ROCKY MOUNT, NC / ACCESSWIRE / July 13, 2021 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company (the "Company") for Providence Bank, reported net income for the quarter ended June 30, 2021, of $2,458,844 compared to $1,658,212 for the same period in 2020, an increase of 48.28%. For the six-month period ended June 30, 2021, net income was $4,609,269 compared to $3,174,150 for the same period in 2020, an increase of 45.21%.
As of June 30, 2021, the Company reported total assets of $626.1 million compared to $563.9 million at June 30, 2020, an increase of 11.04%. Total deposits were $495.5 million and gross loans were $501.7 million at the end of the second quarter of 2021, compared to total deposits of $426.7 million and gross loans of $443.8 million at the end of the second quarter of 2020, increases of 16.13% and 13.04% respectively.
Whitehurst commented, "I'm extremely pleased with our financial results. We had record quarterly earnings as we continue to experience strong organic growth throughout the organization. Our Raleigh location which opened in late 2020, has exceeded our expectations. The hard work and dedication of our employees to serve our customers continues to drive our success. As always, we will continue to look for opportunities to further enhance shareholder value."
For the six-month period ended June 30, 2021, the Company had basic earnings of $2.10 per share compared to $1.43 per share for the same period last year, an increase of 46.85%. As of June 30, 2021, the book value per common share was $27.74 compared to $25.46 at June 30, 2020, an increase of 8.96%. On August 23, 2021, the Company will pay its third quarter dividend of $0.26 per share for each share of common stock outstanding. This will be the 39 th consecutive quarterly cash dividend paid.
Providence Bank is a state-chartered community bank headquartered at 450 N. Winstead Avenue in Rocky Mount, North Carolina, with branches in Rocky Mount, Tarboro, Nashville, Wilson and Raleigh.
For more information, contact:
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding PB Financial Corporation. Those statements may include but are not limited to statements regarding the Company's plans, objectives, expectations and intentions and other statements identified by words such as "believes," "considers," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects," "would be," and similar expressions. These statements are based upon current beliefs and expectations of management of PB Financial Corporation and are subject to significant risks and uncertainties. Actual or future results or events may differ from those set forth in the forward-looking statements. PB Financial Corporation does not undertake to update any forward-looking statements in this press release. The information as of and for the quarters ended June 30, 2021 and June 30, 2020 as presented are unaudited.
PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations
Balance Sheets In Thousands | June 30, 2021 (unaudited) | December 31, 2020 * | ||||||||||||||
Assets | ||||||||||||||||
Cash and due from banks | $ | 7,644 | $ | 6,939 | ||||||||||||
Interest-earning deposits with banks | 35,481 | 56,301 | ||||||||||||||
Investment securities | 55,086 | 32,551 | ||||||||||||||
Loans, gross | 501,668 | 464,220 | ||||||||||||||
Allowance for loan losses | (5,026 | ) | (4,592 | ) | ||||||||||||
Other assets | 31,252 | 31,140 | ||||||||||||||
Total assets | $ | 626,105 | $ | 586,559 | ||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||
Deposits | $ | 495,500 | $ | 456,413 | ||||||||||||
Borrowed funds | 65,539 | 68,431 | ||||||||||||||
Other liabilities | 4,056 | 3,614 | ||||||||||||||
Shareholders' Equity | 61,010 | 58,101 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 626,105 | $ | 586,559 | ||||||||||||
Book value per share | $ | 27.74 | $ | 26.60 | ||||||||||||
Tangible book value per share | $ | 25.74 | $ | 24.54 | ||||||||||||
Statements of Operations | For the three months ended | For the six months ended | ||||||||||||||
In Thousands | June 30, 2021 (unaudited) | June 30, 2020 (unaudited) | June 30, 2021 (unaudited) | June 30, 2020 (unaudited) | ||||||||||||
Interest income | $ | 6,492 | $ | 5,693 | $ | 12,841 | $ | 11,659 | ||||||||
Interest expense | 1,367 | 1,639 | 2,727 | 3,288 | ||||||||||||
Net interest income | 5,125 | 4,054 | 10,114 | 8,371 | ||||||||||||
Provision for loan losses | 86 | 238 | 442 | 713 | ||||||||||||
Net interest income after | ||||||||||||||||
provision for loan losses | 5,039 | 3,816 | 9,672 | 7,658 | ||||||||||||
Non interest income | 375 | 195 | 714 | 404 | ||||||||||||
Non interest expense | 2,240 | 1,884 | 4,436 | 3,975 | ||||||||||||
Income before income taxes | 3,174 | 2,127 | 5,950 | 4,087 | ||||||||||||
Income tax expense | 715 | 469 | 1,341 | 913 | ||||||||||||
Net income | $ | 2,459 | $ | 1,658 | $ | 4,609 | $ | 3,174 | ||||||||
Net income per common share - basic | $ | 1.12 | $ | 0.74 | $ | 2.10 | $ | 1.43 | ||||||||
Net income per common share - diluted | $ | 1.08 | $ | 0.73 | $ | 2.04 | $ | 1.40 | ||||||||
* Derived from audited financial statements | ||||||||||||||||
SOURCE: PB Financial Corporation
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