Private Bancorp of America, Inc. Reports Record Growth Ending 2018 at $847,000,000 in Total Assets
Thursday, 17 January 2019 · *Total Assets up 20%*
· *Net Loans up 40%*
· *Deposits up 31%*
· *Non-Interest Income up 151%*
LA JOLLA, Calif., Jan. 16, 2019 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM) (“PBAM”), parent company of CalPrivate Bank (“Bank”), announced unaudited financial results for the fourth quarter and the fiscal year ending December 31, 2018. Total Assets were $847,000,000 at December 31, 2018, a 26% increase of $176,000,000 over Total Assets at December 31, 2017. The asset growth reflects record Loan growth of 40% up $196,000,000 during 2018 to $688,000,000 and a 31% increase in Deposits up $163,000,000 to $696,000,000 for the year. Credit quality remains outstanding with no loans past due more than 30 days. Non-Interest Income was a record $2,315,000 for 2018, up 151% and Net Interest Income increased 30% year over year to $29,250,000. Net interest margin was a healthy 4.52% for the three months ended December 31, 2018.
“2018 was a transformational year for our company” said Thomas V. Wornham, President and CEO of PBAM and CEO of the Bank. “Our team members executed brilliantly on implementing our accelerated organic growth plans. The previously announced strategy involved investing in great people as they became available in the markets we serve. Adding great people to an existing team of great people has proven to be a winning formula for us. We ended the year with 60% more employees than at the beginning of 2018. We appreciate the support of our customers and shareholders who make our continued success possible.”
The increase in loans resulted in a significant increase in Loan Loss Reserve, $1,731,000, up 244%. The increase in personnel and related support expenses resulted in a 60% increase in Non-interest Expenses for 2018. Together these investments partially offset the significant increase in Net Interest Income resulting in Net Income for 2018 of $4,706,000, up 21% at the Bank level. These same factors impacted PBAM’s Net Income of $4,137,000 and fully-diluted EPS of $0.81.
Rick L Sowers, who joined as President of the Bank in early 2018, said “Our ability to build client relationships based on superior solutions and mutual trust is a factor of attracting and retaining great people. It is our talented team members who drive our growth in quality client relationships through superior client service, producing positive financial results for our shareholders. It’s a privilege to be a part of the leadership of this team.”
“During the year we rebranded as CalPrivate Bank, reflecting our commitment to establish ourselves as the leading concierge bank in coastal Southern California. We hired key senior executives, including Bob Llorens as Chief Lending Officer and Pete Cifelli as Orange County Market President. We also received approval from the FDIC for a new branch in South Bay Los Angeles (El Segundo, CA) which opened on January fourth 2019. In mid-year we added 13 new hires to our SBA team, who closed $53,000,000 in SBA loans in less than 6 months impressively impacting Non-interest income,” added Mr. Sowers.
Selwyn Isakow, Chairman of PBAM and the Bank noted, “We are very pleased with the growth in 2018 and the successful execution of our organic investment plan. We anticipated that there would be significant initial expenses related to the talented people we hired and that this year’s earnings would also be impacted by increased provisions to our loan loss reserve related to the expanded loan portfolio. Our credit quality and capital ratios remained strong. We are encouraged by the growth across all offices in 2018, the success of the Beverly Hills office started in 2017 and the future potential of the Bank driven by the exceptional team management has assembled.”
*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, South Bay LA 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 a SBA Preferred Lender and a Bauer Financial 5 star rated bank, as well as being in the Top 200 safest Banks as rated by Deposits.com.
*Investor Relations Contact *
Thomas V. Wornham
Private Bancorp of America, Inc. and CalPrivate Bank
*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 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.
*WYOMISSING, PA / ACCESSWIRE / February 15, 2019 / *Customers Bancorp, Inc. announced that the Board of Directors has declared a quarterly cash dividend on its... Accesswire Also reported by •GlobeNewswire
ALLENTOWN, Pa., Feb. 07, 2019 (GLOBE NEWSWIRE) -- Ambassador Financial Group, Inc. is pleased to announce it acted as adviser to Landmark Bancorp, Inc. (OTC... GlobeNewswire Also reported by •EQS Group