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PB Financial Corporation Reports Record Third Quarter 2024 Earnings

By: ACCESSWIRE

October 10, 2024 at 06:20 AM EDT

ROCKY MOUNT, NC / ACCESSWIRE / October 10, 2024 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company (the "Company") for Providence Bank, reported net income available to common shareholders for the quarter ended September 30, 2024, of $4.60 million compared to $3.10 million for the same period in 2023, an increase of 48.45%. For the nine-month period ended September 30, 2024, net income available to common shareholders was $11.88 million compared to $10.55 million for the same period in 2023, an increase of 12.57%.

As of September 30, 2024, the Company reported total assets of $1.285 billion compared to $929.9 million on September 30, 2023, an increase of 38.22%. Total deposits were $1.084 billion and gross loans were $1.086 billion at the end of the third quarter of 2024, compared to total deposits of $729.3 million and gross loans of $775.0 million at the end of the third quarter of 2023, increases of 48.61% and 40.17% respectively.

Whitehurst commented, "I am very pleased to report record quarterly earnings along with a very strong nine-month period for the Company. The integration of Coastal Bank & Trust has gone very well. We have had growth in both loans and deposits since the completion of the merger in the legacy Coastal branches. I'm very pleased with the hard work and effort of our employees as we continue to perform well."

For the nine-month period ended September 30, 2024, the Company had basic earnings of $4.37 per share compared to $4.61 per share for the same period last year, a decrease of 5.21%. As of September 30, 2024, the book value per common share was $39.70 compared to $33.04 on September 30, 2023, an increase of 20.16%. On August 23, 2024, the Company paid its third quarter dividend of $0.54 per share for each share of common stock outstanding. It was our 51^st 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, Raleigh, Jacksonville, Holly Ridge, Morehead City and Richlands, as well as a loan production office in New Bern.

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, 2024 and September 30, 2023 as presented are unaudited.

For more information, contact:

Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets	September 30,			December 31,
In Thousands	2024			2023
Assets	(unaudited)				*
Cash and due from banks	$	17,819		$	9,393
Interest-earning deposits with banks		22,451			15,585
Investment securities		110,533			98,045
Loans, gross		1,086,387			827,803
Allowance for credit losses		(9,929	)		(6,743	)
Intangible assets		18,449			4,064
Other assets		39,645			34,240
Total assets	$	1,285,355		$	982,387
						\
Liabilities and
Stockholders' Equity
Deposits	$	1,083,850		$	803,536
Borrowed funds		58,444			83,697
Other liabilities		8,995			7,629
Shareholders' Equity		134,066			87,525
Total liabilities and
stockholders' equity	$	1,285,355		$	982,387

Book value per share	$	39.70		$	35.08
Tangible book value per share	$	33.39		$	33.45

space

Statements of Operations	For the three months ended				For the nine months ended
In Thousands	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income	$	20,988	$	13,472	$	56,662	$	38,459
Interest expense		9,473		5,962		26,257		15,589
Net interest income		11,515		7,510		30,405		22,870
Provision for credit losses		163		475		355		713
Net interest income after
provision for credit losses		11,352		7,035		30,050		22,157
Non interest income		493		284		1,281		895
Non interest expense		5,475		3,232		14,701		9,383
Income before income taxes		6,370		4,087		16,630		13,669
Income tax expense		1,460		990		3,964		3,118
Net income		4,910		3,097		12,666		10,551
Preferred stock dividends		313		-		788		-
Net income available to common stockholders	$	4,597	$	3,097	$	11,878	$	10,551

Net income per common share - basic	$	1.60	$	1.31	$	4.37	$	4.61
Net income per common share - diluted	$	1.54	$	1.27	$	4.20	$	4.46

* Derived from audited financial statements

SOURCE: PB Financial Corporation

View the original press release on accesswire.com

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