Private Bancorp of America, Inc. Reports Another Record Quarter

• 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 4% 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 $0.30 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 $9.6 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 losses			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	%