Articles from PBCO Financial Corporation

PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (Company) of People’s Bank of Commerce (Bank), today announced that it has declared a cash dividend representing 15% of 2024 year-end net income, or $0.229 per share. The $0.229 dividend will be paid on March 5, 2025, to shareholders of record February 19, 2025 and will be rounded up to the nearest full cent upon payment. “I am pleased to announce that this represents the first cash dividend paid to shareholders since 2009. The Company remains well capitalized by regulatory capital standards,” reported Julia Beattie, President and CEO.

PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (Company) of People’s Bank of Commerce (Bank), today reported net income of $2.7 million and earnings per share of $0.51 for the fourth quarter of 2024, compared to net income of $1.9 million and $0.36 per share for the third quarter of 2024. For the year ended 2024, earnings per share were $1.52 compared to $0.19 in 2023.

PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (Company) of People’s Bank of Commerce (Bank), today reported net income of $1.9 million and earnings per share of $0.36 for the quarter ended September 30, 2024, compared to net income of $1.8 million and $0.33 per share for the quarter ended June 30, 2024.

PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (Company) of People’s Bank of Commerce (Bank), today reported net income of $1.8 million and earnings per diluted share of $0.33 for the quarter ended June 30, 2024, compared to income of $1.7 million and $0.31 per diluted share for the quarter ended March 31, 2024.

PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (Company) of People’s Bank of Commerce (Bank), today reported that Steve Erb has accepted the role of Chief Operating Officer, effective June 14, 2024. Joan Reukauf, the current Chief Operating Officer, is leaving to pursue a new opportunity related to the banking industry in education. “The Company is fortunate to retain Mr. Erb as Chief Operating Officer as Ms. Reukauf transitions to her new role outside the organization,” reported Julia Beattie, President & CEO.

PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (Company) of People’s Bank of Commerce (Bank), today reported that Steve Erb, Chief Strategy Officer of the Company and Bank will retire August 5, 2024. Erb joined the bank in January 2014, serving as Chief Banking Officer and most recently as Chief Strategy Officer since 2020. “Erb was instrumental in managing the Bank’s merger with Willamette Community Bank in 2021 and corporate reorganization in 2022,” commented Julia Beattie, President and CEO. “With the elevated rate environment, the opportunity for strategic expansion has been muted, which prompted the mutual decision,” added Beattie.

PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (Company) of People’s Bank of Commerce (Bank), today reported net income of $1.7 million and earnings per diluted share of $0.31 for the quarter ended March 31, 2024, compared to a loss of $3.90 million and -$0.73 per diluted share for the quarter ended December 31, 2023. Excluding one-time expenses in fourth quarter, EPS would have been $0.27 per share, resulting in an increase of $0.04 per share during first quarter when compared to core earnings from prior quarter.

PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (Company) of People’s Bank of Commerce (Bank), today reported a loss of $3.90 million and earnings per diluted share of -$0.73 for the quarter ended December 31, 2023, compared to earnings of $1.56 million and $0.29 per diluted share for the quarter ended September 30, 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 or $1.92 per diluted share.

PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (Company) for People’s Bank of Commerce (Bank), announced today that the Bank completed a repositioning strategy for our investment securities portfolio. The Bank sold approximately $49.4 million in market value of investment securities classified as available-for-sale with an average yield of 1.42% for an estimated after-tax loss of approximately $5.1 million. This sale will cause the Company to report a net loss for the fourth quarter of 2023. The Company will use the net proceeds to rebalance the composition of the Bank’s balance sheet. The Company anticipates this repositioning will enhance net interest income and will be neutral to tangible book value per share.

PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (Company) for People’s Bank of Commerce (Bank), announced today that it has made the strategic business decision to exit the residential mortgage lending market, effective November 1st. “Industry trends and the current interest rate environment have made it challenging for this division to remain profitable in recent years,” commented Julia Beattie, President & CEO. “Residential mortgages are widely accessible to consumers due to increased availability online, with more than 70% of mortgages provided by non-depository lenders in 2022, according to the CFPB. The outlook for mortgage loan demand in 2024 and possibly into 2025 also factored into our decision. This departure also reflects the realignment of our strategic goals and focus for the future,” added Beattie. PBCO anticipates one-time termination expenses of $350 thousand during the fourth quarter of 2023 associated with severance and contract termination fees.

PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (Company) of People’s Bank of Commerce (Bank), today reported earnings of $1.56 million and earnings per diluted share of $0.29 for the quarter ended September 30, 2023, compared to $1.66 million and $0.31 per diluted share for the quarter ended June 30, 2023.

PBCO Financial Corporation (OTC PINK: PBCO), the holding company (Company) of People’s Bank of Commerce (Bank), today reported earnings of $1.65 million and earnings per diluted share of $0.31 for the quarter ended June 30, 2023, similar to $1.67 million and $0.31 per diluted share for the quarter ended March 31, 2023.

PBCO Financial Corporation (OTC PINK: PBCO), the holding company (Company) of People’s Bank of Commerce (Bank), announced today its financial results for the first quarter of 2023.

PBCO Financial Corporation (OTC PINK: PBCO), the holding company (“Company”) of People’s Bank of Commerce (“Bank”), today announced the upcoming retirement of Ken Trautman, CEO and Co-Founder, effective July 1, 2023. Mr. Trautman will remain on the Board of Directors for the Company and the Bank.

PBCO Financial Corporation (OTC PINK: PBCO), the holding company (Company) of People’s Bank of Commerce (Bank), announced today its financial results for the fourth quarter of 2022 and for year-end 2022.

PBCO Financial Corporation (OTC PINK: PBCO), the holding company (Company) of People’s Bank of Commerce (Bank), announced today its financial results for the 3rd quarter 2022.

The Board of Directors of PBCO Financial Corporation (OTC PINK: PBCO), the holding company for People’s Bank of Commerce, announced today a five percent (5%) stock dividend payable to all shareholders of record October 10, 2022, payable on or about November 10, 2022. Ken Trautman, CEO, stated “the Board of Directors is pleased to provide this dividend to our shareholders in appreciation of their support and in recognition of the strong financial results the bank has seen for the second quarter and year-to-date. Company profitability has performed according to expectations in 2022, with core earnings improving year-over-year, as demonstrated in our most recent earnings release.” No fractional shares will be issued, and cash will be paid in lieu of fractional shares.

PBCO 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.

PBCO Financial Corporation (OTC PINK: PBCO), the holding company of People’s Bank of Commerce, announced today its financial results for the 1st 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.