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PB Bankshares Inc. (PBBK+0.91%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $451.3 million, an increase from $439.7 million at the end of 2023. The increase was primarily due to a rise in net loans receivable and cash and cash equivalents.
Net loans receivable grew by $23.4 million to $344.8 million, while cash and cash equivalents increased by $5.4 million to $37.8 million. Debt securities available-for-sale decreased by $17.8 million to $50.3 million.
Total deposits rose by $21.2 million to $354.2 million, with certificates of deposit increasing by $28.2 million. Noninterest-bearing demand accounts also increased by $5.4 million.
The company reported net income of $1.8 million for 2024, a decrease from $1.9 million in 2023. The decrease was attributed to a decline in net interest income and an increase in noninterest expenses.
Net interest income fell by $1.0 million to $11.1 million, primarily due to increased interest expenses on deposits.
Noninterest income increased by $528,000, largely due to a gain on the sale of a branch location in Oxford, Pennsylvania.
Noninterest expenses rose by $394,000, primarily due to higher salaries and employee benefits, professional fees, and data processing costs.
The allowance for credit losses on loans was $4.4 million, representing 1.25% of total loans, down from 1.38% at the end of 2023.
PB Bankshares continues to focus on expanding its commercial real estate and industrial loan portfolios, with commercial real estate loans increasing by $20.3 million to $205.2 million.
The company remains well-capitalized under regulatory guidelines, with a Tier 1 capital ratio of 12.25% and a total capital ratio of 13.50%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PB Bankshares Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.