Allegheny Bancshares, Inc. Announces Third Quarter Results
Allegheny Bancshares, Inc., the parent company of PCB, announces record third quarter net income of $1,638,820 versus $913,210 for the same period in 2021 or a 79.46% increase. Per share net income for 2022 of $2.00 compares to $1.11 for the same period in 2021.
Key financial highlights are as follows. Comparisons are to the corresponding period in the prior year unless otherwise stated:
- Year to date net income totaled $4,214,972 ($5.14 per share) versus $3,262,323 ($3.98 per share) for the prior year.
- Loans held for investment (excluding PPP loans) total $455.6 million. This is an increase of $52.1 million (12.91%) and $108.3 million (31.20%), respectively for the third quarter and the trailing twelve months.
- Non-performing assets totaled $731 thousand (.12%) versus $840 thousand (.13%).
- Third Quarter and Year to Date net interest margin of 3.95% and 3.60%, respectively (on a fully tax equivalent basis) versus 3.35% and 3.11%, respectively, for the same periods in 2021.
- Total deposits increased $24.6 million (4.38%) for the trailing twelve months.
- Total assets increased $19.1 million (3.06%) to $643.8 million in the trailing twelve months.
William A. Loving, President and CEO, stated, “I am pleased to announce record earnings for the third quarter and year to date. I am extremely proud to see the positive results of our team members’ hard work and dedication to PCB’s mission and the strategic initiatives put into action in 2019. Our strategic growth plan was executed through two separate transactions that resulted in our acquisition of six financial centers.
These acquisitions allowed us to expand our footprint and customer base while supporting the strong growth of our loan portfolio. The commercial portfolio has grown $59.9 million and $19.5 million in the trailing twelve months and most recent quarter, while the residential mortgage portfolio has increased $15.8 million and $6.4 million year over year and when compared to the second quarter. Another initiative that is paying dividends is the performance of the Dealer Finance Division created in 2021 and its well diversified growth (62% from our West Virginia markets and 38% from our Virginia markets) totaling $34 million year over year and $24 million in the third quarter.
Relationship banking has always been our focus and continues to propel not only our loan growth but also deposit growth. Our team members’ goal of helping to facilitate the financial success of our customers not only fulfills one component of our Mission Statement but has paved the way for the growth of $43.9 million in non-maturing deposits in the trailing twelve months. Collectively our loan and deposit growth has enabled us to report record earnings of $1.6 million for the quarter.
Last, but certainly not least, I am excited to share the following accolades achieved by our team members in the third quarter. PCB was honored to be voted ‘Best Bank’ in Fayette County, West Virginia, in the Fayette Tribune’s contest. We were also voted ‘Best Bank’, ‘Best Mortgage Company’, and ‘Best Company to Work For’ in Virginia’s Shenandoah Valley in the Daily News Record’s contest. Our team members continue to be recognized for the exceptional service they deliver, and our brand continues to gain recognition in the communities we serve.
We are thrilled to be awarded ‘Best’, but it would not be possible without our customer and shareholder base, for which we say, “Thank You”. Being part of such supportive communities means the world to me, as well as to our team members. I look forward to finishing the year strong as we remain committed to the components of our Mission - team members, customers, communities, and shareholders.”