Allegheny Bancshares, Inc. Announces First Quarter 2023 Earnings
Allegheny Bancshares, Inc., the parent company of PCB, announces first quarter net income of $1,321,033. This represents per share net income of $1.61 and compares to net income of $1,088,803 or $1.33 per share for the same period in 2022.
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:
- Loans held for investment total $531.8 million. This is an increase of $24.4 million (4.84%) and $142.7 million (36.68%), respectively for the quarter and the trailing twelve months.
- Non-performing assets totaled $759 thousand (.11%) of total assets versus $816 thousand (.13%).
- First quarter tax equivalent net interest margin was 3.72% compared to 3.37% in 2022.
- Provision for loan losses of $268 thousand vs. $165 thousand.
- Deposits increased $19.2 million (3.31%) to $599.9 million.
- Total assets increased $39.4 million (5.98%) to $697.8 million, when compared to year end 2022.
- Earnings per share total $1.61, an increase of 21.05% when compared to 2022.
William A. Loving, Jr., President & CEO, commented, “I am pleased to report net income of $1.3 million for the first quarter of 2023. Our results were supported by continued loan growth, particularly in our dealer finance department which grew $17.3 million to a total of $77 million as of quarter end. This growth was due to our strong team and the continued growth of our network, which now totals over sixty dealers throughout our footprint.
We continue to see pressure on our net interest margin; however, I am pleased with where we stand today. The current rate environment has created economic turmoil and strain, particularly on larger, specialized Regional Banks. However, I am happy to report that we, like many community banks, felt very little impact from these events. In fact, the situation created opportunities for us to have conversations with many customers regarding the strength of PCB. I thank our communities for the continued trust and confidence they have placed in us - something we do not take lightly. This trust paved the way for additional deposit growth, both in-market and through purchased (brokered) deposits, totaling $19.2 million through quarter end. This deposit growth was heavily concentrated in time deposits as the rising rate environment resulted in funds movement from checking and savings products to this sector.
As I look to the remainder of the year, I anticipate continued margin pressure and heightened focus on deposit acquisition to fund the company’s growth. These elements will put downward pressure on earnings; however, we continue to expect strong financial performance in 2023.”
We continue to see pressure on our net interest margin; however, I am pleased with where we stand today. The current rate environment has created economic turmoil and strain, particularly on larger, specialized Regional Banks. However, I am happy to report that we, like many community banks, felt very little impact from these events. In fact, the situation created opportunities for us to have conversations with many customers regarding the strength of PCB. I thank our communities for the continued trust and confidence they have placed in us - something we do not take lightly. This trust paved the way for additional deposit growth, both in-market and through purchased (brokered) deposits, totaling $19.2 million through quarter end. This deposit growth was heavily concentrated in time deposits as the rising rate environment resulted in funds movement from checking and savings products to this sector.
As I look to the remainder of the year, I anticipate continued margin pressure and heightened focus on deposit acquisition to fund the company’s growth. These elements will put downward pressure on earnings; however, we continue to expect strong financial performance in 2023.”