PBCO Financial Q4 Earnings Surge: Net Income Soars 42% with Record $2.7M, EPS Hits $0.51

PBCO Financial Corporation Reports Fourth Quarter and Annual 2024 Results

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01/22/2025 - 08:16 PM

MEDFORD, Ore.--(BUSINESS WIRE)-- PBCO Financial Corporation (OTCPK: 鈥淧BCO鈥�), the holding company (Company) of People鈥檚 Bank of Commerce (Bank), today reported net income of $2.7 million and earnings per share of $0.51 for the fourth quarter of 2024, compared to net income of $1.9 million and $0.36 per share for the third quarter of 2024. For the year ended 2024, earnings per share were $1.52 compared to $0.19 in 2023.

Highlights

Net interest margin of 3.67% which increased by 16 basis points compared to prior quarter and 48 basis points over the same quarter prior year
Return on average assets increased to 1.34% compared to 0.97% in the prior quarter
7.0% increase in total deposits compared to prior year
Tangible book value per share increased to $15.84, compared to $13.86 at the prior year-end

鈥�2024 was a pivotal year for the Bank after taking action on two key strategic business decisions at the end of 2023. We sold a portion of the investment securities portfolio to reposition our balance sheet and improve the net interest margin and we dissolved our mortgage department which contributed to improved operating efficiency,鈥� reported Julia Beattie, President & CEO. 鈥淚 am pleased that we were able to achieve our goals of improved profitability and positive deposit growth during my first full year as CEO, and I look forward to building on this progress moving forward,鈥� added Beattie.

During 2024, the Bank鈥檚 loan portfolio increased 5.8% year-over-year, while the yield on the loan portfolio increased to 6.06% during the fourth quarter of 2024 compared to 5.68% in the fourth quarter of 2023. 鈥淟oan growth was relatively flat during the 2^nd half of 2024, primarily due to prepayments that occurred in December 2024, but the loan pipeline remained strong at year-end,鈥� added Beattie.

Total deposits grew 1.6% during the fourth quarter and 7.0% for the year ended 2024.

The investment portfolio decreased 5.0% to $132.6 million during the fourth quarter of 2024 from $139.6 million at the end of the third quarter. Due to higher market rates on investments during the quarter, the Company鈥檚 AOCI book loss increased to $12.3 million at the end of the fourth quarter compared to $10.0 million at the end of the third quarter.

Non-interest income was $1.9 million in the fourth quarter, down $112 thousand from the third quarter of 2024. Revenue from Steelhead, the Bank鈥檚 factoring division, was relatively unchanged compared to prior quarter, while other non-interest income was down $116 thousand due to a non-recurring recovery of expenses in the third quarter from a non-performing loan. For the year, non-interest income was down $1.2 million versus 2023.

Non-interest expenses totaled $5.5 million in the fourth quarter, down $128 thousand from the previous quarter, with the decrease largely attributed to a reduction in personnel expense. Occupancy and equipment expenses increased in the quarter due to the opening of the permanent Eugene branch location and expense incurred to terminate the remaining lease contract on the temporary location. For the year, non-interest expenses were 7.5% less than in 2023 after excluding the 2023 loss on partial liquidation of the investment portfolio.

The Bank鈥檚 leverage ratio was 13.92% as of December 31, 2024, compared to 13.71% as of September 30, 2024. The Company鈥檚 tangible common equity was $83.9 million as of December 31, 2024, compared to $83.0 million as of September 30, 2024.

About PBCO Financial Corporation

PBCO Financial Corporation鈥檚 stock trades on the over-the-counter market under the symbol PBCO. Additional information about the Company is available in the investor section of the Company鈥檚 website at: .

Founded in 1998, People鈥檚 Bank of Commerce is a full-service, commercial bank headquartered in Medford, Oregon with branches in Albany, Ashland, Central Point, Eugene, Grants Pass, Jacksonville, Klamath Falls, Lebanon, Medford, and Salem.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as People鈥檚 Bank or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe People鈥檚 Bank鈥檚 business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.

Consolidated Balance Sheets
(Dollars in 000's)	12/31/2024			9/30/2024			6/30/2024			3/31/2024			12/31/2023
BALANCE SHEET
ASSETS
Cash and due from banks	$	7,247	听	$	5,563	听	$	4,679	听	$	5,592	听	$	6,926	听
Federal funds sold	听	-	听	听	-	听	听	-	听	听	-	听	听	-	听
Interest bearing deposits	听	42,588	听	听	21,015	听	听	16,125	听	听	13,303	听	听	13,127	听
Investment securities	听	132,606	听	听	139,564	听	听	144,321	听	听	148,601	听	听	154,228	听
Loans held for sale	听	-	听	听	-	听	听	-	听	听	-	听	听	-	听
Loans held for investment, net of unearned income	听	546,599	听	听	552,307	听	听	552,014	听	听	547,229	听	听	516,697	听
Total Loans, net of deferred fees and costs	听	546,599	听	听	552,307	听	听	552,014	听	听	547,229	听	听	516,697	听
Allowance for loan losses	听	(5,627	)	听	(6,190	)	听	(6,066	)	听	(6,029	)	听	(5,863	)
Premises and equipment, net	听	29,125	听	听	28,626	听	听	27,752	听	听	29,727	听	听	30,001	听
Bank owned life insurance	听	17,222	听	听	17,082	听	听	16,911	听	听	16,777	听	听	16,637	听
Other Assets	听	28,817	听	听	29,162	听	听	32,301	听	听	33,550	听	听	31,524	听
Total assets	$	798,577	听	$	787,129	听	$	788,037	听	$	788,750	听	$	763,277	听
													听
LIABILITIES
Deposits
Demand - non-interest bearing	$	252,441	听	$	275,838	听	$	269,634	听	$	256,558	听	$	272,945	听
Demand - interest bearing	听	200,029	听	听	170,685	听	听	167,421	听	听	165,547	听	听	142,043	听
Money market and savings	听	208,455	听	听	201,703	听	听	195,359	听	听	187,329	听	听	186,875	听
Time deposits of less than $250,000	听	9,334	听	听	10,392	听	听	10,282	听	听	16,697	听	听	16,771	听
Time deposits of more than $250,000	听	3,535	听	听	4,631	听	听	5,991	听	听	9,420	听	听	11,147	听
Total deposits	$	673,794	听	$	663,249	听	$	648,687	听	$	635,551	听	$	629,781	听
													听
Borrowed funds	听	28,593	听	听	28,980	听	听	50,426	听	听	67,517	听	听	49,756	听
Other liabilities	听	8,570	听	听	8,140	听	听	7,929	听	听	7,067	听	听	6,151	听
Total liabilities	$	710,957	听	$	700,369	听	$	707,042	听	$	710,135	听	$	685,688	听
													听
STOCKHOLDERS' EQUITY
Common stock, surplus & retained earnings	$	99,907	听	$	96,769	听	$	94,837	听	$	93,076	听	$	91,399	听
Accumulated other comprehensive income, net of tax	听	(12,287	)	听	(10,009	)	听	(13,842	)	听	(14,461	)	听	(13,810	)
Total stockholders' equity	$	87,620	听	$	86,760	听	$	80,995	听	$	78,615	听	$	77,589	听
													听
Total liabilities & stockholders' equity	$	798,577	听	$	787,129	听	$	788,037	听	$	788,750	听	$	763,277	听
													听
													听
													听
Consolidated Statements of Income
(Dollars in 000's)	4th Quarter 2024			3rd Quarter 2024			2nd Quarter 2024			1st Quarter 2024			4th Quarter 2023
INCOME STATEMENT
INTEREST INCOME
Loans	$	8,575	听	$	8,397	听	$	8,271	听	$	7,907	听	$	7,399	听
Investments	听	524	听	听	557	听	听	584	听	听	621	听	听	766	听
Federal funds sold and due from banks	听	447	听	听	292	听	听	181	听	听	133	听	听	195	听
Total interest income	听	9,546	听	听	9,246	听	听	9,036	听	听	8,661	听	听	8,360	听
													听
INTEREST EXPENSE
Deposits	听	2,566	听	听	2,582	听	听	2,276	听	听	2,121	听	听	1,885	听
Borrowed funds	听	262	听	听	342	听	听	575	听	听	676	听	听	794	听
Total interest expense	听	2,828	听	听	2,924	听	听	2,851	听	听	2,797	听	听	2,679	听
													听
NET INTEREST INCOME	听	6,718	听	听	6,322	听	听	6,185	听	听	5,864	听	听	5,681	听
Provision for loan losses	听	(506	)	听	149	听	听	52	听	听	175	听	听	286	听
Net interest income after provision for
loan losses	听	7,224	听	听	6,173	听	听	6,133	听	听	5,689	听	听	5,395	听
													听
NONINTEREST INCOME
Service charges	听	119	听	听	113	听	听	118	听	听	124	听	听	115	听
Mortgage lending income	听	-	听	听	-	听	听	-	听	听	-	听	听	183	听
Steelhead finance income	听	1,181	听	听	1,185	听	听	1,181	听	听	1,202	听	听	1,192	听
BOLI Income	听	139	听	听	137	听	听	134	听	听	134	听	听	155	听
Other non-interest income	听	456	听	听	572	听	听	517	听	听	503	听	听	633	听
Total noninterest income	听	1,895	听	听	2,007	听	听	1,950	听	听	1,963	听	听	2,278	听
													听
NONINTEREST EXPENSE
Salaries and employee benefits	听	3,013	听	听	3,220	听	听	3,374	听	听	3,374	听	听	3,804	听
Occupancy & equipment expense	听	894	听	听	800	听	听	906	听	听	881	听	听	899	听
Advertising expense	听	119	听	听	92	听	听	118	听	听	86	听	听	115	听
Professional expenses	听	220	听	听	175	听	听	260	听	听	234	听	听	206	听
Data processing expense	听	375	听	听	336	听	听	338	听	听	316	听	听	355	听
Loss on sale of investments	听	-	听	听	-	听	听	-	听	听	-	听	听	6,814	听
Other operating expenses	听	877	听	听	1,003	听	听	701	听	听	493	听	听	724	听
Total noninterest expense	听	5,498	听	听	5,626	听	听	5,697	听	听	5,384	听	听	12,917	听
													听
Income before taxes	听	3,621	听	听	2,554	听	听	2,386	听	听	2,268	听	听	(5,244	)
Provision for income taxes	听	904	听	听	622	听	听	625	听	听	590	听	听	(1,338	)
													听
NET INCOME	$	2,717	听	$	1,932	听	$	1,761	听	$	1,678	听	$	(3,906	)
													听
Shares outstanding end of quarter	听	5,298,464	听	听	5,298,464	听	听	5,307,057	听	听	5,328,535	听	听	5,327,035	听
Average diluted shares outstanding	听	5,311,751	听	听	5,300,957	听	听	5,321,376	听	听	5,328,035	听	听	5,326,035	听
Earnings per share	$	0.51	听	$	0.36	听	$	0.33	听	$	0.31	听	$	(0.73	)
Diluted earnings per share	$	0.51	听	$	0.36	听	$	0.33	听	$	0.31	听	$	(0.73	)
													听
													听
													听
(Dollars in 000's)	12/31/2024			9/30/2024			6/30/2024			3/31/2024			12/31/2023
Performance Ratios
Return on average assets	听	1.34	%	听	0.97	%	听	0.90	%	听	0.85	%	听	-1.97	%
Return on average equity	听	12.46	%	听	9.26	%	听	8.90	%	听	8.60	%	听	-22.02	%
Net interest margin	听	3.67	%	听	3.51	%	听	3.49	%	听	3.31	%	听	3.19	%
Yield on loans	听	6.06	%	听	6.17	%	听	6.05	%	听	5.83	%	听	5.68	%
Cost of deposits	听	1.49	%	听	1.54	%	听	1.41	%	听	1.33	%	听	1.16	%
Efficiency ratio excluding non-recurring expenses	听	63.83	%	听	67.55	%	听	70.03	%	听	68.79	%	听	72.40	%
Full-time equivalent employees	听	135	听	听	134	听	听	132	听	听	132	听	听	132	听
Capital
Community Bank Leverage Ratio	听	13.92	%	听	13.71	%	听	13.44	%	听	13.18	%	听	13.39	%
Book value per share	$	16.54	听	$	16.37	听	$	15.26	听	$	14.75	听	$	14.57	听
Tangible book value per share	$	15.84	听	$	15.67	听	$	14.56	听	$	14.05	听	$	13.86	听
Asset Quality
Allowance for loan losses (ALLL)	$	5,627	听	$	6,190	听	$	6,066	听	$	6,029	听	$	5,863	听
Nonperforming loans (NPLs)	$	944	听	$	2,225	听	$	1,127	听	$	412	听	$	733	听
Nonperforming assets (NPAs)	$	944	听	$	2,225	听	$	1,127	听	$	618	听	$	939	听
Classified assets⁽²⁾	$	8,119	听	$	9,493	听	$	8,775	听	$	6,442	听	$	6,549	听
ALLL as a percentage of loans	听	1.03	%	听	1.12	%	听	1.10	%	听	1.10	%	听	1.13	%
Net charge offs (recoveries) to average loans	听	0.01	%	听	0.00	%	听	0.00	%	听	0.00	%	听	0.01	%
Nonperforming assets as a percentage of total assets	听	0.12	%	听	0.28	%	听	0.14	%	听	0.08	%	听	0.12	%
Classified Asset Ratio⁽³⁾	听	8.71	%	听	10.21	%	听	10.08	%	听	7.61	%	听	7.85	%
Past due as a percentage of total loans	听	0.49	%	听	0.46	%	听	0.46	%	听	0.55	%	听	0.14	%
End of period balances
Total securities and short term deposits	$	175,194	听	$	160,579	听	$	160,446	听	$	161,904	听	$	167,355	听
Total loans	$	546,599	听	$	552,307	听	$	552,014	听	$	547,229	听	$	516,697	听
Total earning assets	$	721,793	听	$	712,886	听	$	712,460	听	$	709,133	听	$	684,052	听
Intangible assets	$	3,711	听	$	3,717	听	$	3,729	听	$	3,741	听	$	3,753	听
Total assets	$	798,577	听	$	787,129	听	$	788,037	听	$	788,750	听	$	763,277	听
Total noninterest bearing deposits	$	252,441	听	$	275,838	听	$	269,634	听	$	256,558	听	$	272,945	听
Total deposits	$	673,794	听	$	663,249	听	$	648,687	听	$	635,551	听	$	629,781	听
Average balances
Total securities and short term deposits	$	178,899	听	$	170,092	听	$	159,413	听	$	165,584	听	$	201,788	听
Total loans	$	553,846	听	$	544,610	听	$	547,139	听	$	536,255	听	$	504,002	听
Total earning assets	$	732,745	听	$	714,702	听	$	706,552	听	$	701,839	听	$	705,790	听
Total assets	$	808,874	听	$	796,086	听	$	785,232	听	$	787,127	听	$	794,196	听
Total noninterest bearing deposits	$	253,070	听	$	266,179	听	$	254,771	听	$	255,204	听	$	273,413	听
Total deposits	$	683,359	听	$	670,056	听	$	647,351	听	$	642,420	听	$	643,015	听
⁽¹⁾ Effective March 31, 2020, People's Bank of Commerce opted into the Community Bank Leverage Ratio and is no longer calculating risk based capital ratios.
⁽²⁾Classified assets are defined as the sum of all loan-related contingent liabilities and loans internally graded substandard or worse, impaired loans (net of government guarantees), adversely classified securities, and other real estate owned.
⁽³⁾ Classified asset ratio is defined as the sum of all loan related contingent liabilities and loans internally graded substandard or worse, impaired loans (net of government guarantees), adversely classified securities, and other real estate owned, divided by bank Tier 1 capital, plus the allowance for loan losses.

听

View source version on businesswire.com:

Julia Beattie, President & CEO

(541) 608-8920, [email protected]

Source: PBCO Financial Corporation

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