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PBCO Financial Corporation Reports Fourth Quarter and Annual 2024 Results

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12 months ago

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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

  • 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

  • Return on average assets increased to 1.34% compared to 0.97% in the prior quarter

  • 7.0% increase in total deposits compared to prior year

  • 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.

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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.

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Finance

'There Could Be A Whole Other Life He's Living' 'The Ramsey Show' Host Says After Wife Finds $209K Debt Behind Her Back

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2 hours ago

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January 10, 2026

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'There Could Be A Whole Other Life He's Living' 'The Ramsey Show' Host Says After Wife Finds 9K Debt Behind Her Back
A hidden financial discovery exposed the scale of debt inside a long-running marriage. Anne, a caller from Pittsburgh, reached out to “The Ramsey Show” for guidance after uncovering $209,000 in credit card balances. Married for 19 years and now in her 50s, she said the balances accumulated without her knowledge. She said her husband managed nearly all household finances. Anne added that her name was not on the primary bank account. She had no online access, and both personal and business expense
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Finance

Will Trump’s US$200 Billion MBS Purchase Directive Reshape Federal National Mortgage Association’s (FNMA) Core Narrative?

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15 hours ago

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January 10, 2026

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Will Trump’s US0 Billion MBS Purchase Directive Reshape Federal National Mortgage Association’s (FNMA) Core Narrative?
In early January 2026, President Donald Trump directed government representatives, widely understood to include Fannie Mae and Freddie Mac, to purchase US$200 billion in mortgage-backed securities to push mortgage rates and monthly payments lower. Beyond its housing affordability goal, the move highlights how heavily the administration is leaning on government-sponsored enterprises like Fannie Mae to influence credit conditions and the mortgage market’s structure. With this large-scale…
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Finance

Holyoke City Council sends finance overhaul plan to committee for review

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1 day ago

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January 9, 2026

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Holyoke City Council sends finance overhaul plan to committee for review

HOLYOKE — The City Council has advanced plans to create a finance and administration department, voting to send proposed changes to a subcommittee for further review.

The move follows guidance from the state Division of Local Services aimed at strengthening the city’s internal cash controls, defining clear lines of accountability, and making sure staff have the appropriate education and skill level for their financial roles.

On Tuesday, Councilor Meg Magrath-Smith, who filed the order, said the council needed to change some wording about qualifications based on advice from the human resources department before sending it to the ordinance committee for review.

The committee will discuss and vote on the matter before it can head back to the full City Council for a vote. It meets next Tuesday. The next council meeting is scheduled for Jan. 20.

On Monday, Mayor Joshua Garcia said in his inaugural address that he plans to continue advancing his Municipal Finance Modernization Act.

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Last spring, Garcia introduced two budget plans: one showing the current $180 million cost of running the city, and another projecting savings if Holyoke adopted the finance act.

Key proposed changes include realigning departments to meet modern needs, renaming positions and reassigning duties, fixing problems found in decades of audits, and using technology to improve workflow and service.

Garcia said the plan aims to also make government more efficient and accountable by boosting oversight of the mayor and finance departments, requiring audits of all city functions, enforcing penalties for policy violations, and adding fraud protections with stronger reporting.

Other steps included changing the city treasurer from an elected to an appointed position, a measure approved in a special election last January.

Additionally, the city would adopt a financial management policies manual, create a consolidated Finance Department and hire a chief administrative and financial officer to handle forecasting, capital planning and informed decision-making.

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Garcia said that the state has suggested creating the CAFO position for almost 20 years and called on the City Council to pass the reform before the end of this fiscal year, so that it can be in place by July 1.

In a previous interview, City Council President Tessa Murphy-Romboletti said nine votes were needed to adopt the financial reform.

She also said past problems stemmed from a lack of proper systems and checks, an issue the city has dealt with since the 1970s.

The mayor would choose this officer, and the City Council will approve the appointment, she said.

In October, the City Council narrowly rejected the finance act in an 8-5 vote.

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Supporters ― Michael Sullivan, Israel Rivera, Jenny Rivera, Murphy-Romboletti, Anderson Burgos, former Councilor Kocayne Givner, Patti Devine and Magrath-Smith ― said the city needs modernization and greater transparency.

Opponents ― Howard Greaney Jr., Linda Vacon, former Councilors David Bartley, Kevin Jourdain and Carmen Ocasio — said a qualified treasurer should be appointed first.

Vacon said then the treasurer’s office was “a mess,” and that the city should “fix” one department before “mixing it with another.”

The City Council also clashed over fixes, as the state stopped sending millions in monthly aid because the city hadn’t finished basic financial paperwork for three years.

The main problem came from delays in financial reports from the treasurer’s office.

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Holyoke had a history of late filings. For six of the past eight years, the city delayed its required annual financial report, and five times in the past, the state withheld aid.

Council disputes over job descriptions, salaries and reforms also stalled progress.

In November, millions in state aid began flowing back to Holyoke after the city made some progress in closing out its books.

The state had withheld nearly $29 million for four months but even with aid restored, Holyoke still faces big financial problems, the Division of Local Services said.

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