Private Bancorp of America reports Q3 EPS $1.47 vs. $1.12 last year

Tangible book value per share was $30.20 as of September 30, 2023, an increase of $1.38 since June 30, 2023 as a result of strong earnings. Tangible book value per share increased 28.6% year-over-year. Rick Sowers, President and CEO of the Company and the Bank stated, “We are very pleased with the results of the third quarter and our continued growth of the balance sheet coupled with strong earnings and net interest margin. Loan demand remains soft but both our Commercial & Private Banking as well as our SBA Lending Teams remain active in the market. Competition for deposits is intense so we are focused on providing exceptional Client service and taking advantage of market disruptions to obtain new Clients who can benefit from our Distinctly Different Service model.” Sowers added, “We look at this market as an opportunity for CalPrivate Bank as we hire exceptional bankers and make investments in product strategy and innovation to serve the needs of our Clients not only now, but into the future. Credit trends remain solid but we have increased our portfolio management activities to reflect the current economic and interest rate environment.”