PBCO Financial Corporation Reports Q4 and 2022 Earnings – Press Release

PBCO Financial Corporation PBCO, the holding company (Company) of People’s Bank of Commerce (Bank), announced today its financial results for the fourth quarter of 2022 and for year-end 2022.

Highlights

• Net income of $2.0 million in the quarter, or $0.38 per diluted share
• Loan growth of $27.3 million in the quarter, an increase of 6.1% compared to Q3 2022
• Net interest margin of 3.74%, an increase of 34 basis points compared to Q3 2022
• Cost of deposits was 0.16%, an increase of 3 basis points compared to Q3 2022
• Hired team of commercial bankers in Eugene, Oregon
• Net income of $9.9 million for 2022 year-end, or $1.92 per diluted share

The Company reported net income of $2.0 million, or $0.38 per diluted share, for the fourth quarter of 2022 compared to net income of $3.0 million, or $0.56 per diluted share, in the same quarter of 2021. Earnings for the full year 2022 were $9.9 million or $1.92 per share, down from $11.5 million or $2.33 per share for 2021. The reduction in earnings in 2022 is due to lower mortgage income of $1.7 million and absence of PPP fee revenue, which was $4.7 million in 2021, coupled with one-time income and expenses related to the merger with Willamette Community Bank in March 2021.

“Despite a challenging operating environment in 2022, the Company proved resilient with strong profitability in fourth quarter and full year 2022,” commented Ken Trautman, Chief Executive Officer. “Further, we continue to identify opportunities to grow the Bank and remain focused on serving our customers and delivering strong financial results for shareholders. We recently hired a team of commercial bankers to lead our expansion into Eugene, Oregon, and believe we are well positioned to take advantage of growth opportunities in this market.

Deposits decreased $45.8 million in the quarter, a 6.2% decline from the third quarter of 2022. Over the last twelve months, deposits decreased $71.4 million, a decline of 9.3%. “A core strength of the Bank…

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