PB Financial Corporation Reports Record Second Quarter 2021 Earnings

ROCKY MOUNT, NC / ACCESSWIRE / July 13, 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 June 30, 2021, of $2,458,844 compared to $1,658,212 for the same period in 2020, an increase of 48.28%. For the six-month period ended June 30, 2021, net income was $4,609,269 compared to $3,174,150 for the same period in 2020, an increase of 45.21%.

As of June 30, 2021, the Company reported total assets of $626.1 million compared to $563.9 million at June 30, 2020, an increase of 11.04%. Total deposits were $495.5 million and gross loans were $501.7 million at the end of the second quarter of 2021, compared to total deposits of $426.7 million and gross loans of $443.8 million at the end of the second quarter of 2020, increases of 16.13% and 13.04% respectively.

Whitehurst commented, "I'm extremely pleased with our financial results. We had record quarterly earnings as we continue to experience strong organic growth throughout the organization. Our Raleigh location which opened in late 2020, has exceeded our expectations. 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 the six-month period ended June 30, 2021, the Company had basic earnings of $2.10 per share compared to $1.43 per share for the same period last year, an increase of 46.85%. As of June 30, 2021, the book value per common share was $27.74 compared to $25.46 at June 30, 2020, an increase of 8.96%. On August 23, 2021, the Company will pay its third quarter dividend of $0.26 per share for each share of common stock outstanding. This will be the 39 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 and Raleigh.

www.pbknc.com

For more information, contact:

Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@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, 2021 and June 30, 2020 as presented are unaudited.

PB Financial Corporation 
Consolidated Balance Sheets and Statements of Operations

Balance Sheets
In Thousands
 June 30,
2021
(unaudited)
  December 31,
2020
*
       
Assets
            
Cash and due from banks
 $7,644  $6,939       
Interest-earning deposits with banks
  35,481   56,301       
Investment securities
  55,086   32,551       
Loans, gross
  501,668   464,220       
Allowance for loan losses
  (5,026)  (4,592)      
Other assets
  31,252   31,140       
Total assets
 $626,105  $586,559       
               
Liabilities and
Shareholders' Equity
              
Deposits
 $495,500  $456,413       
Borrowed funds
  65,539   68,431       
Other liabilities
  4,056   3,614       
Shareholders' Equity
  61,010   58,101       
Total liabilities and shareholders' equity
 $626,105  $586,559       
 
              
Book value per share
 $27.74  $26.60       
Tangible book value per share
 $25.74  $24.54       
 
              
 
              
Statements of Operations
 For the three months ended  For the six months ended 
In Thousands
 June 30,
2021
(unaudited)
  June 30,
2020
(unaudited)
  June 30,
2021
(unaudited)
  June 30,
2020
(unaudited)
 
Interest income
 $6,492  $5,693  $12,841  $11,659 
Interest expense
  1,367   1,639   2,727   3,288 
Net interest income
  5,125   4,054   10,114   8,371 
Provision for loan losses
  86   238   442   713 
Net interest income after
                
provision for loan losses
  5,039   3,816   9,672   7,658 
Non interest income
  375   195   714   404 
Non interest expense
  2,240   1,884   4,436   3,975 
Income before income taxes
  3,174   2,127   5,950   4,087 
Income tax expense
  715   469   1,341   913 
Net income
 $2,459  $1,658  $4,609  $3,174 
 
                
Net income per common share - basic
 $1.12  $0.74  $2.10  $1.43 
Net income per common share - diluted
 $1.08  $0.73  $2.04  $1.40 
 
                
* Derived from audited financial statements
                


SOURCE: PB Financial Corporation



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