	10.07%	9.98%
Tier I risk-based capital ratio	11.02%	11.03%
Total risk-based capital ratio	12.27%	12.28%

_{(2) December 31, 2023 capital ratios are preliminary and subject to change.}

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.

CalPrivate Bank’s website is www.calprivate.bank.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including adjusted income before provision for income taxes, adjusted net income, adjusted diluted earnings per share (“Adjusted EPS”), efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company's results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, permit investors to effectively analyze financial trends of our business activities, and enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

Investor Relations Contacts

Rick Sowers
President and Chief Executive Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(424) 303-4894

Cory Stewart
Executive Vice President and Chief Financial Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(206) 293-3669

Safe Harbor Paragraph

This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, 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. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we in good faith believe the assumptions and bases supporting our forward-looking statements to be reasonable there can be no assurance that those assumptions and bases will prove accurate.

PRIVATE BANCORP OF AMERICA, INC. CONSOLIDATED BALANCE SHEET (Unaudited) (Dollars in thousands)
	Dec 31, 2023			Sep 30, 2023			Dec 31, 2022
Assets
Cash and due from banks	$	19,811		$	20,013		$	14,495
Interest-bearing deposits in other financial institutions		39,667			20,508			30,409
Interest-bearing deposits at Federal Reserve Bank		118,622			157,807			83,738
Total cash and due from banks		178,100			198,328			128,642
Interest-bearing time deposits with other institutions		4,000			1,500			7,923
Investment debt securities available for sale		102,499			86,648			104,652
Loans held for sale		1,233			4,071			7,061
Loans, net of deferred fees and costs and unaccreted discounts		1,847,161			1,764,846			1,588,248
Allowance for loan losses		(24,476	)		(23,789	)		(19,152	)
Loans held-for-investment, net of allowance		1,822,685			1,741,057			1,569,096
Federal Home Loan Bank stock, at cost		8,915			8,915			7,020
Right of use asset		3,096			2,827			3,265
Premises and equipment, net		1,700			1,447			1,742
Servicing assets, net		2,318			2,449			3,007
Accrued interest receivable		7,499			6,877			5,291
Other assets		20,423			20,100			17,181
Total assets	$	2,152,468		$	2,074,219		$	1,854,880

Liabilities and Shareholders' Equity
Liabilities
Noninterest bearing	$	572,755		$	595,023		$	691,392
Interest bearing		1,302,615			1,174,664			983,730
Total deposits		1,875,370			1,769,687			1,675,122
FHLB borrowings		57,000			82,000			-
Other borrowings		17,961			17,959			17,954
Accrued interest payable and other liabilities		16,354			29,894			18,480
Total liabilities		1,966,685			1,899,540			1,711,556

Shareholders' equity
Common stock		74,003			73,416			72,221
Additional paid-in capital		3,679			3,584			3,353
Retained earnings		116,604			108,757			77,810
Accumulated other comprehensive (loss) income, net		(8,503	)		(11,078	)		(10,060	)
Total shareholders' equity		185,783			174,679			143,324
Total liabilities and shareholders' equity	$	2,152,468		$	2,074,219		$	1,854,880

PRIVATE BANCORP OF AMERICA, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share amounts)
	For the three months ended						Year to Date
	Dec 31, 2023		Sep 30, 2023		Dec 31, 2022		Dec 31, 2023			Dec 31, 2022
Interest Income
Loans	$	31,482	$	30,568	$	24,717	$	116,548		$	80,922
Investment securities		655		562		592		2,357			2,143
Deposits in other financial institutions		1,926		1,748		756		6,757			1,467
Total interest income		34,063		32,878		26,065		125,662			84,532

Interest Expense
Deposits		10,874		8,210		3,149		30,589			4,897
Borrowings		1,001		1,413		320		4,754			1,311
Total interest expense		11,875		9,623		3,469		35,343			6,208

Net interest income		22,188		23,255		22,596		90,319			78,324
Provision (reversal) for credit losses		459		471		60		(6,146	)		2,178
Net interest income after provision for credit losses		21,729		22,784		22,536		96,465			76,146

Noninterest income:
Service charges on deposit accounts		373		313		274		1,344			1,160
Net gain on sale of loans		436		466		792		1,547			4,678
Other noninterest income		435		380		18		2,031			1,202
Total noninterest income		1,244		1,159		1,084		4,922			7,040

Noninterest expense:
Compensation and employee benefits		7,942		7,512		8,482		30,673			30,430
Occupancy and equipment		790		781		820		3,172			3,107
Data processing		1,001		1,064		942		3,887			3,411
Professional services		410		564		1,018		576			5,261
Other expenses		1,625		1,922		1,813		5,662			6,035
Total noninterest expense		11,768		11,843		13,075		43,970			48,244
Income before provision for income taxes		11,205		12,100		10,545		57,417			34,942
Provision for income taxes		3,346		3,611		3,102		16,561			10,233
Net income	$	7,859	$	8,489	$	7,443	$	40,856		$	24,709
Net income available to common shareholders	$	7,800	$	8,422	$	7,394	$	40,563		$	24,495

Earnings per share
Basic earnings per share	$	1.38	$	1.49	$	1.33	$	7.18		$	4.41
Diluted earnings per share	$	1.36	$	1.47	$	1.31	$	7.11		$	4.33

Average shares outstanding		5,664,028		5,658,340		5,551,376		5,646,409			5,555,495
Diluted average shares outstanding		5,723,735		5,709,994		5,645,355		5,704,519			5,652,571

PRIVATE BANCORP OF AMERICA, INC. Consolidated average balance sheet, interest, yield and rates (Unaudited) (Dollars in thousands)
	For the three months ended
	Dec 31, 2023						Sep 30, 2023						Dec 31, 2022
	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	$	144,265	$	1,926	5.30	%	$	130,583	$	1,748	5.31	%	$	91,324	$	756	3.28	%
Investment securities		101,719		655	2.58	%		101,313		562	2.22	%		114,390		592	2.07	%
Loans, including LHFS		1,788,572		31,482	6.98	%		1,745,113		30,568	6.95	%		1,527,863		24,717	6.42	%
Total interest-earning assets		2,034,556		34,063	6.64	%		1,977,009		32,878	6.60	%		1,733,577		26,065	5.97	%
Noninterest-earning assets		27,930						28,188						25,627
Total Assets	$	2,062,486					$	2,005,197					$	1,759,204

Interest-Bearing Liabilities
Interest bearing DDA, excluding brokered		112,580		503	1.77	%		99,243		402	1.61	%		98,504		295	1.19	%
Savings & MMA, excluding brokered		713,754		5,811	3.23	%		657,453		4,248	2.56	%		592,707		1,551	1.04	%
Time deposits, excluding brokered		123,985		1,155	3.70	%		114,437		933	3.23	%		72,040		265	1.46	%
Total deposits, excluding brokered		950,319		7,469	3.12	%		871,133		5,583	2.54	%		763,251		2,111	1.10	%
Total brokered deposits		256,761		3,405	5.26	%		202,644		2,627	5.14	%		90,095		1,038	4.57	%
Total Interest-Bearing Deposits		1,207,080		10,874	3.57	%		1,073,777		8,210	3.03	%		853,346		3,149	1.46	%

FHLB advances		56,511		728	5.11	%		87,190		1,142	5.20	%		12,195		112	3.64	%
Other borrowings		17,960		273	6.03	%		17,958		271	5.99	%		18,063		208	4.57	%
Total Interest-Bearing Liabilities		1,281,551		11,875	3.68	%		1,178,925		9,623	3.24	%		883,604		3,469	1.56	%

Noninterest-bearing deposits		581,579						625,115						720,656
Total Funding Sources		1,863,130		11,875	2.53	%		1,804,040		9,623	2.12	%		1,604,260		3,469	0.86	%

Noninterest-bearing liabilities		19,069						27,810						13,614
Shareholders' equity		180,287						173,347						141,330

Total Liabilities and Shareholders' Equity	$	2,062,486					$	2,005,197					$	1,759,204

Net interest income/spread			$	22,188	4.11	%			$	23,255	4.48	%			$	22,596	5.11	%
Net interest margin					4.33	%					4.67	%					5.17	%

PRIVATE BANCORP OF AMERICA, INC. Consolidated average balance sheet, interest, yield and rates (Unaudited) (Dollars in thousands)
	Year to Date
	Dec 31, 2023						Dec 31, 2022
	Average Balance		Interest		Average Yield/Rate		Average Balance		Interest		Average Yield/Rate
Interest-Earnings Assets:
Deposits in other financial institutions	$	134,783	$	6,757	5.01	%	$	96,277	$	1,467	1.52	%
Investment securities		106,470		2,357	2.21	%		117,870		2,143	1.82	%
Loans		1,702,321		116,548	6.85	%		1,394,369		80,922	5.80	%
Total interest-earning assets		1,943,574		125,662	6.47	%		1,608,516		84,532	5.26	%
Noninterest-earning assets		28,442						25,719
Total Assets	$	1,972,016					$	1,634,235

Interest-Bearing Liabilities
Interest bearing DDA, excluding brokered		102,972		1,612	1.57	%		89,442		530	0.59	%
Savings & MMA, excluding brokered		659,191		16,007	2.43	%		529,108		2,555	0.48	%
Time deposits, excluding brokered		105,810		3,263	3.08	%		69,154		636	0.92	%
Total deposits, excluding brokered		867,973		20,882	2.41	%		687,704		3,721	0.54	%
Total brokered deposits		192,060		9,707	5.05	%		34,200		1,176	3.44	%
Total Interest-Bearing Deposits		1,060,033		30,589	2.89	%		721,904		4,897	0.68	%

FHLB advances		72,322		3,666	5.07	%		11,889		288	2.42	%
Other borrowings		17,966		1,088	6.06	%		17,978		1,023	5.69	%
Total Interest-Bearing Liabilities		1,150,321		35,343	3.07	%		751,771		6,208	0.83	%

Noninterest-bearing deposits		632,652						733,313
Total Funding Sources		1,782,973		35,343	1.98	%		1,485,084		6,208	0.42	%

Noninterest-bearing liabilities		23,294						13,120
Shareholders' equity		165,749						136,031

Total Liabilities and Shareholders' Equity	$	1,972,016					$	1,634,235

Net interest income/spread			$	90,319	4.49	%			$	78,324	4.84	%
Net interest margin					4.65	%					4.87	%

PRIVATE BANCORP OF AMERICA, INC. Condensed Balance Sheets (Unaudited) (Dollars in thousands, except per share amounts)
	Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022
Assets
Cash and due from banks	$	178,100		$	198,328		$	135,859		$	211,812		$	128,642
Interest-bearing time deposits with other institutions		4,000			1,500			7,661			7,661			7,923
Investment securities		102,499			86,648			94,574			103,790			104,652
Loans held for sale		1,233			4,071			1,982			465			7,061
Total loans held-for-investment		1,847,161			1,764,846			1,717,705			1,623,028			1,588,248
Allowance for loan losses		(24,476	)		(23,789	)		(22,588	)		(21,135	)		(19,152	)
Loans held-for-investment, net of allowance		1,822,685			1,741,057			1,695,117			1,601,893			1,569,096
Right of use asset		3,096			2,827			2,525			2,889			3,265
Premises and equipment, net		1,700			1,447			1,539			1,744			1,742
Other assets and interest receivable		39,155			38,341			37,480			36,374			32,499
Total assets	$	2,152,468		$	2,074,219		$	1,976,737		$	1,966,628		$	1,854,880

Liabilities and Shareholders' Equity
Liabilities
Noninterest Bearing	$	572,755		$	595,023		$	657,980		$	639,664		$	691,392
Interest Bearing		1,302,615			1,174,664			1,041,192			944,102			983,730
Total Deposits		1,875,370			1,769,687			1,699,172			1,583,766			1,675,122
Borrowings		74,961			99,959			83,958			209,956			17,954
Accrued interest payable and other liabilities		16,354			29,894			26,396			20,592			18,480
Total liabilities		1,966,685			1,899,540			1,809,526			1,814,314			1,711,556
Shareholders' equity
Common stock		74,003			73,416			73,379			73,254			72,221
Additional paid-in capital		3,679			3,584			3,405			3,289			3,353
Retained earnings		116,604			108,757			100,281			84,751			77,810
Accumulated other comprehensive (loss) income		(8,503	)		(11,078	)		(9,854	)		(8,980	)		(10,060	)
Total shareholders' equity		185,783			174,679			167,211			152,314			143,324
Total liabilities and shareholders' equity	$	2,152,468		$	2,074,219		$	1,976,737		$	1,966,628		$	1,854,880

Book value per common share	$	32.48		$	30.63		$	29.32		$	26.83		$	25.60
Tangible book value per common share ⁽¹⁾	$	32.08		$	30.20		$	28.82		$	26.30		$	25.06
Shares outstanding		5,719,115			5,703,350			5,702,637			5,676,017			5,599,025

_{(1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.}

PRIVATE BANCORP OF AMERICA, INC. Condensed Statements of Income (Unaudited) (Dollars in thousands, except per share amounts)
	For the three months ended
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023			Mar 31, 2023		Dec 31, 2022
Interest income	$	34,063	$	32,878	$	30,763		$	27,958	$	26,065
Interest expense		11,875		9,623		8,055			5,790		3,469
Net interest income		22,188		23,255		22,708			22,168		22,596
Provision (reversal) for credit losses		459		471		(7,149	)		73		60
Net interest income after provision for credit losses		21,729		22,784		29,857			22,095		22,536

Service charges on deposit accounts		373		313		310			348		274
Net gain on sale of loans		436		466		171			474		792
Other noninterest income		435		380		573			643		18
Total noninterest income		1,244		1,159		1,054			1,465		1,084

Compensation and employee benefits		7,942		7,512		7,189			8,030		8,482
Occupancy and equipment		790		781		795			806		820
Data processing		1,001		1,064		878			944		942
Professional services		410		564		(836	)		438		1,018
Other expenses		1,625		1,922		776			1,339		1,813
Total noninterest expense		11,768		11,843		8,802			11,557		13,075

Income before provision for income taxes		11,205		12,100		22,109			12,003		10,545
Income taxes		3,346		3,611		6,575			3,029		3,102
Net income	$	7,859	$	8,489	$	15,534		$	8,974	$	7,443
Net income available to common shareholders	$	7,800	$	8,422	$	15,407		$	8,923	$	7,394

Earnings per share
Basic earnings per share	$	1.38	$	1.49	$	2.72		$	1.59	$	1.33
Diluted earnings per share	$	1.36	$	1.47	$	2.69		$	1.57	$	1.31

Average shares outstanding		5,664,028		5,658,340		5,654,435			5,608,193		5,551,376
Diluted average shares outstanding		5,723,735		5,709,994		5,726,522			5,673,394		5,645,355

	Performance Ratios
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022
ROAA	1.51	%	1.68	%	3.18	%	1.96	%	1.68	%
ROAE	17.29	%	19.43	%	38.42	%	24.80	%	20.89	%
ROATCE ⁽¹⁾	17.53	%	19.74	%	39.14	%	25.32	%	21.41	%
Net interest margin	4.33	%	4.67	%	4.73	%	4.90	%	5.17	%
Net interest spread	4.11	%	4.48	%	4.58	%	4.80	%	5.11	%
Efficiency ratio ⁽¹⁾	50.22	%	48.51	%	37.04	%	48.90	%	55.22	%
Noninterest expense / average assets	2.26	%	2.34	%	1.80	%	2.52	%	2.95	%

_{(1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.}

PRIVATE BANCORP OF AMERICA, INC. (Unaudited)
	Selected Quarterly Average Balances
	(Dollars in thousands)
	For the three months ended
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022
Total assets	$	2,062,486	$	2,005,197	$	1,959,802	$	1,857,994	$	1,759,204
Earning assets	$	2,034,556	$	1,977,009	$	1,927,061	$	1,833,089	$	1,733,577
Total loans, including loans held for sale	$	1,788,572	$	1,745,113	$	1,675,790	$	1,597,236	$	1,527,863
Total deposits	$	1,788,659	$	1,698,892	$	1,656,540	$	1,624,777	$	1,574,002
Total shareholders' equity	$	180,287	$	173,347	$	162,173	$	146,778	$	141,330

	Loan Balances by Type
	(Dollars in thousands)
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022
Commercial Real Estate (CRE):
Investor owned	$	583,069	$	541,088	$	527,819	$	514,194	$	517,462
Owner occupied		202,106		185,296		177,177		178,511		161,880
Multifamily		168,324		159,700		158,082		151,262		139,894
Secured by single family		146,370		153,132		148,464		147,813		135,164
Land and construction		33,655		30,253		32,519		26,953		21,234
SBA secured by real estate		349,676		343,576		329,403		272,059		263,355
Total CRE		1,483,200		1,413,045		1,373,464		1,290,792		1,238,989
Commercial business:
Commercial and industrial		350,879		337,815		332,394		319,154		336,012
SBA non-real estate secured		9,807		11,081		9,121		10,591		11,449
Total commercial business		360,686		348,896		341,515		329,745		347,461
Consumer		3,275		2,905		2,726		2,491		1,798
Total loans held for investment	$	1,847,161	$	1,764,846	$	1,717,705	$	1,623,028	$	1,588,248

	Deposits by Type
	(Dollars in thousands)
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022
Noninterest-bearing DDA	$	572,755	$	595,023	$	657,980	$	639,664	$	691,392
Interest-bearing DDA, excluding brokered		121,829		108,508		101,064		99,988		109,130
Savings & MMA, excluding brokered		742,617		696,499		670,195		637,031		614,991
Time deposits, excluding brokered		147,583		122,622		105,757		77,052		54,887
Total deposits, excluding brokered		1,584,784		1,522,652		1,534,996		1,453,735		1,470,400
Total brokered deposits		290,586		247,035		164,176		130,031		204,722
Total deposits	$	1,875,370	$	1,769,687	$	1,699,172	$	1,583,766	$	1,675,122

PRIVATE BANCORP OF AMERICA, INC. (Unaudited)
	Rollforward of Allowance for Credit Losses
	(Dollars in thousands)
	For the three months ended
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023			Mar 31, 2023		Dec 31, 2022
Allowance for loan losses:
Beginning balance	$	23,789	$	22,588	$	21,135		$	19,152	$	19,092
Impact of CECL adoption		-		-		-			1,910		-
Provision for loan losses		687		1,194		(7,149	)		73		60
Net (charge-offs) recoveries		-		7		8,602			-		-
Ending balance		24,476		23,789		22,588			21,135		19,152
Reserve for unfunded commitments ⁽¹⁾		1,741		1,969		2,172			2,802		1,718
Total allowance for credit losses	$	26,217	$	25,758	$	24,760		$	23,937	$	20,870

_{(1) Includes $974 thousand related to the impact of CECL adoption on January 1, 2023.}

	Asset Quality
	(Dollars in thousands)
	Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022
Total loans held-for-investment	$	1,847,161		$	1,764,846		$	1,717,705		$	1,623,028		$	1,588,248
Allowance for loan losses	$	(24,476	)	$	(23,789	)	$	(22,588	)	$	(21,135	)	$	(19,152	)
30-89 day past due loans and still accruing	$	-		$	-		$	-		$	-		$	-
90+ day past due loans and still accruing	$	-		$	-		$	-		$	-		$	-
Nonaccrual loans	$	5,053		$	5,105		$	3,354		$	4,384		$	3,880
NPAs / Assets		0.23	%		0.25	%		0.17	%		0.22	%		0.21	%
NPLs / Total loans held-for-investment & OREO		0.27	%		0.29	%		0.20	%		0.27	%		0.24	%
Net quarterly charge-offs (recoveries)	$	-		$	(7	)	$	(8,602	)	$	-		$	-
Net charge-offs (recoveries) /avg loans (annualized)		0.00	%		0.00	%		(2.05	)%		0.00	%		0.00	%
Allowance for loan losses to loans HFI		1.33	%		1.35	%		1.32	%		1.30	%		1.21	%
Allowance for loan losses to nonaccrual loans		484.39	%		465.99	%		673.46	%		482.09	%		493.61	%

PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)

The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: adjusted income before provision for income taxes, adjusted net income and adjusted EPS. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

	GAAP to Non-GAAP Reconciliation
	(Dollars in thousands, except per share amounts)

	For the three months ended
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023			Mar 31, 2023		Dec 31, 2022
Adjusted income before provision for income taxes
Income before provision for income taxes	$	11,205	$	12,100	$	22,109		$	12,003	$	10,545
ANI recovery ⁽¹⁾		-		-		(7,708	)		-		-
Settlement of legal fees related to ANI litigation ⁽²⁾		-		-		(1,635	)		-		-
Recovery of principal and interest on a loan acquired with credit deterioration as part of a business combination ⁽³⁾		-		-		(986	)		-		-
Adjusted income before provision for income taxes (non-GAAP)	$	11,205	$	12,100	$	11,780		$	12,003	$	10,545

Adjusted net income
Net income	$	7,859	$	8,489	$	15,534		$	8,974	$	7,443
ANI recovery, net of tax ⁽¹⁾⁽⁴⁾		-		-		(5,430	)		-		-
Settlement of legal fees related to ANI litigation, net of tax ⁽²⁾⁽⁴⁾		-		-		(1,152	)		-		-
Recovery of principal and interest on a loan acquired with credit deterioration as part of a business combination, net of tax⁽³⁾⁽⁴⁾		-		-		(694	)		-		-
Adjusted net income (non-GAAP)	$	7,859	$	8,489	$	8,258		$	8,974	$	7,443

Adjusted diluted earnings per share ("Adjusted EPS")
Diluted earnings per share	$	1.36	$	1.47	$	2.69		$	1.57	$	1.31
ANI recovery, net of tax ⁽¹⁾⁽⁴⁾		-		-		(0.94	)		-		-
Settlement of legal fees related to ANI litigation, net of tax ⁽²⁾⁽⁴⁾		-		-		(0.20	)		-		-
Recovery of principal and interest on a loan previously acquired with credit deterioration as part of a business combination, net of tax⁽³⁾⁽⁴⁾		-		-		(0.12	)		-		-
Adjusted EPS (non-GAAP)	$	1.36	$	1.47	$	1.43		$	1.57	$	1.31

Diluted average shares outstanding		5,723,735		5,709,994		5,726,522			5,673,394		5,645,355

_{(1) In the second quarter of 2023, the Company reached a settlement with the Receiver for ANI Investments and Gina Champion-Cain in which the Company recovered $7.7 million (or approximately
$0.94 per diluted share after tax) plus certain rights to future recoveries from a guarantor of the charged off loan. This recovery amount represents 80% of the original principal charge-off and is
net of the participant bank’s share.}
_{(2) In the second quarter of 2023, in conjunction with the resolution of the ANI litigation, the Company was reimbursed $0.9 million of legal costs by the participant bank. In addition, $0.7
million of previously invoiced legal fees were waived at settlement of the litigation.}
_{(3) In the second quarter of 2023, the Company received $1.0 million related to a loan that was originated and written off by San Diego Private Bank ("SDPB") prior to SDPB merging with the
Company in 2013. Accordingly, the Company recorded an allowance recovery of $0.9 million for the amount that would have been written off at the time of the merger under CECL and $0.1 million of
interest income for recovered interest.}
_{(4) Net of tax effect of 29.6%, which is comprised of 21.0% for the statutory Federal tax rate plus 8.6% for state franchise taxes, net of Federal benefits.}

PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)

	GAAP to Non-GAAP Reconciliation
	(Dollars in thousands, except per share amounts)

	Year to Date
	Dec 31, 2023			Dec 31, 2022
Adjusted income before provision for income taxes
Income before provision for income taxes	$	57,417		$	34,942
ANI recovery ⁽¹⁾		(7,708	)		-
Settlement of legal fees related to ANI litigation ⁽²⁾		(1,635	)		-
Recovery of principal and interest on a loan acquired with credit deterioration as part of a business combination ⁽³⁾		(986	)		-
Adjusted income before provision for income taxes (non-GAAP)	$	47,088		$	34,942

Adjusted net income
Net income	$	40,856		$	24,709
ANI recovery, net of tax ⁽¹⁾⁽⁴⁾		(5,430	)		-
Settlement of legal fees related to ANI litigation, net of tax ⁽²⁾⁽⁴⁾		(1,152	)		-
Recovery of principal and interest on a loan acquired with credit deterioration as part of a business combination, net of tax⁽³⁾⁽⁴⁾		(694	)		-
Adjusted net income (non-GAAP)	$	33,580		$	24,709

Adjusted diluted earnings per share ("Adjusted EPS")
Diluted earnings per share	$	7.11		$	4.33
ANI recovery, net of tax ⁽¹⁾⁽⁴⁾		(0.94	)		-
Settlement of legal fees related to ANI litigation, net of tax ⁽²⁾⁽⁴⁾		(0.20	)		-
Recovery of principal and interest on a loan previously acquired with credit deterioration as part of a business combination, net of tax⁽³⁾⁽⁴⁾		(0.12	)		-
Adjusted EPS (non-GAAP)	$	5.85		$	4.33

Diluted average shares outstanding		5,704,519			5,652,571

PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)

The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

	GAAP to Non-GAAP Reconciliation
	(Dollars in thousands)

	For the three months ended
	Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022
Efficiency Ratio
Noninterest expense	$	11,768		$	11,843		$	8,802		$	11,557		$	13,075
Net interest income		22,188			23,255			22,708			22,168			22,596
Noninterest income		1,244			1,159			1,054			1,465			1,084
Total net interest income and noninterest income		23,432			24,414			23,762			23,633			23,680
Efficiency ratio (non-GAAP)		50.22	%		48.51	%		37.04	%		48.90	%		55.22	%

Adjusted Efficiency Ratio
Noninterest expense	$	11,768		$	11,843		$	8,802		$	11,557		$	13,075
Settlement of legal fees related to ANI litigation		-			-			1,635			-			-
Adjusted noninterest expense (non-GAAP)		11,768			11,843			10,437			11,557			13,075
Total net interest income and noninterest income		23,432			24,414			23,762			23,633			23,680
Recovery of interest on a loan acquired with credit deterioration as part of a business combination		-			-			(84	)		-			-
Adjusted total net interest income and noninterest income (non-GAAP)		23,432			24,414			23,678			23,633			23,680
Adjusted Efficiency ratio (non-GAAP)		50.22	%		48.51	%		44.08	%		48.90	%		55.22	%

Pretax pre-provision net revenue
Net interest income	$	22,188		$	23,255		$	22,708		$	22,168		$	22,596
Noninterest income		1,244			1,159			1,054			1,465			1,084
Total net interest income and noninterest income		23,432			24,414			23,762			23,633			23,680
Less: Noninterest expense		11,768			11,843			8,802			11,557			13,075
Pretax pre-provision net revenue (non-GAAP)	$	11,664		$	12,571		$	14,960		$	12,076		$	10,605

Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity
Net income	$	7,859		$	8,489		$	15,534		$	8,974		$	7,443
Adjusted net income (non-GAAP) ⁽¹⁾		7,859			8,489			8,258			8,974			7,443
Average assets		2,062,486			2,005,197			1,959,802			1,857,994			1,759,204
Average shareholders' equity		180,287			173,347			162,173			146,778			141,330
Less: Average intangible assets		2,451			2,709			2,975			3,026			3,385
Average tangible common equity (non-GAAP)		177,836			170,638			159,198			143,752			137,945

Return on average assets		1.51	%		1.68	%		3.18	%		1.96	%		1.68	%
Adjusted return on average assets (non-GAAP) ⁽¹⁾		1.51	%		1.68	%		1.69	%		1.96	%		1.68	%
Return on average equity		17.29	%		19.43	%		38.42	%		24.80	%		20.89	%
Adjusted return on average equity (non-GAAP) ⁽¹⁾		17.29	%		19.43	%		20.42	%		24.80	%		20.89	%
Return on average tangible common equity (non-GAAP)		17.53	%		19.74	%		39.14	%		25.32	%		21.41	%
Adjusted return on average tangible common equity (non-GAAP) ⁽¹⁾		17.53	%		19.74	%		20.81	%		25.32	%		21.41	%

Tangible book value per share
Total equity		185,783			174,679			167,211			152,314			143,324
Less: Total intangible assets		2,318			2,449			2,875			3,057			3,007
Total tangible equity		183,465			172,230			164,336			149,257			140,317
Shares outstanding		5,719,115			5,703,350			5,702,637			5,676,017			5,599,025
Tangible book value per share (non-GAAP)	$	32.08		$	30.20		$	28.82		$	26.30		$	25.06

_{(1) A reconciliation of net income to adjusted net income is provided on page 14.}

PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)

	GAAP to Non-GAAP Reconciliation
	(Dollars in thousands)

	Year to Date
	Dec 31, 2023			Dec 31, 2022
Efficiency Ratio
Noninterest expense	$	43,970		$	48,244
Net interest income		90,319			78,324
Noninterest income		4,922			7,040
Total net interest income and noninterest income		95,241			85,364
Efficiency ratio (non-GAAP)		46.17	%		56.52	%

Adjusted Efficiency Ratio
Noninterest expense	$	43,970		$	48,244
Settlement of legal fees related to ANI litigation		1,635			-
Adjusted noninterest expense (non-GAAP)		45,605			48,244
Total net interest income and noninterest income		95,241			85,364
Recovery of interest on a loan acquired with credit deterioration as part of a business combination		(84	)		-
Adjusted total net interest income and noninterest income (non-GAAP)		95,157			85,364
Adjusted Efficiency ratio (non-GAAP)		47.93	%		56.52	%

Pretax pre-provision net revenue
Net interest income	$	90,319		$	78,324
Noninterest income		4,922			7,040
Total net interest income and noninterest income		95,241			85,364
Less: Noninterest expense		43,970			48,244
Pretax pre-provision net revenue (non-GAAP)	$	51,271		$	37,120

Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity
Net income	$	40,856		$	24,709
Adjusted net income (non-GAAP) ⁽¹⁾		33,580			24,709
Average assets		1,972,016			1,634,235
Average shareholders' equity		165,749			136,031
Less: Average intangible assets		2,774			3,463
Average tangible common equity		162,975			132,568

Return on average assets		2.07	%		1.51	%
Adjusted return on average assets (non-GAAP) ⁽¹⁾		1.70	%		1.51	%
Return on average equity		24.65	%		18.16	%
Adjusted return on average equity (non-GAAP) ⁽¹⁾		20.26	%		18.16	%
Return on average tangible common equity (non-GAAP)		25.07	%		18.64	%
Adjusted return on average tangible common equity (non-GAAP) ⁽¹⁾		20.60	%		18.64	%