Private Bancorp of America, Inc. Announces First Quarter 2022 Financial Results

First Quarter Highlights

• Net income for the quarter was $6.5 million, up 41.1% from Q1’21
• Diluted earnings per share of $1.13, up 40.0% from Q1’21
• Total loans held-for-investment (“HFI”), excluding PPP loans, increased $87.4 million, up 7.4% over Q4’21 to $1.3 billion
• Non-interest-bearing demand deposits grew $41.9 million from the prior quarter to $724.5 million, representing 52.8% of total deposits
• Net interest margin of 4.65% compared to 4.44% for Q4’21
• Cost of funding sources remained flat at 0.19%
• Allowance for Loan Losses remained strong at 1.33% of total loans HFI
• Tangible book value per share of $22.80, up $0.54 per share or 2.4% from Q4’21 including a mark-to-market adjustment related to the securities portfolio of -$5.6 million
• Well capitalized Tier 1 risk-based capital ratio of 10.31% (preliminary)

LA JOLLA, Calif., April 22, 2022 (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, 2022. The Company reported net income of $6.5 million, or $1.13 per diluted share, for the first quarter of 2022 compared to $7.3 million, or $1.28 per diluted share for the fourth quarter of 2021.

Rick Sowers, President and CEO of the Company and the Bank stated, “Our CalPrivate Franchise generated net interest income of over $17.1 million, net income of $6.5 million, and a return on tangible common equity of 20.2% in the first quarter of 2022. Our results benefited from healthy trends in lending activity as we saw strong loan volumes, which drove solid growth in net interest income.”

Sowers continued, “While we are all facing challenging times and volatile markets caused by global events, our core mission is unwavering, which is to provide Relationships, Solutions, and Trust to our Clients. With that in mind, we were able to grow loans by $87.4 million or 7.4% from Q4’21 and non-interest bearing deposits by $41.9 million or 6.1% from Q4’21, while maintaining an efficiency ratio of 53.62%. Additionally, we were able to assist almost all of our PPP Clients receive forgiveness on their loans resulting in only $8.8 million remaining on our balance sheet. In summary, the year is off to a good start thanks to our dedicated Team committed to serving our Clients.”

“PBAM continues to demonstrate its strength and success based on the first quarter results of 2022. The Company’s strategy to grow relationships and judiciously deploy capital continues to be evidenced by strong earnings and a solid risk profile resulting in first quarter diluted EPS of $1.13, up 40.0% from a year ago,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

Isakow added, “CalPrivate continues to grow organically in core markets with our Distinctly Different service model. We remain cautiously optimistic on the economy with an eye on significant geopolitical and economic challenges due to high inflation, supply chain issues, and the on-going war in Ukraine.”

STATEMENT OF INCOME

Net Interest Income

Net interest income for the first quarter totaled $17.1 million, representing an increase of $452 thousand or 2.7% compared to the fourth quarter of 2021, excluding PPP fees. The increase in net interest income for the quarter was primarily due to increases in organic non-PPP loan balances. PPP interest and fee income was $751 thousand in Q1’22, compared to $1.4 million in Q4’21. Interest expense on deposits decreased $26 thousand in Q1’22 vs Q4’21. The continued decrease in funding costs was due to increases in core non-interest bearing deposits and the decrease of interest bearing deposits.

Net Interest Margin

The net interest margin for the first quarter was 4.65% (4.51% excluding PPP loans) compared to 4.44% (4.23% excluding PPP loans) for the fourth quarter of 2021. The 0.21% increase in the net interest margin for the quarter was due to the continued investment strategy and the normalization of cash and due from balances. Average portfolio loan yields were 5.51%, compared to 5.50% for Q4’21, including loan fees. The yield on earning assets for the first quarter was 4.82% compared with 4.62% for the fourth quarter.

Provision for Loan Losses

The provision for loan losses for the first quarter was $142 thousand, a decrease of $692 thousand compared to the fourth quarter of 2021. While the economy continued to recover in the first quarter, geopolitical events and high inflation have created uncertainty, and this is reflected in our total loan loss provision to total loans HFI of 1.33%, or 1.34% excluding PPP loans.

Non-Interest Income

Non-interest income was $3.1 million for the first quarter, representing a $1.2 million decrease, compared to the fourth quarter of 2021. The decrease in non-interest income was primarily due to a decrease in SBA loans sales during the first quarter compared to a record fourth quarter of 2021. SBA loan sales for the first quarter were $26.2 million with a 12.9% trade premium compared with $36.0 million with a 12.9% trade premium in the fourth quarter of 2021.

Non-Interest Expense

Non-interest expense was $10.9 million for the first quarter representing a $1.0 million, or 10.4% increase compared to the fourth quarter of 2021. Wage pressures and additional Team hires resulted in higher salary expenses of $821 thousand compared to the fourth quarter of 2021. Additionally, as the Bank continues to grow and has encountered a tight labor market, we have engaged with staffing agencies to provide temporary additional high-quality resources.

Professional services and other expenses continue to remain at elevated levels given on-going legal and related expenses associated with the ANI Development, LLC, and Gina Champion-Cain fraud recovery cases. Associated with the expense is an active lawsuit against Chicago Title (parent company, Fidelity National Financial) for their alleged involvement with the fraud scheme.

STATEMENT OF FINANCIAL CONDITION

Balance Sheet

At March 31, 2022, the Company reported total assets of $1.5 billion representing an increase of $28.4 million or 1.9% compared to the fourth quarter of 2021. The increase in assets for the quarter was due to increases in loans and investment securities supported by additional growth in core deposits. Total loans HFI increased $60.7 million during the quarter, up 5.0%; excluding PPP loans, total loans increased $87.4 million, up 7.4%. Total deposits were $1.4 billion representing an increase of $25.4 million, or 1.9%, compared to the fourth quarter. Total non-interest-bearing deposits represented 52.8% of total deposits at March 31, 2022. Additionally, during the quarter, the bank continued to judiciously grow the securities portfolio to $114.4 million, an increase of $12.3 million from the prior quarter.

Asset Quality and Loan Deferrals

The Allowance for Loan Losses increased $142 thousand to $17.1 million in the quarter with a resulting coverage ratio of 1.33% of total loans outstanding, including PPP loans. The increase in the Allowance for Loan Losses was primarily due to non-PPP organic loan growth and qualitative factors related to the general economic outlook in the markets we serve.

As of March 31, 2022, there were no doubtful credits or charge offs and Classified assets totaled $11.2 million, compared to $13.4 million for Q4’21. Total classified assets consisted of 10 loans, of which 4 loans totaling $6.9 million were secured by real estate with a weighted average LTV of 48%. In addition, all loans that were previously granted payment deferrals related to COVID-19 have resumed their contractual payments.

Capital Ratios (1)

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

	Mar 31, 2022 (1)	Dec 31, 2021	Mar 31, 2021
Private Bancorp of America
Tier I leverage ratio	8.85%	8.42%	8.07%
Tier I risk-based capital ratio	10.31%	10.63%	11.35%
Total risk-based capital ratio	12.94%	13.38%	14.46%
CalPrivate Bank
Tier I leverage ratio	9.72%	9.29%	9.16%
Tier I risk-based capital ratio	11.33%	11.73%	12.88%
Total risk-based capital ratio	12.58%	12.98%	14.14%

(1)   March 31, 2022, capital ratios are preliminary

Stock Repurchase Program

Since announcing the stock repurchase program in July 2021, the Company has not repurchased any shares of its common stock. The remaining number of shares authorized to be repurchased under this program at March 31, 2022, was 75,000 shares.

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 Contacts

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

Mag Wangsuwana
Executive Vice President and Chief Financial Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(424) 348-2145

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, 2022				December 31, 2021				Dollar change			Percentage change			March 31, 2022				Dollar change			Percentage change
Assets
Cash and due from banks	$	17,099			$	12,336			$	4,763		38.6	%		$	8,922			$	8,177		91.6	%
Interest-bearing deposits in other financial institutions		40,878				39,663				1,215		3.1	%			4,187				36,691		876.3	%
Interest-bearing deposits at Federal Reserve Bank		66,038				97,086				(31,048	)	-32.0	%			151,641				(85,603	)	-56.5	%
Total cash and due from banks		124,015				149,085				(25,070	)	-16.8	%			164,750				(40,735	)	-24.7	%
Interest-bearing time deposits with other institutions		5,817				5,760				57		1.0	%			5,760				57		1.0	%
Investment securities available for sale		114,382				102,065				12,317		12.1	%			81,429				32,953		40.5	%
Loan held for sale		1,999				24,658				(22,659	)	-91.9	%			12,430				(10,431	)	-83.9	%
Total loans held-for-investment		1,284,838				1,224,158				60,680		5.0	%			1,082,000				202,838		18.7	%
Allowance for loan losses		(17,117	)			(16,975	)			(142	)	0.8	%			(14,561	)			(2,556	)	17.6	%
Net loans		1,267,721				1,207,183				60,538		5.0	%			1,067,439				200,282		18.8	%
Federal Home Loan Bank stock, at cost		4,909				4,909				–		0.0	%			4,602				307		6.7	%
Right of use asset		3,400				3,760				(360	)	-9.6	%			5,589				(2,189	)	-39.2	%
Premises and equipment, net		2,813				2,294				519		22.6	%			2,582				231		8.9	%
Servicing assets, net		3,525				3,079				446		14.5	%			1,789				1,736		97.0	%
Deferred tax asset		7,032				7,355				(323	)	-4.4	%			5,982				1,050		17.6	%
Accrued interest receivable		3,453				3,355				98		2.9	%			3,659				(206	)	-5.6	%
Other assets		6,416				3,581				2,835		79.2	%			3,706				2,710		73.1	%
Total assets	$	1,545,482			$	1,517,084			$	28,398		1.9	%		$	1,359,717			$	185,765		13.7	%
Liabilities and Shareholders’ Equity
Liabilities
Noninterest bearing	$	724,469			$	682,589			$	41,880		6.1	%		$	579,318			$	145,151		25.1	%
Interest Bearing		646,545				663,074				(16,529	)	-2.5	%			584,341				62,204		10.6	%
Total deposits		1,371,014				1,345,663				25,351		1.9	%			1,163,659				207,355		17.8	%
FHLB borrowings		10,000				10,000				–		0.0	%			50,000				(40,000	)	-80.0	%
Other borrowings		17,948				17,947				1		0.0	%			17,941				7		0.0	%
Accrued interest payable and other liabilities		14,630				15,110				(480	)	-3.2	%			16,507				(1,877	)	-11.4	%
Total liabilities		1,413,592				1,388,720				24,872		1.8	%			1,248,107				165,485		13.3	%
Shareholders’ equity
Common stock		70,899				70,850				49		0.1	%			70,053				846		1.2	%
Additional paid-in capital		3,602				3,343				259		7.7	%			3,317				285		8.6	%
Retained earnings		61,424				54,922				6,502		11.8	%			38,510				22,914		59.5	%
Accumulated other comprehensive (loss) income		(4,035	)			(751	)			(3,284	)	437.3	%			(270	)			(3,765	)	1394.4	%
Total stockholders’ equity		131,890				128,364				3,526		2.7	%			111,610				20,280		18.2	%
Total liabilities and stockholders’ equity	$	1,545,482			$	1,517,084			$	28,398		1.9	%		$	1,359,717			$	185,765		13.7	%

PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
		For the three months ended
		March 31, 2022			December 31, 2021			Dollar change			Percentage change			March 31, 2021			Dollar change			Percentage change
Interest Income
Loans		$	17,246		$	16,941		$	305		1.8	%		$	14,159		$	3,087		21.8	%
Investment securities			401			352			49		13.9	%			306			95		31.0	%
Deposits in other financial institutions			134			63			71		112.7	%			58			76		131.0	%
Total interest income			17,781			17,356			425		2.4	%			14,523			3,258		22.4	%
Interest Expense
Deposits			327			353			(26	)	-7.4	%			517			(190	)	-36.8	%
Borrowings			313			314			(1	)	-0.3	%			1,220			(907	)	-74.3	%
Total interest expense			640			667			(27	)	-4.0	%			1,737			(1,097	)	-63.2	%
Net interest income			17,141			16,689			452		2.7	%			12,786			4,355		34.1	%
Provision for loan losses			142			834			(692	)	-83.0	%			300			(158	)	-52.7	%
Net interest income after provision for loan losses			16,999			15,855			1,144		7.2	%			12,486			4,513		36.1	%
Noninterest income:
Service charges on deposit accounts			281			254			27		10.6	%			224			57		25.4	%
Net gain on sale of loans			2,471			3,670			(1,199	)	-32.7	%			1,476			995		67.4	%
Other noninterest income			357			341			16		4.7	%			171			186		108.8	%
Total noninterest income			3,109			4,265			(1,156	)	-27.1	%			1,871			1,238		66.2	%
Noninterest expense:
Salary and employee benefits			7,313			6,492			821		12.6	%			4,915			2,398		48.8	%
Occupancy and equipment			723			741			(18	)	-2.4	%			810			(87	)	-10.7	%
Data processing			653			703			(50	)	-7.1	%			635			18		2.8	%
Professional services			915			843			72		8.5	%			650			265		40.8	%
Other expenses			1,255			1,060			195		18.4	%			763			492		64.5	%
Total noninterest expense			10,859			9,839			1,020		10.4	%			7,773			3,086		39.7	%
Income before provision for income taxes			9,249			10,281			(1,032	)	-10.0	%			6,584			2,665		40.5	%
Provision for income taxes			2,747			2,986			(239	)	-8.0	%			1,977			770		38.9	%
Net income		$	6,502		$	7,295		$	(793	)	-10.9	%		$	4,607		$	1,895		41.1	%
Net income available to common shareholders		$	6,432		$	7,204		$	(772	)	-10.7	%		$	4,529		$	1,903		42.0	%
Earnings per share
Basic earnings per share		$	1.16		$	1.30		$	(0.14	)	-11.1	%		$	0.82		$	0.34		40.9	%
Diluted earnings per share		$	1.13		$	1.28		$	(0.15	)	-11.4	%		$	0.81		$	0.32		40.0	%
Average shares outstanding			5,568,400			5,547,422			20,978		0.4	%			5,514,887			53,513		1.0	%
Diluted average shares outstanding			5,672,701			5,638,186			34,515		0.6	%			5,579,477			93,224		1.7	%

PRIVATE BANCORP OF AMERICA, INC.
Consolidated average balance sheet, interest, yield and rates
(Unaudited)
(Dollars in thousands)
		For the three months ended
		March 31, 2022									December 31, 2021									March 31, 2021
		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		$	116,903		$	134		0.46	%		$	171,279		$	63		0.15	%		$	227,393		$	58		0.10	%
Investment securities			109,252			401		1.47	%			96,722			351		1.45	%			59,227			306		2.07	%
Loans			1,268,695			17,246		5.51	%			1,222,234			16,942		5.50	%			1,044,828			14,159		5.50	%
Total interest-earning assets			1,494,850			17,781		4.82	%			1,490,235			17,356		4.62	%			1,331,448			14,523		4.42	%
Noninterest-earning assets			21,502									24,348									31,439
Total Assets		$	1,516,352								$	1,514,583								$	1,362,887
Interest-Bearing Liabilities
Interest-bearing transaction accounts		$	78,557		$	16		0.08	%		$	74,158		$	14		0.07	%		$	58,042		$	12		0.08	%
Money market			498,146			192		0.16	%			504,171			202		0.16	%			431,423			235		0.22	%
Savings deposits			13,523			3		0.09	%			10,602			3		0.11	%			8,766			2		0.09	%
Certificates of deposit			68,525			116		0.69	%			68,408			134		0.78	%			100,521			268		1.08	%
Total Interest-Bearing Deposits			658,751			327		0.20	%			657,339			353		0.21	%			598,752			517		0.35	%
FHLB advances			10,000			41		1.66	%			10,000			42		1.67	%			73,056			948		5.26	%
Other borrowings			17,948			272		6.06	%			17,945			272		6.06	%			17,940			272		6.06	%
Total Interest-Bearing Liabilities			27,948			313		4.54	%			27,945			314		4.46	%			90,996			1,220		5.44	%
Noninterest-bearing deposits			682,880									689,438									547,024
Total Funding Sources			1,369,579			640		0.19	%			1,374,722			667		0.19	%			1,236,772			1,737		0.57	%
Noninterest-bearing liabilities			14,301									12,474									15,831
Shareholders’ equity			132,472									127,387									110,284
Total Liabilities and Shareholders’ Equity		$	1,516,352								$	1,514,583								$	1,362,887
Net interest income/spread					$	17,141		4.63	%					$	16,689		4.43	%					$	12,786		3.85	%
Net interest margin								4.65	%								4.44	%								3.89	%

	PRIVATE BANCORP OF AMERICA, INC.
	Condensed Balance Sheets
	(Unaudited)
	(Dollars in thousands, except per share amounts)
	Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021
Assets
Cash and due from banks	$	124,015			$	149,085			$	138,553			$	92,108			$	164,750
Interest-bearing time deposits with other institutions		5,817				5,760				5,760				5,760				5,760
Investment securities		114,382				102,065				93,099				88,755				81,429
Loans held for sale		1,999				24,658				35,448				19,625				12,430
Total loans held-for-investment (excluding PPP loans)		1,276,043				1,188,634				1,117,983				1,053,938				948,260
SBA PPP loans		8,795				35,524				74,152				110,673				133,740
Allowance for loan losses		(17,117	)			(16,975	)			(16,141	)			(15,708	)			(14,561	)
Net loans		1,267,721				1,207,183				1,175,994				1,148,903				1,067,439
Right of use asset		3,400				3,760				4,115				5,185				5,589
Premises and equipment, net		2,813				2,294				2,459				2,578				2,582
Other assets and interest receivable		25,335				22,279				19,254				19,856				19,738
Total assets	$	1,545,482			$	1,517,084			$	1,474,682			$	1,382,770			$	1,359,717
Liabilities and Shareholders’ Equity
Liabilities
Noninterest Bearing	$	724,469			$	682,589			$	646,233			$	603,914			$	579,318
Interest Bearing		646,545				663,074				667,012				601,530				584,341
Total Deposits		1,371,014				1,345,663				1,313,245				1,205,444				1,163,659
Borrowings		27,948				27,947				27,945				47,943				67,941
Accrued interest payable and other liabilities		14,630				15,110				11,613				13,059				16,507
Total liabilities		1,413,592				1,388,720				1,352,803				1,266,446				1,248,107
Shareholders’ equity
Common stock		70,899				70,850				70,470				70,405				70,053
Additional paid-in capital		3,602				3,343				3,465				3,179				3,317
Retained earnings		61,424				54,922				47,845				42,810				38,510
Accumulated other comprehensive (loss) income		(4,035	)			(751	)			99				(70	)			(270	)
Total shareholders’ equity		131,890				128,364				121,879				116,324				111,610
Total liabilities and shareholders’ equity	$	1,545,482			$	1,517,084			$	1,474,682			$	1,382,770			$	1,359,717
Book value per common share	$	23.42			$	22.81			$	21.70			$	20.71			$	19.87
Tangible book value per common share	$	22.80			$	22.26			$	21.27			$	20.33			$	19.55
Shares outstanding		5,630,993				5,627,735				5,617,273				5,617,020				5,618,324
	Regulatory Capital Ratios (PBAM) 1
	Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021
Tier 1 leverage ratio		8.85	%			8.42	%			8.19	%			8.36	%			8.07	%
Tier 1 risk-based capital ratio		10.31	%			10.63	%			10.64	%			10.74	%			11.35	%
Common equity Tier 1 ratio		10.31	%			10.63	%			10.64	%			10.74	%			11.35	%
Total risk-based capital ratio		12.94	%			13.38	%			13.48	%			13.68	%			14.46	%
Tangible equity / tangible assets		8.66	%			8.35	%			8.12	%			8.28	%			8.09	%
1 Preliminary ratios for March 31, 2022

	PRIVATE BANCORP OF AMERICA, INC.
	Condensed Statements of Income
	(Unaudited)
	(Dollars in thousands, except per share amounts)
	Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021
Interest income	$	17,781			$	17,356			$	16,458			$	15,028			$	14,523
Interest expense		640				667				741				1,429				1,737
Net interest income		17,141				16,689				15,717				13,599				12,786
Provision for loan losses		142				834				433				1,146				300
Net interest income after provision for loan losses		16,999				15,855				15,284				12,453				12,486
Noninterest income		3,109				4,265				2,389				2,805				1,871
Salary and employee benefits		7,313				6,492				6,595				5,966				4,915
Occupancy and equipment		723				741				1,484				820				810
Data processing		653				703				799				690				635
Professional services		915				843				552				791				650
Other expenses		1,255				1,060				1,034				891				763
Total noninterest expense		10,859				9,839				10,464				9,158				7,773
Income before provision for income taxes		9,249				10,281				7,209				6,100				6,584
Income taxes		2,747				2,986				2,158				1,806				1,977
Net income	$	6,502			$	7,295			$	5,051			$	4,294			$	4,607
Net income available to common shareholders	$	6,432			$	7,204			$	4,984			$	4,231			$	4,529
Earnings per share
Basic earnings per share	$	1.16			$	1.30			$	0.90			$	0.76			$	0.82
Diluted earnings per share	$	1.13			$	1.28			$	0.89			$	0.75			$	0.81
Average shares outstanding		5,568,400				5,547,422				5,543,403				5,536,111				5,514,887
Diluted average shares outstanding		5,672,701				5,638,186				5,629,900				5,622,075				5,579,477
	Performance Ratios
	Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021
ROAA		1.74	%			1.91	%			1.39	%			1.26	%			1.37	%
ROAE		19.91	%			22.72	%			16.61	%			14.99	%			16.94	%
ROTE		20.20	%			23.07	%			16.88	%			15.25	%			17.19	%
Net interest margin		4.65	%			4.44	%			4.39	%			4.03	%			3.89	%
Net interest spread		4.63	%			4.43	%			4.38	%			4.00	%			3.85	%
Efficiency ratio		53.62	%			46.96	%			57.79	%			55.83	%			53.03	%
Noninterest expense / average assets		2.90	%			2.58	%			2.88	%			2.68	%			2.31	%

	PRIVATE BANCORP OF AMERICA, INC.
	(Unaudited)
	Selected Quarterly Average Balances
	(Dollars in thousands)
	Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021
Total assets	$	1,516,352			$	1,514,583			$	1,442,278			$	1,370,209			$	1,362,887
Earning assets	$	1,494,850			$	1,490,235			$	1,420,970			$	1,351,992			$	1,331,448
Total loans, including loans held for sale	$	1,268,695			$	1,222,234			$	1,185,865			$	1,125,958			$	1,044,828
Total deposits	$	1,341,631			$	1,346,777			$	1,276,349			$	1,184,352			$	1,145,776
Total equity	$	132,472			$	127,387			$	120,618			$	114,881			$	110,284
	Loan Balances by Type
	(Dollars in thousands)
	Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021
Real estate – investor owned	$	350,152			$	324,167			$	307,469			$	293,461			$	247,928
Real estate – owner occupied		371,840				339,081				329,985				313,579				284,494
Real estate – multifamily		105,964				97,285				82,460				72,790				75,361
Real estate – single family		89,630				86,399				81,239				90,223				75,353
Commercial business		307,421				294,944				274,708				244,493				227,635
SBA PPP loans		8,795				35,524				74,152				110,673				133,740
Land and construction		44,856				39,702				34,996				32,413				30,103
Consumer		6,180				7,049				7,126				6,979				7,386
Total loans held for investment	$	1,284,838			$	1,224,151			$	1,192,135			$	1,164,611			$	1,082,000
	Deposits by Type
	(Dollars in thousands)
	Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021
Non interest bearing DDA	$	724,469			$	682,589			$	646,233			$	603,914			$	579,318
Interest bearing DDA		75,904				81,788				68,056				70,320				59,399
Savings & MMA		503,552				513,070				530,782				463,165				423,957
Retail CD		3,384				5,281				5,633				5,827				5,855
Jumbo CD		63,705				62,935				62,541				62,218				95,130
Total deposits	$	1,371,014			$	1,345,663			$	1,313,245			$	1,205,444			$	1,163,659
	Asset Quality
	(Dollars in thousands)
	Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021
Total loans held-for-investment	$	1,284,838			$	1,224,151			$	1,192,135			$	1,164,611			$	1,082,000
30-89 day past due loans	$	–			$	–			$	200			$	–			$	–
90+ day past due loans	$	–			$	–			$	–			$	–			$	–
Nonaccrual loans	$	1,453			$	1,510			$	1,494			$	1,540			$	1,609
NPAs / Assets		0.09	%			0.10	%			0.10	%			0.11	%			0.12	%
NPLs / Total loans held-for-investment & OREO		0.11	%			0.12	%			0.12	%			0.13	%			0.15	%
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 HFI		1.33	%			1.39	%			1.35	%			1.35	%			1.35	%
Allowance for loan losses to nonaccrual loans		1178.05	%			1124.11	%			1080.39	%			1020.00	%			904.97	%

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