Financial Performance - Net income for the three months ended September 30, 2024, was $404,000, a decrease of $109,000 compared to $513,000 for the same period in 2023[117]. - For the nine months ended September 30, 2024, net income was $1.1 million, down $419,000 from $1.5 million for the same period in 2023[119]. - Net income decreased by $109,000, or 21.2%, to $404,000 for the three months ended September 30, 2024, from $513,000 for the same period in 2023[141]. - Net income decreased by $419,000, or 27.7%, to $1.1 million for the nine months ended September 30, 2024, from $1.5 million for the same period in 2023[161]. - Net interest income decreased by $215,000, or 7.1%, to $2.8 million for the three months ended September 30, 2024[152]. - Net interest income decreased by $1.1 million, or 11.4%, to $8.2 million for the nine months ended September 30, 2024, primarily due to increased interest expenses[173]. Asset and Liability Management - Total assets increased by $13.1 million, or 3.0%, to $452.8 million at September 30, 2024, from $439.7 million at December 31, 2023[129]. - Total liabilities increased to $400.6 million as of September 30, 2024, compared to $355.5 million at December 31, 2023[182]. - Total deposits grew by $21.8 million, or 6.6%, to $354.8 million at September 30, 2024, from $333.0 million at December 31, 2023[115]. - Total borrowings from the FHLB decreased by $9.9 million, or 17.9%, to $45.2 million at September 30, 2024[139]. - Total interest-bearing liabilities increased to $372.2 million for the nine months ended September 30, 2024, from $311.3 million for the same period in 2023[182]. Loan Portfolio - Gross loans increased by $22.6 million, or 6.9%, to $349.2 million at September 30, 2024, from $326.6 million at December 31, 2023[129]. - Commercial real estate loans rose by $20.7 million, or 11.2%, to $205.6 million at September 30, 2024, from $184.9 million at December 31, 2023[130]. - The allowance for credit losses on loans was $4.4 million, or 1.27%, of loans outstanding at September 30, 2024, down from $4.5 million, or 1.38%, at December 31, 2023[175]. - Total non-performing loans were $1.3 million, or 0.36% of total loans, at September 30, 2024, down from $1.4 million, or 0.44% of total loans, at December 31, 2023[191]. - Nonaccrual loans totaled $1.3 million at September 30, 2024, down from $1.4 million at December 31, 2023[191]. Income and Expenses - Total interest and dividend income increased by $872,000, or 17.0%, to $6.0 million for the three months ended September 30, 2024[142]. - Interest income on loans increased by $690,000, or 15.8%, to $5.1 million for the three months ended September 30, 2024[143]. - Interest expense increased by $1.1 million, or 51.8%, to $3.2 million for the three months ended September 30, 2024[147]. - Noninterest income increased by $89,000, or 48.1%, to $274,000 for the three months ended September 30, 2024, compared to $185,000 for the same period in 2023[156]. - Noninterest expenses rose by $119,000, or 4.9%, to $2.6 million for the three months ended September 30, 2024, from $2.4 million in the same period of 2023[157]. Credit Losses - The provision for credit losses recorded was $34,000 for the three months ended September 30, 2024, compared to $140,000 for the same period in 2023[154]. - The provision for credit losses recorded a reversal of $33,000 for the nine months ended September 30, 2024, compared to a provision of $570,000 in the prior year[175]. - Charge-offs were $115,000 and $121,000 for the three and nine months ended September 30, 2024, respectively, compared to $0 and $144,000 for the same periods in 2023[196]. Equity and Capital - Stockholders' equity increased by $703,000, or 1.5%, to $47.7 million at September 30, 2024, from $47.0 million at December 31, 2023[140]. - The company maintained a strong liquidity position with the ability to borrow approximately $199.5 million from the Federal Home Loan Bank of Pittsburgh[199]. Taxation - Income tax expense decreased by $30,000, or 21.3%, to $111,000 for the three months ended September 30, 2024, compared to $141,000 for the same period in 2023[158]. - Income tax expense decreased by $119,000, or 28.3%, to $301,000 for the nine months ended September 30, 2024, compared to $420,000 for the same period in 2023[180]. - The effective tax rates were 21.6% for the nine months ended September 30, 2024, compared to 21.8% for the same period in 2023[180]. Liquidity - Cash and cash equivalents increased by $22.1 million, or 68.1%, to $54.5 million at September 30, 2024, from $32.4 million at December 31, 2023[136]. - Cash and cash equivalents totaled $54.5 million at September 30, 2024[202]. - Outstanding commitments to originate loans were $26.8 million as of September 30, 2024[207]. - Unused lines of credit totaled $12.6 million at September 30, 2024[207]. - Certificates of deposit due within one year totaled $147.0 million, representing 86.3% of total certificates of deposit[203].
PB Bankshares(PBBK) - 2024 Q3 - Quarterly Report