PBCO FINL CORP - PBCO STOCK NEWS

PBCO Financial (OTCPK: PBCO) has announced its Board of Directors' adoption of a $3 million stock repurchase program, marking the company's first buyback initiative since its holding company formation in 2022. The program is set to commence on or after February 18, 2025, and will run through December 31, 2026, unless terminated or extended earlier.

Shares may be repurchased through open market or private transactions, with timing and volume dependent on factors including stock availability, market conditions, trading price, and the company's financial performance. The initiative reflects PBCO's strong capital position and aims to enhance shareholder value while increasing returns and liquidity for shareholders.

PBCO Financial has declared its first cash dividend since 2009, representing 15% of 2024 year-end net income, amounting to $0.229 per share. The dividend will be paid on March 5, 2025, to shareholders of record February 19, 2025.

As of December 31, 2024, the company reported:

• Total assets: $798.6 million
• Total deposits: $673.8 million
• Shareholder's equity: $87.6 million
• Net income: $8.1 million
• Earnings per share: $1.52

The company maintains strong capitalization according to regulatory standards.

PBCO Financial reported strong financial results for Q4 2024, with net income of $2.7 million and earnings per share of $0.51, up from $1.9 million and $0.36 in Q3 2024. The company's annual earnings per share significantly improved to $1.52 in 2024 from $0.19 in 2023.

Key performance indicators showed positive trends with net interest margin increasing to 3.67%, a 16 basis points rise from the previous quarter. Total deposits grew by 7.0% year-over-year, while the loan portfolio increased by 5.8%. The bank's loan yield improved to 6.06% in Q4 2024 compared to 5.68% in Q4 2023.

The company's tangible book value per share increased to $15.84 from $13.86 at the prior year-end, while maintaining a strong leverage ratio of 13.92%. However, due to higher market rates, the company's AOCI book loss increased to $12.3 million in Q4 from $10.0 million in Q3 2024.

PBCO Financial reported net income of $1.9 million and earnings per share of $0.36 for Q3 2024, up from $1.8 million and $0.33 per share in Q2 2024. Key highlights include:

- Net interest margin expanded to 3.51%, marking the fourth consecutive quarter of growth
- Total deposits increased by 2.2% compared to the previous quarter
- Tangible book value per share rose to $15.67 from $14.56
- Return on Average Assets improved to 0.97% from 0.90%

The bank saw growth in core deposits and paid off remaining FHLB borrowings. Non-interest income increased slightly, while non-interest expenses decreased. The Tier 1 Capital Ratio for PBCO Financial was 11.88% with total shareholder equity of $86.9 million as of September 30, 2024.

PBCO Financial reported net income of $1.8 million and earnings per diluted share of $0.33 for Q2 2024, up from $1.7 million and $0.31 in Q1 2024. Key highlights include:

- Net interest margin expanded to 3.49%, marking the third consecutive quarter of growth
- Non-interest bearing deposits increased by 5.1%, with total deposits up 2.1% quarter-over-quarter
- Loan portfolio grew 6.8% year-to-date
- Tangible book value per share rose to $14.56 from $14.05 in Q1

The bank maintained a strong capital position with a Tier 1 Capital Ratio of 11.62% for PBCO Financial and 13.44% for the Bank. Despite challenges, the company focused on expense management and risk mitigation while pursuing growth opportunities.

PBCO Financial (OTCPK: PBCO), the holding company for People’s Bank of Commerce, announced that Steve Erb will assume the role of Chief Operating Officer effective June 14, 2024. Erb will succeed Joan Reukauf, who is leaving to pursue a new opportunity in the banking education sector. PBCO's President and CEO, Julia Beattie, expressed confidence in Erb's capabilities as Reukauf transitions out of the organization.

PBCO Financial (PBCO) announced the retirement of Chief Strategy Officer, Steve Erb, effective August 5, 2024. Erb played a key role in the bank's growth and corporate restructuring. The decision was influenced by the current interest rate environment, limiting strategic expansion opportunities.

PBCO Financial reported a significant turnaround in Q1 2024 with a net income of $1.7 million and earnings per diluted share of $0.31, compared to a loss in the previous quarter. The company saw improvements in net interest margin, tangible book value per share, loan portfolio, and deposits. Despite challenges in the trucking industry, credit quality remained strong, and nonperforming assets decreased. The investment portfolio decreased, but the bank's strategic initiatives for deposit growth showed positive results. Non-interest income decreased, while non-interest expenses also decreased significantly. The Tier 1 Capital Ratio for the company and the bank slightly decreased, but tangible capital improved.

PBCO Financial Corporation reported a loss of $3.90 million and earnings per diluted share of -$0.73 for Q4 2023, compared to earnings of $1.56 million and $0.29 per diluted share for Q3 2023. For the full year, the Company posted net income of $0.99 million or $0.19 per diluted share compared to $9.86 million for 2022. The company made strategic business decisions including the closure of the residential lending division and the sale of $49.4 million of investment securities at a pre-tax loss of $6.8 million. Credit quality remained strong with non-performing assets slightly higher at 0.12% of total assets. Deposits decreased $12.2 million during the quarter, a 1.9% decline from Q3 2023. Non-interest income was $9.1 million, a decrease of $2.8 million from 2022. Non-interest expenses totaled $12.9 million in Q4, up $7.3 million from the previous quarter. The Tier 1 Capital Ratio for PBCO Financial Corporation was 11.54% with total shareholder equity of $77.6 million as of December 31, 2023.