Allegheny Bancshares, Inc. Announces First Quarter 2024 Financial Results
Allegheny Bancshares, Inc., the parent company of PCB, announces first quarter net income of $1,002,178. This represents per share net income of $1.22 and compares to net income of $1,321,033 or $1.61 per share for the same period in 2023.
Financial Highlights include:
Comparisons are to the corresponding period in the prior year unless otherwise stated.
- Total assets increased $30.2 million (4.11%) to $764.5 million versus year end and $66.7 million (9.56%)
compared to the prior year. - Loans held for investment total $601.5 million. This is an increase of $11.7 million (1.98%) and $65.7 million
(12.26%), respectively for the quarter and the trailing twelve months. - Deposits increased $26.8 million (4.32%) for the quarter and $46.2 million (7.69%) for the trailing twelve months,
to $646.1 million. - First quarter tax equivalent net interest margin was 3.55%, which is unchanged when compared to the fourth
quarter of 2023. However, it is down from 3.72% in the first quarter of 2023. - Non-performing assets totaled $688 thousand (.09%) of total assets versus $759 thousand (.11%).
- Provision for loan losses of $496 thousand vs. $268 thousand.
William A. Loving, Jr., President & CEO, commented, “I am pleased to report net income of $1.0 million for the first quarter of 2024. Our results, when compared to 1st quarter 2023, were tempered by the continued pressure on our net interest margin and additional provision expense to support reported loan growth. Despite this good loan demand, our net interest income only increased $206 thousand due to the continued higher cost of funds. While our yield on average assets increased by .67% in the last twelve months, our costs associated with average assets increased by .74%. One positive sign that the pressure on funding costs is beginning to abate is that our cost of funds only increased by .10% in the first quarter, while the yield on earning assets increased by .19%.
I am particularly pleased that our year-to-date deposit growth is significantly up compared to recent trends. This is a result of specific efforts on our team's part to grow core deposits. Our core deposit growth is made up primarily of an increase in interest bearing checking and money market accounts to individuals, businesses, and non-profit organizations.
Finally, I want to mention a few significant projects that are underway. We recently received regulatory approval to convert our Staunton Loan Production Office, located at 2201 N. Augusta Street, Staunton, Virginia, to a full-service financial center. While an opening date has not been established, we are optimistic the facility will open by the end of the second quarter. We also continue to expand our relationship with WVU Tech located in Beckley, West Virginia, having recently extended our ‘Communiversity’ partnership with the college for an additional five years. In addition to co-sponsoring several on campus and community events, we installed an ATM on campus in the Robert C. Byrd Learning Resource Center. In the spirit of the ‘Communiversity’ initiative, a portion of the fees from the co-branded ATM will be donated by PCB to the William ‘Bill’ Benn Student Success Fund to support students who have a financial need.”