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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from                      to

Commission File Number: 001-40612

Graphic

(Exact name of registrant as specified in its charter)

Maryland

86-3947794

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

185 E Lincoln Highway

Coatesville, PA 19320

(Address of Principal Executive Offices)

(610) 384-8282

(Registrant’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading symbol

Name of Exchange on which registered

Common Shares, par value $0.01 per share

PBBK

The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

  

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  

As Common Stock, $0.01 par value - 2,777,250 shares outstanding as of August 11, 2022.

TABLE OF CONTENTS

    

    

Page

Part I

Financial Information

Item 1.

Financial Statements

3

Condensed Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021

3

Condensed Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021 (Unaudited)

4

Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2022 and 2021 (Unaudited)

5

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2022 and 2021 (Unaudited)

6

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (Unaudited)

7

Notes to Condensed Consolidated Financial Statements (Unaudited)

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

49

Item 4.

Controls and Procedures

49

Part II

Other Information

Item 1.

Legal Proceedings

49

Item 1A.

Risk Factors

49

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

49

Item 3.

Defaults Upon Senior Securities

50

Item 4.

Mine Safety Disclosures

50

Item 5.

Other Information

50

Item 6.

Exhibits

50

Exhibit Index

Signatures

2

PART I —FINANCIAL INFORMATION

Item 1. Financial Statements

PB BANKSHARES, INC.

Condensed Consolidated Balance Sheets

(dollars in thousands, except per share data)

June 30, 

December 31, 

2022

    

2021

Assets

 

  

 

  

Cash and due from banks

$

40,404

$

15,508

Federal funds sold

 

4,933

 

11,256

Interest bearing deposits with banks

 

100

 

100

Cash and cash equivalents

 

45,437

 

26,864

Debt securities available-for-sale, at fair value

 

43,049

 

25,649

Equity securities, at fair value

 

787

 

849

Restricted stocks, at cost

 

1,979

 

884

Loans receivable, net of allowance for loan losses of $3,439 at June 30, 2022 and $3,145 at December 31, 2021

 

291,680

 

249,196

Premises and equipment, net

 

1,858

 

1,949

Deferred income taxes, net

 

1,335

 

945

Accrued interest receivable

 

1,129

 

852

Bank owned life insurance

 

7,400

 

7,313

Other assets

 

1,413

 

428

Total Assets

$

396,067

$

314,929

Liabilities and Stockholders' Equity

 

  

 

  

Liabilities

 

  

 

  

Deposits

$

309,013

$

251,130

Long-term borrowings

 

40,220

 

16,681

Accrued expenses and other liabilities

 

1,673

 

1,284

Total Liabilities

 

350,906

 

269,095

Commitments and contingencies - see note 8

Stockholders' Equity

 

  

 

  

Preferred Stock, $0.01 par value, 10,000,000 shares authorized; -0- issued and outstanding at June 30, 2022 and December 31, 2021

Common Stock, $0.01 par value, 40,000,000 shares authorized; 2,777,250 issued and outstanding at June 30, 2022 and December 31, 2021

 

28

 

28

Additional paid-in capital

26,176

26,176

Retained earnings

 

23,257

 

22,665

Unearned ESOP shares, 211,071 shares at June 30, 2022 and December 31, 2021

 

(2,753)

 

(2,753)

Accumulated other comprehensive loss

 

(1,547)

 

(282)

Total Stockholders' Equity

 

45,161

 

45,834

Total Liabilities and Stockholders' Equity

$

396,067

$

314,929

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

PB BANKSHARES, INC.

Condensed Consolidated Statements of Income

(dollars in thousands, except per share data)

(Unaudited)

    

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2022

    

2021

2022

    

2021

Interest and Dividend Income

 

  

 

  

  

 

  

Loans, including fees

$

2,950

$

2,385

$

5,653

$

4,529

Securities

 

112

 

85

 

181

 

178

Other

 

89

 

5

 

101

 

11

Total Interest and Dividend Income

 

3,151

 

2,475

 

5,935

 

4,718

Interest Expense

 

  

 

  

 

  

 

  

Deposits

 

474

 

447

 

909

 

914

Borrowings

 

184

 

104

 

333

 

213

Total Interest Expense

 

658

 

551

 

1,242

 

1,127

Net interest income

 

2,493

 

1,924

 

4,693

 

3,591

Provision for Loan Losses

 

203

 

69

 

293

 

138

Net interest income after provision for loan losses

 

2,290

 

1,855

 

4,400

 

3,453

Noninterest Income

 

  

 

  

 

  

 

  

Service charges on deposit accounts

 

54

 

47

 

96

 

91

(Loss) gain on equity investments

 

(27)

 

1

 

(67)

 

(14)

Bank owned life insurance income

 

43

 

44

 

87

 

85

Debit card income

 

50

 

63

 

98

 

114

Other service charges

 

19

 

28

 

36

 

47

Other income

 

8

 

15

 

19

 

28

Total Noninterest Income

 

147

 

198

 

269

 

351

Noninterest Expenses

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

1,059

 

897

 

2,040

 

1,814

Occupancy and equipment

 

168

 

135

 

318

 

288

Data and item processing

 

251

 

244

 

493

 

487

Advertising and marketing

 

25

 

17

 

47

 

28

Professional fees

 

150

 

84

 

317

 

170

Directors’ fees

 

61

 

61

 

122

 

122

FDIC insurance premiums

 

16

 

57

 

38

 

104

Pennsylvania shares tax

 

83

 

 

163

 

Debit card expenses

 

35

 

36

 

69

 

73

Other

 

161

 

180

 

334

 

321

Total Noninterest Expenses

 

2,009

 

1,711

 

3,941

 

3,407

Income before income tax expense

 

428

 

342

 

728

 

397

Income Tax Expense

 

81

 

63

 

136

 

67

Net Income

$

347

$

279

$

592

$

330

Earnings per common share - basic and diluted

$

0.14

N/A

$

0.23

N/A

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

PB BANKSHARES, INC.

Condensed Consolidated Statements of Comprehensive (Loss) Income

(In thousands)

(Unaudited)

    

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2022

    

2021

2022

    

2021

Net Income

$

347

$

279

$

592

$

330

Other Comprehensive Loss

 

  

 

  

 

  

 

  

Unrealized losses on debt securities available-for-sale:

 

  

 

  

 

  

 

  

Unrealized holding losses arising during period

 

(519)

 

(82)

 

(1,601)

 

(347)

Tax effect

 

109

 

18

 

336

 

72

Other comprehensive loss

 

(410)

 

(64)

 

(1,265)

 

(275)

Total Comprehensive (Loss) Income

$

(63)

$

215

$

(673)

$

55

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

PB BANKSHARES, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands)

(Unaudited)

    

    

Accumulated

    

Additional

Unearned

Other

Common

Paid-In

Retained

ESOP

Comprehensive

Stock

Capital

Earnings

Shares

Income (Loss)

Total

Balance, April 1, 2021

$

$

$

21,931

$

$

(122)

$

21,809

Net income

 

 

 

279

 

 

 

279

Other comprehensive loss

 

 

 

 

 

(64)

 

(64)

Balance, June 30, 2021

$

$

$

22,210

$

$

(186)

$

22,024

Balance, April 1, 2022

$

28

$

26,176

22,910

$

(2,753)

$

(1,137)

$

45,224

Net income

 

 

 

347

 

 

 

347

Other comprehensive loss

 

 

 

 

 

(410)

 

(410)

Balance, June 30, 2022

$

28

$

26,176

$

23,257

$

(2,753)

$

(1,547)

$

45,161

Balance, January 1, 2021

$

$

$

21,880

$

$

89

$

21,969

Net income

 

 

 

330

 

 

 

330

Other comprehensive loss

 

 

 

 

 

(275)

 

(275)

Balance, June 30, 2021

$

$

$

22,210

$

$

(186)

$

22,024

Balance, January 1, 2022

$

28

$

26,176

$

22,665

$

(2,753)

$

(282)

$

45,834

Net income

 

 

 

592

 

 

 

592

Other comprehensive loss

 

 

 

 

 

(1,265)

 

(1,265)

Balance, June 30, 2022

$

28

$

26,176

$

23,257

$

(2,753)

$

(1,547)

$

45,161

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

PB BANKSHARES, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

    

Six Months Ended

June 30, 

 

2022

    

2021

Cash Flows from Operating Activities

Net income

$

592

$

330

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

  

 

  

Provision for loan losses

 

293

 

138

Depreciation and amortization

 

147

 

116

Gain on disposal of premises and equipment

(4)

Net accretion of securities premiums and discounts

 

(40)

 

(18)

Deferred income tax benefit

 

(54)

 

(152)

Loss on equity securities

 

67

 

14

Deferred loan fees, net

 

33

 

287

Earnings on bank owned life insurance

 

(87)

 

(85)

Increase in accrued interest receivable and other assets

 

(1,047)

 

(615)

Increase (decrease) in accrued expenses and other liabilities

 

142

 

(40)

Net Cash Provided by (Used in) Operating Activities

 

46

 

(29)

Cash Flows from Investing Activities

 

  

 

  

Activity in debt securities available-for-sale:

 

  

 

  

Purchases

 

(19,853)

 

(4,998)

Maturities, calls, and principal repayments

 

892

 

2,745

Dividends on equity securities reinvested

(5)

(6)

(Purchase) redemption of restricted stocks

 

(1,095)

 

157

Purchase of additional Bank owned life insurance

(500)

Net increase in loans receivable

 

(42,810)

 

(35,783)

Purchases of premises and equipment

 

(24)

 

(19)

Net Cash Used in Investing Activities

 

(62,895)

 

(38,404)

Cash Flows from Financing Activities

 

  

 

  

Net increase in deposits

 

57,883

 

15,221

Stock subscription proceeds

60,234

Advances of borrowings

24,000

1,633

Repayments of borrowings

 

(461)

 

(3,803)

Net Cash Provided by Financing Activities

 

81,422

 

73,285

Increase in cash and cash equivalents

 

18,573

 

34,852

Cash and Cash Equivalents, Beginning of Period

 

26,864

50,591

Cash and Cash Equivalents, End of Period