PB Bankshares, Inc. reported a modest increase in total assets and deposits for the fiscal year ending December 31, 2024, with total consolidated assets rising to $451.3 million, a 2.6% increase from $439.7 million in 2023. Total deposits also grew by 6.4%, reaching $354.2 million compared to $333.0 million in the previous year. The bank's net income for 2024 was $1.8 million, a slight decrease from $1.9 million in 2023, primarily due to a decline in net interest income and an increase in noninterest expenses.
The bank's net interest income decreased by $1.0 million to $11.1 million, attributed to rising interest expenses on deposits amid a competitive market. Interest expense on deposits surged by 60.6% to $12.4 million, reflecting a significant increase in the average cost of interest-bearing liabilities. Despite these challenges, the bank's noninterest income saw a notable increase of 67.3%, totaling $1.3 million, largely due to a gain on the sale of a branch property.
Strategically, PB Bankshares has focused on expanding its commercial lending operations, with commercial real estate loans increasing by 11.0% to $205.2 million, now comprising 58.7% of the total loan portfolio. The bank has also opened new loan production and administrative offices to enhance its market presence. As of December 31, 2024, the bank employed 37 full-time equivalent employees, maintaining a stable workforce to support its growth initiatives.
The bank's credit quality indicators showed improvement, with non-performing loans decreasing to $1.1 million, or 0.32% of total loans, down from 0.44% in the previous year. The allowance for credit losses on loans was $4.4 million, representing 1.25% of total loans, reflecting management's proactive approach to credit risk management. Looking ahead, PB Bankshares aims to continue its focus on commercial lending and enhancing its deposit base while navigating the challenges posed by the current interest rate environment.
About PB Bankshares, Inc.
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