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PB Financial Corporation Reports Record First Quarter 2025 Earnings

By: ACCESS Newswire

April 08, 2025 at 10:35 AM EDT

ROCKY MOUNT, NC / ACCESS Newswire / April 8, 2025 / 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 stockholders for the quarter ended March 31, 2025, of $4,700,394 compared to $3,169,250 for the same period in 2024, an increase of 48.31%.

As of March 31, 2025, the Company reported total assets of $1.355 billion compared to $1.016 billion on March 31, 2024, an increase of 33.40%. Total deposits were $1.153 billion and gross loans were $1.149 billion at the end of the first quarter of 2025 compared to total deposits of $805.0 million and gross loans of $860.3 million at the end of the first quarter of 2024, increases of 43.26% and 33.56%, respectively.

Whitehurst commented, "I am very pleased to report record quarterly earnings. The Company continued to experience strong growth throughout the organization with over 30% growth in loans, deposits and total assets. Our employees help drive our success through their hard work and dedication to serving our customers. As always, we will continue to look for opportunities to further enhance shareholder value."

For the three-month period ended March 31, 2025, the Company had basic earnings of $1.64 per share compared to $1.30 per share for the same period last year, an increase of 26.15%. As of March 31, 2025, book value per common share was $41.10 compared to $35.67 on March 31, 2024, an increase of 15.22%. On February 27, 2025, the Company paid its first quarter dividend of $0.57 per share for each share of common stock outstanding. It was our 53^rd 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, Richlands, and 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 March 31, 2025 and March 31, 2024 as presented are unaudited.

PB Financial Corporation

Consolidated Balance Sheets and Statements of Operations

Balance Sheets	March 31,			December 31,
In Thousands	2025			2024
Assets	(unaudited)				*
Cash and due from banks	$	11,844		$	11,445
Interest-earning deposits with banks		31,988			13,385
Investment securities		113,981			114,048
Loans, gross		1,149,038			1,129,337
Allowance for credit losses		(10,369	)		(10,205	)
Intangible assets		14,604			14,278
Other assets		43,987			44,922
Total assets	$	1,355,073		$	1,317,210

Liabilities and Stockholders' Equity
Deposits	$	1,153,187		$	1,115,145
Borrowed funds		53,398			58,496
Other liabilities		10,245			10,282
Shareholders' Equity		138,243			133,287

Total liabilities and stockholders' equity	$	1,355,073		$	1,317,210
Book value per share	$	41.10		$	39.63
Tangible book value per share	$	36.11		$	34.72

Statements of Operations	For the three months ended
In Thousands	March 31,		March 31,
	2025		2024
	(unaudited)		(unaudited)
Interest income	$	21,038	$	15,640
Interest expense		9,267		7,884
Net interest income		11,771		7,756
Provision for credit losses		161		172
Net interest income after
provision for credit losses		11,610		7,584
Non interest income		476		299
Non interest expense		5,608		3,455
Income before income taxes		6,478		4,428
Income tax expense		1,464		1,098
Net income		5,014		3,330
Preferred stock dividends		314		161
Net income available to common stockholders	$	4,700	$	3,169

Net income per common share - basic	$	1.64	$	1.30
Net income per common share - diluted	$	1.57	$	1.24

* 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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