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PB Financial Corporation Reports Record Third Quarter 2021 Earnings

By: PB Financial Corporation via AccessWire

October 15, 2021 at 12:05 PM EDT

ROCKY MOUNT, NC / ACCESSWIRE / October 15, 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 September 30, 2021, of $2,503,174 compared to $1,741,447 for the same period in 2020, an increase of 43.74%. For the nine-month period ended September 30, 2021, net income was $7,112,444 compared to $4,915,597 for the same period in 2020, an increase of 44.69%.

As of September 30, 2021, the Company reported total assets of $673.7 million compared to $576.0 million at September 30, 2020, an increase of 16.97%. Total deposits were $541.3 million and gross loans were $521.7 million at the end of the third quarter of 2021, compared to total deposits of $439.9 million and gross loans of $451.6 million at the end of the third quarter of 2020, increases of 23.07% and 15.54% respectively.

Whitehurst commented, "I am very pleased to report record quarterly earnings along with continued strong organic growth of our balance sheet. I am extremely proud of how our employees have worked through this pandemic to help our customers. In order to further enhance shareholder value, our Company continues to focus on growth, serving our customers, and efficiency."

For the nine-month period ended September 30, 2021, the Company had basic earnings of $3.24 per share. As of September 30, 2021, the book value per common share was $28.91 compared to $25.98 at September 30, 2020, an increase of 11.28%. On August 23, 2021, the Company paid its third quarter dividend of $0.26 per share for each share of common stock outstanding. It was our 39^th consecutively increased quarterly cash dividend paid to shareholders.

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.

www.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 September 30, 2021 and September 30, 2020 as presented are unaudited.

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations


Balance Sheets	September 30,			December 31,
In Thousands	2021			2020
Assets	(unaudited)				*
Cash and due from banks	$	7,752		$	6,939
Interest-earning deposits with banks		59,941			56,301
Investment securities		59,975			32,551
Loans, gross		521,731			464,220
Allowance for loan losses		(5,242	)		(4,592	)
Other assets		29,557			31,140
Total assets	$	673,714		$	586,559

Liabilities and
Shareholders' Equity
Deposits	$	541,310		$	456,413
Borrowed funds		65,070			68,431
Other liabilities		3,791			3,614
Shareholders' Equity		63,543			58,101
Total liabilities and
shareholders' equity	$	673,714		$	586,559

Book value per share	$	28.91		$	26.60
Tangible book value per share	$	26.92		$	24.54


Statements of Operations	For the three months ended				For the nine months ended
In Thousands	September 30,		September 30,		September 30,		September 30,
	2021		2020		2021		2020
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income	$	6,864	$	5,687	$	19,705	$	17,346
Interest expense		1,354		1,551		4,081		4,839
Net interest income		5,510		4,136		15,624		12,507
Provision for loan losses		230		368		672		1,081
Net interest income after
provision for loan losses		5,280		3,768		14,952		11,426
Non interest income		283		488		997		892
Non interest expense		2,338		2,025		6,774		6,000
Income before income taxes		3,225		2,231		9,175		6,318
Income tax expense		722		489		2,063		1,402
Net income	$	2,503	$	1,742	$	7,112	$	4,916

Net income per common share - basic	$	1.14	$	0.80	$	3.24	$	2.23
Net income per common share - diluted	$	1.11	$	0.78	$	3.15	$	2.18

* Derived from audited financial statements

For more information, contact: October 15, 2021
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com

SOURCE: PB Financial Corporation

View source version on accesswire.com:
https://www.accesswire.com/668364/PB-Financial-Corporation-Reports-Record-Third-Quarter-2021-Earnings

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PB Financial Corporation Reports Record Third Quarter 2021 Earnings

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