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Pb Bankshares, Inc. (PBBK) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Pb Bankshares, Inc.

CIK: 1849670 Ticker: PBBK
EXHIBIT 99.1


FOR IMMEDIATE RELEASE

Contact:
Lindsay S. Bixler
Executive Vice President and Chief Financial Officer
(610) 215-2327

PB BANKSHARES, INC. ANNOUNCES 2022 FIRST QUARTER FINANCIAL RESULTS

Coatesville, Pennsylvania, April 27, 2022 — PB Bankshares, Inc. (the “Company”) (NASDAQ: PBBK), the holding company for Presence Bank (the “Bank”), reported unaudited net income of $245,000 for the first quarter ended March 31, 2022 compared to $51,000 for the same period in 2021. Earnings per share (EPS) were $0.10 for the first quarter 2022.

Income Statement

Net interest income was $2.2 million for the three months ended March 31, 2022 compared to $1.7 million, for the same period in 2021. The period over period increase was primarily due to the increase in interest income on loans driven by the increase in average loans and the decrease in interest expense on deposits.

The Company recorded a $90,000 provision for loan losses for the three months ended March 31, 2022 compared to a $69,000 provision for loan losses, for the same period in 2021.  The increase in the provision for loan losses for the first quarter 2022 compared to the same period in 2021 was primarily due to loan growth during the current quarter. The allowance for loan losses was $3.2 million, or 1.16%, of loans outstanding at March 31, 2022 and $3.1 million, or 1.24%, of loans outstanding at December 31, 2021. Total non-performing assets decreased to $1.6 million at March 31, 2022 from $1.7 million at December 31, 2021.  The non-performing assets to total assets ratio was 0.43% and 0.52% as of March 31, 2022 and December 31, 2021, respectively.
Noninterest income was $122,000 for the three months ended March 31, 2022 compared to $153,000, for the same period in 2021. The primary reason for the decrease in noninterest income was $40,000 of unrealized loss on equity investments due to the decrease in market value of the associated asset for the three months ended March 31, 2022 compared to $15,000 of loss for the same period in 2021.

Noninterest expense was $1.9 million for the three months ended March 31, 2022 compared to $1.7 million, for the same period in 2021. The quarter over quarter increase was primarily due to an increase in salaries and employee benefits, professional fees and Pennsylvania shares tax. The largest increase for the period was attributable to the Pennsylvania shares tax as the Bank in now subject to the tax as a result of the mutual to stock conversion.

Paycheck Protection Program

The Bank originated approximately $6.0 million of Paycheck Protection Program (“PPP”) loans in the first and second quarters of 2021.  As of March 31, 2022, all PPP loans originated by the

The following information was filed by Pb Bankshares, Inc. (PBBK) on Wednesday, April 27, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Pb Bankshares, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Pb Bankshares, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Income
Condensed Consolidated Statements Of Stockholders Equity
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policies)
Contingencies
Debt And Equity Securities
Debt And Equity Securities (Tables)
Debt And Equity Securities - Narrative (Details)
Debt And Equity Securities - Schedule Of Amortized Cost, Gross Unrealized Gains And Losses And Fair Value Securities Available-For-Sale (Details)
Debt And Equity Securities - Schedule Of Debt Securities By Contractual Maturity (Details)
Debt And Equity Securities - Schedule Of Length Of Time Individual Securities Have Been In A Continuous Unrealized Loss Position (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Assets Measured At Fair Value On A Nonrecurring Basis (Details)
Fair Value Of Financial Instruments - Assets Measured At Fair Value On A Recurring Basis (Details)
Fair Value Of Financial Instruments - Carrying Amounts And Fair Values Of The Bank's Financial Instruments (Details)
Fair Value Of Financial Instruments - Narrative (Details)
Fair Value Of Financial Instruments - Quantitative Information About Assets Measured At Fair Value On A Nonrecurring Basis (Details)
Financial Instruments With Off-Balance Sheet Risk And Concentrations Of Credit Risk
Financial Instruments With Off-Balance Sheet Risk And Concentrations Of Credit Risk (Tables)
Financial Instruments With Off-Balance Sheet Risk And Concentrations Of Credit Risk - Schedule Of Off-Balance Sheet Financial Instruments Whose Contract Amounts Represent Credit Risk (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Schedule Of Information About Leases (Details)
Leases - Schedule Of Maturity Analysis Of Operating Lease Liabilities (Details)
Loans Receivable And Allowance For Loan Losses
Loans Receivable And Allowance For Loan Losses (Tables)
Loans Receivable And Allowance For Loan Losses - Allowance For Loan Losses By Loan Class (Details)
Loans Receivable And Allowance For Loan Losses - Impaired Loans By Loan Portfolio (Details)
Loans Receivable And Allowance For Loan Losses - Loan Internal Risk Rating System (Details)
Loans Receivable And Allowance For Loan Losses - Loan Portfolio By The Past Due Status (Details)
Loans Receivable And Allowance For Loan Losses - Major Classifications Of Net Loans Receivable (Details)
Loans Receivable And Allowance For Loan Losses - Narrative (Details)
Loans Receivable And Allowance For Loan Losses - Nonaccrual Loans By Classes Of The Loan Portfolio (Details)
Long-Term Borrowings
Long-Term Borrowings (Details)
Long-Term Borrowings (Tables)
Long-Term Borrowings - Schedule Of Borrowings Maturity (Details)
Non-Interest Revenues
Non-Interest Revenues (Details)
Non-Interest Revenues (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Regulatory Matters
Regulatory Matters (Details)
Regulatory Matters (Tables)

Material Contracts, Statements, Certifications & more

Pb Bankshares, Inc. provided additional information to their SEC Filing as exhibits

Ticker: PBBK
CIK: 1849670
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-22-008981
Submitted to the SEC: Mon May 16 2022 4:34:25 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Savings Institutions Not Federally Chartered

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