Private Bancorp of America reports Q4 EPS $1.36 vs. $1.31 last year

Tangible book value per share was $32.08 as of December 31, 2023, an increase of $1.88 since September 30, 2023 as a result of strong earnings and a decrease in net unrealized losses on the available-for-sale investment securities portfolio. Tangible book value per share increased 6.2% quarter-over-quarter. Rick Sowers, President and CEO of the Company and the Bank stated, “I am extremely proud of the accomplishments our Team achieved in 2023. Record earnings for yet another year in 2023, despite a challenging environment, is a testament to how CalPrivate Bank continues to build Relationships and provide valued Solutions to Clients. We are very pleased with achieving loan growth of 16% in 2023 while many other banks backed away from lending in their communities. Competition for deposits remains intense so we are focused on providing exceptional service and being a Trusted partner to our Clients. The market disruptions during 2023 have provided an opportunity for CalPrivate Bank to hire exceptional talent and leverage our Distinctly Different Service model to serve the needs of our communities. Credit trends remain solid and we continue to diligently perform portfolio management activities to anticipate and prepare for changes in economic and interest rate conditions. Our goal remains to stay attuned to the market and enhance shareholder value.”