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The Company is providing the following financial results, on a preliminary unaudited basis, for the quarter ended December 31, 2024.
The Company expects its net loss to be approximately $9.5 million, or approximately $(2.40) basic and diluted loss per share for the quarter ended December 31, 2024, compared to the net income of $0.9 million, or $0.23 basic and diluted earnings per share for the quarter ended December 31, 2023. Book value per share, which is shareholders' equity divided by outstanding shares, is expected to be approximately $1.07 as of December 31, 2024, compared to $11.16 per share as of December 31, 2023. Financial results for the quarter ended December 31, 2024 are expected to be adversely impacted by an expected provision for credit losses of approximately $7.7 million primarily related to two large commercial real estate loans.
Posted In: PNBK
