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PBCO Financial Corporation Reports Second Quarter 2025 Results

MEDFORD, Ore.--(BUSINESS WIRE)-- PBCO Financial Corporation (OTCPK: 鈥淧BCO鈥�), the holding company (the 鈥淐ompany鈥�) of People鈥檚 Bank of Commerce (the 鈥淏ank鈥�), today reported net income of $2.1 million and earnings per share of $0.39 for the second quarter of 2025, compared to net income of $1.9 million and $0.36 per share for the first quarter of 2025.

Highlights

• Net interest margin increased by 13 basis points to 3.76% compared to 3.63% in the first quarter of 2025
• Net income increased by 5.7% versus the first quarter of 2025
• Return on average assets increased to 1.01% versus 0.96% in the first quarter of 2025
• Stock repurchases completed on 39,057 shares at a weighted average price of $14.42 per share

鈥淚 am pleased to report the Company鈥檚 second quarter 2025 operating results, which demonstrated continued improvement in net interest margin, net income growth, and tangible book value per share growth compared to the first quarter of 2025,鈥� reported Julia Beattie, President and CEO.

The Company鈥檚 net interest margin increased to 3.76% during the second quarter from 3.63% in the first quarter of 2025, primarily driven by the improved yield on new and renewed loans during the quarter. The yield on the loan portfolio increased to 6.23% during the second quarter of 2025 compared to 6.13% in the first quarter of 2025, an increase of 10 basis points. The Bank also continued to focus on managing the cost of deposits, which decreased to 1.46% in the second quarter from 1.50% in the first quarter of 2025.

The Bank鈥檚 loan portfolio increased to $553.9 million, or an increase of 0.5% over the prior quarter. 鈥淭he loan portfolio has trended positively in 2025, although at a slower pace than expected at the start of the year due to a large loan prepayment in late first quarter,鈥� noted Beattie.

The investment portfolio decreased 3.1% to $127.9 million during the second quarter of 2025 from $132.3 million at the end of the first quarter of 2025. Due to lower market rates on investments over the year and reductions in the investment portfolio as investments were called or matured, the AOCI decreased to $8.8 million at the end of the second quarter of 2025 compared to $10.1 million at the end of the first quarter of 2025.

Credit quality remains strong, with a decrease in non-performing loans during the quarter as a result of payoffs. The allowance for credit losses as a percentage of loans increased to 1.08% from the prior. During the quarter, the provision for credit losses was $278 thousand.

鈥淭he Company experienced solid improvement in its return on average assets during the second quarter, increasing by 5 basis points to 1.01% from 0.96% in the first quarter of 2025,鈥� commented Beattie. 鈥淭he improvement in return on average assets was directly attributed to the increase in net interest income of $356 thousand over first quarter of 2025, as well as a $146 thousand increase in non-interest income during the quarter, both of which outpaced the growth in non-interest expense,鈥� added Beattie. During the second quarter of 2025, revenue from Steelhead, the Bank鈥檚 factoring division, was up $77 thousand, while other non-interest income was up $68 thousand as a result of gains on sale of SBA loans. Non-interest expenses totaled $5.9 million in the second quarter, up $126 thousand from the first quarter of 2025. The increase was not materially impacted by any one expense category.

The Bank鈥檚 leverage ratio was 14.03% as of June 30, 2025, compared to 13.80% as of March 31, 2025. The Company鈥檚 tangible common equity was $89.7 million as of June 30, 2025, compared to $86.8 million as of March 31, 2025. During the quarter, the Company executed on its stock repurchase plan and successfully repurchased 39,057 shares at a weighted average price of $14.42 per share.

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 the use of words or phrases such as "believes," "expects," "anticipates," "foresees," "forecasts," "estimates," 鈥減lans,鈥� 鈥減rojects,鈥� or other words or phrases of similar import indicating that the statement addresses some future result, occurrence, plan, or objective. 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 expressed or implied in forward-looking statements.

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View source version on businesswire.com:

Julia Beattie, President & CEO

(541) 608-8920, [email protected]

Source: PBCO Financial Corporation