PBCO Financial Corporation Reports Q4 and 2022 Earnings

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.