Financial Performance - PB Bankshares, Inc. reported unaudited net income of $370,000 for Q2 2024, a decrease from $588,000 in Q2 2023, and $687,000 for the first six months of 2024 compared to $997,000 for the same period in 2023[2] - For the three months ended June 30, 2024, net income was $687,000, a decrease of 30.9% compared to $997,000 for the same period in 2023[18] - Basic earnings per common share for the quarter were $0.29, down from $0.40 for the same period in 2023[18] Income and Revenue - Total interest and dividend income increased by 22.6% to $11.5 million for the first half of 2024, up from $9.4 million in the same period of 2023[3] - Net interest income for the quarter was $2,786,000, reflecting a decrease from $3,222,000 in the previous quarter[18] - Noninterest income for the first half of 2024 was $377,000, a slight decrease from $397,000 in the same period of 2023, primarily due to lower loan-related fee income[7] - Noninterest income for the quarter was $190,000, showing a slight increase from $187,000 in the previous quarter[18] Assets and Loans - Total assets increased by $9.3 million or 2.1% to $449.0 million at June 30, 2024, primarily due to a 68.7% increase in cash and cash equivalents to $54.7 million[10] - Gross loans increased by $18.5 million or 5.7% to $345.1 million at June 30, 2024, driven by growth in the commercial real estate portfolio[10] - Total assets as of June 30, 2024, were $449,045,000, slightly down from $450,434,000 as of March 31, 2024[20] Credit Quality - The allowance for credit losses was 1.30% of loans outstanding at June 30, 2024, down from 1.38% at December 31, 2023, with total non-performing loans decreasing to $1.3 million[7] - The provision for credit losses was $17,000, compared to a reversal of $84,000 in the previous quarter, indicating a shift in credit quality[18] - The allowance to total loans outstanding at the end of the period was 1.30%, slightly down from 1.32% in the previous quarter[20] Stockholders' Equity - Stockholders' equity decreased by $389,000 to $46.6 million at June 30, 2024, impacted by stock buybacks and partially offset by year-to-date net income[13] - Total stockholders' equity as of June 30, 2024, was $46,600,000, a minor decrease from $46,769,000 as of March 31, 2024[20] Ratios and Coverage - The commercial real estate portfolio has an average Loan-to-Value ratio of 59.8% and a Debt Service Coverage ratio of 1.47 times as of June 30, 2024[10] - The return on average assets (annualized) improved to 0.33% from 0.29% in the previous quarter[20] - The net interest margin (annualized) increased to 2.54% from 2.44% in the previous quarter[20] Deposits - Uninsured and uncollateralized deposits totaled approximately $37.9 million or 10.9% of total deposits as of June 30, 2024[11] Share Repurchase - The Company repurchased 115,827 shares of its common stock at an average price of $13.06 per share during the first half of 2024[3]
PB Bankshares(PBBK) - 2024 Q2 - Quarterly Results