PBCO FINANCIAL CORP - PBCO STOCK NEWS

PBCO Financial Corporation (OTC PINK: PBCO) reported its Q1 2023 financial results, including a net income of $1.7 million, or $0.31 per diluted share, down from $2.4 million, or $0.45 per diluted share in Q1 2022. The bank experienced a loan growth of $13 million, a 2.7% increase from the previous quarter, while deposits declined by $19.1 million, marking a 2.8% decrease. The net interest margin decreased to 3.49%, reflecting rising deposit costs and competition for liquidity. The company opened a new branch in Eugene, Oregon, as part of its growth strategy. Non-performing assets improved, decreasing to 0.26%, and asset quality remains strong. The Tier 1 Capital Ratio stands at 10.98%, indicating solid capitalization. Despite challenges, the bank aims for improved efficiency and growth in lending operations.

PBCO Financial Corporation (OTC PINK: PBCO) announced the retirement of CEO and Co-Founder Ken Trautman, effective July 1, 2023. Trautman, who co-founded People’s Bank of Commerce in 1998, will remain on the Board of Directors. Under his leadership, the bank grew from seven employees to over 140 and achieved assets exceeding $800 million. Julia Beattie, the current president, will succeed Trautman as CEO and join the Board. Beattie has over 30 years in the financial services industry, with close ties to the bank’s recent growth. This leadership transition is part of a longstanding succession plan.

PBCO Financial Corporation (OTC PINK: PBCO) reported its fourth quarter and year-end 2022 financial results, highlighting a net income of $2.0 million for Q4, or $0.38 per diluted share. Total income for 2022 reached $9.9 million, down from $11.5 million in 2021, attributed to reduced mortgage income and the absence of PPP fee revenue. Despite challenges, loan growth was $27.3 million in Q4 (up 6.1% compared to Q3 2022). The net interest margin improved to 3.74%. However, total deposits decreased by $45.8 million in Q4, or 6.2%, with an annual decline of $71.4 million or 9.3%.

PBCO Financial Corporation (PBCO) reported a net income of $3.0 million, or $0.59 per diluted share for Q3 2022, compared to $2.7 million in Q3 2021. Core earnings rose by 73.9% year-over-year, excluding PPP fee income. Steelhead gross factoring revenue increased 6.2% to $1.9 million. Investment securities saw a significant gain of 20.9%, reaching $42.6 million. However, deposits declined by 1.6%, totaling a decrease of $12.2 million due to customers seeking higher yields.

PBCO Financial Corporation (OTC PINK: PBCO) declared a 5% stock dividend for shareholders of record as of October 10, 2022, with distribution expected around November 10, 2022. This decision reflects the company’s strong financial performance, highlighted by improved core earnings year-over-year. CEO Ken Trautman emphasized gratitude towards shareholders for their support, showcasing the bank's profitable results and commitment to shareholder value. Cash payments will be made for any fractional shares.

PBCO Financial Corporation (OTC PINK: PBCO) announced its 2nd quarter 2022 results, reporting net income of $2.4 million, or $0.48 per diluted share, down from $3.0 million in the same quarter of 2021. Steelhead gross factoring revenue grew 25% to $2.0 million, while core earnings increased 25.9%. Deposits decreased by $47.3 million from the previous quarter but showed an annual growth of 5.3%. The Tier 1 Capital Ratio improved to 12.71%. However, unrealized losses on investments reached $19.3 million, impacting book value.

PBCO Financial Corporation (OTC PINK: PBCO) announced its Q1 2022 financial results, reporting a net income of $2.4 million, or $0.47 per diluted share, down from $2.9 million, or $0.69 per diluted share in Q1 2021. The company's Steelhead gross factoring revenue grew 53% to $2.0 million. Total deposits increased by $33.9 million (4.4%) quarter-over-quarter and $78.8 million (17.7%) year-over-year. Following a $25 million issuance of subordinated notes, the Tier 1 Capital Ratio rose to 11.25%. However, non-interest income fell by $2.2 million compared to Q1 2021, primarily due to a one-time gain from a merger.

PBCO Financial Corporation has completed a $25 million private placement of fixed-to-floating rate subordinated notes, maturing on March 15, 2032. The notes will initially carry a fixed rate of 3.875% until March 15, 2027, after which they will switch to a floating interest rate. The funds will be utilized for general corporate purposes, supporting organic growth and strategic initiatives. This offering is expected to enhance the company's regulatory capital ratios.

People's Bank of Commerce has appointed William (Bill) Whalen as the new executive vice president and chief credit officer. Whalen brings nearly 33 years of banking experience, including 30 years in Oregon. Previously, he served as senior vice president and chief credit officer at another community bank in the state. His expertise in commercial lending is expected to strengthen the bank's operations. Whalen is also involved in community service organizations, indicating a commitment to local engagement.