Private Bancorp of America Reports Record Q4 Earnings

Private Bancorp Of America ( (PBAM) ) has released its Q4 earnings. Here is a breakdown of the information Private Bancorp Of America presented to its investors.

Private Bancorp of America, Inc., the holding company for CalPrivate Bank, operates in the financial services sector, offering personal and business banking solutions primarily in Southern California. Known for its innovative approach and customer-centric services, the bank caters to high-net-worth individuals and businesses.

In its latest earnings report for the fourth quarter of 2024, Private Bancorp of America announced a record net income of $10.7 million, marking a significant increase from previous quarters. The company also reported a diluted earnings per share of $1.82, up from $1.63 in the prior quarter, showcasing continuous growth in its financial performance.

Key financial highlights include a 3.6% quarterly increase in loans held-for-investment totaling $2.09 billion and a 1.3% rise in total deposits reaching $2.13 billion. The net interest margin improved to 4.67%, reflecting strategic management of interest-bearing liabilities. Despite a decrease in the provision for credit losses to $17 thousand, the bank maintained strong credit metrics with a slight drop in criticized and classified loans.

The company also reported a full-year net income of $35.8 million, down from the previous year on a GAAP basis but up when adjusted for specific recovery items. Total deposits grew by 13.8% year-over-year, and the tangible book value per share increased by 19.7%, indicating robust shareholder value enhancement.

Looking ahead, Private Bancorp of America remains optimistic about its growth trajectory, underpinned by its distinctively different service model and strong presence in the competitive Southern California market. The bank continues to focus on expanding its client base and enhancing shareholder value through strategic investments and superior client service.