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Private Bancorp of America, Inc. Reports First Quarter 2020 Financial Results

Thu 30th April, 2020 10:00am
Private Bancorp of America, Inc. Reports First Quarter 2020 Financial Results
  • Net income increased 20% to $1.9 million compared to $1.6 million for the same period one year ago
  • Net interest income increased 20% to $11.5 million compared to $9.6 million for the same period last year
  • Total assets increased $120 million, or 11%, for the quarter and $333 million, or 39%, year-over-year. 
  • Total loans increased to $894.1 million up 1% for the quarter and up 25% year-over-year
  • The Allowance for Loan Losses increased $997 thousand to $9.6 million in response to uncertain economic conditions resulting from COVID-19
  • Total deposits increased to $962.2 million up 13% for the quarter and up 36% year-over-year
  • Non-interest bearing deposits increased 32% during the quarter and 35% year-over-year.

LA JOLLA, Calif., April 30, 2020 (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, 2020.  For the first quarter of 2020, the Company reported net income of $1.9 million or $0.34 per diluted share. 

The COVID-19 pandemic caused widespread disruptions to the economy and communities the Bank serves.  In response, the Bank implemented its business continuity and pandemic plans allowing us to serve and protect our customers, employees and communities.  These included measures to protect client and employee safety, modifying branch hours and locations and moving the majority of the Company’s resources to operating remotely.  In addition, the Bank was fully ready to participate in the Small Business Administrations’ Paycheck Protection Program (“PPP”) on April 3, 2020 and immediately began processing loans for clients with approximately 462 loans approved for $127.8 million through April 24, 2020.  The Bank is also participating in the second phase of the Paycheck Protection Program and began processing applications on April 27, 2020 and has 106 loans approved for $23 million as of April 28, 2020.  The Bank’s loan portfolio as of the end of the quarter has no direct exposure to the oil and gas industry and 5% of the portfolio is in the hospitality and restaurant industries.  The Bank continues to monitor draws on lines of credit and has not experienced significant unusual activity.  The Bank maintains a very strong on balance sheet liquidity position with a liquidity ratio at 26% at April 28, 2020 and continues to evaluate all contingent funding facilities available during this time including the Paycheck Protection Program Lending Facility provided by the Federal Reserve. 

Tom Wornham, CEO of the Company and the Bank said, “Our growth continues to come from all around our Coastal Southern California footprint and across all of our business lines.  We are very appreciative of the support of our clients and shareholders; as well as the hard work of our Team Members, who are successfully implementing our organic growth strategy.  We have been able to successfully implement our pandemic and business continuity plans, allowing us to continue to run our business safely and soundly.  The COVID-19 environment has produced uncertain economic factors.  We have adjusted the way we do business to protect our Team Members and Clients.  In an effort to mitigate the impact on the Bank, we have also increased our on balance sheet liquidity.  We increased our loan loss reserves, and remain in constant communication with our borrowers, a cornerstone of our relationship based model.”   

Rick Sowers, President of the Company and Bank added, “Although this is a challenging time, our Team is performing well and we could not be more proud of them.  Nearly 80% of our Team is working remotely and their focus continues to be on servicing our client relationships and finding new relationships that are attracted to our model of concierge and solution oriented service.  We see our model resonating with more and more prospects and see opportunity in our market positioning.  Additionally, our Team did an exceptional job in implementing the SBA Paycheck Protection Program on the first day it was available, something we are very proud of.”

The Company reported net income of $1.90 million or $0.34 per diluted share for the quarter ended March 31, 2020 compared with net income of $1.6 million or $0.30 per diluted share for the same period last year.  Net interest income was $11.5 million for the first quarter of 2020, representing a $462 thousand or 4%, increase compared to the fourth quarter of 2019 and a $1.9 million or 20% increase, compared to the same period in 2019.  Net interest margin for the first quarter was 4.46% compared with 4.47% for the fourth quarter and 4.77% for the same period in 2019.  The yield on earning assets for the quarter was 5.35% compared with 5.44% in the fourth quarter and 5.61% for the same period in 2019.  The yield on loans for the quarter increased to 5.99% compared to 5.98% in the fourth quarter and decreased from 6.07% in the first quarter of 2019.  The cost of total funding sources was 0.95% for the quarter compared with 1.04% in the fourth quarter and 0.90% for the same period in 2019.  The decrease in funding costs was due to repricing of floating rate deposits costs and calling and repricing wholesale funding.  The increase in funding costs compared to the first quarter of 2019 is partially due to increased cost of subordinated debt that was issued in the second quarter of 2019.     

Non-interest income was $1.1 million for the first quarter of 2020, representing a $125 thousand or 12% increase compared to the fourth quarter of 2019 and a $594 thousand or 108% increase compared to the same period in 2019.  The increase in non-interest income is primarily due to increases in SBA loan sales compared with the fourth quarter and first quarter of 2019. 

Non-interest expense was $8.7 million for the first quarter of 2020 representing a $99 thousand increase, or 1%, compared to the fourth quarter of 2019 and a $1.1 million, or 14% increase, compared to the same period in 2019.  The increase was primarily due to increases in salaries and commissions and professional fees partially offset by decreases in data processing and other non-interest expense. The increase compared to the first quarter of 2019 was due to increases in salaries and benefits, facilities and professional services, associated with increased headcount.

The Company increased total assets to $1.2 billion at March 31, 2020, representing an increase of $120 million or 11% compared to the fourth quarter of 2019 and $333 million or 39% compared to the same period in 2019.  Total loans increased $8.5 million, or 1%, from the fourth quarter to $894.1 million at March 31, 2020 and increased $180.7 million, or 25%, from the first quarter of 2019. 

The Allowance for Loan Losses increased $997 thousand to $9.6 million in the quarter with a resulting coverage ratio of 1.07% compared to $8.6 million or 0.97% at the fourth quarter of 2019 and $6.6 million or 0.93% at the first quarter of 2019.  The increase in the Allowance for Loan Losses was primarily due to qualitative factors related to the general economic outlook in the markets we serve and the potential impact on the loan portfolio resulting from COVID-19.  As of April 28, 2020, thirty-nine loans totaling $73.0 million were on deferral status and continue to accrue interest.  Additionally, one credit, unrelated to COVID-19 was placed on non-accrual status and the Company is confident in our real estate secured position with minimal loss exposure. 

“The first quarter of 2020 was influenced by reactions and preparations for the disruption caused by the global health crisis and the resultant economic crisis.  I am pleased to report that our Board and management immediately implemented systems, plans and processes to mitigate the impact of the COVID-19 pandemic on our employees, clients and communities,” said Selwyn Isakow, Chairman of the Board of PBAM and the Bank.  “Our management team is focused on assessing the risks in our loan portfolio and have been working on assisting our clients as appropriate, while exploring opportunities in this period of industry dislocation, as evidenced by the strong deposit growth during the quarter.  CalPrivate Bank, as a preferred SBA provider, is participating in the Paycheck Protection Program launched by the Treasury and Small Business Administration.  In these unprecedented times, we are also refocusing our charitable giving and assistance based on the needs of the communities we serve.  The efforts of our Team Members has been nothing short of extraordinary during this disruptive period, for which we are most appreciative.” 

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 Contact

Thomas V. Wornham
CEO
Private Bancorp of America, Inc.
(858) 875-6900

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 forwardlooking 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 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.


PRIVATE BANCORP OF AMERICA, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in thousands)
          
 March 31, 2020 December 31, 2019 Dollar
change
Percentage
change
 March 31, 2019 Dollar
change
Percentage
change
Assets           
            
Cash and due from banks$24,966  $31,051  $(6,085)-19.6% $22,959  $2,007 8.7%
Interest-bearing deposits in other financial institutions 3,192   1,243   1,949 156.8%  1,286   1,906 148.2%
Interest-bearing deposits at Federal Reserve Bank 192,996   73,318   119,678 163.2%  11,002   181,994 1654.2%
Total cash and due from banks 221,154   105,612 1 115,542 109.4%  35,247   185,907 527.4%
Interest-bearing time deposits with other institutions 5,756   5,756   0 0.0%  2,751   3,005 109.2%
Investment securities available for sale 49,327   51,179   (1,852)-3.6%  85,814   (36,487)-42.5%
Loans 894,076   885,556   8,520 1.0%  713,408   180,668 25.3%
Allowance for loan losses (9,598)  (8,601)  (997)11.6%  (6,641)  (2,957)44.5%
Net loans 884,478   876,955   7,523 0.9%  706,767   177,711 25.1%
Federal Home Loan Bank stock, at cost 4,060   4,060   0 0.0%  3,310   750 22.7%
Right of use asset 6,022   6,452   (430)-6.7%  6,951   (929)0.0%
Premises and equipment, net 3,052   3,165   (113)-3.6%  2,416   636 26.3%
Other intangible assets 1,040   1,080   (40)-3.7%  928   112 12.1%
Deferred tax asset 4,141   4,141   0 0.0%  4,409   (268)-6.1%
Accrued interest receivable 3,122   2,703   419 15.5%  2,535   587 23.2%
Other assets 3,729   4,884   (1,155)-23.6%  1,410   2,319 164.5%
Total assets$ 1,185,881  $ 1,065,987  $ 119,894 11.2% $ 852,538  $ 333,343 39.1%
            
Liabilities and Shareholders' Equity           
            
Liabilities           
Noninterest bearing$355,225  $268,116  $87,109 32.5% $263,255  $91,970 34.9%
Interest Bearing 607,062   582,139   24,923 4.3%  443,572   163,490 36.9%
Total deposits 962,287   850,255   112,032 13.2%  706,827   255,460 36.1%
FHLB borrowings 95,000   90,000   5,000 5.6%  40,000   55,000 137.5%
Other borrowings 17,934   17,932   2 0.0%  7,832   10,102 129.0%
Accrued interest payable and other liabilities 12,497   12,120   377 3.1%  11,777   720 6.1%
Total liabilities 1,087,718   970,307   117,411 12.1%  766,436   321,282 41.9%
            
Shareholders' equity           
Common stock 69,165   69,159   6 0.0%  58,576   10,589 18.1%
Additional paid-in capital 3,254   3,048   206 6.8%  3,062   192 6.3%
Retained earnings 24,839   22,905   1,934 8.4%  24,952   (113)-0.5%
Accumulated other comprehensive income 905   568   337 59.3%  (488)  1,393 -285.5%
Total stockholders' equity 98,163   95,680   2,483 2.6%  86,102   12,061 14.0%
            
Total liabilities and stockholders' equity$ 1,185,881  $ 1,065,987  $ 119,894 11.2% $ 852,538  $ 333,343 39.1%
            



PRIVATE BANCORP OF AMERICA, INC. 
CONSOLIDATED STATEMENTS OF INCOME 
(Unaudited) 
(Dollars in thousands, except per share amounts) 
            
  For the three months ended 
  March 31, 2020 December 31, 2019 Dollar
change
Percentage change March 31,
2019
 Dollar
change
Percentage change 
Interest Income             
Loans $13,129 $12,733 $396 3.1% $10,511 $2,618 24.9% 
Investment securities  401  485  (84)-17.3%  673  (272)-40.4% 
Deposits in other financial institutions  304  254  50 19.7%  133  171 128.6% 
Total interest income  13,834  13,472  362 2.7%  11,317  2,517 22.2% 
              
Interest Expense             
Deposits  1,710  1,825  (115)-6.3%  1,207  503 41.7% 
Borrowings  589  575  14 2.4%  479  110 23.0% 
Total interest expense  2,299  2,400  (101)-4.2%  1,686  613 36.4% 
              
Net interest income  11,534  11,072  462 4.2%  9,631  1,903 19.8% 
Provision for credit losses  997  708  289 40.8%  389  608 156.3% 
Net interest income after provision for credit losses  10,537  10,364  173 1.7%  9,242  1,295 14.0% 
              
Noninterest income:             
Service charges on deposit accounts  173  138  35 25.4%  121  52 43.0% 
Net gain on sale of loans  679  432  247 57.2%  347  332 95.7% 
Gain on sale of investment securities  0  190  (190)-100.0%  10  (10)-100.0% 
Other noninterest income  294  261  33 12.6%  74  220 297.3% 
Total noninterest income  1,146  1,021  125 12.2%  552  594 107.6% 
              
Noninterest expense:             
Salary and employee benefits  5,552  5,427  125 2.3%  5,229  323 6.2% 
Occupancy and equipment  884  832  52 6.3%  674  210 31.2% 
Data processing  518  631  (113)-17.9%  524  (6)-1.1% 
Professional services  859  726  133 18.3%  392  467 119.1% 
Other expenses  848  946  (98)-10.4%  730  118 16.2% 
Total noninterest expense  8,661  8,562  99 1.2%  7,549  1,112 14.7% 
              
Income before provision for income taxes  3,023  2,823  200 7.1%  2,245  778 34.7% 
Provision for income taxes  1,116  857  259 30.2%  656  460 70.1% 
Net income $ 1,907 $ 1,966 $ (59)-3.0% $ 1,589 $ 318 20.0% 
Net income available to common shareholders $ 1,874 $ 1,931 $ (57)-3.0% $ 1,559 $ 315 20.2% 
              
Earnings per share             
Basic earnings per share $0.34 $0.36 $(0.02)-5.6% $0.31 $0.03 9.7% 
Diluted earnings per share $0.34 $0.35 $(0.01)-2.9% $0.30 $0.04 13.3% 
              
Average shares outstanding  5,488,197  5,414,056  74,141 1.4%  4,996,811  491,386 9.8% 
Diluted average shares outstanding  5,555,376  5,492,930  62,446 1.1%  5,114,096  441,280 8.6% 
              



  PRIVATE BANCORP OF AMERICA, INC. 
  Consolidated average balance sheet, interest, yield and rates 
  (Unaudited) 
  (Dollars in thousands) 
                    
  For the three months ended 
  March 31, 2020 December 31, 2019 March 31, 2019 
  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 $104,156 $304 1.17% $66,186 $254 1.52% $24,237 $133 2.23% 
Investment securities  54,456  401 2.95%  70,647  485 2.75%  92,678  673 2.95% 
Loans  881,655  13,129 5.99%  845,199  12,733 5.98%  701,715  10,511 6.07% 
Total interest-earning assets  1,040,267  13,834 5.35%  982,032  13,472 5.44%  818,630  11,317 5.61% 
Noninterest-earning assets  47,975      36,912      29,270     
Total Assets $1,088,242     $1,018,944     $847,900     
                    
Interest-Bearing Liabilities                   
Interest-bearing transaction accounts$83,471 $165 0.80% $56,061 $130 0.92% $20,554 $14 0.28% 
Money market  391,262  973 1.00%  389,499  1,009 1.03%  315,798  646 0.83% 
Savings deposits  9,212  6 0.26%  10,078  6 0.24%  6,715  4 0.24% 
Certificates of deposit  113,964  566 2.00%  114,699  680 2.35%  105,361  543 2.09% 
Total Interest-Bearing Deposits  597,909  1,710 1.15%  570,337  1,825 1.27%  448,428  1,207 1.09% 
                    
FHLB advances  63,394  317 2.01%  56,814  306 2.14%  60,056  377 2.55% 
Other borrowings  17,933  272 6.07%  17,931  269 6.00%  7,871  102 5.26% 
Total Interest-Bearing Liabilities  81,327  589 2.91%  74,745  575 3.05%  67,927  479 2.86% 
                    
Noninterest-bearing deposits  298,418      271,892      241,956     
Total Funding Sources  977,654  2,299 0.95%  916,974  2,400 1.04%  758,311  1,686 0.90% 
                    
Noninterest-bearing liabilities  13,022      10,506      4,762     
                    
Shareholders' equity  97,566      91,464      84,827     
                    
Total Liabilities and Shareholders' Equity $1,088,242     $1,018,944     $847,900     
                    
Net interest spread     4.40%     4.40%     4.71% 
                    
Net interest income   $11,535     $11,072     $9,631   
Net interest margin     4.46%     4.47%     4.77% 
                    



           
 Condensed Balance Sheets 
 (Dollars in thousands, except per share amounts) 
 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 
Assets          
Cash and due from banks$226,910  $111,368  $90,108  $45,337  $37,998  
Investment securities 49,327   51,179   73,171   84,719   85,814  
Loans 894,076   885,556   820,989   795,345   713,408  
Allowance for loan losses (9,598)  (8,601)  (7,893)  (7,637)  (6,641) 
Net loans 884,478   876,955   813,096   787,708   706,767  
Right of use asset 6,022   6,452   6,877   7,271   6,951  
Premises and equipment, net 3,052   3,165   2,947   2,669   2,416  
Other assets and interest receivable 16,092 - 16,868 - 13,786 - 12,843   12,592  
Total assets$ 1,185,881  $ 1,065,987  $ 999,985  $ 940,547  $ 852,538  
           
Liabilities and Shareholders' Equity          
           
Liabilities          
Noninterest Bearing$355,225  $268,116  $266,205  $247,153  $263,255  
Interest Bearing 607,062   582,139   557,800   485,011   443,572  
Total Deposits 962,287   850,255   824,005   732,164   706,827  
Borrowings 112,934   107,932   72,930   99,929   47,832  
Accrued interest payable and other liabilities 12,497   12,120   9,779   10,599   11,777  
Total liabilities 1,087,718   970,307   906,714   842,692   766,436  
           
Shareholders' equity          
Common stock 69,165   69,159   68,804   68,740   58,576  
Additional paid-in capital 3,254   3,048   2,997   2,823   3,062  
Retained earnings 24,839   22,905   20,917   25,997   24,952  
Accumulated other comprehensive income 905   568   553   295   (488) 
Total shareholders' equity 98,163   95,680   93,271   97,855   86,102  
Total liabilities and shareholders' equity$ 1,185,881  $ 1,065,987  $ 999,985  $ 940,547  $ 852,538  
           
Book value per common share$17.57  $17.15  $16.84  $17.60  $16.90  
Tangible book value per common share$17.35  $16.96  $16.66  $17.44  $16.72  
           
           
 Regulatory Capital Ratios (PBAM) 1 
 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 
Tier 1 leverage ratio 8.79%  9.17%  9.54%  10.69%  9.97% 
Tier 1 risk-based capital ratio 9.20%  9.86%  10.24%  11.10%  11.10% 
Common equity Tier 1 ratio 9.20%  9.86%  10.24%  11.10%  11.10% 
Total risk-based capital ratio 11.91%  12.71%  13.09%  14.10%  12.01% 
Tangible equity / tangible assets 8.18%  8.88%  9.24%  10.32%  10.00% 
           
1 Preliminary ratios for March 31, 2020          
           



          
 Condensed Statements of Income
 (Dollars in thousands, except per share amounts)
 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Interest income$13,834  $13,472  $13,222  $12,169  $11,317 
Interest expense 2,299   2,400   2,253   2,076   1,686 
Net interest income 11,535   11,072   10,969   10,093   9,631 
Provision for credit losses 997   708   9,737   996   389 
Net interest income after provision for credit losses 10,538   10,364   1,232   9,097   9,242 
          
Noninterest income 1,146   1,021   584   606   552 
          
Salary and employee benefits 5,552   5,427   6,341   5,892   5,229 
Occupancy and equipment 884   832   793   641   674 
Data processing 518   631   588   490   524 
Professional services 859   726   639   364   392 
Other expenses 848   946   570   854   730 
Total noninterest expense 8,661   8,562   8,931   8,241   7,549 
          
Income before provision for income taxes 3,023   2,823   (7,115)  1,462   2,245 
Income taxes 1,116   857   (2,081)  411   656 
Net income$1,907  $1,966  $(5,034) $1,051  $1,589 
Net income available to common shareholders$1,874  $1,931  $(4,950) $1,031  $1,559 
          
Earnings per share         
Basic earnings per share$0.34  $0.36  $(0.91) $0.21  $0.31 
Diluted earnings per share$0.34  $0.35  $(0.89) $0.20  $0.30 
          
Average shares outstanding 5,488,197   5,414,056   5,465,278   5,027,437   4,996,811 
Diluted average shares outstanding 5,555,376   5,492,930   5,563,931   5,133,305   5,114,096 
          
 Performance Ratios
 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
ROAA 0.70%  0.77%  -2.06%  0.47%  0.76%
ROAE 7.86%  8.53%  -20.30%  4.85%  7.60%
ROTE 7.96%  8.01%  -20.50%  4.90%  7.72%
Net interest margin 4.46%  4.47%  4.67%  4.70%  4.77%
Net interest spread 4.40%  4.40%  4.59%  4.62%  4.71%
Efficiency ratio 68.30%  70.80%  77.30%  77.03%  74.13%
Noninterest expense / average assets 3.20%  3.33%  3.65%  3.68%  3.61%
          



           
 Average Balances 
 (Dollars in thousands) 
 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 
Total assets$1,088,242  $1,018,944  $970,864  $897,120  $847,900  
Earning assets$1,040,267  $982,032  $931,781  $861,599  $818,630  
Total loans$881,655  $845,199  $816,281  $748,846  $701,715  
Total deposits$896,327  $842,229  $778,821  $718,579  $690,384  
Total equity$97,566  $91,464  $98,391  $86,964  $84,827  
           
           
 Loan Balances by Type 
 (Dollars in thousands) 
 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 
Real estate - investor owned$246,026  $245,658  $247,953  $245,068  $235,185  
Real estate - owner occupied 234,771   225,778   192,739   175,112   136,484  
Real estate - multifamily 67,550   68,308   68,536   67,839   69,083  
Real estate - single family 58,429   59,487   59,782   56,783   58,334  
Commercial business 245,610   243,438   204,166   201,892   173,027  
Land and construction 27,044   32,151   37,918   37,966   32,987  
Consumer 7,300   6,172   5,585   7,035   5,107  
Total loans held for investment 886,730   880,992   816,679   791,695   710,207  
Loans held for sale 7,346   4,564   4,310   3,650   3,201  
Total loans, including loans held for sale 894,076   885,556   820,989   795,345   713,408  
Allowance for loan losses (9,598)  (8,601)  (7,893)  (7,637)  (6,641) 
Net loans$884,478  $876,955  $813,096  $787,708  $706,767  
           
           
 Deposits by Type 
 (Dollars in thousands) 
 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 
Non interest bearing DDA$355,225  $268,116  $266,205  $247,153  $263,255  
Interest bearing DDA 108,368   112,397   47,805   29,583   23,195  
Savings & MMA 366,109   350,563   394,128   363,803   325,880  
Retail CD 8,484   6,989   7,132   7,025   4,135  
Jumbo CD 124,101   112,190   108,735   84,600   90,362  
Total deposits$962,287  $850,255  $824,005  $732,164  $706,827  
           
           
 Asset Quality 
 (Dollars in thousands) 
 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 
Total Loans$894,076  $885,556  $820,989  $795,345  $713,408  
30-89 day past due loans$297  $-  $-  $155  $-  
90+ day past due loans$-  $-  $-  $-  $-  
Nonaccrual loans$663  $-  $-  $-  $-  
           
NPAs / Assets 0.00%  0.00%  0.00%  0.00%  0.00% 
NPLs / loans & OREO 0.07%  0.00%  0.00%  0.00%  0.00% 
Net quarterly charge-offs$-  $-  $9,481  $-  $-  
Net charge-offs/avg loans (annualized) 0.00%  0.00%  4.65%  0.00%  0.00% 
Allowance for loan losses to loans 1.07%  0.97%  0.96%  0.96%  0.93% 
Allowance for loan losses to nonaccrual loans 1447.66%  NM   NM   NM   NM  
           

 

 

 

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