Capital allocation remains focused on liquidity preservation, as evidenced by the cessation of share buybacks since 2024Q4 and the absence of dividends, while cash balances fluctuated significantly to a recent high of $49.9M in 2025Q3.
| Cash from Operations | 2.6M | 1.82M | 3.88M | 3.37M | 1.39M | 206K | 1.48M |
| Operating CF Growth % | 68.38% | -53.14% | 15.19% | 142.8% | 573.79% | -86.03% | - |
| Net Income | 2.31M | 1.77M | 1.92M | 2.11M | 785K | -415K | 779K |
| Depreciation & Amortization | 424K | 355K | 326K | 288K | 172K | 205K | 197K |
| Deferred Taxes | -167K | -86K | -221K | -274K | -174K | -187K | -49K |
| Other Non-Cash Items | -982K | -1.22M | -2K | 205K | 198K | 525K | 415K |
| Working Capital Changes | 286K | 274K | 1.18M | 818K | 262K | 78K | 133K |
| Cash from Investing | -408K | -3.3M | -37.44M | -81.82M | -64.26M | -20.48M | -2.39M |
| Purchase of Investments | -21.01M | -30.63M | -56.37M | -39.73M | -5M | -26.83M | -9.39M |
| Sale/Maturity of Investments | 22.42M | 50.1M | 41.7M | 11.39M | 4.63M | 24.17M | 7.13M |
| Net Investment Activity | 1.4M | 19.47M | -14.68M | -28.34M | -369K | -2.66M | -2.26M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -1.39M | -22.39M | -22.12M | -53.34M | -63.88M | -17.13M | -3K |
| Cash from Financing | -1.43M | 6.82M | 48.79M | 68.79M | 39.14M | 57.9M | 5.47M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -21K | -1.76M | -2.15M | -530K | 0 | 0 | 0 |
| Stock Issued | 3K | 0 | 0 | 0 | 26.2M | 0 | 0 |
| Net Stock Activity | -18K | -1.76M | -2.15M | -530K | 26.2M | 0 | 0 |
| Debt Issuance (Net) | -580K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K |
| Other Financing | 244K | 21.22M | 43.47M | 38.37M | 16.82M | 63.38M | 6.84M |
| Net Change in Cash | 761K | 5.34M | 15.23M | -9.66M | -23.73M | 37.62M | 4.56M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 55.91M | 32.44M | 17.2M | 26.86M | 50.59M | 12.97M | 8.41M |
| Cash at End | 55.28M | 37.78M | 32.44M | 17.2M | 26.86M | 50.59M | 12.97M |
| Interest Paid | 11.97M | 12.17M | 7.23M | 2.73M | 2.62M | 2.45M | 2.41M |
| Income Taxes Paid | 370K | 480K | 592K | 522K | 120K | 165K | 75K |
| Free Cash Flow | 2.15M | 1.44M | 3.24M | 3.23M | 1.38M | -486K | 1.34M |
| FCF Growth % | -3.02% | -55.63% | 0.5% | 134.03% | 383.54% | -136.24% | - |
CRE concentration and NIM
Based on reported financial statements, PBBK's net income has fluctuated between $317K and $681K over the last ten quarters, suggesting that organic capital generation remains constrained by the bank's current scale and the ongoing costs associated with its strategic expansion into new loan production offices.
The bank's ability to retain earnings is currently hampered by the thin net margin environment, which limits the internal capital available to support aggressive loan growth. Investors should monitor whether the current earnings trajectory can sustain the capital requirements of the new LPO model without necessitating future external capital raises.
As reported in recent SEC filings, PBBK has demonstrated significant volatility in its investment portfolio activity, with quarterly purchase and sale figures swinging from a $37.8M purchase in 2023Q4 to a $36.1M sale in 2024Q1, indicating a highly tactical approach to managing balance sheet liquidity.
This frequent turnover in the investment portfolio suggests that management is actively utilizing securities as a primary lever to manage liquidity and fund loan originations. Such reliance on securities sales to bridge funding gaps warrants further investigation into the duration and yield characteristics of the remaining portfolio.
According to the provided cash flow data, PBBK has prioritized capital retention over shareholder returns, as evidenced by the cessation of buybacks since 2024Q4 and the absence of dividend payments throughout the entire ten-quarter period, reflecting a conservative stance on preserving regulatory capital buffers.
The shift away from share repurchases suggests that management is prioritizing the funding of its commercial expansion over returning capital to shareholders. This approach appears prudent given the current competitive pressures and the need to maintain a strong capital position while scaling the new loan production offices.
Based on the bank's reported figures, the provision for credit losses has exhibited notable volatility, ranging from a negative $84K in 2024Q1 to a peak of $247K in 2023Q2, which may indicate management's reactive approach to adjusting reserves in response to shifting local economic conditions.
The inconsistency in provisioning levels suggests that the bank's credit risk assessment is highly sensitive to the performance of its CRE and construction loan portfolios. Analysts should monitor whether these fluctuations represent actual credit deterioration or merely adjustments to the CECL model in response to regional market volatility.
Quick answers to the most common questions about buying PBBK stock.
PB Bankshares, Inc. (PBBK) generated $1.8M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
PB Bankshares, Inc. (PBBK) generated $1.4M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
PB Bankshares, Inc. (PBBK) spent $0.4M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, PB Bankshares, Inc. (PBBK) spent $1.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.