Financial Performance - Net income for the three months ended March 31, 2024, was $317,000, a decrease of $92,000 compared to $409,000 for the same period in 2023[113] - Net income decreased by $92,000, or 22.5%, to $317,000 for the three months ended March 31, 2024, compared to $409,000 for the same period in 2023[133] - Total interest and dividend income increased by $1.3 million, or 28.5%, to $5.6 million for the three months ended March 31, 2024, driven by a 54 basis points increase in the average yield on interest-earning assets[134] - Net interest income decreased by $413,000, or 13.6%, to $2.6 million for the three months ended March 31, 2024, primarily due to increased interest expenses[143] - Noninterest income increased by $49,000, or 35.5%, to $187,000 for the three months ended March 31, 2024, compared to $138,000 for the same period in 2023[148] - Net interest income for the three months ended March 31, 2024, was $2,632,000, down from $3,045,000 in the same period of 2023[155] - The net interest margin decreased to 2.44% in Q1 2024 from 3.26% in Q1 2023[155] Asset and Loan Growth - Total assets increased by $10.7 million, or 2.4%, to $450.4 million at March 31, 2024, from $439.7 million at December 31, 2023[121] - Net loans receivable increased by $11.9 million, or 3.7%, to $333.3 million at March 31, 2024, from $321.4 million at December 31, 2023[122] - Gross loans increased by $11.8 million, or 3.6%, to $338.4 million at March 31, 2024, from $326.6 million at December 31, 2023[121] - Commercial real estate loans increased by $10.3 million, or 5.6%, to $195.1 million at March 31, 2024, from $184.9 million at December 31, 2023[123] - Consumer and other loans increased by $879,000, or 15.1%, to $6.7 million at March 31, 2024, from $5.8 million at December 31, 2023[123] - Total commitments to originate loans were $32.6 million, with unused lines of credit totaling $12.9 million[174] Deposits and Liquidity - Deposits rose by $15.4 million, or 4.6%, to $348.4 million at March 31, 2024, from $333.0 million at December 31, 2023[111] - Total deposits increased by $15.4 million, or 4.6%, to $348.4 million at March 31, 2024, with a notable increase in certificates of deposit[130] - Cash and cash equivalents increased by $34.3 million to $66.8 million at March 31, 2024, from $32.4 million at December 31, 2023[121] - Cash and cash equivalents totaled $66.8 million at March 31, 2024[171] - The company maintained a strong liquidity position, monitoring it daily to meet current funding commitments[172] - The liquidity ratio averaged 18.0% for the three months ended March 31, 2024, compared to 12.0% for the same period in 2023[169] Interest and Expenses - Interest income on loans increased by $753,000, or 19.8%, to $4.6 million for the three months ended March 31, 2024, reflecting a 48 basis points increase in the average yield on loans to 5.53%[135] - Interest expense increased by $1.7 million, or 125.2%, to $3.0 million for the three months ended March 31, 2024, due to rising interest rates[138] - Noninterest expenses rose by $33,000, or 1.3%, to $2,498,000 for the three months ended March 31, 2024, from $2,465,000 in the same period of 2023[150] - Advertising and marketing expenses increased by $26,000, primarily due to a search engine optimization campaign and media advertising[150] Credit Losses and Allowance - The allowance for credit losses is based on evaluations of historical loan losses and current conditions, with future adjustments possible if economic conditions differ from assumptions[120] - The allowance for credit losses on loans was $4.5 million, or 1.32%, of loans outstanding at March 31, 2024[146] - The allowance to total loans outstanding was 1.32% at March 31, 2024, slightly decreasing from 1.38% at December 31, 2023[165] - The provision for credit losses decreased by $267,000, or 145.9%, to ($84,000) for the three months ended March 31, 2024[165] - Non-performing loans decreased to $1.3 million, or 0.39% of total loans, from $1.4 million, or 0.44% of total loans, at the end of the previous quarter[162] Equity and Taxation - Stockholders' equity decreased by $220,000, or 0.5%, to $46.8 million at March 31, 2024, due to stock repurchases[132] - Income tax expense decreased by $38,000, or 30.2%, to $88,000 for the three months ended March 31, 2024, from $126,000 in the same period of 2023[151] - The effective tax rates were 21.7% for Q1 2024 and 23.6% for Q1 2023[151] Other Financial Metrics - The average yield on average interest-earning assets increased to 5.20% for the three months ended March 31, 2024, up from 4.66% for the same period in 2023[134] - The average balance of interest-bearing liabilities increased by $59.0 million to $370.5 million for the three months ended March 31, 2024[140] - Total assets increased to $443,907,000 as of March 31, 2024, compared to $388,818,000 as of March 31, 2023[155] - Certificates of deposit due within one year totaled $141.6 million, representing 87.5% of total certificates of deposit[172] - The company had the ability to borrow approximately $202.1 million from the Federal Home Loan Bank of Pittsburgh, with $50.8 million already advanced[166]
PB Bankshares(PBBK) - 2024 Q1 - Quarterly Report