Financial Performance - PB Bankshares, Inc. reported unaudited net income of $317,000 for Q1 2024, down from $409,000 in Q1 2023, with diluted earnings per share at $0.13 compared to $0.16 in the prior year[1]. - Noninterest income increased to $187,000 in Q1 2024 from $138,000 in Q1 2023, despite unrealized losses on equity investments[7]. - Stockholders' equity decreased by $220,000 to $46.8 million at March 31, 2024, due to stock buybacks and net income[14]. Income and Expenses - Total interest and dividend income increased by 28.5% to $5.6 million in Q1 2024 from $4.4 million in Q1 2023[4]. - Net interest income decreased to $2.6 million in Q1 2024 from $3.0 million in Q1 2023, primarily due to rising interest expenses[5]. - Return on average assets (annualized) decreased to 0.29% in Q1 2024 from 0.38% in Q4 2023, a drop of 23.68%[22]. - Return on average equity (annualized) also fell to 2.71% from 3.14%, representing a decrease of 13.68%[22]. - Net interest margin (annualized) declined to 2.44% from 2.74%, a reduction of 10.95%[22]. Asset and Loan Growth - Total assets increased by $10.7 million, or 2.4%, to $450.4 million at March 31, 2024, driven by strong cash and loan growth[9]. - Cash and cash equivalents surged by 105.9% to $66.8 million at March 31, 2024, from $32.4 million at December 31, 2023[9]. - Gross loans rose by $11.8 million, or 3.6%, to $338.4 million at March 31, 2024, primarily due to growth in the commercial real estate portfolio[9]. - Loans receivable net of allowance for credit losses reached $333,288 million, up from $321,382 million, reflecting a growth of 3.66%[21]. Credit Quality - The allowance for credit losses was $4.5 million, or 1.32% of loans outstanding, as of March 31, 2024, compared to $4.1 million, or 1.30%, in Q1 2023[6]. - Total non-performing loans to total loans was 0.39% as of March 31, 2024, down from 0.44% in December 2023, indicating an improvement of 11.36%[22]. Capital and Shareholder Value - The company repurchased 50,000 shares of its common stock at an average price of $13.35 per share during Q1 2024[4]. - Total stockholders' equity slightly decreased to $46,769 million from $46,989 million, a decline of 0.47%[21]. - Tangible book value per common share increased to $17.78 from $17.53, reflecting a growth of 1.43%[23]. - Tier 1 capital ratio decreased to 9.25% from 9.78%, a decline of 5.43%[23].

Financial Performance - Net income for the year ended December 31, 2023, was $1.9 million, a decrease of $195,000 compared to $2.1 million for the year ended December 31, 2022[229]. - Net income decreased $195,000 to $1.9 million for the year ended December 31, 2023, due to a $1.4 million increase in noninterest expense[269]. - Net income for 2023 was $1,919 million, a decrease from $2,114 million in 2022, representing a decline of 9.2%[313]. - Noninterest income decreased by $632,000, or 44.6%, to $785,000 for 2023, primarily due to losses from the disposal of premises and equipment[286]. - Total noninterest expenses increased by $1.4 million, or 16.2%, to $9.8 million in 2023, driven by higher salaries and employee benefits[288]. - Income tax expense rose by $14,000, or 2.6%, to $545,000 for 2023, with an effective tax rate of 22.1% compared to 20.1% in 2022[289]. Asset and Deposit Growth - Total assets increased by $53.2 million, or 13.8%, to $439.7 million at December 31, 2023, from $386.5 million at December 31, 2022[253]. - Deposits rose by $43.5 million, or 15.0%, from $289.5 million at December 31, 2022, to $333.0 million at December 31, 2023[225]. - Core deposits increased by $11.1 million, or 6.3%, to $187.5 million at December 31, 2023, from $176.4 million at December 31, 2022[234]. - Cash and cash equivalents increased by $15.2 million, or 88.5%, to $32.4 million at December 31, 2023 from $17.2 million at December 31, 2022[256]. - Total deposits increased to $332,966 million in 2023, up from $289,495 million in 2022, reflecting an increase of 15.0%[310]. Loan Portfolio and Credit Quality - The commercial real estate and commercial and industrial loan portfolios grew from $166.4 million, or 54.5% of total loans, at December 31, 2022, to $201.4 million, or 61.7% of total loans, at December 31, 2023[230]. - Gross loans increased by $53.2 million, or 15.3%, during 2023[225]. - Net loans receivable increased $20.5 million, or 6.8%, to $321.4 million at December 31, 2023, primarily due to a $36.3 million increase in commercial real estate loans, which rose 24.4%[257]. - The allowance for credit losses rose to $4,511,000 in 2023, up from $3,992,000 in 2022, indicating a 13% increase[397]. - Total non-accrual loans increased to $1,421,000 in 2023, compared to $1,049,000 in 2022, reflecting a rise of 35.5%[399]. - The total provision for credit losses decreased to $632,000 in 2023 from $1,200,000 in 2022, a reduction of 47.4%[398]. Interest Income and Expense - Total interest income increased $6.0 million, or 43.5%, to $19.8 million for the year ended December 31, 2023, resulting from a 123 basis points increase in the average yield on interest-earning assets[270]. - Interest income on loans increased $4.2 million, or 32.9%, to $17.0 million for 2023, driven by a 92 basis points increase in the average yield on loans[271]. - Interest expense increased $4.7 million, or 161.1%, to $7.7 million for the year ended December 31, 2023, due to increases in interest expense on deposits and borrowings[276]. - The net interest margin improved to 3.07% in 2023 from 2.97% in 2022, while the net interest rate spread decreased to 2.71%[292]. - Net interest income increased by $1.3 million, or 11.5%, to $12.1 million for the year ended December 31, 2023, compared to $10.9 million for 2022[279]. Borrowings and Liquidity - Total borrowings from the Federal Home Loan Bank of Pittsburgh increased $7.5 million, or 15.7%, to $55.1 million at December 31, 2023[267]. - The liquidity ratio averaged 13.7% for the year ended December 31, 2023, significantly above the target of 5.0%[298]. - The company maintained the ability to borrow approximately $178.5 million from the Federal Home Loan Bank of Pittsburgh as of December 31, 2023[297]. - Maximum borrowing capacity increased from $155,601,000 in 2022 to $178,468,000 in 2023, secured by qualifying loans[420]. Stockholder Equity and Share Repurchase - Stockholders' equity increased $1.0 million, or 2.2%, to $47.0 million at December 31, 2023, attributed to net income of $1.9 million for 2023[268]. - The company repurchased 165,109 shares of common stock for $2,145,000 in 2023, compared to 40,289 shares for $530,000 in 2022[321]. Accounting and Regulatory Compliance - The Company accounts for income taxes in accordance with FASB ASC Topic 740, resulting in current and deferred income tax expense[366]. - The Company adopted ASC 326 on January 1, 2023, establishing a reserve for unfunded loan commitments of $177,000, which reduced retained earnings by $140,000[383]. - The adjustment recorded at the adoption of ASC 326 established a reserve for credit losses based on historical experience and reasonable forecasts[383].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40612 (Exact name of registrant as specified in its charter) Maryland 86-3947794 (State or other jurisdic ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) (Exact name of registrant as specified in its charter) Maryland 86-3947794 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 185 E Lincoln Highway Coatesville, PA 19320 (Address of Principal Executive Offices) (610) 384-8282 (Registrant's telephone number) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 F ...

Table of Contents Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the transition period from to Commission File Number: 001-40612 (Exact name of registrant as specified in its charter) Maryland 86-3947794 (State or other jurisdiction ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From To Commission file number: 001-40612 PB BANKSHARES, INC. (Exact name of registrant as specified in its charter) Maryland 86-3947794 (State of Other Jurisdic ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40612 (Exact name of registrant as specified in its charter) Maryland 86-3947794 (State or other jurisdic ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40612 (Exact name of registrant as specified in its charter) Maryland 86-3947794 (State or other jurisdiction ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40612 (Exact name of registrant as specified in its charter) Maryland 86-3947794 (State or other jurisdiction ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Commission file number: 001-40612 PB BANKSHARES, INC. (Exact name of registrant as specified in its charter) Maryland 86-3947794 (State of Other Jurisdiction of incorporation or 185 East Lincoln Highway, Coatesville, Pennsylvania 19320 (Address of principal executive offices) (Zip code) FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 ...