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PB Financial Corporation Reports Earnings For Both The Fourth Quarter And The Year 2024

By: ACCESS Newswire

ROCKY MOUNT, NC / ACCESS Newswire / January 31, 2025 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company (the "Company") for Providence Bank, announced today that the Company reported net income available to common shareholders for the quarter ended December 31, 2024, of $3,937,492 compared to $3,365,752 for the same period in 2023, an increase of 16.99%. For 2024, net income available to common shareholders was $15,814,872 compared to $13,916,496 for 2023, an increase of 13.64%.

As of December 31, 2024, the Company reported total assets of $1.317 billion compared to $982.4 million at December 31, 2023, an increase of 34.08%. Total deposits were $1.115 billion and gross loans were $1.129 billion at the end of 2024, compared to total deposits of $803.5 million and gross loans of $827.8 million at the end of 2023, increases of 38.78% and 36.43% respectively.

Whitehurst commented, "I am pleased to report our quarterly and full year earnings. We were able to show double digit increases in our quarterly and annual net income available to shareholders. We successfully completed our merger with Coastal Bank & Trust and had a smooth integration for our customers. We incurred total one-time merger-related expenses of approximately $937,420. The Company continued to experience strong growth throughout the organization with over 30% growth in loans, deposits and total assets. 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 2024, the Company had basic earnings of $5.74 per share compared to basic earnings of $5.98 per share in 2023, a decrease of 4.01%. The December 31, 2024, book value per common share was $39.63, and the tangible book value per common share was $34.72. In 2024, the Company paid cash dividends of $2.15 per share for each share of common stock outstanding, an increase of approximately 15.59% from the cash dividends paid in 2023. The Company has paid 52 consecutive quarterly cash dividends since it began paying cash dividends in the first quarter of 2012. The quarterly cash dividend has increased each quarter.

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 December 31, 2024 and December 31, 2023 as presented is unaudited.

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets

December 31,

December 31,

In Thousands

2024

2023

Assets

(unaudited)

*

Cash and due from banks

$

11,445

$

9,393

Interest-earning deposits with banks

13,385

15,585

Investment securities

114,048

98,045

Loans, gross

1,129,337

827,803

Allowance for credit losses

(10,205

)

(6,743

)
Intangible assets

9,285

4,064

Other assets

49,915

34,240

Total assets

$

1,317,210

$

982,387

Liabilities and

Stockholders' Equity

Deposits

$

1,115,145

$

803,536

Borrowed funds

58,496

83,697

Other liabilities

10,282

7,629

Shareholders' Equity

133,287

87,525

Total liabilities and

stockholders' equity

$

1,317,210

$

982,387

Book value per share

$

39.63

$

35.08

Tangible book value per share

$

34.72

$

33.45

Statements of Operations

For the three months ended

For the twelve months ended

In Thousands

December 31,

December 31,

December 31,

December 31,

2024

2023

2024

2023

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Interest income

$

21,158

$

14,608

$

77,820

$

53,067

Interest expense

9,559

7,087

35,816

22,676

Net interest income

11,599

7,521

42,004

30,391

Provision for credit losses

1,600

242

1,955

955

Net interest income after

provision for credit losses

9,999

7,279

40,049

29,436

Non interest income

442

278

1,723

1,173

Non interest expense

4,998

3,339

19,699

12,722

Income before income taxes

5,443

4,218

22,073

17,887

Income tax expense

1,192

852

5,156

3,971

Net income

4,251

3,366

16,917

13,916

Preferred stock dividends

314

-

1,102

-

Net income available to common stockholders

$

3,937

$

3,366

$

15,815

$

13,916

Net income per common share - basic

$

1.37

$

1.38

$

5.74

$

5.98

Net income per common share - diluted

$

1.32

$

1.32

$

5.52

$

5.77

* Derived from audited financial statements

For more information, contact:

Ted E. Whitehurst, President and CEO

252-467-2990; twhitehurst@pbknc.com

SOURCE: PB Financial Corp.



View the original press release on ACCESS Newswire

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