FOR IMMEDIATE RELEASE

Private Bancorp of America, Inc. Announces Strong Net Income for Third Quarter 2026

Third Quarter 2026 Highlights

La Jolla, Calif. – October 16, 2026 (GLOBE NEWSWIRE) - Private Bancorp of America, Inc. (NASDAQ: PBAM), (the “Company”) and CalPrivate Bank (the “Bank”) announced unaudited financial results for the third fiscal quarter ended September 30, 2026. The Company reported net income of $11.4 million, or $1.97 per diluted share, for the third quarter of 2026, compared to $13.1 million, or $2.27 per diluted share, in the prior quarter, and $9.7 million, or $1.65 per diluted share, in the third quarter of 2025.

Rick Sowers, President and Chief Executive Officer of the Company and the Bank, stated, “We are pleased with our third quarter results. The quarter included strong loan production and continued top-quartile net interest margin. Pipelines are strong going into the fourth quarter. Although criticized assets increased in the quarter, we are dedicating the appropriate resources to improve our credit metrics and believe that reserves are more than adequate. Our focus remains on delivering superior service and solutions to our clients and building a scalable business through investments in technology and people, including our recent hires in key positions — Chief Operating Officer, Chief Credit Officer and General Counsel, amongst others.”

Sowers added, “This year we celebrate 20 years of providing our signature Distinctly Different® service. It’s this commitment to quality service delivered by an exceptional team that has driven consistent growth and shareholder value creation.”

“PBAM began trading on NASDAQ on July 30, 2026, and the subsequent share price performance reflected not only continued attractive financial results but also the increase in trading volume in the third quarter. We thank the management team and the professional support we received for their sterling efforts in this transformative uplisting,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank. “Profitability continues to be strong and the potential of being included in the reconstitution of the Russell 2000 Index provides additional momentum. The listing also creates additional strategic options and flexibility in pursuing external growth opportunities and enhances our successful team lift-out organic growth strategy by enhancing operational advantages in retaining and hiring exceptional talent. These factors, together with access to capital, provide opportunities for creating sustainable long-term value for shareholders.”

STATEMENT OF INCOME

Net Interest Income

Net interest income for the third quarter of 2026 totaled $34.1 million, an increase of $0.6 million, or 1.7%, from the prior quarter and an increase of $4.8 million, or 16.3%, from the third quarter of 2025. The increase from the prior quarter was driven by a $1.2 million increase in interest income, primarily reflecting higher interest on deposits in other financial institutions and higher investment securities income, partially offset by a modest increase in interest expense.

Net Interest Margin

Net interest margin (“NIM”) for the third quarter of 2026 was 5.05%, compared to 5.18% for the prior quarter and 4.65% in the third quarter of 2025. The decrease of 13 basis points (bps) in NIM from the prior quarter was primarily a result of the 15 bps positive impact from net nonaccrual interest adjustments in the second quarter, partially offset by approximately 4 bps from higher prepayment penalties and 2 bps from a special FHLB stock dividend recorded in the third quarter. The yield on interest-earning assets was 6.60% for the third quarter of 2026 compared to 6.70% for the prior quarter, and the cost of interest-bearing liabilities was 2.34% for the third quarter of 2026 compared to 2.32% in the prior quarter. The cost of total deposits was 1.66% for the third quarter of 2026 compared to 1.63% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.61% in the third quarter of 2026 compared to 1.57% in the prior quarter and 1.93% for the third quarter of 2025. The spot rate for total deposits was 1.68% as of September 30, 2026, compared to 1.65% at June 30, 2026.

Provision for Credit Losses

A credit loss provision expense of $1.3 million was recorded for the third quarter of 2026, compared to a $0.2 million provision reversal in the prior quarter and a $1.8 million provision expense in the third quarter of 2025. The total provision expense for the quarter was comprised of $0.4 million for loans HFI and $0.9 million for unfunded commitments. Net recoveries were $0.9 million. Effective July 1, 2026, the Company implemented a new current expected credit loss (“CECL”) model for loans HFI and unfunded commitments. The third-quarter provision included approximately $0.8 million associated with the model transition, primarily reflecting an increase in the reserve for unfunded commitments. For more details, please refer to the “Asset Quality and Allowance for Credit Losses (ACL)” section below.

Noninterest Income

Noninterest income was $1.4 million for the third quarter of 2026, compared to $1.0 million in the prior quarter and $2.2 million in the third quarter of 2025. U.S. Small Business Administration (“SBA”) loans totaling $6.1 million were sold during the third quarter

of 2026 with a 10.72% average trade premium, resulting in a net gain on sale of $337 thousand, compared with sales of $3.4 million with a 10.50% average trade premium and a $0.2 million premium reimbursement that reduced the net gain on sale to $4 thousand in the prior quarter.

Noninterest Expense

Noninterest expense was $18.4 million for the third quarter of 2026, compared to $16.9 million in the prior quarter and $15.9 million in the third quarter of 2025. The $1.5 million increase from the prior quarter was primarily due to $0.6 million of impairment expense related to other real estate owned (“OREO”), a $0.4 million increase in compensation and employee benefits, and increased costs related to the NASDAQ Uplisting. The NASDAQ Uplisting costs totaled approximately $0.9 million during the quarter and were included primarily in professional services and other expenses. Other expenses increased $1.1 million from the third quarter of 2025, primarily due to the $0.6 million OREO impairment expense and $0.3 million NASDAQ initial listing fee. The efficiency ratio(1) was 51.68% for the third quarter of 2026, compared to 48.81% in the prior quarter and 50.49% in the third quarter of 2025. The increase in the efficiency ratio from the prior quarter primarily reflected a $1.5 million increase in noninterest expense, partially offset by a $0.4 million increase in noninterest income and a $0.6 million increase in net interest income.

The Company continues to invest in people, processes and technology to scale the business. Inflationary pressures and low unemployment continue to contribute to upward pressure on wages, as well as increased costs related to third-party service providers, which we proactively monitor and manage.

Provision for Income Tax Expense

Provision for income tax expense was $4.5 million for the third quarter of 2026, compared to $4.8 million for the prior quarter. The effective tax rate for the third quarter of 2026 was 28.3%, compared to 26.7% in the prior quarter and 29.7% in the third quarter of 2025. The effective tax rate increased from the prior quarter primarily due to discrete tax benefits associated with equity compensation that lowered the prior quarter’s effective tax rate.

STATEMENT OF FINANCIAL CONDITION

As of September 30, 2026, total assets were $2.75 billion, an increase of $39.9 million since June 30, 2026. The increase in assets from the prior quarter primarily reflected a $54.0 million increase in loans HFI and a $30.6 million increase in AFS securities, partially offset by a $49.1 million decrease in cash and cash equivalents. AFS securities were $267.7 million as of September 30, 2026, an increase of $30.6 million, or 12.9%, since June 30, 2026, primarily as a result of new securities purchased. As of September 30, 2026, the net unrealized loss on the AFS securities portfolio, which is comprised primarily of U.S. government agency mortgage-backed securities, was $17.7 million (pre-tax) compared to a loss of $8.9 million (pre-tax) as of June 30, 2026. The increase in net unrealized losses was due to higher market interest rates during the quarter. The average duration of the Bank’s AFS portfolio is 4.4 years. The AFS portfolio’s book yield increased to 4.13% at September 30, 2026, from 3.83% at September 30, 2025. The Company has no held-to-maturity securities. Loans HFI totaled $2.19 billion as of September 30, 2026, an increase of $54.0 million since June 30, 2026, primarily reflecting higher investor-owned commercial real estate, SBA 504, multifamily and construction loan balances, partially offset by lower owner-occupied commercial real estate and commercial and industrial balances.

Total deposits were $2.41 billion as of September 30, 2026, an increase of $31.8 million since June 30, 2026. During the quarter, core deposits increased by $31.8 million, as a $25.1 million increase in interest-bearing core deposits (including balances in the IntraFi ICS and CDARS programs) was accompanied by a $6.7 million increase in noninterest-bearing core deposits. Noninterest-bearing deposits represented 28.3% of total core deposits. Brokered deposits were $49.3 million as of September 30, 2026, unchanged since June 30, 2026. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represented 52.8% of total deposits as of September 30, 2026.

As of September 30, 2026, total available liquidity was $2.4 billion or 191.8% of uninsured deposits, net of collateralized and fiduciary deposits. Total available liquidity is comprised of $502 million of on-balance sheet liquidity (cash and investment securities) and $1.9 billion of unused borrowing capacity.

Asset Quality and Allowance for Credit Losses (ACL)

As of September 30, 2026, the allowance for loan losses was $31.7 million, or 1.45% of loans HFI, compared to $30.5 million or 1.43% of loans HFI as of June 30, 2026. The allowance-to-loans HFI ratio was 1.38% at September 30, 2025. The increase in the coverage ratio primarily reflected net loan growth, with originations and balance increases carrying higher reserve rates than loans paid off or paid down, as well as risk-rating downgrades and higher qualitative reserves on construction loans. Nonperforming assets were 1.58% of total assets as of September 30, 2026, compared to 1.50% as of June 30, 2026.

Effective July 1, 2026, the Company implemented a new CECL model for loans HFI and unfunded commitments, including a change in its CECL software vendor and more granular loan segmentation based on shared risk characteristics. The reserve for unfunded commitments was $1.4 million as of September 30, 2026, compared to $0.5 million as of June 30, 2026. At the July 1 transition, the new model decreased the allowance for loans HFI by approximately $47 thousand and increased the reserve for unfunded commitments by approximately $0.8 million.

At September 30, 2026, criticized loans totaled $71.9 million, or 3.29% of total loans, compared to $58.0 million, or 2.72% of total loans, at June 30, 2026, of which classified loans were $67.7 million and $51.0 million, respectively. Criticized loans were $70.5 million, or 3.39% of total loans, at September 30, 2025. The September 30, 2026 classified balance consisted of 54 loans: 42 real estate secured loans totaling $57.5 million with a 62.0% weighted-average LTV; and 12 commercial and industrial loans totaling $10.2 million. The increase in criticized loans is primarily attributable to a Chapter 11 bankruptcy filing impacting two related real estate investor loans totaling $8.8 million and delinquent payments for two SBA 504 real estate loans totaling $3.7 million.

As of September 30, 2026, nonaccrual loans were $28.8 million, up from $26.9 million as of June 30, 2026. Specific reserves of $1.9 million were held against nonaccrual loan balances of $4.4 million. The nonaccrual loans without specific reserves were supported by collateral values exceeding their loan balances, except for one $1.5 million commercial and industrial loan placed on nonaccrual during the quarter.

As of September 30, 2026, nonperforming assets were $43.3 million, or 1.58% of total assets, an increase of $2.8 million from $40.5 million, or 1.50% of total assets, at June 30, 2026, driven by a $1.9 million increase in nonaccrual loans and a $0.9 million increase in other real estate owned.

Capital Ratios (2)

The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

(2) September 30, 2026 capital ratios are preliminary and subject to change.

Share Repurchases Authorized

During the second quarter of 2026, the Company’s Board of Directors authorized a stock repurchase program under which the Company may repurchase up to $10.0 million of its common stock. As of September 30, 2026, no shares had been repurchased under this program.

About Private Bancorp of America, Inc. (NASDAQ: PBAM)

PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, Beverly Hills, and Montecito, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely held businesses, and real estate entrepreneurs, delivering a Distinctly Different® personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs, and innovative, unique technologies that drive enhanced client performance. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These recognitions highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

Investor information is available at www.investors.pbam.com. CalPrivate Bank’s website is www.calprivate.bank.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including efficiency ratio, pretax pre-provision net revenue, average tangible common equity, tangible book value per share and return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

Investor Relations Contacts

Rick Sowers

President and Chief Executive Officer

Private Bancorp of America, Inc., and CalPrivate Bank

(424) 303-4894

Cory Stewart

Executive Vice President and Chief Financial Officer

Private Bancorp of America, Inc., and CalPrivate Bank

(206) 293-3669

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements about the Company’s plans, objectives, expectations, intentions, estimates, projections and beliefs concerning future events, financial performance and the assumptions underlying those statements. Words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend” and “plan,” and similar expressions, may identify forward-looking statements. These statements involve known and unknown risks and uncertainties, many beyond the Company’s control, that could cause actual results to differ materially from those expressed or implied.

These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which the Company operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation; public company costs and compliance with SEC reporting, NASDAQ and internal-control requirements; and volatility and liquidity of our common stock.

Other risks include changes in the U.S. and local economies and financial markets; developments in the banking industry that affect customer confidence, liquidity and regulatory responses; changes in trade, monetary and fiscal policy, including Federal Reserve policy; the speed and predictability of changes in interest rates and liquidity, market, credit and operational conditions; our ability to attract and retain deposits and other funding sources and changes in their composition; labor-market conditions and federal budget and debt developments; concentrations in SBA and commercial real estate loans and in particular geographic areas and industries; possible credit-related impairment of investment securities; changes in nonperforming assets and charge-offs; customer acceptance of new products and our ability to retain essential personnel; changes in tax, banking, securities and insurance laws and their application; the cost and complexity of maintaining compliance; the effectiveness of our risk-management framework and quantitative models; changes in accounting standards and regulatory requirements, including FDIC assessments; changes in consumer spending, borrowing and saving and in borrowers’ financial condition; competition from banks, nonbank providers and financial technology companies; financial-system disruptions, geopolitical events, war, terrorism, pandemics and natural or man-made disasters; cybersecurity threats and the cost of defending against them; disruption from artificial intelligence and other new technologies; climate-related credit, compliance, reputational and operating risks; and legal, regulatory and judicial proceedings. Our ability to manage these risks and to meet public-company obligations, including Section 404 of the Sarbanes-Oxley Act, may also affect actual results.

Additional risks appear in our Form 10, as amended, and latest Form 10-Q filed with the SEC, and in other SEC filings available at www.sec.gov. Forward-looking statements are not guarantees or predictions of future performance. We undertake no obligation to update forward-looking statements for changes in underlying factors, new information, future events or otherwise. Forward-looking statements speak only as of the date made; you should not place undue reliance on them. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.

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