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].
PB Bankshares(PBBK) - 2024 Q1 - Quarterly Results