UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Charter)
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(State or Other Jurisdiction of Incorporation) |
| (Commission File No.) |
| (I.R.S. Employer Identification No.) |
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(Address of Principal Executive Offices) |
| (Zip Code) |
Registrant’s telephone number, including area code:(
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 | Results of Operations and Financial Condition |
On October 26, 2023, PB Bankshares, Inc. (the “Company”) issued a press release reporting its financial results at and for the three and nine months ended September 30, 2023.
A copy of the press release is attached as Exhibit 99.1 to this report and is being furnished to the Securities and Exchange Commission and shall not be deemed filed for any purpose.
Item 9.01 | Financial Statements and Exhibits |
(a) |
| Financial statements of businesses acquired. None. | ||
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(b) |
| Pro forma financial information. None. | ||
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(c) |
| Shell company transactions: None. | ||
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(d) |
| Exhibits. | ||
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| 99.1 |
| Press release dated October 26, 2023 |
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| 104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
PB BANKSHARES, INC. | ||
DATE: October 26, 2023 | By: | /s/ Lindsay Bixler |
Lindsay Bixler | ||
Executive Vice President and Chief Financial Officer | ||
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact:
Lindsay S. Bixler
Executive Vice President and Chief Financial Officer
(610) 215-2327
PB BANKSHARES, INC. ANNOUNCES 2023 THIRD QUARTER FINANCIAL RESULTS
Coatesville, Pennsylvania, October 26, 2023 — PB Bankshares, Inc. (the “Company”) (NASDAQ: PBBK), the holding company for Presence Bank (the “Bank”), reported unaudited net income of $513,000 for the three months ended September 30, 2023 and $1,510,000 for the nine months ended September 30, 2023 compared to $414,000 and $1,006,000, respectively, for the same periods in 2022. Diluted earnings per share were $0.21 for the third quarter of 2023 and $0.60 for the first nine months of 2023 compared to $0.16 and $0.39, respectively, for the same periods in 2022.
Income Statement
Net interest income was $3.04 million for the three months ended September 30, 2023 and $9.3 million for the nine months ended September 30, 2023 compared to $2.99 million and $7.7 million, respectively, for the same periods in 2022. The period over period increases for the three and the nine months ended September 30, 2023 compared to the same periods in 2022 was primarily due to the increase in interest income on loans driven by the increase in average loans, as well as increases in cash and federal funds sold and securities interest income as a result of rising interest rates, partially offset by increases in deposit and borrowings interest expense also as a result of rising interest rates. There were two non-accrual loans that paid off in the second quarter of 2023, resulting in $261,000 of interest income recognition for the nine months ended September 30, 2023.
The Company recorded a provision for credit losses of $140,000 for the three months ended September 30, 2023 and $570,000 for the nine months ended September 30, 2023 compared to $346,000 and $639,000, respectively, for the same periods in 2022. The decrease in the provision for credit losses for both the three and nine months ended September 30, 2023 compared to the same periods in 2022 was primarily due to loan growth being higher in 2022 and a recovery of the provision for credit losses for unfunded commitments of $12,000 for the three months ended September 30, 2023 and $31,000 for the nine months ended September 30, 2023. There were no charge-offs during the third quarter of 2023. Gross charge-offs for the nine months ended September 30, 2023 were $144,000, which were partially offset by recoveries of $18,000. Delinquencies remain benign, reserves are deemed to be adequate as of September 30, 2023 and the allowance coverage ratio has improved from the third quarter a year ago. The allowance for credit losses was $4.5 million, or 1.35%, of loans outstanding at September 30, 2023 as compared to $4.0 million, or 1.31%, of loans outstanding at December 31, 2022. Total non-performing assets decreased 22.4% to $814,000 at September 30, 2023 from $1.0 million at December 31, 2022 as a result of the payoff of non-performing assets. The non-performing assets to total assets ratio
Exhibit 99.1
improved by seven basis points to 0.20% at September 30, 2023 from 0.27% as of December 31, 2022.
Noninterest income was $185,000 for the three months ended September 30, 2023 and $582,000 for the nine months ended September 30, 2023 compared to $141,000 and $410,000, respectively, for the same periods in 2022. One reason for the increase in noninterest income for the three and nine months ended September 30, 2023 was due to a decrease in the unrealized losses on equity investments due to the increase in market value of the associated asset (Community Reinvestment Act equity investment) representing period over period increases of $9,000 for the three months ended September 30, 2023 and $76,000 for the nine months ended September 30, 2023. A second reason for the increase in noninterest income for the three and nine months ended September 30, 2023 was due to $22,000 and $80,000 of loan related fee income, respectively, earned for brokering interest rate swap agreements between the Bank’s customers and counterparties unrelated to the Bank. For the nine months ended September 30, 2023, these increases were partially offset by a $40,000 loss on disposal of property and equipment as a result of replacing the non-depository ATMs with full functioning ATMs as a continued investment in our infrastructure and technology. The new ATMs improve the client experience by providing twenty-four hours, seven days a week access to banking services.
Noninterest expense was $2.4 million for the three months ended September 30, 2023 and $7.4 million for the nine months ended September 30, 2023 compared to $2.3 million and $6.2 million, respectively, for the same periods in 2022. The increases for the three and nine months ended September 30, 2023 were primarily due to increases in salaries and employee benefits and directors’ fees as a result of the option and stock awards expense of $136,000 in the third quarter of 2023 and $404,000 for the nine months ended September 30, 2023 related to awards that were not granted until the fourth quarter of 2022 and annual salary increases.
Balance Sheet
Total assets increased $22.7 million or 5.9% to $409.2 million at September 30, 2023 from $386.5 million at December 31, 2022. The increase in assets was primarily due to increases in net loans receivable and cash and cash equivalents, partially offset by a decrease in debt securities available-for-sale. Gross loans increased $25.1 million or 8.2% to $330.5 million at September 30, 2023 from $305.4 million at December 31, 2022, primarily as a result of the increase in the commercial real estate portfolio as the Bank continues its focus on commercial lending. Management is monitoring the commercial real estate portfolio and concentration, assessing its associated risks. As part of its risk management process, the Bank segments and stress tests its commercial real estate portfolio. As of September 30, 2023, the Bank has $150.0 million in non-owner occupied commercial real estate loans outstanding. Approximately 73% or $109.5 million of this portfolio was subject to stress testing (loans having exposure under $250,000 and investor 1-4 family properties generally are not subject to stress testing). The commercial real estate portfolio has an average Loan-to-Value ratio of 62.9% and a Debt Service Coverage ratio of 1.38 times, exclusive of any sponsor or guarantor support at September 30, 2023. The commercial real estate portfolio is diverse with respect to both property type as well as location with concentrations limited. Two segments, Office Space and Hospitality, are the subject of market scrutiny with these segments’ exposure and selected credit metrics outlined below.
Exhibit 99.1
The Bank has reviewed its loan portfolio for exposure to office space given the uncertainty and potential risks associated with vacancy, future demand, and repricing risk for these assets. The Bank’s exposure to this segment is minimal with only $9.5 million in non-owner-occupied office space at September 30, 2023. Notably the five loans comprising the office segment are all medical related, which has not suffered the decline that the general office market has experienced. The office space loan portfolio has an average Loan-to-Value ratio of 73.3% and Debt Service Coverage ratio of 1.42 times, exclusive of any sponsor or guarantor support at September 30, 2023.
The Bank’s hospitality portfolio is also an area of market focus. Loan exposure to this segment totaled $17.4 million (five hotel properties) at September 30, 2023. The average Loan-to-Value ratio was 56.1% with a Debt Service Coverage ratio of 1.99 times, exclusive of any sponsor or guarantor support at September 30, 2023. Guarantor support for the hospitality sector is strong and loans are supported by experienced hotel operators.
Debt securities available-for-sale decreased $11.4 million or 21.9% to $40.7 million at September 30, 2023 as a result of short-term treasury securities purchased during 2022 maturing in the first quarter of 2023. The strong deposit growth and maturity of the treasury securities during the first nine months of 2023 increased cash and cash equivalents $8.0 million or 46.4% to $25.2 million at September 30, 2023. The remaining weighted average life of our debt securities available-for-sale portfolio was 1.45 years at September 30, 2023.
Deposits increased by $17.0 million or 5.9% to $306.5 million at September 30, 2023 from $289.5 million at December 31, 2022 as a result of organic core deposit gathering strategies with the growth being from local businesses and individuals. The uninsured and uncollateralized deposits totaled approximately $37.9 million or 12.4% of the Bank’s total deposits, as of September 30, 2023. The Company maintains highly liquid sources of available funds, including unused borrowing capacity with the Federal Home Loan Bank of Pittsburgh and the Federal Reserve Bank of Philadelphia and available federal funds lines with other banks, as well as unpledged available-for-sale debt securities. At September 30, 2023, available funding from these sources totaled 434.4% of uninsured and uncollateralized deposits. Stockholders’ equity increased $595,000 to $46.6 million at September 30, 2023 from $46.0 million at December 31, 2022 as a result of current year-to-date net income and a decrease in accumulated other comprehensive loss on the debt securities available for sale portfolio, partially offset by a $140,000 adjustment for the adoption of CECL and stock buybacks of 100,109 shares for $1.3 million in the first nine months of 2023. The Bank’s stand-alone capital increased $1.8 million to $37.8 million at September 30, 2023 from $36.0 million at December 31, 2022 primarily as a result of current year-to-date net income at the Bank.
Forward-Looking Statements
Certain statements contained herein constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “may,”
Exhibit 99.1
“will,” “would,” “intend,” “believe,” “expect,” “plan,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms.
These forward-looking statements are based on current beliefs and expectations of the Company’s and the Bank’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s and the Bank’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: risks related to the real estate and economic environment, particularly in the market areas in which the Company and the Bank operate; fiscal and monetary policies of the U.S. Government; inflation; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of the allowance for credit losses; decreases in deposit levels necessitating increased borrowing to fund loans and investments; the long lasting impacts of the COVID-19 pandemic; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available at the SEC’s website, www.sec.gov.
The Company and the Bank caution not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company disclaims any obligation to publicly release any revision made to any forward-looking statement to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
About PB Bankshares, Inc. and Presence Bank
PB Bankshares, Inc. is the holding company for Presence Bank. Presence Bank was founded in 1919 and currently operates four banking offices and two loan production offices in Chester, Lancaster and Dauphin Counties, Pennsylvania.
Exhibit 99.1
PB Bankshares, Inc.
Financial Highlights (Unaudited)
(Dollars in thousands, except per share data)
Earnings Summary (for the three months ended) | | | | | | | | | | | | | | | |
| | September 30, | | June 30, | | March 31, | | December 31, | | September 30, | |||||
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| 2023 | | 2023 | | 2023 |
| 2022 |
| 2022 | |||||
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| | | | | |
Interest and dividend income | | $ | 5,139 | | $ | 5,047 | | $ | 4,369 | | $ | 4,202 | | $ | 3,683 |
Interest expense | |
| 2,098 | |
| 1,825 | |
| 1,324 | |
| 1,020 | |
| 695 |
Net interest income | |
| 3,041 | |
| 3,222 | |
| 3,045 | |
| 3,182 | |
| 2,988 |
Provision for credit losses | |
| 140 | |
| 247 | |
| 183 | |
| 561 | |
| 346 |
Noninterest income | |
| 185 | |
| 259 | |
| 138 | |
| 1,007 | ** |
| 141 |
Noninterest expense | | | 2,432 | | | 2,493 | | | 2,465 | | | 2,223 | | | 2,271 |
Income before income taxes | | | 654 | | | 741 | | | 535 | | | 1,405 | | | 512 |
Income taxes | | | 141 | | | 153 | | | 126 | | | 297 | | | 98 |
Net income | | | 513 | | | 588 | | | 409 | | | 1,108 | | | 414 |
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Earnings per common share - basic | | $ | 0.21 | | $ | 0.24 | | $ | 0.16 | | $ | 0.43 | | $ | 0.16 |
Earnings per common share - diluted | | $ | 0.21 | | $ | 0.23 | | $ | 0.16 | | $ | 0.43 | | $ | 0.16 |
** The three months ended December 31, 2022 included an $821,000 gain on sale of premises and equipment within noninterest income.
Earnings Summary (for the nine months ended) | | | | | | |
| | September 30, | | September 30, | ||
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| 2023 |
| 2022 | ||
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Interest and dividend income | | $ | 14,555 | | $ | 9,618 |
Interest expense | |
| 5,247 | |
| 1,936 |
Net interest income | |
| 9,308 | |
| 7,682 |
Provision for credit losses | |
| 570 | |
| 639 |
Noninterest income | |
| 582 | |
| 410 |
Noninterest expense | | | 7,390 | | | 6,213 |
Income before income taxes | | | 1,930 | | | 1,240 |
Income taxes | | | 420 | | | 234 |
Net income | | | 1,510 | | | 1,006 |
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Earnings per common share - basic | | $ | 0.61 | | $ | 0.39 |
Earnings per common share - diluted | | $ | 0.60 | | $ | 0.39 |
Exhibit 99.1
Balance Sheet Highlights (as of) | | | | | | | | | | | | | | | | |
| | September 30, | | June 30, | | March 31, | | December 31, | | September 30, | | |||||
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| 2023 | | 2023 | | 2023 |
| 2022 |
| 2022 |
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Total assets | | $ | 409,212 | | $ | 412,573 | | $ | 393,066 | | $ | 386,547 | | $ | 376,739 | |
Cash and cash equivalents | | | 25,185 | | | 42,501 | | | 34,954 | | | 17,204 | | | 22,738 | |
Debt securities available-for-sale, at fair value | |
| 40,667 | |
| 34,828 | |
| 32,457 | |
| 52,047 | |
| 37,239 | |
Loans receivable, net of allowance for credit losses | |
| 325,350 | |
| 317,306 | |
| 308,808 | |
| 300,855 | |
| 301,381 | |
Deposits | |
| 306,521 | |
| 312,091 | |
| 295,437 | |
| 289,495 | |
| 289,628 | |
Total stockholders’ equity | | | 46,582 | | | 46,177 | | | 46,291 | | | 45,987 | | | 44,618 | |
Accumulated other comprehensive loss | |
| (1,771) | |
| (1,770) | |
| (1,533) | |
| (1,932) | |
| (2,006) | |
Performance Ratios (as of and for the three months ended) | | |||||||||||||||
| | September 30, | | June 30, | | March 31, | | December 31, | | September 30, | | |||||
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| 2023 | | 2023 | | 2023 |
| 2022 |
| 2022 |
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Return on average assets (annualized) | | | 0.49 | % | | 0.58 | % | | 0.43 | % | | 1.13 | % | | 0.42 | % |
Return on average equity (annualized) | | | 4.00 | % | | 4.67 | % | | 3.56 | % | | 9.08 | % | | 3.40 | % |
Net interest margin (annualized) | | | 3.00 | % | | 3.29 | % | | 3.26 | % | | 3.34 | % | | 3.19 | % |
Allowance to non-accrual loans | | | 548.89 | % | | 507.53 | % | | 496.36 | % | | 380.55 | % | | 281.98 | % |
Allowance to total loans outstanding at the end of the period | | | 1.35 | % | | 1.34 | % | | 1.30 | % | | 1.31 | % | | 1.24 | % |
Net charge-offs to average loans outstanding during the period (annualized) | |
| — | % |
| 0.09 | % |
| 0.08 | % |
| 0.49 | % |
| — | % |
Total non-performing loans to total loans | |
| 0.25 | % |
| 0.26 | % |
| 0.26 | % |
| 0.34 | % |
| 0.44 | % |
Total non-accrual loans to total loans | |
| 0.25 | % |
| 0.26 | % |
| 0.26 | % |
| 0.34 | % |
| 0.44 | % |
Total non-performing assets to total assets | |
| 0.20 | % |
| 0.21 | % |
| 0.21 | % |
| 0.27 | % |
| 0.36 | % |
Tier 1 capital (to average assets) | | | 9.74 | % | | 9.84 | % | | 10.06 | % | | 10.00 | % | | 9.73 | % |
Book value per common share | | $ | 16.97 | | $ | 16.71 | | $ | 16.48 | | $ | 16.16 | | $ | 16.29 | |
Tangible book value per common share* | | $ | 16.97 | | $ | 16.71 | | $ | 16.48 | | $ | 16.16 | | $ | 16.29 | |
Tangible book value per common share (excluding accumulated other comprehensive loss)* | | $ | 17.62 | | $ | 17.35 | | $ | 17.02 | | $ | 16.84 | | $ | 17.02 | |
Exhibit 99.1
*Non-GAAP Financial Measure Reconciliation
The following table reconciles, as of the dates set forth below, stockholders’ equity (on a GAAP basis) to tangible book value and tangible book value excluding accumulated other comprehensive loss and calculates our tangible book value per common share. Book value is equal to tangible book value due to the Company having no intangible assets.
| | September 30, | | June 30, | | March 31, | | December 31, | | September 30, | | |||||
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| 2023 | | 2023 | | 2023 |
| 2022 |
| 2022 |
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Tangible common equity | | $ | 46,582 | | $ | 46,177 | | $ | 46,291 | | $ | 45,987 | | $ | 44,618 | |
Adjustment for accumulated other comprehensive loss | | $ | (1,771) | | $ | (1,770) | | $ | (1,533) | | $ | (1,932) | | $ | (2,006) | |
Tangible equity excluding accumulated other comprehensive loss | | $ | 48,353 | | $ | 47,947 | | $ | 47,824 | | $ | 47,919 | | $ | 46,624 | |
Common shares outstanding | | | 2,744,967 | | | 2,763,122 | | | 2,809,425 | | | 2,845,076 | | | 2,739,461 | |
Tangible book value per common share | | $ | 16.97 | | $ | 16.71 | | $ | 16.48 | | $ | 16.16 | | $ | 16.29 | |
Tangible book value per common share excluding accumulated other comprehensive loss | | $ | 17.62 | | $ | 17.35 | | $ | 17.02 | | $ | 16.84 | | $ | 17.02 | |
Document and Entity Information |
Jul. 27, 2022 |
|---|---|
| Document and Entity Information [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | Oct. 26, 2023 |
| Entity Registrant Name | PB Bankshares, Inc. |
| Entity Incorporation, State or Country Code | MD |
| Entity File Number | 001-40612 |
| Entity Tax Identification Number | 86-3947794 |
| Entity Address, Address Line One | 185 East Lincoln Highway |
| Entity Address, City or Town | Coatesville |
| Entity Address State Or Province | PA |
| Entity Address, Postal Zip Code | 19320 |
| City Area Code | 610 |
| Local Phone Number | 384-8282 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, par value $0.01 |
| Trading Symbol | PBBK |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | true |
| Entity Ex Transition Period | false |
| Entity Central Index Key | 0001849670 |
| Amendment Flag | false |
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