Aufrufe: 65
Highlights
“I’m excited to share the first quarter results for the company, which reflect further expansion of our net interest margin, improved non-interest income, and continued management of our non-interest expense, all of which contributed to our increase in profitability for the first quarter,” reported Julia Beattie, President and CEO.
"We had a large loan prepayment of $10.0 million, which impacted the overall growth in our loan portfolio. The Bank was able to offset the prepayment with new loans booked, but the 0.1% increase in our loans was less than anticipated,” noted Beattie. As a result of the large prepayment, the Bank recognized income of $204 thousand of deferred fees plus a prepayment penalty during the quarter.
“Our deposits declined in the quarter by $8.6 million, a 1.3% decrease, which reflects the outflow of remaining balances from a large customer that began transitioning out of the Bank in the fourth quarter of 2025,” noted Beattie. “The Bank is focused on growing deposits for the balance of the year to support loan growth,” added Beattie.
During the first quarter, non-interest income increased by $166 thousand, with the increase primarily attributed to an increase in factoring revenue from our Steelhead Finance division of $136 thousand for the quarter. Non-interest expenses totaled $5.8 million in the first quarter, an increase of $19 thousand from the fourth quarter of 2025.
The Bank’s leverage ratio was 15.04% as of March 31, 2026, compared to 14.78% as of December 31, 2025. The Company’s tangible common equity was $94.3 million as of March 31, 2026, compared to $94.0 million as of December 31, 2025. During the first quarter, the Company completed stock repurchases for 50,841 shares at a weighted average price of $18.30 per share.
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) | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | |||||||||||||||
| BALANCE SHEET | ||||||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | 5,319 |
| 5,959 |
| 6,194 |
| 6,917 |
| 4,909 |
| ||||||||||
| Federal funds sold |
|
|
|
|
|
|
|
|
|
| ||||||||||
| Interest bearing deposits |
| 22,451 |
|
| 31,747 |
|
| 53,846 |
|
| 51,060 |
|
| 53,592 |
| |||||
| Investment securities |
| 106,500 |
|
| 114,079 |
|
| 119,970 |
|
| 127,850 |
|
| 131,915 |
| |||||
| Loans held for sale |
|
|
|
|
|
|
|
|
|
| ||||||||||
| Loans held for investment, net of unearned income |
| 568,024 |
|
| 567,673 |
|
| 560,615 |
|
| 553,948 |
|
| 551,388 |
| |||||
| Total Loans, net of deferred fees and costs |
| 568,024 |
|
| 567,673 |
|
| 560,615 |
|
| 553,948 |
|
| 551,388 |
| |||||
| Allowance for loan losses |
| (6,551 |
| (6,418 |
| (6,304 |
| (5,971 |
| (5,684 | ||||||||||
| Premises and equipment, net |
| 27,643 |
|
| 27,847 |
|
| 28,480 |
|
| 28,797 |
|
| 28,878 |
| |||||
| Bank owned life insurance |
| 18,269 |
|
| 17,846 |
|
| 17,695 |
|
| 17,516 |
|
| 17,373 |
| |||||
| Other Assets |
| 37,547 |
|
| 29,896 |
|
| 29,821 |
|
| 30,905 |
|
| 29,809 |
| |||||
| Total assets | $ | 779,202 |
| $ | 788,629 |
| $ | 810,317 |
| $ | 811,022 |
| $ | 812,180 |
| |||||
| LIABILITIES | ||||||||||||||||||||
| Deposits | ||||||||||||||||||||
| Demand - non-interest bearing | 224,735 |
| 220,919 |
| 239,521 |
| 242,281 |
| 241,290 |
| ||||||||||
| Demand - interest bearing |
| 183,590 |
|
| 199,131 |
|
| 189,924 |
|
| 205,034 |
|
| 222,690 |
| |||||
| Money market and savings |
| 226,985 |
|
| 223,944 |
|
| 236,949 |
|
| 222,265 |
|
| 208,683 |
| |||||
| Time deposits of less than $250,000 |
| 7,221 |
|
| 7,489 |
|
| 7,476 |
|
| 7,716 |
|
| 8,449 |
| |||||
| Time deposits of more than $250,000 |
| 2,824 |
|
| 2,484 |
|
| 3,072 |
|
| 2,757 |
|
| 2,741 |
| |||||
| Total deposits | 645,355 |
| 653,967 |
| 676,942 |
| 680,053 |
| 683,853 |
| ||||||||||
| Borrowed funds |
| 27,792 |
|
| 27,894 |
|
| 28,274 |
|
| 28,381 |
|
| 28,487 |
| |||||
| Other liabilities |
| 8,061 |
|
| 9,139 |
|
| 8,853 |
|
| 9,248 |
|
| 9,301 |
| |||||
| Total liabilities | 681,208 |
| 691,000 |
| 714,069 |
| 717,682 |
| 721,641 |
| ||||||||||
| STOCKHOLDERS' EQUITY | ||||||||||||||||||||
| Common stock, surplus & retained earnings | 105,087 |
| 104,634 |
| 104,022 |
| 102,138 |
| 100,643 |
| ||||||||||
| Accumulated other comprehensive income, net of tax |
| (7,093 |
| (7,005 |
| (7,774 |
| (8,798 |
| (10,104 | ||||||||||
| Total stockholders' equity | 97,994 |
| 97,629 |
| 96,248 |
| 93,340 |
| 90,539 |
| ||||||||||
| Total liabilities & stockholders' equity | $ | 779,202 |
| $ | 788,629 |
| $ | 810,317 |
| $ | 811,022 |
| $ | 812,180 |
| |||||
| Consolidated Statements of Income | ||||||||||||||||||||
| (Dollars in 000's) | 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | |||||||||||||||
| INCOME STATEMENT | ||||||||||||||||||||
| INTEREST INCOME | ||||||||||||||||||||
| Loans | 9,129 |
| 9,007 |
| 8,749 |
| 8,595 |
| 8,351 |
| ||||||||||
| Investments |
| 437 |
|
| 462 |
|
| 477 |
|
| 496 |
|
| 517 |
| |||||
| Federal funds sold and due from banks |
| 204 |
|
| 586 |
|
| 536 |
|
| 563 |
|
| 431 |
| |||||
| Total interest income |
| 9,770 |
|
| 10,055 |
|
| 9,762 |
|
| 9,654 |
|
| 9,299 |
| |||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Deposits |
| 2,208 |
|
| 2,438 |
|
| 2,591 |
|
| 2,483 |
|
| 2,486 |
| |||||
| Borrowed funds |
| 261 |
|
| 262 |
|
| 262 |
|
| 259 |
|
| 257 |
| |||||
| Total interest expense |
| 2,469 |
|
| 2,700 |
|
| 2,853 |
|
| 2,742 |
|
| 2,743 |
| |||||
| NET INTEREST INCOME |
| 7,301 |
|
| 7,355 |
|
| 6,909 |
|
| 6,912 |
|
| 6,556 |
| |||||
| Provision for loan losses |
| 130 |
|
| 250 |
|
| 345 |
|
| 278 |
|
| 51 |
| |||||
| Net interest income after provision for loan losses |
| 7,171 |
|
| 7,105 |
|
| 6,564 |
|
| 6,634 |
|
| 6,505 |
| |||||
| NONINTEREST INCOME | ||||||||||||||||||||
| Service charges |
| 114 |
|
| 111 |
|
| 114 |
|
| 114 |
|
| 112 |
| |||||
| Steelhead finance income |
| 1,413 |
|
| 1,277 |
|
| 1,236 |
|
| 1,224 |
|
| 1,147 |
| |||||
| BOLI Income |
| 149 |
|
| 149 |
|
| 146 |
|
| 143 |
|
| 144 |
| |||||
| Other non-interest income |
| 523 |
|
| 496 |
|
| 482 |
|
| 570 |
|
| 502 |
| |||||
| Total noninterest income |
| 2,199 |
|
| 2,033 |
|
| 1,978 |
|
| 2,051 |
|
| 1,905 |
| |||||
| NONINTEREST EXPENSE | ||||||||||||||||||||
| Salaries and employee benefits |
| 3,725 |
|
| 3,735 |
|
| 3,578 |
|
| 3,543 |
|
| 3,536 |
| |||||
| Occupancy & equipment expense |
| 832 |
|
| 844 |
|
| 868 |
|
| 854 |
|
| 865 |
| |||||
| Advertising expense |
| 121 |
|
| 119 |
|
| 125 |
|
| 102 |
|
| 102 |
| |||||
| Professional expenses |
| 214 |
|
| 188 |
|
| 194 |
|
| 218 |
|
| 198 |
| |||||
| Data processing expense |
| 397 |
|
| 432 |
|
| 433 |
|
| 412 |
|
| 389 |
| |||||
| Loss on sale of investments |
|
|
|
|
|
|
|
|
|
| ||||||||||
| Other operating expenses |
| 490 |
|
| 442 |
|
| 595 |
|
| 790 |
|
| 703 |
| |||||
| Total noninterest expense |
| 5,779 |
|
| 5,760 |
|
| 5,793 |
|
| 5,919 |
|
| 5,793 |
| |||||
| Income before taxes |
| 3,591 |
|
| 3,378 |
|
| 2,749 |
|
| 2,766 |
|
| 2,617 |
| |||||
| Provision for income taxes |
| 919 |
|
| 879 |
|
| 691 |
|
| 708 |
|
| 669 |
| |||||
| NET INCOME | $ | 2,672 |
| $ | 2,499 |
| $ | 2,058 |
| $ | 2,058 |
| $ | 1,948 |
| |||||
| Shares outstanding end of quarter |
| 5,073,816 |
|
| 5,124,357 |
|
| 5,245,413 |
|
| 5,258,407 |
|
| 5,298,464 |
| |||||
| Average diluted shares outstanding |
| 5,169,497 |
|
| 5,227,865 |
|
| 5,292,256 |
|
| 5,319,429 |
|
| 5,337,992 |
| |||||
| Earnings per share | 0.52 |
| 0.48 |
| 0.39 |
| 0.39 |
| 0.37 |
| ||||||||||
| Diluted earnings per share | 0.52 |
| 0.48 |
| 0.39 |
| 0.39 |
| 0.36 |
| ||||||||||
| (Dollars in 000's) | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | |||||||||||||||
| Performance Ratios | ||||||||||||||||||||
| Return on average assets |
| 1.36 |
| 1.23 |
| 1.01 |
| 1.01 |
| 0.96 | ||||||||||
| Return on average equity |
| 10.81 |
| 10.26 |
| 8.68 |
| 8.94 |
| 8.75 | ||||||||||
| Net interest margin |
| 4.21 |
| 3.98 |
| 3.74 |
| 3.76 |
| 3.63 | ||||||||||
| Yield on loans |
| 6.55 |
| 6.35 |
| 6.23 |
| 6.23 |
| 6.13 | ||||||||||
| Cost of deposits |
| 1.41 |
| 1.42 |
| 1.51 |
| 1.46 |
| 1.50 | ||||||||||
| Efficiency ratio excluding non-recurring expenses |
| 60.83 |
| 61.35 |
| 65.19 |
| 66.04 |
| 68.47 | ||||||||||
| Full-time equivalent employees |
| 129 |
|
| 126 |
|
| 133 |
|
| 137 |
|
| 130 |
| |||||
| Capital | ||||||||||||||||||||
| Community Bank Leverage Ratio |
| 15.04 |
| 14.78 |
| 14.29 |
| 14.03 |
| 13.80 | ||||||||||
| Book value per share | 19.31 |
| 19.05 |
| 18.35 |
| 17.75 |
| 17.09 |
| ||||||||||
| Tangible book value per share | 18.59 |
| 18.34 |
| 17.65 |
| 17.05 |
| 16.39 |
| ||||||||||
| Dividends per Share | 0.25 |
|
|
|
| 0.23 |
| |||||||||||||
| Asset Quality | ||||||||||||||||||||
| Allowance for loan losses (ALLL) | 6,551 |
| 6,418 |
| 6,304 |
| 5,971 |
| 5,684 |
| ||||||||||
| Nonperforming loans (NPLs) | 7,236 |
| 4,147 |
| 4,095 |
| 3,372 |
| 4,576 |
| ||||||||||
| Nonperforming assets (NPAs) | 7,236 |
| 4,147 |
| 4,095 |
| 3,372 |
| 4,576 |
| ||||||||||
| Classified assets(2) | 10,768 |
| 11,528 |
| 13,031 |
| 9,288 |
| 10,624 |
| ||||||||||
| ALLL as a percentage of loans |
| 1.15 |
| 1.13 |
| 1.12 |
| 1.08 |
| 1.03 | ||||||||||
| Net charge offs (recoveries) to average loans |
| 0.00 |
| 0.02 |
| 0.00 |
| 0.00 |
| 0.00 | ||||||||||
| Nonperforming assets as a percentage of total assets |
| 0.93 |
| 0.53 |
| 0.51 |
| 0.42 |
| 0.56 | ||||||||||
| Classified Asset Ratio(3) |
| 10.30 |
| 11.08 |
| 12.71 |
| 9.35 |
| 11.04 | ||||||||||
| Past due as a percentage of total loans |
| 1.27 |
| 0.73 |
| 0.87 |
| 0.96 |
| 0.88 | ||||||||||
| End of period balances | ||||||||||||||||||||
| Total securities and short term deposits | 128,951 |
| 145,826 |
| 173,816 |
| 178,910 |
| 185,507 |
| ||||||||||
| Total loans | 568,024 |
| 567,673 |
| 560,615 |
| 553,948 |
| 551,388 |
| ||||||||||
| Total earning assets | 696,975 |
| 713,499 |
| 734,431 |
| 732,858 |
| 736,895 |
| ||||||||||
| Intangible assets | 3,660 |
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