# EDGAR Filing Document

**Accession Number:** 0001849670
**File Stem:** 0001849670-25-000027
**Filing Date:** 2025-7
**Character Count:** 23290
**Document Hash:** 10bc1921fc1387a2fc9a1399f21d0880
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001849670-25-000027.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001849670-25-000027

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250723

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PB Bankshares, Inc.
- **CENTRAL INDEX KEY:** 0001849670
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40612
- **FILM NUMBER:** 251143784

**BUSINESS ADDRESS:**
- **STREET 1:** 185 E. LINCOLN HIGHWAY
- **CITY:** COATESVILLE
- **STATE:** PA
- **ZIP:** 19320
- **BUSINESS PHONE:** (610) 384-8282

**MAIL ADDRESS:**
- **STREET 1:** 185 E. LINCOLN HIGHWAY
- **CITY:** COATESVILLE
- **STATE:** PA
- **ZIP:** 19320

?xml version='1.0' encoding='ASCII'? PB Bankshares, Inc._July 23, 2025

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 23, 2025

**PB Bankshares, Inc.**

(Exact Name of Registrant as Specified in Charter)

<u>Maryland</u> &nbsp;&nbsp;&nbsp;&nbsp; <u>001-40612</u> &nbsp;&nbsp;&nbsp;&nbsp; <u>86-3947794</u> <br> (State or Other Jurisdictionof Incorporation) (Commission File No.) (I.R.S. EmployerIdentification No.)

<u>185 East Lincoln Highway, Coatesville, Pennsylvania</u> <u>19320</u> <br> (Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code:(610) 384-8282

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 | PBBK | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

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On July 23, 2025, PB Bankshares, Inc. (the "Company") issued a press release reporting its financial results at and for the three and six months ended June 30, 2025.

A copy of the press release is attached as Exhibit 99.1 to this report and is being furnished to the Securities and Exchange Commission and shall not be deemed filed for any purpose.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

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| | | |
|:---|:---|:---|
| (a) | Financial statements of businesses acquired. None. | Financial statements of businesses acquired. None. |
| (b) | Pro forma financial information. None. | Pro forma financial information. None. |
| (c) | Shell company transactions: None. | Shell company transactions: None. |
| (d) | Exhibits. | Exhibits. |
|  | 99.1 | [Press release dated July 23, 2025](pbbk-20250723xex99d1.htm) |
|  | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)  |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **PB BANKSHARES, INC.** | **PB BANKSHARES, INC.** |
| DATE: July 23, 2025 | By: | /s/ Lindsay Bixler |
|  |  | Lindsay Bixler |
|  |  | Executive Vice President and Chief Financial Officer |

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## Exhibit 99.1

**Exhibit 99.1**

**FOR IMMEDIATE RELEASE**

**Contact:**<br>Lindsay S. Bixler <br>Executive Vice President and Chief Financial Officer

(610) 215-2327

**PB BANKSHARES, INC. ANNOUNCES 2025 SECOND QUARTER FINANCIAL RESULTS**

Coatesville, Pennsylvania, July 23, 2025 — PB Bankshares, Inc. (the "Company") (NASDAQ: PBBK), the holding company for Presence Bank (the "Bank"), reported unaudited net income of $640,000 for the three months ended June 30, 2025 and $1.1 million for the six months ended June 30, 2025 compared to $370,000 and $687,000, respectively, for the same periods in 2024. Diluted earnings per share were $0.27 for the second quarter of 2025 and $0.48 for the first six months of 2025 compared to $0.16 and $0.29, respectively, for the same periods in 2024.

**Year to Date and Quarterly 2025 Highlights:**

● Earnings increased 62.0%, with net income of $1.1 million for the six months ended June 30, 2025 from $687,000 for the six months ended June 30, 2024.

● Net interest income grew by 17.1% to $6.3 million for the six months ended June 30, 2025 from $5.4 million for the six months ended June 30, 2024.

● Net interest margin improved 34 basis points to 2.88% for the three months ended June 30, 2025 from 2.54% for the three months ended June 30, 2024.

● Accumulated other comprehensive loss decreased by 98.9% to $12,000 at June 30, 2025 compared to $1.1 million at June 30, 2024, accounting for less than 0.1% of total stockholders' equity at June 30, 2025.

● Noninterest expense increased by 7.6% to $5.4 million for the six months ended June 30, 2025 from $5.0 million for the six months ended June 30, 2024.

● Allowance for credit losses remained strong at 1.25% of loans outstanding at June 30, 2025 consistent with 1.25% of loans outstanding at December 31, 2024.

● The remaining weighted average life of our debt securities available-for-sale portfolio remained short at 2.86 years at June 30, 2025.

● Book value per common share increased by $1.58 to $19.73 at June 30, 2025 from $18.15 at June 30, 2024.

**Income Statement**

Net interest income was $3.3 million for the three months ended June 30, 2025 and $6.3 million for the six months ended June 30, 2025 compared to $2.8 million and $5.4 million, respectively, for the same periods in 2024. The increase for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily due to increases in interest income on loans and securities and decreases in interest expense on borrowings and deposits, partially offset by the decrease in interest income on cash and federal funds sold. Interest income on loans for the three months ended June 30, 2025 included recognition of interest on two nonaccrual loans that were

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**Exhibit 99.1**

paid off for $41,000 during the current quarter. Interest income on loans for the six months ended June 30, 2025 included a prepayment penalty of $149,000 that was recognized on the payoff of a loan and the $41,000 of interest from the two nonaccrual loan payoffs noted above. The decrease in the interest expense on borrowings and deposits for both current periods was driven by a decrease in the average rate paid on borrowings and deposits. The decrease in the interest income on cash and federal funds sold for both current periods was driven by a decrease in average volume, partially offset by an increase in average rate.

The Company recorded a provision for credit losses of $40,000 for the three months ended June 30, 2025 and $101,000 for the six months ended June 30, 2025 compared to provision for credit losses of $17,000 and reversal of provision for credit losses of $67,000, respectively, for the same periods in 2024. The increase in provision for credit losses for the three and six months ended June 30, 2025 was primarily due to changes in the mix of loans and growth during the current periods and a higher required allowance for unfunded commitments. There were no loan charge-offs during the first six months of 2025 or 2024 and $6,000 of overdraft protection charge-offs for the six months ended June 30, 2024. There were recoveries of $27,000 for the three months ended June 30, 2025 and $52,000 for the six months ended June 30, 2025 compared to $5,000 and $9,000, respectively, for the same periods in 2024. Delinquencies remain benign, reserves are deemed to be adequate as of June 30, 2025 and the allowance coverage ratio remained strong. The allowance for credit losses was $4.5 million, or 1.25%, of loans outstanding at June 30, 2025 as compared to $4.4 million, or 1.25%, of loans outstanding at December 31, 2024. Total non-performing loans decreased $219,000, to $903,000 at June 30, 2025 from $1.1 million at December 31, 2024. The non-performing loans to total loans ratio decreased by seven basis points to 0.25% at June 30, 2025 from 0.32% as of December 31, 2024. We continued to receive payments on all of our non-performing loans during the first six months of 2025.

Noninterest income was $281,000 for the three months ended June 30, 2025 and $535,000 for the six months ended June 30, 2025 compared to $190,000 and $377,000, respectively, for the same periods in 2024. The primary reason for the increase in noninterest income for the three and six months ended June 30, 2025 as compared to the same prior year periods was due to an increase in other income of $77,000 and $122,000, respectively, due to higher swap fees earned during the periods in 2025 compared to 2024. In addition, for the six months ended June 30, 2025, the gain on equity securities increased $27,000 due to unrealized gains in 2025 as compared to unrealized losses in 2024.

Noninterest expense was $2.7 million for the three months ended June 30, 2025 and $5.4 million for the six months ended June 30, 2025 compared to $2.5 million and $5.0 million, respectively, for the same periods in 2024. The increase for the three and six months ended June 30, 2025 was primarily due to increases in salaries and employee benefits and occupancy and equipment expenses, partially offset by a decrease in data and item processing expense.

**Balance Sheet**

Total assets increased $12.8 million or 2.8% to $464.1 million at June 30, 2025 from $451.3 million at December 31, 2024. The increase in assets was primarily due to an increase in cash and

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**Exhibit 99.1**

cash equivalents and loans receivable, partially offset by a decrease in debt securities available-for-sale. Cash and cash equivalents increased 48.0% to $55.9 million at June 30, 2025 from $37.8 million at December 31, 2024 as a result of maturities of securities during the first quarter of 2025 and deposit growth. Gross loans increased $8.7 million or 2.5% to $358.4 million at June 30, 2025 from $349.8 million at December 31, 2024, primarily as a result of an increase in the commercial real estate portfolio, partially offset by a decrease in consumer and other loans, commercial and industrial loans and construction loans as the Bank continues its focus on commercial real estate lending. Management is monitoring the commercial real estate portfolio and concentrations, assessing their associated risks. As part of its risk management process, the Bank segments and stress tests its non-owner occupied commercial real estate portfolio.

Debt securities available-for-sale decreased $14.7 million or 29.2% to $35.6 million at June 30, 2025 from $50.3 million at December 31, 2024 as a result of short-term treasury securities purchased during the fourth quarter of 2024 maturing in the first quarter of 2025 with the majority of the proceeds remaining in cash and cash equivalents as of June 30, 2025. The remaining weighted average life of our debt securities available-for-sale portfolio was 2.86 years at June 30, 2025.

We experienced deposit growth of $9.2 million or 2.6% to $363.4 million at June 30, 2025 from $354.2 million at December 31, 2024. Uninsured and uncollateralized deposits totaled approximately $39.1 million or 10.8% of the Bank's total deposits, as of June 30, 2025. The Company maintains highly liquid sources of available funds in addition to cash and cash equivalents, including unused borrowing capacity with the Federal Home Loan Bank of Pittsburgh and the Federal Reserve Bank of Philadelphia and available federal funds lines with other banks, as well as unpledged available-for-sale debt securities. At June 30, 2025, available funding from these sources totaled 541.8% of uninsured and uncollateralized deposits. Stockholders' equity increased $1.7 million to $50.3 million at June 30, 2025 from $48.7 million at December 31, 2024 primarily as a result of year to date net income of $1.1 million and a decrease of $293,000 in accumulated other comprehensive loss. The Company's accumulated other comprehensive loss resulting from the unrealized losses on debt securities available-for-sale was less than 0.1% of total stockholders' equity at June 30, 2025. The Bank's stand-alone stockholders' equity increased $1.7 million to $43.9 million at June 30, 2025 from $42.2 million at December 31, 2024 primarily as a result of year to date 2025 net income for the Bank.

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<u>Forward-Looking Statements</u>

Certain statements contained herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "may," "will," "would," "intend," "believe," "expect," "plan," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms.

These forward-looking statements are based on current beliefs and expectations of the Company's and the Bank's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's and the Bank's control. In addition, these forward-looking statements are subject to assumptions with respect

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**Exhibit 99.1**

to future business strategies and decisions that are subject to change. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: risks related to the real estate and economic environment, particularly in the market areas in which the Company and the Bank operate; fiscal and monetary policies of the U.S. Government; inflation; tariffs; changes in government regulations affecting financial institutions, including regulatory compliance costs; geopolitical instability and capital requirements; fluctuations in the adequacy of the allowance for credit losses; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy, including completion of its proposed merger; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company's filings with the Securities and Exchange Commission, which are available at the SEC's website, www.sec.gov.

The Company and the Bank caution not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation to publicly release any revision made to any forward-looking statement to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

<u>About PB Bankshares, Inc. and Presence Bank</u>

PB Bankshares, Inc. is the holding company for Presence Bank. Presence Bank was founded in 1919 and currently operates four banking offices and one loan production office in Chester, Lancaster and Dauphin Counties, Pennsylvania.

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**Exhibit 99.1**

**PB Bankshares, Inc.** 

Financial Highlights (Unaudited)

(Dollars in thousands, except per share data)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Earnings Summary (for the three months ended)** | **Earnings Summary (for the three months ended)** | **Earnings Summary (for the three months ended)** |  |  |  |
|  | **June 30,**  | **March 31,** | **December 31,** | **September 30,** | **June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
| Interest and dividend income | $**6258** | $5967 | $5935 | $6011 | $5931 |
| Interest expense | **2985** | 2897 | 3085 | 3185 | 3145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | **3273** | 3070 | 2850 | 2826 | 2786 |
| Provision for credit losses | **40** | 61 | (4) | 34 | 17 |
| Noninterest income | **281** | 254 | 662 | 274 | 190 |
| Noninterest expense | **2702** | 2661 | 2661 | 2551 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | **812** | 602 | 855 | 515 | 472 |
| Income taxes | **172** | 129 | 174 | 111 | 102 |
| Net income | **640** | 473 | 681 | 404 | 370 |
| Earnings per common share - basic | $**0.28** | $0.20 | $0.30 | $0.18 | $0.16 |
| Earnings per common share - diluted | $**0.27** | $0.20 | $0.29 | $0.18 | $0.16 |

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| | | |
|:---|:---|:---|
| **Earnings Summary (for the six months ended)** |  |  |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| Interest and dividend income | $**12225** | $11545 |
| Interest expense | **5882** | 6127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | **6343** | 5418 |
| Provision for credit losses | **101** | (67) |
| Noninterest income | **535** | 377 |
| Noninterest expense | **5363** | 4985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | **1414** | 877 |
| Income taxes | **301** | 190 |
| Net income | **1113** | 687 |
| Earnings per common share - basic  | $**0.48** | $0.29 |
| Earnings per common share - diluted | $**0.48** | $0.29 |

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**Exhibit 99.1**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Balance Sheet Highlights (as of)** |  |  |  |  |  |
|  | **June 30,**  | **March 31,** | **December 31,** | **September 30,** | **June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
| Total assets | $**464127** | $467105 | $451317 | $452857 | $449045 |
| Cash and cash equivalents | **55906** | 62750 | 37777 | 54519 | 54731 |
| Debt securities available-for-sale, at fair value | **35600** | 38514 | 50296 | 36381 | 36068 |
| Loans receivable, net of allowance for credit losses | **353324** | 346688 | 344813 | 344123 | 339999 |
| Deposits  | **363421** | 367627 | 354190 | 354795 | 346960 |
| Total stockholders' equity | **50345** | 49518 | 48658 | 47692 | 46600 |
| Accumulated other comprehensive loss | **(12)** | (59) | (305) | (313) | (1080) |

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**Exhibit 99.1**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Performance Ratios (as of and for the three months ended)** | **Performance Ratios (as of and for the three months ended)** | **Performance Ratios (as of and for the three months ended)** | **Performance Ratios (as of and for the three months ended)** | **Performance Ratios (as of and for the three months ended)** | **Performance Ratios (as of and for the three months ended)** |
|  | **June 30,**  | **March 31,** | **December 31,** | **September 30,** | **June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
| Return on average assets (annualized) | **0.55%** | 0.43% | 0.61% | 0.36% | 0.33% |
| Return on average equity (annualized) | **5.13%** | 3.89% | 5.62% | 3.41% | 2.80% |
| Net interest margin (annualized) | **2.88%** | 2.85% | 2.59% | 2.57% | 2.54% |
| Allowance to non-accrual loans | **498.12%** | 406.49% | 388.24% | 348.82% | 353.77% |
| Allowance to total loans outstanding at the end of the period | **1.25%** | 1.26% | 1.25% | 1.27% | 1.30% |
| Net charge-offs to average loans outstanding during the period (annualized) | **—%** | —% | 0.11% | 0.12% | —% |
| Total non-performing loans to total loans | **0.25%** | 0.31% | 0.32% | 0.36% | 0.37% |
| Total non-accrual loans to total loans | **0.25%** | 0.31% | 0.32% | 0.36% | 0.37% |
| Total non-performing assets to total assets | **0.19%** | 0.23% | 0.25% | 0.28% | 0.28% |
| Total capital (to risk-weighted assets) | **13.39%** | 13.48% | 13.50% | 13.65% | 13.96% |
| Tier 1 capital (to average assets) | **9.46%** | 9.71% | 9.60% | 9.37% | 9.20% |
| Book value per common share | $**19.73** | $19.40 | $19.07 | $18.69 | $18.15 |
| Tangible book value per common share\* | $**19.73** | $19.40 | $19.07 | $18.69 | $18.15 |
| Tangible book value per common share excluding accumulated other comprehensive loss\* | $**19.73** | $19.42 | $19.19 | $18.81 | $18.57 |

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**\*Non-GAAP Financial Measure Reconciliation**

The following table reconciles, as of the dates set forth below, stockholders' equity (on a GAAP basis) to tangible book value and tangible book value excluding accumulated other comprehensive loss and calculates our tangible book value per common share and tangible book value per common share excluding accumulated other comprehensive loss. Book value is equal to tangible book value due to the Company having no intangible assets.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30,** <br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** |
| Tangible common equity  | $**50345** | $49518 | $48658 | $47692 | $46600 |
| Adjustment for accumulated other comprehensive loss | $**(12)** | $(59) | $(305) | $(313) | $(1080) |
| Tangible common equity excluding accumulated other comprehensive loss | $**50357** | $49577 | $48963 | $48005 | $47680 |
| Common shares outstanding | **2552315** | 2552315 | 2552115 | 2552115 | 2567115 |
| Tangible book value per common share | $**19.73** | $19.40 | $19.07 | $18.69 | $18.15 |
| Tangible book value per common share excluding accumulated other comprehensive loss | $**19.73** | $19.42 | $19.19 | $18.81 | $18.57 |

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