- Private Bancorp of America press release ( OTCQX:PBAM ): Q4 GAAP EPS of $1.31.
- Revenue of $23.66M (+12.9% Y/Y).
- Total loans held-for-investment (“HFI”) reached $1.6 billion at December 31, 2022, an increase of $100.9 million or 6.8% from the prior quarter
- The allowance for loan losses was 1.21% of total loans HFI at December 31, 2022 compared to 1.28% as of September 30, 2022
- The provision for loan losses for the fourth quarter of 2022 was $60 thousand, a decrease from $1.3 million for the prior quarter
- Noninterest-bearing demand deposits, which represent 41.3% of total deposits at December 31, 2022, declined $71.8 million or 9.4% from the prior quarter. Total core deposits, which exclude brokered deposits, were $1.5 billion.
- Net interest margin was 5.17% for the fourth quarter of 2022, as compared to 4.99% for the prior quarter and 4.44% for the same period in the prior year
- Total cost of funding sources increased to 0.86% for the fourth quarter of 2022, an increase from 0.36% in the prior quarter. Total cost of deposits was 0.79%
- Tangible book value per share was $25.02 at December 31, 2022, up from $23.51 September 30, 2022 as a result of strong earnings
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Private Bancorp of America GAAP EPS of $1.31, revenue of $23.66M