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PB Financial Corporation Reports Record Second Quarter 2025 Earnings

By: ACCESS Newswire

July 08, 2025 at 11:11 AM EDT

ROCKY MOUNT, NC / ACCESS Newswire / July 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 shareholders for the quarter ended June 30, 2025, of $5,112,688 compared to $4,111,594 for the same period in 2024, an increase of 24.35%. For the six-month period ended June 30, 2025, net income available to common shareholders was $9,813,082 compared to $7,280,844 for the same period in 2024, an increase of 34.78%.

As of June 30, 2025, the Company reported total assets of $1.402 billion compared to $1.261 billion on June 30, 2024, an increase of 11.14%. Total deposits were $1.186 billion and gross loans were $1.176 billion at the end of the second quarter of 2025, compared to total deposits of $1.051 billion and gross loans of $1.066 billion at the end of the second quarter of 2024, increases of 12.85% and 10.34%, respectively.

Whitehurst commented, "I am very pleased to report record quarterly earnings. The Company continued to have strong growth throughout the entire organization. We have been able to continue to drive efficiency from our strategic merger with Coastal Bank & Trust last year. As always, we will look for opportunities to further enhance shareholder value."

For the six-month period ended June 30, 2025, the Company had basic earnings of $3.42 per share compared to $2.76 per share for the same period last year, an increase of 23.91%. As of June 30, 2025, the book value per common share was $41.48 compared to $37.19 on June 30, 2024, an increase of 11.54%. On August 22, 2025, the Company will pay its third quarter dividend of $0.59 per share for each share of common stock outstanding. This will be the 55^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, 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 June 30, 2025 and June 30, 2024 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	June 30,			December 31,
In Thousands	2025			2024
Assets	(unaudited)				*
Cash and due from banks	$	12,992		$	11,445
Interest-earning deposits with banks		41,142			13,385
Investment securities		122,701			114,048
Loans, gross		1,176,128			1,129,337
Allowance for credit losses		(10,487	)		(10,205	)
Intangible assets		14,347			14,278
Other assets		44,768			44,922
Total assets	$	1,401,591		$	1,317,210

Liabilities and
Stockholders' Equity
Deposits	$	1,186,033		$	1,115,145
Borrowed funds		63,422			58,496
Other liabilities		12,454			10,282
Shareholders' Equity		139,682			133,287
Total liabilities and
stockholders' equity	$	1,401,591		$	1,317,210

Book value per share	$	41.48		$	39.63
Tangible book value per share	$	36.60		$	34.72

Statements of Operations
In Thousands

	For the three months ended				For the six months ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income	$	21,856	$	20,034	$	42,894	$	35,674
Interest expense		9,361		8,900		18,628		16,784
Net interest income		12,495		11,134		24,266		18,890
Provision for credit losses		118		20		279		192
Net interest income after
provision for credit losses		12,377		11,114		23,987		18,698
Non interest income		461		489		937		788
Non interest expense		5,802		5,771		11,410		9,226
Income before income taxes		7,036		5,832		13,514		10,260
Income tax expense		1,610		1,406		3,074		2,504
Net income		5,426		4,426		10,440		7,756
Preferred stock dividends		313		314		627		475
Net income available to common stockholders	$	5,113	$	4,112	$	9,813	$	7,281

Net income per common share - basic	$	1.78	$	1.46	$	3.42	$	2.76
Net income per common share - diluted	$	1.70	$	1.41	$	3.27	$	2.65

* Derived from audited financial statements

SOURCE: PB Financial Corp.

View the original press release on ACCESS Newswire

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