DESCRIPTION OF INSTITUTION
Pilgrim Bank, headquartered in Pittsburg, Texas, began operations in 1911. Pilgrim Bancorporation
of Mount Pleasant, Texas, a one-bank holding company, wholly owns the bank. PBTX Holding,
Inc. of Mount Pleasant, Texas, a wholly owned subsidiary of the bank, serves to hold real estate and
other assets acquired through foreclosure or repossession. Pilgrim Bank received a Satisfactory
rating at its previous Federal Deposit Insurance Corporation (FDIC) Performance Evaluation, dated
December 16, 2019, based on Intermediate Small Bank (ISB) Procedures.
Pilgrim Bank offers a broad array of financial products and services to Texas businesses,
consumers, farmers, and ranchers through 14 banking offices in North East, North Central, and the
Panhandle regions of Texas. While the bank increased commercial and residential lending activity
since the previous examination, Pilgrim Bank has primarily focused on agricultural lending. The
Description of Institution’s Operations sections depict the offices’ specific locations. While the
bank did not open offices since the previous evaluation, the bank closed a branch located in a
moderate-income area by merging the branch with another branch located in the same moderate-
income census tract of the Texas Non-Metropolitan Statistical Areas (Texas Non-MSA) Assessment
Area (AA) in February 2022. The bank did not experience any merger or acquisition activity since
the last evaluation. The bank has no affiliate relationships that affect this CRA evaluation.
The bank offers a variety of loan products including commercial, agricultural, home mortgage, and
consumer loans. It also provides a variety of deposit services including checking, savings, money
market deposit accounts, and certificates of deposit. Other alternative services include debit cards,
gift cards, automated teller machines (ATMs), drive-thru banking, wire transfers, safe deposit
boxes, telephone banking, internet banking, and mobile banking.
As of the September 30, 2022, Report of Income and Condition, the bank reported total assets of
$685.9 million, net loans of $432.4 million, and total deposits of $577.9 million. Since last CRA
evaluation, total assets increased by 23.4 percent, net loans increased 26.4 percent, and total
deposits increased 30.1 percent.
As seen in the following table, the mix of outstanding loans as of September 30, 2022, reflects a
similar distribution to that shown for originated loans under the Scope of Evaluation section.
Commercial loans (Secured by Nonfarm Nonresidential Properties and Commercial and Industrial)
represent the largest loan category of outstanding loans at 31.0 percent, followed by agricultural
loans (Secured by Farmland and Agricultural Production) at 28.3 percent, and residential loans
(Secured by 1-4 Family and Multi-Family Residential) at 26.4 percent.