Allegheny Bancshares, Inc. Announces Third Quarter 2023 Results

Allegheny Bancshares, Inc., the parent company of PCB, announces third quarter net income of $1,485,947 versus $1,638,819 for the same period in 2022 or a 9.33% decrease. Per share net income for the third quarter of 2023 of $1.81 compares to $1.97 for the same period in 2022.

Financial Highlights include:
Comparisons are to the corresponding period in the prior year unless otherwise stated.

Year to date net income totaled $4,090,095 ($4.99 per share) versus $4,214,971 ($5.14 per share) for the prior year.
Loans held for investment total $588.2 million. This is an increase of $20.2 million (3.56%), $80.9 million (15.95%) and $132.2 million (28.98%), respectively for the third quarter, year to date and the trailing twelve months.
Non-performing assets totaled $593 thousand (.08%) of total assets versus $738 thousand (.11%).
Net interest margin of 3.55% and 3.62% (on a fully tax equivalent basis) for the third quarter and year to date 2023. Versus 3.95% and 3.63% for the comparable periods in 2022.
Net interest income of $17.8 million year to date versus $15.9 million for the comparable period in 2022.
Year to date provision for loan losses of $923 thousand vs. $585 thousand, as a result of the strong loan growth.
Total deposits of $634.9 million reflect an increase of $54.2 million (9.33%) year to date and $48.9 million (8.35%) for the trailing twelve months.
Total assets of $749.2 million increased $90.8 million (13.78%) year to date and $105.4 million (16.37%) in the preceding twelve months.

William A. Loving, President and CEO, stated, “I am extremely pleased with our third quarter and year to date financial results. Given the unprecedented rate increases in the last eighteen months, and the corresponding increase in our cost of funds, it is a testament to our entire team that net income for the year has only decreased $125 thousand (2.96%).

All major loan categories, including residential real estate, commercial real estate and dealer finance continue the strong growth of the last two years, with each category increasing at least ten percent year to date. Our year-over-year loan growth and relatively strong net interest margin continue to drive the increase in our net interest income which partially offsets the previously mentioned increase in funding costs.

Additionally, PCB has experienced year to date deposit growth of $54.2 million. This growth is spread almost equally across all three of our distinct geographic regions. I take this as validation of PCB’s brand of banking, our strong product offerings, and a direct reflection of our hardworking teammates’ efforts to grow and expand relationships with customers. We were also honored to be publicly recognized in two community-nominated contests during the third quarter. PCB was named “Favorite Mortgage Company” and “Favorite Place to Work” and runner up as “Favorite Bank” in the News Virginian’s Valley Favorites competition. Additionally, PCB is a finalist for “Best Bank” in the West Virginia Living Magazine best of the state contest with results being announced in early December. I am proud of our team and look forward to the fourth quarter and year ahead.

I am also happy to announce our Board of Directors approved an annual dividend on November 16, 2023, of $2.43 per common share of stock. This dividend is payable on December 4, 2023, to shareholders of record as of November 30, 2023. Class A and Class B shares will receive dividends of $2.55 and $2.67, respectively.