PBAM Posts Record Q2 Profit, Files for NASDAQ Uplisting
PBAM sits 49% above its 52-week low of $53.71.
Summary
Private Bancorp of America reported Q2 net income of $13.1 million, or $2.27 per share, up from $12.0 million and $2.07 in Q1. The bank delivered a 1.99% return on average assets and an 18.90% return on tangible common equity, with net interest margin holding above 5%. Credit quality improved, with criticized loans falling to 2.72% of total loans and a small provision reversal. The company also filed a Form 10 registration statement to uplist from OTCQX to the NASDAQ Global Select Market, a move that could broaden its investor base. The stock is trading at its 52-week high of $80, and tangible book value per share rose to $49.57. The uplisting is subject to NASDAQ approval and meeting all listing requirements.
At the time of this announcement, PBAM was trading at $80.00 on OTC in the Finance sector, with a market capitalization of approximately $460.3M. The 52-week trading range was $53.71 to $80.00. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.