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01/23/2017 | 06:31am EST
LA JOLLA, Calif., Jan. 23, 2017 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQB
BAM) (“Bancorp”), parent company of San Diego Private Bank (“Bank”), announced Total Assets of $546 million at December 31, 2016, a 20% increase over Total Assets at December 31, 2015. The fourth quarter was particularly strong, with Total Assets growing by $48,626,000 vs. $15,461,000 for the same period in 2015.
The record asset growth reflects record loan growth during 2016 to $434,277,000. Loans grew by $79,569,000 during the year, a 22% increase over December 31, 2015. During the fourth quarter 2016, loans grew by $43,000,000 compared to $24,454,000 for the same period in 2015. All loan categories experienced strong growth. Credit quality remains outstanding as does the loan portfolio performance.
Total Deposits at December 31, 2016 were $408,685,000. The 20% increase in Year over Year deposits was spread evenly over all categories. Deposits increased in the fourth quarter $33,211,000 compared to $13,190,000 for the same period in 2015.
Tom Wornham, President and CEO, commented “We are very pleased with the growth we have seen in 2016, particularly during the second half of the year. Our employees worked diligently during the first half of the year to upgrade our operating systems and product offerings. The increase in volumes during the second half of the year is a direct reflection of their efforts.”
Net income for the year ended December 31, 2016 was $4,321,000 representing earnings of $1.05 per share on a fully diluted basis compared to $4,928,000 or $1.17 per share for the year ended December 31, 2015. For the three months ended December 31, 2016, net income rose to $1,368,000 from $1,164,000 in the same quarter of 2015, an increase of 18%. Provision for loan losses increased from $216,000 to $818,000 due to the increase in loan originations. Results for 2016 include a full-year of Bancorp expenses versus 2 months in 2015. Bancorp was formed and acquired the Bank in October 2015.
Credit quality remained strong; the Bank’s Texas ratio at December 31, 2016 was 0.29%. Capital levels at the Bank also remained strong with a Leverage Ratio of 11.47% and a Total Capital Ratio of 13.66% at December 31, 2016.
LA JOLLA, Calif., Jan. 23, 2017 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQB
BAM) (“Bancorp”), parent company of San Diego Private Bank (“Bank”), announced Total Assets of $546 million at December 31, 2016, a 20% increase over Total Assets at December 31, 2015. The fourth quarter was particularly strong, with Total Assets growing by $48,626,000 vs. $15,461,000 for the same period in 2015.The record asset growth reflects record loan growth during 2016 to $434,277,000. Loans grew by $79,569,000 during the year, a 22% increase over December 31, 2015. During the fourth quarter 2016, loans grew by $43,000,000 compared to $24,454,000 for the same period in 2015. All loan categories experienced strong growth. Credit quality remains outstanding as does the loan portfolio performance.
Total Deposits at December 31, 2016 were $408,685,000. The 20% increase in Year over Year deposits was spread evenly over all categories. Deposits increased in the fourth quarter $33,211,000 compared to $13,190,000 for the same period in 2015.
Tom Wornham, President and CEO, commented “We are very pleased with the growth we have seen in 2016, particularly during the second half of the year. Our employees worked diligently during the first half of the year to upgrade our operating systems and product offerings. The increase in volumes during the second half of the year is a direct reflection of their efforts.”
Net income for the year ended December 31, 2016 was $4,321,000 representing earnings of $1.05 per share on a fully diluted basis compared to $4,928,000 or $1.17 per share for the year ended December 31, 2015. For the three months ended December 31, 2016, net income rose to $1,368,000 from $1,164,000 in the same quarter of 2015, an increase of 18%. Provision for loan losses increased from $216,000 to $818,000 due to the increase in loan originations. Results for 2016 include a full-year of Bancorp expenses versus 2 months in 2015. Bancorp was formed and acquired the Bank in October 2015.
Credit quality remained strong; the Bank’s Texas ratio at December 31, 2016 was 0.29%. Capital levels at the Bank also remained strong with a Leverage Ratio of 11.47% and a Total Capital Ratio of 13.66% at December 31, 2016.
