Financial Performance - PB Bankshares, Inc. reported unaudited net income of $404,000 for Q3 2024, down from $513,000 in Q3 2023, and $1,091,000 for the nine months ended September 30, 2024, compared to $1,510,000 for the same period in 2023[1]. - Net income for the nine months ended September 30, 2024, was $1,091,000, down from $1,510,000 for the same period in 2023, representing a decrease of approximately 27.8%[12]. - Earnings per common share (diluted) for the three months ended September 30, 2024, was $0.18, consistent with the previous quarter[11]. Income and Revenue - Total interest and dividend income increased by 20.6% to $17.6 million for the nine months ended September 30, 2024, up from $14.6 million in the same period of 2023[2]. - Noninterest income for the nine months ended September 30, 2024, was $651,000, up from $582,000 in the same period of 2023, driven by gains on equity securities[4]. - Noninterest income for the nine months ended September 30, 2024, was $651,000, compared to $582,000 for the same period in 2023, showing an increase of approximately 11.9%[12]. Assets and Liabilities - Total assets rose by $13.2 million, or 3.0%, to $452.9 million at September 30, 2024, from $439.7 million at December 31, 2023[6]. - Total assets as of September 30, 2024, were $452,857,000, up from $449,045,000 as of June 30, 2024, indicating a growth of 0.4%[13]. - Cash and cash equivalents increased by 68.1% to $54.5 million at September 30, 2024, from $32.4 million at December 31, 2023[6]. - Gross loans increased by $22.6 million, or 6.9%, to $349.2 million at September 30, 2024, primarily due to growth in the commercial real estate portfolio[6]. Credit Quality - The allowance for credit losses was $4.4 million, or 1.27% of loans outstanding, as of September 30, 2024, compared to $4.5 million, or 1.38%, at December 31, 2023[4]. - The provision for credit losses for the nine months ended September 30, 2024, was $(33,000), a significant improvement from $570,000 for the same period in 2023[12]. - Total non-performing loans decreased to $1.3 million at September 30, 2024, compared to $1.4 million at December 31, 2023, with a non-performing loans to total loans ratio of 0.36%[4]. Stockholder Equity - Stockholders' equity increased by $703,000 to $47.7 million at September 30, 2024, primarily due to year-to-date net income of $1.1 million[8]. - Total stockholders' equity as of September 30, 2024, was $47,692,000, an increase from $46,600,000 as of June 30, 2024[13]. Share Repurchase - The Company repurchased 130,827 shares of its common stock during the first nine months of 2024 at an average price of $13.25 per share[2]. Margins and Returns - The net interest margin for the three months ended September 30, 2024, was 2.57%, compared to 2.54% in the previous quarter, reflecting a slight improvement[14]. - The return on average assets (annualized) for the three months ended September 30, 2024, was 0.36%, up from 0.33% in the previous quarter[14]. Quarterly Performance - Interest and dividend income for the three months ended September 30, 2024, was $6,011,000, an increase from $5,931,000 in the previous quarter[11]. - The tangible book value per common share as of September 30, 2024, was $18.69, up from $18.17 as of June 30, 2024[14].
PB Bankshares(PBBK) - 2024 Q3 - Quarterly Results