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CST: 25/08/2019 09:32:05   

Private Bancorp of America, Inc. Reports Another Record Quarter

34 Days ago

  • Total Assets $940.5 million up 10% for the quarter and 32% year-over-year
  • Loans increased to $787.7 million up 12% for the quarter and 49% year-over-year
  • Deposits increased to $732.2 million up 36% for the quarter and 38% year-over-year
  • Net interest income for the quarter was $10.1 million, up 5% for the quarter and 50% year-over-year
  • Non-interest income for the quarter was $606 thousand for the quarter, up 10% for the quarter and down 12% year-over-year
  • Non-interest expense for the quarter was $8.2 million for the quarter, up 9% for the quarter and 41% year-over-year

LA JOLLA, Calif., July 22, 2019 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM) (“Company”), parent company of CalPrivate Bank (“Bank”), announced unaudited financial results for the quarter ended June 30, 2019.  Net income for the second quarter of 2019 was $1.0 million, or $0.20 per diluted share, compared with $1.6 million, or $0.50 per diluted share for the first quarter of 2019 and $0.9 million, or $0.17 per diluted share for the second quarter of 2018. 

During the quarter, the Company completed an $18 million subordinated debt offering and raised $10 million in a private placement equity offering to qualified investors.  As previously announced, a portion of the subordinated debt proceeds retired $8 million in existing debt.  The Company down streamed $18 million of the combined debt and equity proceeds to the Bank.  The Bank’s intends to use the proceeds to finance its organic growth strategy. 

Tom Wornham, President and CEO of PBAM and CEO of the Bank said, “The Company finished the second quarter at over $940 million in total assets, up $230 million or 32% from the same period a year ago.  Net interest income was $19.7 million for the first six months of 2019, up over $6.7 million or 51% for the same period in 2018.  We are very proud of these results and our team members who have produced them.  We continue to experience growth in all of our markets.  We also continue to grow safely and soundly, increasing our loan loss reserves by $1.4 million during the first half of 2019, a $1.0 million or 272% increase over the same period in 2018.” 

Rick Sowers, President of the Bank, added, “We are continuing to see improved operating leverage from the investments made in people and technology.  Our non-interest income in the second quarter reflects pressure in the SBA 7a market; however, we believe this is a strong business niche for us.  Our focus remains on executing in all of our business lines.” 

Net interest income for the second quarter of 2019 was $10.1 million compared with $9.2 million for the first quarter of 2019.  Net interest margin was 4.70% for the second quarter of 2019 compared with 4.77% for the first quarter of 2019.  Interest and fees on loans increased to $11.4 million, or 8.9% from the prior quarter due to increases in average loan balances and loan yields.  The cost for interest-bearing liabilities increased to $2.1 million or 23.1% from the prior quarter due to increased balances and costs in deposits and other borrowings from the newly issued subordinate debt. 

The provision for loan loss expense was $1.0 million in the second quarter of 2019 compared with $389 thousand in the first quarter of 2019.  The increased provision expense for the quarter was due to growth in the loan portfolio and increased the Allowance for Loan Losses to $7.6 million or 0.96% of total loans. 

Non-interest income for the second quarter of 2019 was $606 thousand compared with $552 thousand for the first quarter of 2019.  The second quarter included $307 thousand in gains from the sale of SBA loans and $80 thousand in referral fee income.

Non-interest expense for the second quarter of 2019 was $8.2 million compared with $7.5 million for the first quarter of 2019.  Salaries and benefits increased $663 thousand due to merit increases and loan commissions paid during the quarter. 

“We are very pleased with the progress of our organic growth strategy.  We continue working closely with our stakeholders, vendors and partners to improve the client experience as we grow.  The Company remains well capitalized by all measures as we insure we grow the Company safely and soundly.” said Selwyn Isakow, Chairman of PBAM and the Bank.

About Private Bancorp of America, Inc.

Private Bancorp of America, Inc. (OTCQX: PBAM), is the holding company for CalPrivate Bank.  CalPrivate Bank provides a Distinctly Different banking experience through unparalleled service and creative funding solutions to high net worth individuals, professionals, locally owned businesses and real estate entrepreneurs.  Customers are serviced through offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo and Beverly Hills as well as efficient electronic banking offerings. The Bank also offers various portfolio and government guaranteed lending programs, including SBA and cross-border Export-Import Bank programs. CalPrivate Bank is a SBA Preferred Lender and a Bauer Financial 5 star rated bank, as well as being in the Top 200 safest Banks as rated by Deposits.com.

Investor Relations Contact

Thomas V. Wornham
President/CEO
Private Bancorp of America, Inc. and CalPrivate Bank
(858) 875-6900

Safe Harbor Paragraph

This press release includes forward-looking statements that involve inherent risks and uncertainties. Private Bancorp of America, Inc. cautions readers that a number of important factors could cause actual results to differ materially from those in the forward looking statements. These factors include economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate and develop business through the addition of new personnel and facilities and merged banks, whether our efforts to expand loan, product and service offerings will prove profitable, the effects of the bank mergers and acquisitions in our markets, system failures and internet security, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.

     
  PRIVATE BANCORP OF AMERICA, INC.  
  CONSOLIDATED BALANCE SHEET  
  (Unaudited)  
  (Dollars in thousands)  
                       
  June 30, 2019   March 31, 2019   Dollar
change
Percentage
change
  June 30, 2018   Dollar
change
Percentage
change
 
  Assets                        
                           
  Cash and due from banks $   25,737     $   18,404     $   7,333   39.8 %   $   22,688     $   3,049   13.4 %  
  Interest-bearing deposits at Federal Reserve Bank     17,346         16,843         503   3.0 %       36,621         (19,275 ) -52.6 %  
  Total cash and due from banks     43,083         35,247         7,836   22.2 %       59,309         (16,226 ) -27.4 %  
  Interest-bearing time deposits with other institutions     2,254         2,751         (497 ) -18.1 %       2,749         (495 ) -18.0 %  
  Investment securities available for sale     84,752         85,852         (1,100 ) -1.3 %       101,451         (16,699 ) -16.5 %  
  Loans     795,345         713,408         81,937   11.5 %       532,296         263,049   49.4 %  
  Allowance for loan losses     (7,637 )       (6,641 )       (996 ) 15.0 %       (4,893 )       (2,744 ) 56.1 %  
  Net loans     787,708         706,767         80,941   11.5 %       527,403         260,305   49.4 %  
  Federal Home Loan Bank stock, at cost     4,060         3,310         750   22.7 %       2,878         1,182   41.1 %  
  Right of use asset     7,271         6,951         320   4.6 %       -          7,271   NM    
  Premises and equipment, net     2,669         2,416         253   10.5 %       2,202         467   21.2 %  
  Other intangible assets     904         928         (24 ) -2.6 %       443         461   104.1 %  
  Deferred tax asset     4,409         4,409         -    0.0 %       4,776         (367 ) -7.7 %  
  Accrued interest receivable     2,731         2,537         194   7.6 %       851         1,880   220.9 %  
  Other assets     706         1,370         (664 ) -48.5 %       8,574         (7,868 ) -91.8 %  
  Total assets $     940,547     $     852,538     $     88,009   10.3 %   $     710,636     $     229,911   32.4 %  
                           
  Liabilities and Shareholders' Equity                        
                           
  Liabilities                        
  Noninterest bearing  $   247,153     $   263,255     $   (16,102 ) -6.1 %   $   165,611     $   81,542   49.2 %  
  Interest Bearing     485,011         443,572         41,439   9.3 %       362,870         122,141   33.7 %  
  Total deposits     732,164         706,827         25,337   3.6 %       528,481         203,683   38.5 %  
  FHLB borrowings     82,000         40,000         42,000   105.0 %       90,000         (8,000 ) -8.9 %  
  Other borrowings     17,929         7,832         10,097   128.9 %       7,902         10,027   126.9 %  
  Accrued interest payable and other liabilities     10,599         11,777         (1,178 ) -10.0 %       3,415         7,184   210.4 %  
  Total liabilities     842,692         766,436         76,256   9.9 %       629,798         212,894   33.8 %  
                           
  Shareholders' equity                        
  Common stock     68,740         58,576         10,164   17.4 %       58,167         10,573   18.2 %  
  Additional paid-in capital     2,823         3,062         (239 ) -7.8 %       2,715         108   4.0 %  
  Retained earnings     25,997         24,952         1,045   4.2 %       21,254         4,743   22.3 %  
  Accumulated other comprehensive income     295         (488 )       783   -160.5 %       (1,298 )       1,593   -122.7 %  
  Total stockholders' equity     97,855         86,102         11,753   13.7 %       80,838         17,017   21.1 %  
                           
  Total liabilities and stockholders' equity $     940,547     $     852,538     $     88,009   10.3 %   $     710,636     $     229,911   32.4 %  
         

 

     
  CONSOLIDATED STATEMENTS OF INCOME  
  (Unaudited)  
  (Dollars in thousands, except per share amounts)  
                         
      For the three months ended  
      June 30, 2019   March 31, 2019   Dollar
change
Percentage
change
  June 30, 2018   Dollar
change
Percentage
change
 
  Interest Income                          
  Loans   $   11,442   $   10,511   $   931   8.9 %   $   6,771   $   4,671   69.0 %  
  Investment securities       601       673       (72 ) -10.7 %       689       (88 ) -12.8 %  
  Deposits in other financial institutions       126       133       (7 ) -5.3 %       144       (18 ) -12.5 %  
  Total interest income       12,169       11,317       852   7.5 %       7,604       4,565   60.0 %  
                             
  Interest Expense                          
  Deposits        1,340       1,207       133   11.0 %       476       864   181.5 %  
  Borrowings       736       479       257   53.7 %       393       343   87.3 %  
  Total interest expense       2,076       1,686       390   23.1 %       869       1,207   138.9 %  
                             
  Net interest income       10,093       9,631       462   4.8 %       6,735       3,358   49.9 %  
  Provision for credit losses       996       389       607   156.0 %       372       624   167.7 %  
  Net interest income after provision for credit losses       9,097       9,242       (145 ) -1.6 %       6,363       2,734   43.0 %  
                             
  Noninterest income:                          
  Service charges on deposit accounts       117       93       24   25.8 %       115       2   1.7 %  
  Net gain on sale of loans       307       347       (40 ) -11.5 %       473       (166 ) -35.1 %  
  Gain on sale of investment securities       4       21       (17 ) -81.0 %       7       (3 ) -42.9 %  
  Other noninterest income       178       91       87   95.6 %       96       82   85.4 %  
  Total noninterest income       606       552       54   9.8 %       691       (85 ) -12.3 %  
                             
  Noninterest expense:                          
  Salary and employee benefits       5,892       5,229       663   12.7 %       3,870       2,022   52.2 %  
  Occupancy and equipment       641       674       (33 ) -4.9 %       558       83   14.9 %  
  Data processing       490       524       (34 ) -6.5 %       534       (44 ) -8.2 %  
  Professional services       364       392       (28 ) -7.1 %       240       124   51.7 %  
  Other expenses       854       730       124   17.0 %       639       215   33.6 %  
  Total noninterest expense       8,241       7,549       692   9.2 %       5,841       2,400   41.1 %  
                             
  Income before provision for income taxes       1,462       2,245       (783 ) -34.9 %       1,213       249   20.5 %  
  Provision for income taxes       411       656       (245 ) -37.3 %       350       61   17.4 %  
  Net income   $     1,051   $     1,589   $     (538 ) -33.9 %   $     863   $     188   21.8 %  
  Net income available to common shareholders   $     1,031   $     1,559   $     (528 ) -33.9 %   $     855   $     176   20.6 %  
                             
  Earnings per share                          
  Basic earnings per share   $   0.21   $   0.31   $   (0.11 ) -34.3 %   $   0.17   $   0.03   20.3 %  
  Diluted earnings per share   $   0.20   $   0.30   $   (0.10 ) -34.1 %   $   0.17   $   0.03   20.6 %  
                             
  Average shares outstanding       5,027,437       4,996,811       30,626   0.6 %       5,014,918       12,519   0.2 %  
  Diluted average shares outstanding       5,133,305       5,114,096       19,209   0.4 %       5,134,373       (1,068 ) 0.0 %  
 

 

  CONSOLIDATED STATEMENTS OF INCOME  
  (Unaudited)  
  (Dollars in thousands, except per share amounts)  
     
      For the six months ended  
      June 30, 2019   June 30, 2018   Dollar
change
Percentage
change
 
  Interest Income                
  Loans   $   21,953   $   12,987   $   8,966   69.0 %  
  Investment securities       1,274       1,255       19   1.5 %  
  Deposits in other financial institutions       259       403       (144 ) -35.7 %  
  Total interest income       23,486       14,645       8,841   60.4 %  
                   
  Interest Expense                
  Deposits        2,547       953       1,594   167.3 %  
  Borrowings       1,215       675       540   80.0 %  
  Total interest expense       3,762       1,628       2,134   131.1 %  
                   
  Net interest income       19,724       13,017       6,707   51.5 %  
  Provision for credit losses       1,385       372       1,013   272.3 %  
  Net interest income after provision for credit lo sses     18,339       12,645       5,694   45.0 %  
                   
  Noninterest income:                
  Service charges on deposit accounts       210       125       85   68.0 %  
  Net gain on sale of loans       654       511       143   28.0 %  
  Gain on sale of investment securities       25       7       18   257.1 %  
  Other noninterest income       269       194       75   38.7 %  
  Total noninterest income       1,158       837       321   38.4 %  
                   
  Noninterest expense:                
  Salary and employee benefits       11,101       6,933       4,168   60.1 %  
  Occupancy and equipment       1,314       1,081       233   21.6 %  
  Data processing       1,014       874       140   16.0 %  
  Professional services       750       610       140   23.0 %  
  Other expenses       1,578       1,189       389   32.7 %  
  Total noninterest expense       15,757       10,687       5,070   47.4 %  
                   
  Income before provision for income taxes       3,740       2,795       945   33.8 %  
  Provision for income tax        1,102       803       299   37.2 %  
  Net income   $     2,638   $     1,992   $     646   32.4 %  
  Net income available to common shareholders $     2,589   $     1,967   $     622   31.6 %  
                   
  Earnings per share                
  Basic earnings per share   $   0.52   $   0.40   $   0.12   29.1 %  
  Diluted earnings per share   $   0.51   $   0.39   $   0.12   29.7 %  
                   
  Average shares outstanding       5,012,604       4,952,883       59,721   1.2 %  
  Diluted average shares outstanding       5,118,471       5,072,341       46,130   0.9 %  
                   

 

                                         
      Consolidated average balance sheet, interest, yield and rates  
      (Unaudited)  
      (Dollars in thousands)  
                                         
      For the three months ended  
      June 30, 2019   March 31, 2019   June 30, 2018  
      Average
Balance
  Interest   Average
Yield/Rate
  Average
Balance
  Interest   Average
Yield/Rate
  Average
Balance
  Interest   Average
Yield/Rate
 
  Interest-Earnings Assets:                                      
  Deposits in other financial institutions   $   23,651   $   126   2.14 %   $   24,237   $   133   2.23 %   $   34,236   $   144   1.70 %  
  Investment securities     89,102     601   2.70 %     92,678     673   2.90 %     106,295     689   2.59 %  
  Loans     748,846     11,442   6.13 %     701,715     10,511   6.07 %     497,917     6,771   5.45 %  
  Total interest-earning assets     861,599     12,169   5.67 %     818,630     11,317   5.61 %     638,448     7,604   4.78 %  
  Noninterest-earning assets     35,521             29,270             16,475          
  Total Assets   $   897,120           $   847,900           $   654,923          
                                         
  Interest-Bearing Liabilities                                      
  Interest-bearing transaction accounts   $   33,191   $   66   0.80 %   $   20,554   $   14   0.28 %   $   17,085   $   9   0.21 %  
  Money market     320,310     720   0.90 %     315,798     646   0.83 %     267,736     355   0.53 %  
  Savings deposits     6,779     5   0.30 %     6,715     4   0.24 %     5,585     4   0.29 %  
  Certificates of deposit     98,004     549   2.25 %     105,361     543   2.09 %     46,544     108   0.93 %  
  Total Interest-Bearing Deposits     458,284     1,340   1.17 %     448,428     1,207   1.09 %     336,950     476   0.57 %  
                                         
  FHLB advances     65,797     423   2.58 %     60,056     377   2.55 %     60,769     290   1.91 %  
  Other borrowings     14,711     313   8.29 %     7,871     102   5.26 %     7,901     103   5.23 %  
  Total Interest-Bearing Liabilities     80,508     736   3.67 %     67,927     479   8.26 %     68,670     393   2.30 %  
                                         
  Noninterest-bearing deposits     260,295             241,956             158,079          
  Total Funding Sources     799,087     2,076   1.04 %     758,311     1,686   0.90 %     563,699     869   0.62 %  
                                         
  Noninterest-bearing liabilities     11,069             4,762             10,678          
                                         
  Shareholders' equity     86,964             84,827             80,546          
                                         
  Total Liabilities and Shareholders' Equity   $   897,120           $   847,900           $   654,923          
                                         
  Net interest spread           4.62 %           4.71 %           4.16 %  
                                         
  Net interest income       $   10,093           $   9,631           $   6,735      
  Net interest margin           4.70 %           4.77 %           4.23 %  
 

 

                       
  Condensed Balance Sheets  
    (Dollars in thousands, except per share amounts)  
    Jun 30, 2019   Mar 31, 2019   Dec 31, 2018   Sep 30, 2018   Jun 30, 2018  
  Assets                    
  Cash and due from banks $   45,337     $   37,998     $   45,855     $   60,083     $   62,058    
  Investment securities     84,752         85,852         98,170         99,217         101,451    
  Loans     795,345         713,408         694,531         582,292         532,296    
  Allowance for loan losses     (7,637 )       (6,641 )       (6,252 )       (5,389 )       (4,893 )  
  Net loans     787,708         706,767         688,279         576,903         527,403    
  Right of use asset     7,271         6,951         -          -          -     
  Premises and equipment, net     2,669         2,416         2,223         2,067         2,202    
  Other assets and interest receivable     12,810         12,554         12,637         11,692         17,522    
  Total assets $     940,547     $     852,538     $     847,164     $     749,962     $     710,636    
                       
  Liabilities and Shareholders' Equity                    
                       
  Liabilities                    
  Noninterest Bearing  $   247,153     $   263,255     $   226,119     $   180,657     $   165,611    
  Interest Bearing     485,011         443,572         470,344         368,462         362,870    
  Total Deposits     732,164         706,827         696,463         549,119         528,481    
  Borrowings     99,929         47,832         62,909         114,906         97,902    
  Accrued interest payable and other liabilities     10,599         11,777         4,241         4,046         3,415    
  Total liabilities     842,692         766,436         763,613         668,071         629,798    
                       
  Shareholders' equity                    
  Common stock     68,740         58,576         58,373         58,242         58,167    
  Additional paid-in capital     2,823         3,062         3,083         2,791         2,715    
  Retained earnings     25,997         24,952         23,364         22,318         21,254    
  Accumulated other comprehensive income     295         (488 )       (1,269 )       (1,460 )       (1,298 )  
  Total shareholders' equity     97,855         86,102         83,551         81,891         80,838    
  Total liabilities and shareholders' equity $     940,547     $     852,538     $     847,164     $     749,962     $     710,636    
                       
  Book value per common share $   17.60     $   16.90     $   16.41     $   16.23     $   16.01    
  Tangible book value per common share $   17.44     $   16.72     $   16.23     $   16.07     $   15.92    
                       
 
  Regulatory Capital Ratios (PBAM) 1  
    Jun 30, 2019   Mar 31, 2019   Dec 31, 2018   Sep 30, 2018   Jun 30, 2018  
  Tier 1 leverage ratio   10.69 %     9.97 %     10.39 %     11.51 %     12.14 %  
  Tier 1 risk-based capital ratio   11.10 %     11.10 %     11.36 %     13.01 %     13.78 %  
  Common equity Tier 1 ratio   11.10 %     11.10 %     11.36 %     13.01 %     13.78 %  
  Total risk-based capital ratio   14.10 %     12.01 %     12.25 %     13.90 %     14.66 %  
  Tangible equity / tangible assets   10.32 %     10.00 %     9.74 %     10.83 %     11.32 %  
                       
  1 Preliminary ratios for June 30, 2019                    
                     

 

                                         
    Condensed Statements of Income
    (Dollars in thousands, except per share amounts)
  Jun 30, 2019   Mar 31, 2019   Dec 31, 2018   Sep 30, 2018   Jun 30, 2018
  Interest income $   12,169     $   11,317     $   10,333     $   8,644     $   7,604  
  Interest expense     2,076         1,686         1,570         1,174         869  
  Net interest income     10,093         9,631         8,763         7,470         6,735  
  Provision for credit losses     996         389         863         496         372  
  Net interest income after provision for credit losses     9,097         9,242         7,900         6,974         6,363  
                     
  Noninterest income     606         552         561         916         691  
                     
  Salary and employee benefits     5,892         5,229         4,741         4,269         3,870  
  Occupancy and equipment     641         674         620         610         558  
  Data processing     490         524         541         487         534  
  Professional services     364         392         350         288         240  
  Other expenses     854         730         688         703         639  
  Total noninterest expense     8,241         7,549         6,940         6,357         5,841  
                     
  Income before provision for income taxes     1,462         2,245         1,521         1,533         1,213  
  Income taxes     411         656         474         435         350  
  Net income $   1,051     $   1,589     $   1,047     $   1,098     $   863  
  Net income available to common shareholders $   1,031     $   1,559     $   1,025     $   1,081     $   855  
                     
  Earnings per share                  
  Basic earnings per share $   0.21     $   0.31     $   0.21     $   0.22     $   0.17  
  Diluted earnings per share $   0.20     $   0.30     $   0.20     $   0.21     $   0.17  
                     
  Average shares outstanding     5,027,437         4,996,811         5,042,921         4,967,905         5,014,918  
  Diluted average shares outstanding     5,133,305         5,114,096         5,160,206         5,087,829         5,134,373  
                     
    Performance Ratios
    Jun 30, 2019   Mar 31, 2019   Dec 31, 2018   Sep 30, 2018   Jun 30, 2018
  ROAA   0.47 %     0.76 %     0.52 %     0.62 %     0.53 %
  ROAE   4.85 %     7.60 %     5.03 %     5.35 %     4.30 %
  ROTE   4.90 %     7.72 %     5.09 %     5.38 %     4.33 %
  Net interest margin   4.70 %     4.77 %     4.52 %     4.35 %     4.23 %
  Net interest spread   4.62 %     4.71 %     4.45 %     4.28 %     4.16 %
  Efficiency ratio   77.03 %     74.13 %     74.43 %     75.80 %     78.66 %
  Noninterest expense / average assets   3.68 %     3.61 %     3.47 %     3.57 %     3.58 %
                     

 

                       
  Average Balances  
    (Dollars in thousands)  
  Jun 30, 2019   Mar 31, 2019   Dec 31, 2018   Sep 30, 2018   Jun 30, 2018  
  Total assets $   897,120     $   847,900     $   793,271     $   706,069     $   654,923    
  Earning assets $   861,599     $   818,630     $   768,519     $   681,252     $   638,448    
  Total loans  $   748,846     $   701,715     $   640,963     $   541,049     $   497,917    
  Total deposits $   718,579     $   690,384     $   600,640     $   528,523     $   495,029    
  Total equity $   86,964     $   84,827     $   82,606     $   81,364     $   80,546    
                       
                       
  Loan Balances by Type  
    (Dollars in thousands)  
  Jun 30, 2019   Mar 31, 2019   Dec 31, 2018   Sep 30, 2018   Jun 30, 2018  
  Real estate - investor owned $   245,068     $   235,185     $   234,540     $   213,139     $   202,025    
  Real estate - owner occupied     175,112         136,484         122,258         86,216         62,839    
  Real estate - multifamily     67,839         69,083         62,388         62,811         66,024    
  Real estate - single family     56,783         58,334         59,685         63,906         54,449    
  Commercial business     201,892         173,027         180,602         124,770         118,296    
  Land and construction     37,966         32,987         24,679         22,640         22,913    
  Consumer     7,035         5,107         5,255         5,967         5,750    
  Total loans held for investment     791,695         710,207         689,407         579,449         532,296    
  Loans held for sale     3,650         3,201         5,124         2,843         -     
  Total loans, including loans held for sale     795,345         713,408         694,531         582,292         532,296    
  Allowance for loan losses     (7,637 )       (6,641 )       (6,252 )       (5,389 )       (4,893 )  
  Net loans $   787,708     $   706,767     $   688,279     $   576,903     $   527,403    
                       
                       
  Deposits by Type  
    (Dollars in thousands)  
  Jun 30, 2019   Mar 31, 2019   Dec 31, 2018   Sep 30, 2018   Jun 30, 2018  
  Non interest bearing DDA $   247,153     $   263,255     $   226,119     $   180,657     $   165,610    
  Interest bearing DDA     29,583         23,195         21,079         16,481         17,437    
  Savings & MMA     363,803         325,880         344,776         294,600         295,743    
  Retail CD     7,025         4,135         7,651         6,461         7,294    
  Jumbo CD     84,600         90,362         96,838         50,920         42,397    
  Total deposits $   732,164     $   706,827     $   696,463     $   549,119     $   528,481    
                       
                       
  Asset Quality  
    (Dollars in thousands)  
  Jun 30, 2019   Mar 31, 2019   Dec 31, 2018   Sep 30, 2018   Jun 30, 2018  
  Total Loans $   795,345     $   713,408     $   694,531     $   582,292     $   532,296    
  30-89 day past due loans  $   155     $   -      $   -      $   -      $   -     
  90+ day past due loans $   -      $   -      $   -      $   -      $   -     
  Nonaccrual loans $   -      $   -      $   -      $   -      $   1,481    
                       
  NPAs / Assets   0.00 %     0.00 %     0.00 %     0.00 %     0.21 %  
  NPLs / loans & OREO   0.00 %     0.00 %     0.00 %     0.00 %     0.28 %  
  Net chargeoffs $   -      $   -      $   -      $   -      $   -     
  Net charge-offs/avg loans (annualized)   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %  
  Allowance for loan losses to loans   0.96 %     0.93 %     0.90 %     0.93 %     0.92 %  
  Allowance for loan losses to nonaccrual loans   NM       NM       NM       NM       330 %  
                       

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