Financial highlights include:
Comparisons are to the corresponding period in the prior year unless otherwise stated.
Comparisons are to the corresponding period in the prior year unless otherwise stated.
- Third quarter net income increased $238,745 (20.81%) when compared to second quarter net income of $1,147,442.
- Year to date net income totaled $3,535,807 ($4.31 per share) versus $4,090,094 ($4.99 per share) for the prior year.
- Total assets increased $30.9 million (4.12%) to $780.1 million compared to the same period in the prior year and$45.8 million (6.24%) compared to year end 2023.
- Loans held for investment totaled $618.8 million. This is an increase of $28.9 million (4.90%) and $30.5 million(5.19%), respectively for the year to date and trailing twelve-month periods.
- Non-performing assets totaled $1.2 million (.15% of total assets) versus $593 thousand (.08%) for the same period in 2023.
- Third quarter tax equivalent net interest margin of 3.73% increased .16% versus second quarter 2024 and increased .17% compared to the third quarter of 2023.
- Year to date provision for loan losses of $1.4 million vs. $938 thousand for the same period in 2023, as a result of the continued loan growth.
- Total deposits of $663.8 million have increased $44.5 million (7.19%) year to date and $28.9 million (4.55%) for the trailing twelve months.
William A Loving, Jr., CEO, commented, “I am pleased with our 3rd quarter results, albeit down from 3rd quarter 2023 and year-over-year earnings to date. While we continued to operate in lower margins than we historically have enjoyed, we have seen an increase in the quarter-to-date margin of 3.73%, from 2023’s level of 3.56%. This margin improvement and continued loan growth allowed us to increase profitability in the 3rd quarter, with net income 20.81% higher than the 2nd quarter 2024. I believe this trend will continue into the 4th quarter and beyond as the Federal Reserve appears to have started on their course of less restrictive interest rates.
I am especially pleased with the 3rd quarter and year-to-date balance sheet growth. Unlike 2023, we have seen less liquidity pressure than we, and other financial institutions, experienced last year. This has allowed for traditional deposit growth of $44.5 million year-to date and supported the aforementioned loan growth of $28.9 million, which is net of approximately $15.2 million of current participations sold.
I mentioned the upcoming opening of our 14th Financial Center in Staunton, VA, in the 2nd quarter release. I am happy to announce we had a soft opening on September 23, 2024, and officially cut the ribbon on October 2, 2024. We will continue serving the community, and we are excited for the opportunity to extend our Community Centered brand of banking to the northern area of Staunton. I’m confident this location will complement our existing office on Frontier Drive.
As we continue to build out our digital banking arena, I am pleased to announce that we unveiled our new website on November 13, 2024. This enhanced website will have similar customer friendly features but positions us to further provide additional products and services through a digital format many prefer. However, we will not lose sight of the traditional channels that have made PCB the organization it is today and set the stage for the many accolades we have received over the years, including being a finalist in West Virginia Living’s Best Contest again this year. The winners will be announced in early December.
Finally, to provide for the future, we separated the role of President & CEO during the third quarter of 2024 with Neil Hayslett being named President & Chief Operating Officer. Neil and I have worked well together over the last 4 years, and I am confident his experience will continue to support PCB and myself, as I continue in the role of Chief Executive Officer of PCB.”