Allegheny Bancshares, Inc. Announces Second Quarter Results
Allegheny Bancshares, Inc., the parent company of PCB, announces second quarter net income of $1,487,349 versus $1,157,945 for the same period in 2021 or a 28.45% increase. Per share net income for 2022 of $1.81 compares to $1.42 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 $2,576,152 ($3.14 per share) versus $2,349,113 ($2.87 per share) for the prior year.
- Loans held for investment (excluding PPP loans) total $403.5 million. This is an increase of $20.9 million (5.46%) and $67.6 million (20.11%), respectively for the second quarter and the trailing twelve months.
- Non-performing assets totaled $727 thousand (.11%) of total assets versus $1.1 million (.18%).
- Second quarter net interest margin of 3.73% (on a fully tax equivalent basis) compares favorably to 3.37% in the first quarter and full year 2021.
- Provision for loan losses of $360 thousand vs. $300 thousand.
- Total deposits increased $18.6 million (3.28%) year to date and $27.3 million (6.39%) for the trailing twelve months.
- Total assets increased $12.8 million (2.04%) to $641.4 million year to date and $21.5 million (3.46%) in the preceding twelve months.
William A. Loving, President and CEO, stated, “I am extremely pleased with our second quarter financial results. We are beginning to see the results of our strategic initiatives coming to fruition through the addition of six financial centers, two loan production offices, a dealer finance division, and an agricultural lending segment over a two-year period. As we grow, all team members have provided our brand of community banking – a people centered, community-driven approach – which has helped drive our profitability.
Throughout the second quarter PCB continued to see a strong demand for borrowing needs. Our dealer finance, residential real estate, and commercial real estate portfolios grew. The strong loan growth that impacted our balance sheet in the second quarter and trailing twelve months is positively driving our net income. Additionally, PCB has experienced year to date deposit growth of $18.6M – a reflection of our hardworking teammates creating new and deepening current relationships with customers.
I would be remiss if I failed to mention an accolade achieved by our team members, and one for which I am incredibly proud. In June 2022, PCB was honored to be named "Best Bank, Ag Lender, and Home Mortgage of 2022" by voters in the Shenandoah Valley Best Contest hosted by Harrisonburg Radio Group. This recognition serves as confirmation that our community banking model and desire to be a positive force within all communities we serve is in fact recognized as a brand that the community appreciates. We are humbled to be seen as an integral part of our communities and appreciative for the customers and community members who continue to support PCB.
I am proud of our team and look forward to the third quarter and year ahead. I remain optimistic regarding our future as we remain committed to our customers and communities.”