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PBCO Financial Corporation Reports Q3 2026 Results

Business Wire

MEDFORD, Ore., October 21, 2026--PBCO Financial Corporation (OTCID: "PBCO"), the holding company (the "Company") of People's Bank of Commerce (the "Bank"), today reported net income of $2.6 million and earnings per share of $0.51 for the third quarter of 2026, compared to net income of $2.2 million and $0.43 per share for the second quarter of 2026.

Highlights

  • Return on average assets increased to 1.34% during the third quarter

  • Net interest margin increased to 4.38% in the third quarter

"I am pleased to share the strong operating results of the Company for the third quarter of 2026. It evidences the momentum we have as we continue towards completing our merger with Northrim BanCorp, Inc., which was announced in July," reported Julia Beattie, President and CEO of the Company.

Portfolio loans increased $9.0 million during the third quarter, a 1.6% increase from the second quarter. Credit quality of the loan portfolio remains strong. Deposit balances increased $18.2 million from second quarter of 2026, a 3.0% increase, including $15.0 million in brokered funding purchased during the third quarter. The Bank continues to actively focus on growing core deposits, which is reflected in the positive trend in non-interest bearing demand deposits during the third quarter.

During the third quarter, non-interest income increased by $83 thousand, with the increase primarily attributed to recognition of prior year lost revenue and repayment of legal expenses on a non-performing loan at payoff. Non-interest expenses totaled $6.7 million in the third quarter, an increase of $465 thousand from the second quarter of 2026. During the quarter, the Company incurred $648 thousand in non-recurring professional expenses related to the pending merger. The Bank had previously recognized $170 thousand in one-time expense during the second quarter when it wrote-off the remaining unamortized implementation and current year fees on a non-performing vendor contract.

The Bank's leverage ratio was 15.81% as of September 30, 2026, compared to 15.40% as of June 30, 2026. The Company's tangible common equity was $96.7 million as of September 30, 2026, compared to $96.5 million as of June 30, 2026. During the quarter, the company paid a cash dividend of $0.14 per share, reducing retained earnings by $710 thousand.

About PBCO Financial Corporation

PBCO Financial Corporation's stock trades on the over-the-counter market under the symbol PBCO. Additional information about the Company is available in the investor section of the Company's website at: www.peoplesbank.bank.

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