Sowers

Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for Second Quarter 2023

Retrieved on: 
Friday, July 21, 2023
Unemployment, CDARS, Government agency, Investment, Marketing, ANI, Risk management, AFS, Insurance, HFI, Sale, Federal Home Loan Banks, Treasury, LTV, IntraFi Network, Acquisition, CECL, OTCQX, SBA, LA, Growth, Bank, Fraud, Sowers, Team, Video game, Cryptocurrency, Drug, Fidelity National Financial

LA JOLLA, Calif., July 21, 2023 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the second fiscal quarter ended June 30, 2023. The Company reported record net income of $15.5 million, or $2.69 per diluted share, for the second quarter of 2023 compared to $4.4 million, or $0.77 per diluted share, for the second quarter of 2022. The quarter ended June 30, 2023 included loan recoveries of $8.6 million and a $1.6 million benefit from legal fees waived or collected related to the settlement of the ANI loan lawsuit (see non-GAAP reconciliation in the accompanying financial tables of this press release).

Key Points: 
  • The Company reported record net income of $15.5 million, or $2.69 per diluted share, for the second quarter of 2023 compared to $4.4 million, or $0.77 per diluted share, for the second quarter of 2022.
  • The net interest margin for the second quarter of 2023 was 4.73% compared to 4.90% for the prior quarter and 4.61% in the second quarter of 2022.
  • Noninterest income was $1.1 million for the second quarter of 2023, a decrease from $1.5 million in the prior quarter and $1.4 million in the second quarter of 2022.
  • Provision for income tax expense was $6.6 million for the second quarter of 2023, compared to $3.0 million for the prior quarter.

Private Bancorp of America, Inc. Announces Record Net Income and Earnings Per Share for First Quarter 2023

Retrieved on: 
Friday, April 21, 2023
Fidelity National Financial, Pressure, Unemployment, CDARS, Government agency, Marketing, Risk management, AFS, Insurance, HFI, Sale, Federal Home Loan Banks, LTV, IntraFi Network, Acquisition, Investment, CECL, OTCQX, SBA, LA, Growth, Bank, ACL, Sowers, Environment, Video game, Cryptocurrency, Airline, Real estate, United States Department of the Treasury

LA JOLLA, Calif., April 21, 2023 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the first fiscal quarter ended March 31, 2023. The Company reported record net income of $9.0 million, or $1.57 per diluted share, for the first quarter of 2023 compared to $6.5 million, or $1.13 per diluted share, for the first quarter of 2022.

Key Points: 
  • The Company reported record net income of $9.0 million, or $1.57 per diluted share, for the first quarter of 2023 compared to $6.5 million, or $1.13 per diluted share, for the first quarter of 2022.
  • The net interest margin for the first quarter of 2023 was 4.90% compared to 5.17% for the prior quarter and 4.65% in the first quarter of 2022.
  • The cost of deposits was 1.23% for the first quarter of 2023 compared to 0.79% in the prior quarter.
  • Provision for income tax expense was $3.0 million for the first quarter of 2023, compared to $3.1 million for the prior quarter.

Private Bancorp of America, Inc. Announces Record Fourth Quarter and Full Year 2022 Financial Results with Total Assets of $1.9 Billion

Retrieved on: 
Monday, January 30, 2023
Marketing, HFI, Acquisition, Fidelity National Financial, Government agency, LTV, OTCQX, Sale, SBA, Bank, Sowers, Total, Environment, Investment, PPP, Growth, Unemployment, Video game, Insurance, United States Department of the Treasury

LA JOLLA, Calif., Jan. 30, 2023 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the fourth quarter and full year ended December 31, 2022. The Company reported net income of $7.4 million, or $1.31 per diluted share, for the fourth quarter of 2022 compared to $7.3 million, or $1.28 per diluted share, for the prior year same quarter. Net income was $24.7 million, or $4.33 per diluted share, for the year ended December 31, 2022, compared to $21.0 million, or $3.69 per diluted share, in FY’21.

Key Points: 
  • The net interest margin for the fourth quarter of 2022 was 5.17% compared to 4.99% for the prior quarter.
  • The yield on earning assets was 5.97% for the fourth quarter of 2022 compared with 5.32% for the prior quarter and the cost of total funding sources was 0.86% for the fourth quarter of 2022 compared to 0.36% in the prior quarter.
  • Noninterest income was $1.1 million for the fourth quarter of 2022, a decline of $333 thousand compared to the third quarter of 2022.
  • Provision for income tax expense was $3.1 million for the fourth quarter of 2022, compared to $2.6 million for the prior quarter.

South Mountain Creamery Raises Nearly $5,000 for SHIP of Frederick County

Retrieved on: 
Tuesday, May 24, 2022
Sowers, Ben, SHIP, Family, Co-ownership, Housing, Yogurt, Food, Kate, Quality of life, Transport, Farmer, Creamery, Homelessness, National, Ice cream, Time, Student, Butter, School, Friends, FCPS, Milk, CEO, Tourism, MD

MIDDLETOWN, Md., May 24, 2022 /PRNewswire-PRWeb/ -- South Mountain Creamery, a thriving farmer-owned and operated creamery known for its home delivery services, donated $4,950 to SHIP (Student Homelessness Initiative Partnership) of Frederick County. Funds were raised through a raffle for South Mountain Creamery customers, with items donated by friends, family, and customers.

Key Points: 
  • MIDDLETOWN, Md., May 24, 2022 /PRNewswire-PRWeb/ -- South Mountain Creamery , a thriving farmer-owned and operated creamery known for its home delivery services, donated $4,950 to SHIP (Student Homelessness Initiative Partnership) of Frederick County.
  • Funds were raised through a raffle for South Mountain Creamery customers, with items donated by friends, family, and customers.
  • South Mountain Creamery, though expanding, remains loyal to its mission of providing locally and sustainably sourced food to the community.
  • You can also find South Mountain Creamery products in over 800 stores in the Northeast and Mid-Atlantic.

Mag Wangsuwana Named CFO of CalPrivate Bank and Private Bancorp of America

Retrieved on: 
Wednesday, August 25, 2021
Company, Bauer, GLOBE, Sowers, OTCQX, Exim Bank, SBA, Bank, Mag, Bauer Financial, Management

LA JOLLA, Calif., Aug. 25, 2021 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX: PBAM) (Company) and CalPrivate Bank (Bank) President & CEO Rick Sowers announced today that Mag Wangsuwana was appointed Executive Vice President and Chief Financial Officer of both the Company and Bank effective August 23, 2021.

Key Points: 
  • LA JOLLA, Calif., Aug. 25, 2021 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX: PBAM) (Company) and CalPrivate Bank (Bank) President & CEO Rick Sowers announced today that Mag Wangsuwana was appointed Executive Vice President and Chief Financial Officer of both the Company and Bank effective August 23, 2021.
  • Prior to joining the Company and Bank, Mag most recently served as Chief Financial Officer of First Choice Bank.
  • Private Bancorp of America, Inc. is the holding company for CalPrivate Bank.
  • CalPrivate Bank is an SBA Preferred Lender and a Bauer Financial 5 star rated bank.

flyExclusive Doubles Down on Innovation and Expands Leadership Team

Retrieved on: 
Wednesday, July 7, 2021
Technology, Air, Engineering, Transport, Manufacturing, Software, Transportation, Vacation, Travel, Tommy Sowers, Sowers, Businesspeople, Economy of the United States, United States Army

The company named Tommy Sowers as President of its private charter operation, while David Ivy joins the team as Vice President of Engineering.

Key Points: 
  • The company named Tommy Sowers as President of its private charter operation, while David Ivy joins the team as Vice President of Engineering.
  • View the full release here: https://www.businesswire.com/news/home/20210707005631/en/
    Tommy Sowers joins flyExclusive as President of its private charter operation.
  • (Photo: Business Wire)
    Tommy Sowers joins flyExclusive following a successful career in entrepreneurship, academia, the military and public service .
  • Sowers most recently served as the Southeast region lead for innovation for the U.S. Department of Defense and taught innovation and entrepreneurship at Duke University.

Katie Sowers, First Female Coach in NFL Championship Game, Keynotes Dream Teams Summit by The Predictive Index

Retrieved on: 
Tuesday, January 5, 2021
Sports, Consulting, Technology, Professional services, Small business, Football, Other Technology, Software, Other Professional Services, Internet, Human resources, Katie Sowers, Sowers

View the full release here: https://www.businesswire.com/news/home/20210105005751/en/

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20210105005751/en/
    Katie Sowers, First Female Coach to Reach NFL's Big Game, Keynotes Dream Teams Summit by The Predictive Index (Photo: Business Wire)
    The Summit marks a first-of-its-kind advancement in the talent optimization category one designed to supercharge team building and cohesion for organizations of all sizes, industries, and ambitions, said Mike Zani, CEO at The Predictive Index.
  • At a time when self-awareness and resilience are at a premium, PI Design ensures you build dream teams who get along and get the job done.
  • Sowers became the first female and LGBTQ+ coach to reach the NFLs championship when the 49ers advanced to Super Bowl LIV in February 2020.
  • The Predictive Index (PI) is an award-winning talent optimization platform that aligns business strategy with people strategy for optimal business results.

Verizon announces virtual commencement series ‘Class of 2020: Ready for Anything’

Retrieved on: 
Thursday, May 14, 2020
Instant messaging clients, Companies, Telecommunications, Hans Vestberg, Verizon Communications, Verizon Media, Sowers, Yahoo!, LinkedIn

Speakers include President Bill Clinton, Hugh Evans, William P. Lauder, Kevin Love, Jen Rubio, Katie Sowers and Hans Vestberg, chairman and CEO of Verizon.

Key Points: 
  • Speakers include President Bill Clinton, Hugh Evans, William P. Lauder, Kevin Love, Jen Rubio, Katie Sowers and Hans Vestberg, chairman and CEO of Verizon.
  • Ready for Anything will be held virtually on Verizons LinkedIn for all students celebrating their graduation at home, and will be simulcast on Yahoo and Yahoo Life.
  • Verizon will announce specific timing for each address across its social platforms in the coming weeks.
  • Ready for Anything will take place on consecutive Fridays and will feature a different speaker each week.