Financial Performance - PB Bankshares, Inc. reported unaudited net income of $681,000 for Q4 2024, up from $409,000 in Q4 2023, and $1,772,000 for the year 2024, compared to $1,919,000 in 2023[1] - Net income for the year ended December 31, 2024, was $1,772 million, a decrease of 7.7% from $1,919 million in 2023[18] - Return on average assets (annualized) improved to 0.61% in Q4 2024 from 0.38% in Q4 2023[20] - Return on average equity (annualized) increased to 5.62% in Q4 2024 compared to 3.14% in Q4 2023[20] Income and Revenue - Total interest and dividend income increased by 18.4% to $23.5 million for the year ended December 31, 2024, from $19.8 million in 2023[2] - Noninterest income rose to $662,000 for Q4 2024, compared to $203,000 in Q4 2023, primarily due to a $487,000 gain on the sale of the Oxford Branch[5] - Noninterest income increased to $1,313 million in 2024, up 67.0% from $785 million in 2023[18] - Net interest income decreased to $11,094 million in 2024 from $12,114 million in 2023, reflecting a decline of 8.4%[18] Assets and Liabilities - Total assets increased by $11.6 million or 2.6% to $451.3 million at December 31, 2024, from $439.7 million at December 31, 2023[8] - Total assets as of December 31, 2024, were $451,317 million, slightly up from $439,748 million a year earlier[19] - Total deposits grew by $21.2 million or 6.4% to $354.2 million at December 31, 2024, from $333.0 million at December 31, 2023[11] Equity and Capital - Stockholders' equity increased by $1.7 million to $48.7 million at December 31, 2024, primarily due to net income and a decrease in accumulated other comprehensive loss[12] - Total stockholders' equity rose to $48,658 million as of December 31, 2024, from $46,989 million a year earlier[19] - Tangible book value per common share increased to $19.07 in Q4 2024 from $17.53 in Q4 2023[20] - Total capital to risk-weighted assets ratio was 13.50% as of December 31, 2024, down from 14.20% a year earlier[20] Loan and Credit Quality - Gross loans grew by 7.1% to $349.8 million at December 31, 2024, up from $326.6 million at December 31, 2023[8] - The allowance for credit losses was $4.4 million, or 1.25% of loans outstanding at December 31, 2024, compared to $4.5 million, or 1.38% at December 31, 2023[4] - The allowance to non-accrual loans ratio was 388.24% as of December 31, 2024, indicating strong coverage[20] - The commercial real estate portfolio has an average Loan-to-Value ratio of 59.2% and a Debt Service Coverage ratio of 1.41 times at December 31, 2024[8] Expenses - Noninterest expense increased by 4.0% to $10.2 million for the year ended December 31, 2024, from $9.8 million in 2023[2]
PB Bankshares(PBBK) - 2024 Q4 - Annual Results