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PBCO Financial Corporation reports banking developments as the holding company of People’s Bank of Commerce, an Oregon-based community bank whose shares trade over the counter under PBCO. Company news centers on earnings releases, loan and deposit trends, net interest margin, investment portfolio activity, regulatory capital measures, and credit quality in the bank’s loan portfolio.
Recurring updates also cover cash dividends, share repurchases tied to completed capital actions, and non-interest income from the Steelhead Finance factoring division. Governance-related announcements include officer transitions at the holding company and bank, while operating commentary often addresses loan prepayments, deposit costs, and the balance between core deposit funding and loan growth.
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.
The Board of Directors of People’s Bank of Commerce (OTC PINK: PBCO) announced a 5% stock dividend for shareholders of record as of August 25, 2021, with payment expected on or about September 22, 2021. This decision reflects the bank's appreciation for shareholder support and acknowledges the strong financial results achieved during the second quarter and year-to-date. Shareholders will receive cash for any fractional shares, as no fractional shares will be issued.
People's Bank of Commerce (OTC PINK: PBCO) reported a strong financial performance for Q2 2021, achieving a net income of $2,953,000 or $0.61 per diluted share, a 56.4% increase year-over-year. Year-to-date net income rose to $5,846,000, marking a 57.3% increase. The bank's non-PPP loan growth was $10.6 million, with a tax-equivalent net interest margin of 3.68%. The acquisition of Willamette Community Bank significantly contributed to earnings, while the Steelhead Finance division saw a 96.4% increase in factoring revenue.
People's Bank of Commerce (OTCPK: PBCO) announced the results of its annual shareholder meeting on May 19, 2021. Shareholders elected all proposed directors and approved a Plan of Reorganization and Merger to establish the bank as a wholly owned subsidiary of PBCO Financial Corporation, requiring a two-thirds majority vote. The amendment to eliminate staggered board terms was also passed, leading to annual elections starting in 2022. Additionally, authorized common shares increased from 6 million to 10 million, enhancing the bank’s capital flexibility. Moss Adams, LLP was ratified as the independent auditor for the fiscal year ending December 31, 2021.
People’s Bank of Commerce (PBCO) reported a Q1 2021 net income of $2,892,000 or $0.73 per diluted share, significantly up from $1,111,000 or $0.33 per diluted share in Q1 2020. The results reflect a 59% increase in earnings per share over the trailing 12 months, and total assets reached $808 million, up 116% year-over-year. The merger with Willamette Community Bank contributed $221.6 million in assets. Non-interest income surged 184.2%, driven by gains in mortgage lending and a one-time bargain purchase gain of $2,343,000. However, one-time merger expenses totaled $2.9 million.
People's Bank of Commerce (OTCBB: PBCO) has successfully completed its merger with Willamette Community Bank, effective March 1, 2021. This strategic move enhances People's Bank's presence in the Willamette Valley, expanding its assets to approximately $742 million and adding nine branch locations across Southern Oregon and Willamette Valley markets. CEO Ken Trautman expressed optimism about serving the new customers while maintaining quality banking services. The acquisition is projected to strengthen the bank's competitive position in the region.
People’s Bank of Commerce (PBCO) and Willamette Community Bank (WMCB) have received all necessary shareholder and regulatory approvals for their merger, effective March 1, 2021. WMCB shareholders must submit their Election Statements by 5:00 PM PST on February 22, 2021, to select their merger consideration. CEO Ken Trautman expressed enthusiasm about welcoming WMCB shareholders into the PBCO family. This merger could potentially enhance PBCO's market presence in Southern Oregon, aligning both banks' full-service offerings to better serve their communities.
People’s Bank of Commerce (PBCO) and Willamette Community Bank (WMCB) announced the approval of their merger at special shareholder meetings on February 11, 2021. The merger, as outlined in the Merger Agreement, will have Willamette Community Bank merging into People’s Bank of Commerce, which will survive the merger. The finalization of the merger is contingent on obtaining regulatory approval and meeting customary closing conditions. CEO Ken Trautman expressed optimism about the potential synergies arising from this consolidation.
People’s Bank of Commerce (PBCO) and Willamette Community Bank (WMCB) announced an increase to the merger consideration, now valued at $20.7 million, or $11.16 per share. WMCB shareholders opting for mixed stock and cash will receive 0.6665 PBCO shares plus $1.70 in cash. The revised offer represents approximately 100.8% of WMCB’s tangible book value as of December 31, 2020. Both banks will hold special shareholder meetings on February 11, 2021, to discuss the merger, which is subject to shareholder and regulatory approval.
People’s Bank of Commerce (PBCO) reported significant financial results for 2020, achieving a net income of $6.13 million, a 51% increase from 2019's net income of $4.07 million. Earnings per diluted share rose to $1.76 from $1.32, marking a 33% gain. The bank's mortgage division saw a remarkable 290% revenue growth to $4.75 million. Total loans increased by 24% year-over-year, while deposits surged by 49%. However, non-interest expenses rose 12% to $16.7 million.