Private Bancorp of America, Inc. (NASDAQ: PBAM) reported higher third-quarter profit than a year earlier, but its $1.97 diluted earnings per share came in below the analyst consensus tracked by Zacks Investment Research.
Net income was $11.4 million, compared with $9.7 million in the year-earlier quarter. Diluted EPS was $1.65 a year earlier, while the latest result missed Zacks' $2.07 consensus by 10 cents. Compared with the preceding quarter, net income fell from $13.1 million and diluted EPS declined from $2.27.
The company's SEC-filed results showed revenue of $35.56 million, comprising $34.125 million in net interest income and $1.435 million in noninterest income. MarketBeat estimated revenue of $35.07 million and listed the result as $487,000 above its estimate. Private Bancorp is the parent company of CalPrivate Bank.
Net interest income increased 16.3% from the year-earlier quarter. The $0.6 million sequential increase came mainly from higher interest income from deposits at other financial institutions and investment securities, partly offset by higher interest expense.
