Welcome to our dedicated page for PBCO FINL news (Ticker: PBCO), a resource for investors and traders seeking the latest updates and insights on PBCO FINL stock.
PBCO Financial Corporation (PBCO) is the holding company for People’s Bank of Commerce, a full-service commercial bank headquartered in Medford, Oregon. News about PBCO typically centers on the financial and operational performance of People’s Bank of Commerce and on key corporate actions affecting shareholders and the bank’s regional presence.
Earnings releases from PBCO provide detailed quarterly results, including net income, earnings per share, net interest income, noninterest income, and performance ratios such as return on average assets, return on average equity, and net interest margin. These updates also discuss trends in loans, deposits, investment portfolios, capital levels, and asset quality, offering insight into the bank’s balance sheet and profitability over time.
Company news also covers capital and shareholder actions, such as stock repurchase activity, stock dividends, and cash dividends based on year-end net income. Announcements have described the number of shares repurchased, weighted average repurchase prices, and the terms of stock and cash dividends approved by the board of directors.
Another recurring theme in PBCO news is leadership and governance changes. The company has reported the retirement of its co-founder and long-serving chief executive officer, succession by its president, and subsequent executive transitions including changes in the chief operating officer role and the hiring of an executive vice president and chief credit officer.
Historical news items also highlight strategic developments, such as the merger with Willamette Community Bank and the bank’s participation in the Paycheck Protection Program (PPP), with detailed disclosures on PPP loan volumes and forgiveness. For investors and observers following PBCO, the news flow provides a record of financial performance, capital decisions, executive leadership changes, and the evolution of People’s Bank of Commerce’s operations and markets.
PBCO Financial Corporation (OTC PINK: PBCO) announced the retirement of CEO and Co-Founder Ken Trautman, effective July 1, 2023. Trautman, who co-founded People’s Bank of Commerce in 1998, will remain on the Board of Directors. Under his leadership, the bank grew from seven employees to over 140 and achieved assets exceeding $800 million. Julia Beattie, the current president, will succeed Trautman as CEO and join the Board. Beattie has over 30 years in the financial services industry, with close ties to the bank’s recent growth. This leadership transition is part of a longstanding succession plan.
PBCO Financial Corporation (OTC PINK: PBCO) reported its fourth quarter and year-end 2022 financial results, highlighting a net income of $2.0 million for Q4, or $0.38 per diluted share. Total income for 2022 reached $9.9 million, down from $11.5 million in 2021, attributed to reduced mortgage income and the absence of PPP fee revenue. Despite challenges, loan growth was $27.3 million in Q4 (up 6.1% compared to Q3 2022). The net interest margin improved to 3.74%. However, total deposits decreased by $45.8 million in Q4, or 6.2%, with an annual decline of $71.4 million or 9.3%.
PBCO Financial Corporation (PBCO) reported a net income of $3.0 million, or $0.59 per diluted share for Q3 2022, compared to $2.7 million in Q3 2021. Core earnings rose by 73.9% year-over-year, excluding PPP fee income. Steelhead gross factoring revenue increased 6.2% to $1.9 million. Investment securities saw a significant gain of 20.9%, reaching $42.6 million. However, deposits declined by 1.6%, totaling a decrease of $12.2 million due to customers seeking higher yields.
PBCO Financial Corporation (OTC PINK: PBCO) declared a 5% stock dividend for shareholders of record as of October 10, 2022, with distribution expected around November 10, 2022. This decision reflects the company’s strong financial performance, highlighted by improved core earnings year-over-year. CEO Ken Trautman emphasized gratitude towards shareholders for their support, showcasing the bank's profitable results and commitment to shareholder value. Cash payments will be made for any fractional shares.
PBCO Financial Corporation (OTC PINK: PBCO) announced its 2nd quarter 2022 results, reporting net income of $2.4 million, or $0.48 per diluted share, down from $3.0 million in the same quarter of 2021. Steelhead gross factoring revenue grew 25% to $2.0 million, while core earnings increased 25.9%. Deposits decreased by $47.3 million from the previous quarter but showed an annual growth of 5.3%. The Tier 1 Capital Ratio improved to 12.71%. However, unrealized losses on investments reached $19.3 million, impacting book value.
PBCO Financial Corporation (OTC PINK: PBCO) announced its Q1 2022 financial results, reporting a net income of $2.4 million, or $0.47 per diluted share, down from $2.9 million, or $0.69 per diluted share in Q1 2021. The company's Steelhead gross factoring revenue grew 53% to $2.0 million. Total deposits increased by $33.9 million (4.4%) quarter-over-quarter and $78.8 million (17.7%) year-over-year. Following a $25 million issuance of subordinated notes, the Tier 1 Capital Ratio rose to 11.25%. However, non-interest income fell by $2.2 million compared to Q1 2021, primarily due to a one-time gain from a merger.
PBCO Financial Corporation has completed a $25 million private placement of fixed-to-floating rate subordinated notes, maturing on March 15, 2032. The notes will initially carry a fixed rate of 3.875% until March 15, 2027, after which they will switch to a floating interest rate. The funds will be utilized for general corporate purposes, supporting organic growth and strategic initiatives. This offering is expected to enhance the company's regulatory capital ratios.
People's Bank of Commerce has appointed William (Bill) Whalen as the new executive vice president and chief credit officer. Whalen brings nearly 33 years of banking experience, including 30 years in Oregon. Previously, he served as senior vice president and chief credit officer at another community bank in the state. His expertise in commercial lending is expected to strengthen the bank's operations. Whalen is also involved in community service organizations, indicating a commitment to local engagement.
People's Bank of Commerce (OTC PINK: PBCO) reported strong financial results for the 4th quarter and year-ended 2021. The bank achieved a quarterly net income of $3.0 million ($0.59 per diluted share) and a year-to-date net income of $11.5 million ($2.44 per diluted share), marking an 87.1% increase from 2020. Non-PPP loan growth was 68.8% year-to-date. The bank's tax equivalent net interest margin was 3.46%. Deposits grew by $308 million in 2021, a 67.7% increase. However, non-interest income decreased by $351 thousand compared to Q4 2020.
People's Bank of Commerce (PBCO) reported a robust third quarter in 2021, with net income reaching $2,650,000 or $0.53 per diluted share, up from $1,937,000 in Q3 2020. Year-to-date income stands at $8,496,000, showing a remarkable 91.6% increase. The bank experienced a 14.5% growth in non-PPP loans, while deposits surged by $318.8 million, a 73.8% increase from the previous year. However, non-interest income decreased by $328,000, largely due to lower mortgage revenue.