Financial highlights include:
Comparisons are to the corresponding period in the prior year unless otherwise stated.
- Second quarter net income increased $145,264 (14.49%) when compared to first quarter net income of $1,002,178.
- Year to date net income totaled $2,149,620 ($2.62 per share) versus $2,604,148 ($3.18 per share) for the prior year.
- Total assets increased $39.1 million (5.38%) to $766.1 million compared to the same period in the prior year and $31.8 million (4.34%) compared to year end 2023.
- Loans held for investment total $607.4 million. This is an increase of $17.5 million (2.97%) and $37.6 million (6.59%), respectively for the year to date and trailing twelve-month periods.
- Non-performing assets totaled $769 thousand (.10% of total assets) versus $363 thousand (.05%).
Second quarter tax equivalent net interest margin of 3.57% increased .02% versus first quarter 2024 and is down slightly from 3.59% in the second quarter of 2023. - Year to date provision for loan losses of $946 thousand vs. $574 thousand, as a result of the continued loan growth.
- Total deposits of $651.3 million have increased $32.0 million (4.91%) year to date and $41.3 million (6.76%) for the trailing twelve months.
William A. Loving, President and CEO, stated, “While our second quarter earnings of $1,147,442 were approximately $136 thousand less than in the same period of 2023, I am pleased that the quarter represents a rebound when compared to first quarter earnings. Following a steady decline over several quarters, our net interest margin stabilized in late 2023 and increased .02% in the second quarter of 2024. Like all banks, we continue to experience interest rate pressure but have strategically positioned ourselves with shorter maturities on deposit accounts.
Given the current rate environment, commercial and residential real estate lending have both slowed compared to recent years. Year to date our commercial portfolio has increased $4.4 million, while residential real estate has increased $3.2 million. The consumer loan portfolio, primarily comprised of our indirect auto finance division, has increased $9.2 million year to date.
In our Q1 2024 Financials Release, I announced the conversion of our Staunton Loan Production Office to a full-service PCB Financial Center. That project is near completion, and we look forward to opening the doors of our fourteenth financial center in the late 3rd or early 4th Quarter. More details will be announced on our website and social media channels when they are available, and we hope you will join us for the ribbon cutting celebration.
During the second quarter, PCB achieved various accolades in two local contests. We were named Best Bank, Customer Service, Ag Lender, and Home Mortgage in the annual Shenandoah Valley Best Contest hosted by Harrisonburg Radio Group. PCB was also proud to be voted Best Mortgage Company and Company to Work For as well as a Finalist for Best Bank in the Best of the Valley contest hosted by the Daily News Record. This is the third consecutive year we have been voted best in these competitions by our customers and community members. We are proud to be Your Bank™.”