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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) 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.