Finance
PBCO Financial Corporation Reports Fourth Quarter and Annual 2024 Results
MEDFORD, Ore., January 23, 2025–(BUSINESS WIRE)–PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (Company) of People’s Bank of Commerce (Bank), today reported net income of $2.7 million and earnings per share of $0.51 for the fourth quarter of 2024, compared to net income of $1.9 million and $0.36 per share for the third quarter of 2024. For the year ended 2024, earnings per share were $1.52 compared to $0.19 in 2023.
Highlights
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Net interest margin of 3.67% which increased by 16 basis points compared to prior quarter and 48 basis points over the same quarter prior year
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Return on average assets increased to 1.34% compared to 0.97% in the prior quarter
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7.0% increase in total deposits compared to prior year
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Tangible book value per share increased to $15.84, compared to $13.86 at the prior year-end
“2024 was a pivotal year for the Bank after taking action on two key strategic business decisions at the end of 2023. We sold a portion of the investment securities portfolio to reposition our balance sheet and improve the net interest margin and we dissolved our mortgage department which contributed to improved operating efficiency,” reported Julia Beattie, President & CEO. “I am pleased that we were able to achieve our goals of improved profitability and positive deposit growth during my first full year as CEO, and I look forward to building on this progress moving forward,” added Beattie.
During 2024, the Bank’s loan portfolio increased 5.8% year-over-year, while the yield on the loan portfolio increased to 6.06% during the fourth quarter of 2024 compared to 5.68% in the fourth quarter of 2023. “Loan growth was relatively flat during the 2nd half of 2024, primarily due to prepayments that occurred in December 2024, but the loan pipeline remained strong at year-end,” added Beattie.
Total deposits grew 1.6% during the fourth quarter and 7.0% for the year ended 2024.
The investment portfolio decreased 5.0% to $132.6 million during the fourth quarter of 2024 from $139.6 million at the end of the third quarter. Due to higher market rates on investments during the quarter, the Company’s AOCI book loss increased to $12.3 million at the end of the fourth quarter compared to $10.0 million at the end of the third quarter.
Non-interest income was $1.9 million in the fourth quarter, down $112 thousand from the third quarter of 2024. Revenue from Steelhead, the Bank’s factoring division, was relatively unchanged compared to prior quarter, while other non-interest income was down $116 thousand due to a non-recurring recovery of expenses in the third quarter from a non-performing loan. For the year, non-interest income was down $1.2 million versus 2023.
Hong Kong’s finance chief has pledged to further integrate financial services with technology innovation to foster a thriving ecosystem, following a surge in investor interest in artificial intelligence-related stocks during the first trading day of the year.
Financial Secretary Paul Chan Mo-po on Sunday also emphasised Hong Kong’s role as an international capital market in fuelling the growth of frontier mainland Chinese tech firms with the city’s funding and liquidity.
“We welcome these enterprises to list and raise capital in Hong Kong and also encourage them to settle in the city to establish research and development (R&D) centres, transform their research outcomes, and set up advanced manufacturing facilities,” Chan said on his weekly blog.
“We support them in establishing regional or international headquarters in Hong Kong to reach international markets and strategically expand across Southeast Asia and the globe.”
The Hang Seng Index kicked off 2026 with a bang, surging over 700 points – a 2.8 per cent jump that marked its strongest opening since 2013.
Innovation and technology giants spearheaded the rally, with the Hang Seng Tech Index soaring 4 per cent as investor appetite for AI-related stocks reached a fever pitch.
It’s the time of year where optimism is running high. We don’t need to be the person we were last year, we can be a shiny new version of ourselves, who is good with money and on track in every corner of our finances. Sadly, our positive outlook doesn’t always last, but with 63% of people making financial resolutions this year, it’s a chance to turn things around.
The key is to make the right resolutions, so here are a few tips to help you make the most of your money in 2026.
The problems that you know about already will spring to mind first.
Research by Hargreaves Lansdown revealed that renters, for example, are the most likely to say they want to spend less – and 23% of them said this was one of their resolutions for 2026. We know rental incomes are more stretched than any others, and on average they have £39 left at the end of the month, so it’s easy to see why they want to cut back.
However, they also struggle in all sorts of areas of their finances. So, for example, fewer than a third are on track with their pension. However, only 11% of them say they want to boost their pension this year.
Read more: The cost of staying loyal to your high street bank
It shows that your first resolution should always be to get a better picture of your overall finances – including using a pensions calculator to see whether you’re on track for retirement.
It’s only when you have a full picture that you can see what you need to prioritise.
Drawing up a budget is boring, and it may not feel like you’re achieving anything, but, like digging the foundations of a building, if you want to build something robust you can’t skip this step.
Make a list of everything coming in and everything you’re spending. Your current account app and the apps of the companies you pay bills to will have the details you need, and a budgeting app makes it easy to plug all the details in.
From there, consider where you can cut back to free up a chunk of money every month to fund your resolutions.
Younger people, aged 18-34, are particularly likely to fall into this trap. The research showed that 40% wanted to save more, 22% to get on top of their finances, 21% to spend less, 19% to pay more into investments, 19% to start investing, 15% to pay off debts and 14% to put more into their pension.
Given that at the start of your career, money tends to be tighter anyway, there’s a real risk that by trying to do so much, you might fall short on all fronts.
It helps to set yourself one realistic goal at a time.
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