Private Bancorp of America, Inc. (OTCQX: PBAM), the parent company of CalPrivate Bank, has announced its financial results for the third quarter of 2024, marking a record-breaking performance. The bank reported its highest-ever net income and earnings per share (EPS), reinforcing its strong market position and operational efficiency.
Key Financial Highlights:
Private Bancorp posted a record net income of $10.5 million for Q3 2024, a significant increase compared to previous quarters, driven by strong loan growth, higher interest income, and disciplined expense management.
The company reported diluted earnings per share of $1.75, reflecting an impressive year-over-year increase. This underscores Private Bancorp’s continued success in generating shareholder value.
Strong demand for business and real estate loans has bolstered the bank’s asset base, contributing to higher interest income, while the current interest rate environment has been favorable for financial institutions, allowing Private Bancorp to improve its net interest margin. In addition, the bank continues to maintain a conservative expense structure while investing in digital banking solutions to enhance customer experience and operational efficiency.
Chairman and CEO of Private Bancorp of America expressed his optimism, stating, “Our record performance in the third quarter reflects the strength of our business model and the trust our clients place in us. We remain focused on disciplined growth, and I’m proud of the team’s dedication to delivering value to both clients and shareholders.”
Looking ahead, Private Bancorp of America is positioned to build on its success with plans to expand its loan portfolio and enhance its digital banking offerings. The bank expects continued growth in core earnings as it leverages its strong capital base and client-focused strategies.
Private Bancorp of America, Inc.’s record-breaking third quarter in 2024 highlights its resilience and strategic focus on growth and efficiency. With rising earnings and a well-managed loan portfolio, the company appears to be well-positioned to continue its trajectory of financial success in the coming quarters.
