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PBCO Financial Corporation Reports Q2 2022 Earnings
PBCO Financial Corporation Reports Q2 2022 Earnings.
About this update from Pbco Financial Corporation
[{"type":"text","content":"\nPBCO Financial Corporation (OTC PINK: PBCO), the holding company of People’s Bank of Commerce, announced today its financial results for the 2nd quarter 2022. As a result of the PBCO Financial Corporation reorganization and merger effective February 28, 2022, the current period financial discussion and summary balance sheet and income statement in this release reflect PBCO Financial Corporation on a consolidated basis, while the comparative prior periods are People’s Bank of Commerce results only. As the results of operations presented are substantially from the performance of People’s Bank of Commerce, management believes there is not a material difference related to disclosing the current and comparative results as presented.\n\nHighlights\n\n\nSecond quarter net income of $2.4 million, or $0.48 per diluted share\n\n\nSteelhead gross factoring revenue of $2.0 million, an increase of 25.0% from Q2 2021\n\n\nCore earnings (excluding PPP fee income) up 25.9% from Q2 2021\n\n\nInvestment securities increased $140.7 million, or 135.1%, over Q2 2021\n\n\nThe company reported quarterly net income of $2.4 million, or $0.48 per diluted share, for the 2nd quarter of 2022 compared to net income of $3.0 million, or $0.59 per diluted share, in the same quarter of 2021. Earnings per share for the trailing 12 months were $2.08 per share, down from $2.28 per share for the prior twelve-month period. “Although earnings were impacted by the absence of income from PPP, the bank performed according to expectations during 2nd quarter. Excluding PPP income for the 2nd quarter of 2021, EPS would have been $0.38 per share, demonstrating the strength in core earnings for the most recent quarter,” said Lindsey Trautman, Chief Financial Officer. During the quarter, the company also made a provision for loan losses of $113 thousand. “The second quarter of 2022 represents the first time in two years that earnings are not materially impacted by PPP loans or merger related adjustments and more closely represent core bank earnings going forward,” commented Ms. Trautman.\n\nDeposits decreased $47.3 million, a 5.9% decrease from the prior quarter ending March 31, 2022. Over the last 12 months, deposits grew by $37.8 million, an annualized 5.3% growth rate. “During 2nd quarter, the company experienced a decrease ...