Pbco Financial CorporationOTC: PBCO

PBCO Financial Corporation Reports Third Quarter 2025 Results

· Issued by Pbco Financial Corporation via Business Wire
PBCO Financial Corporation Reports Third Quarter 2025 Results PBCO Financial Corporation Reports Third Quarter 2025 Results

MEDFORD, Ore.--(BUSINESS WIRE)-- PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (the “Company”) of People’s Bank of Commerce (the “Bank”), today reported net income of $2.1 million and earnings per share of $0.39 for the third quarter of 2025, compared to net income of $2.1 million and $0.39 per share for the second quarter of 2025.

Highlights

  • Loans grew by $6.7 million or 1.2% in the third quarter
  • Return on average assets of 1.01% during third quarter
  • Tangible book value per share of $17.65, an increase of 3.5% in the third quarter
  • Completed stock repurchase for 11,065 shares at a weighted average price of $15.59 per share

“We benefited from stable net interest income and operating expenses, which provided net income of $2.1 million that was consistent with the prior quarter,” reported Julia Beattie, President and CEO. “We continue to focus on serving our clients while maintaining our core deposit base and credit quality in the loan portfolio,” added Beattie.

The Bank’s loan portfolio increased to $560.6 million, or an increase of 1.2% over the prior quarter. “Although moderate, the loan portfolio increased at a higher pace in the third quarter versus the first half of the year,” noted Beattie. Conversely, deposits were down $3.1 million from second quarter at $676.9 million as of the end of third quarter, a 0.5% decrease.

The investment portfolio decreased 6.6% to $120.0 million during the third quarter from $127.9 million at the end of the second quarter. 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 $7.8 million at the end of the third quarter compared to $8.8 million at the end of the second quarter of 2025.

During the third quarter, non-interest income declined by $73 thousand as other non-interest income was down $88 thousand. This was primarily due to a lack of gains on sale of SBA loans, which were down $74 thousand during the quarter. Non-interest expenses totaled $5.8 million in the third quarter, down $126 thousand from the second quarter of 2025. The decrease was the result of reversal of the reserve on unfunded loan commitments, with a reversal of $138 thousand in expense during the third quarter as construction loan commitments were funded.

The Bank’s leverage ratio was 14.29% as of September 30, 2025, compared to 14.03% as of June 30, 2025. The Company’s tangible common equity was $92.6 million as of September 30, 2025, compared to $89.7 million as of June 30, 2025.

About PBCO Financial Corporation

PBCO Financial Corporation’s 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’s website at: www.peoplesbank.bank.

Founded in 1998, People’s 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,” “plans,” “projects,” 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’s Bank’s 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.

 
Consolidated Balance Sheets
(Dollars in 000's) 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024
BALANCE SHEET
ASSETS
Cash and due from banks

$

6,194

$

6,917

$

4,909

$

7,247

$

5,563

Federal funds sold

-

-

-

-

-

Interest bearing deposits

53,846

51,060

53,592

42,588

21,015

Investment securities

119,970

127,850

131,915

132,606

139,564

Loans held for sale

-

-

-

-

-

Loans held for investment, net of unearned income

560,615

553,948

551,388

546,599

552,307

Total Loans, net of deferred fees and costs

560,615

553,948

551,388

546,599

552,307

Allowance for loan losses

(6,304

)

(5,971

)

(5,684

)

(5,627

)

(6,190

)

Premises and equipment, net

28,480

28,797

28,878

29,125

28,626

Bank owned life insurance

17,695

17,516

17,373

17,222

17,082

Other Assets

29,821

30,905

29,809

28,817

29,162

Total assets

$

810,317

$

811,022

$

812,180

$

798,577

$

787,129

 
LIABILITIES
Deposits
Demand - non-interest bearing

$

239,521

$

242,281

$

241,290

$

252,441

$

275,838

Demand - interest bearing

189,924

205,034

222,690

200,029

170,685

Money market and savings

236,949

222,265

208,683

208,455

201,703

Time deposits of less than $250,000

7,476

7,716

8,449

9,334

10,392

Time deposits of more than $250,000

3,072

2,757

2,741

3,535

4,631

Total deposits

$

676,942

$

680,053

$

683,853

$

673,794

$

663,249

 
Borrowed funds

28,274

28,381

28,487

28,593

28,980

Other liabilities

8,853

9,248

9,301

8,570

8,140

Total liabilities

$

714,069

$

717,682

$

721,641

$

710,957

$

700,369

 
STOCKHOLDERS' EQUITY
Common stock, surplus & retained earnings

$

104,022

$

102,138

$

100,643

$

99,907

$

96,769

Accumulated other comprehensive income, net of tax

(7,774

)

(8,798

)

(10,104

)

(12,287

)

(10,009

)

Total stockholders' equity

$

96,248

$

93,340

$

90,539

$

87,620

$

86,760

 
Total liabilities & stockholders' equity

$

810,317

$

811,022

$

812,180

$

798,577

$

787,129

 
 
 
Consolidated Statements of Income
(Dollars in 000's) 3rd Quarter 2025 2nd Quarter 2025 1st Quarter 2025 4th Quarter 2024 3rd Quarter 2024
INCOME STATEMENT
INTEREST INCOME
Loans

$

8,749

$

8,595

$

8,351

$

8,575

$

8,397

Investments

477

496

517

524

557

Federal funds sold and due from banks

536

563

431

447

292

Total interest income

9,762

9,654

9,299

9,546

9,246

 
INTEREST EXPENSE
Deposits

2,591

2,483

2,486

2,566

2,582

Borrowed funds

262

259

257

262

342

Total interest expense

2,853

2,742

2,743

2,828

2,924

 
NET INTEREST INCOME

6,909

6,912

6,556

6,718

6,322

Provision for loan losses

345

278

51

(506

)

149

Net interest income after provision for
loan losses

6,564

6,634

6,505

7,224

6,173

 
NONINTEREST INCOME
Service charges

114

114

112

119

113

Steelhead finance income

1,236

1,224

1,147

1,181

1,185

BOLI Income

146

143

144

139

137

Other non-interest income

482

570

502

456

572

Total noninterest income

1,978

2,051

1,905

1,895

2,007

 
NONINTEREST EXPENSE
Salaries and employee benefits

3,578

3,543

3,536

3,013

3,220

Occupancy & equipment expense

868

854

865

894

800

Advertising expense

125

102

102

119

92

Professional expenses

194

218

198

220

175

Data processing expense

433

412

389

375

336

Loss on sale of investments

-

-

-

-

-

Other operating expenses

595

790

703

877

1,003

Total noninterest expense

5,793

5,919

5,793

5,498

5,626

 
Income before taxes

2,749

2,766

2,617

3,621

2,554

Provision for income taxes

691

708

669

904

622

 
NET INCOME

$

2,058

$

2,058

$

1,948

$

2,717

$

1,932

 
Shares outstanding end of quarter

5,245,413

5,258,407

5,298,464

5,298,464

5,298,464

Average diluted shares outstanding

5,292,256

5,319,429

5,338,325

5,311,751

5,300,957

Earnings per share

$

0.39

$

0.39

$

0.37

$

0.51

$

0.36

Diluted earnings per share

$

0.39

$

0.39

$

0.36

$

0.51

$

0.36

 
 
 
(Dollars in 000's) 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024
 
Performance Ratios
Return on average assets

1.01

%

1.01

%

0.96

%

1.34

%

0.97

%

Return on average equity

8.68

%

8.94

%

8.75

%

12.46

%

9.26

%

Net interest margin

3.74

%

3.76

%

3.63

%

3.67

%

3.51

%

Yield on loans

6.23

%

6.23

%

6.13

%

6.06

%

6.17

%

Cost of deposits

1.51

%

1.46

%

1.50

%

1.49

%

1.54

%

Efficiency ratio excluding non-recurring expenses

65.19

%

66.04

%

68.47

%

63.83

%

67.55

%

Full-time equivalent employees

133

137

130

135

134

 
Capital
Community Bank Leverage Ratio

14.29

%

14.03

%

13.80

%

13.92

%

13.71

%

Book value per share

$

18.35

$

17.75

$

17.09

$

16.54

$

16.37

Tangible book value per share

$

17.65

$

17.05

$

16.39

$

15.84

$

15.67

Dividends per Share

$

-

$

-

$

0.23

$

-

$

-

 
Asset Quality
Allowance for loan losses (ALLL)

$

6,304

$

5,971

$

5,684

$

5,627

$

6,190

Nonperforming loans (NPLs)

$

4,095

$

3,372

$

4,576

$

944

$

2,225

Nonperforming assets (NPAs)

$

4,095

$

3,372

$

4,576

$

944

$

2,225

Classified assets(2)

$

13,031

$

9,288

$

10,624

$

8,119

$

9,493

ALLL as a percentage of loans

1.12

%

1.08

%

1.03

%

1.03

%

1.12

%

Net charge offs (recoveries) to average loans

0.00

%

0.00

%

0.00

%

0.01

%

0.00

%

Nonperforming assets as a percentage of total assets

0.51

%

0.42

%

0.56

%

0.12

%

0.28

%

Classified Asset Ratio(3)

12.71

%

9.35

%

11.04

%

8.71

%

10.21

%

Past due as a percentage of total loans

0.87

%

0.96

%

0.88

%

0.49

%

0.46

%

 
End of period balances
Total securities and short term deposits

$

173,816

$

178,910

$

185,507

$

175,194

$

160,579

Total loans

$

560,615

$

553,948

$

551,388

$

546,599

$

552,307

Total earning assets

$

734,431

$

732,858

$

736,895

$

721,793

$

712,886

Intangible assets

$

3,681

$

3,690

$

3,701

$

3,711

$

3,717

Total assets

$

810,317

$

811,022

$

812,180

$

798,577

$

787,129

Total noninterest bearing deposits

$

239,521

$

242,281

$

241,290

$

252,441

$

275,838

Total deposits

$

676,942

$

680,053

$

683,853

$

673,794

$

663,249

 
Average balances
Total securities and short term deposits

$

181,528

$

181,971

$

179,784

$

178,899

$

170,092

Total loans

$

551,101

$

547,907

$

546,820

$

547,779

$

544,610

Total earning assets

$

732,629

$

729,878

$

726,604

$

726,678

$

714,702

Total assets

$

815,262

$

812,029

$

807,647

$

808,874

$

796,086

Total noninterest bearing deposits

$

237,705

$

240,960

$

239,660

$

253,070

$

266,179

Total deposits

$

682,347

$

681,775

$

680,707

$

683,359

$

670,056

(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.

https://cts.businesswire.com/ct/CT?id=bwnews&sty=20251022424116r1&sid=acqr8&distro=nx&lang=en

View source version on businesswire.com: https://www.businesswire.com/news/home/20251022424116/en/

Julia Beattie, President & CEO
(541) 608-8920, julia.beattie@peoplesbank.bank

Source: PBCO Financial Corporation

            © Copyright Business Wire 2025

View original source (Business Wire)

Earlier from Pbco Financial

All Pbco Financial news releases