PB Financial Corporation Reports Record Earnings for Both the Fourth Quarter and the Year 2022

5ROCKY MOUNT, NC / ACCESSWIRE / January 25, 2023 / 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 for the quarter ended December 31, 2022, of $4,329,604 compared to $2,706,912 for the same period in 2021, an increase of 59.95%. For 2022, net income was $14,254,101 compared to $9,819,356 for 2021, an increase of 45.16%.

As of December 31, 2022, the Company reported total assets of $849.2 million compared to $701.4 million at December 31, 2021, an increase of 21.06%. Total deposits were $674.0 million and gross loans were $687.7 million at the end of 2022, compared to total deposits of $573.1 million and gross loans of $550.7 million at the end of 2021, increases of 17.61% and 24.89% respectively.

Whitehurst commented, "I am extremely pleased to report record quarterly earnings along with record earnings for the year. The Company continued to experience strong organic growth throughout the organization with double digit 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 2022, the Company had basic earnings of $6.42 per share compared to basic earnings of $4.47 per share in 2021, an increase of 43.62%. The December 31, 2022, book value per common share was $29.93, and the tangible book value per common share was $28.07. In 2022, the Company paid cash dividends of $1.23 per share for each share of common stock outstanding, an increase of approximately 21.78% from the cash dividends paid in 2021. The Company has paid 44 consecutive quarterly cash dividends since it began paying cash dividends in the first quarter of 2012.

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

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, 2022 and December 31, 2021 as presented is 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
December 31, December 31,
In Thousands
2022 2021
Assets
(unaudited) *
Cash and due from banks
$ 9,478 $ 7,232
Interest-earning deposits with banks
21,071 35,309
Investment securities
100,338 83,922
Loans, gross
687,706 550,660
Allowance for loan losses
(6,142 ) (5,541 )
Intangible assets
4,193 4,324
Other assets
32,525 25,516
Total assets
$ 849,169 $ 701,422
Liabilities and
Shareholders' Equity
Deposits
$ 674,023 $ 573,106
Borrowed funds
101,743 59,136
Other liabilities
5,994 3,905
Shareholders' Equity
67,409 65,275
Total liabilities and
shareholders' equity
$ 849,169 $ 701,422
Book value per share
$ 29.93 $ 29.57
Tangible book value per share
$ 28.07 $ 27.61

Statements of Operations
For the three months ended For the twelve months ended
In Thousands
December 31, December 31, December 31, December 31,

2022 2021 2022 2021

(unaudited) (unaudited) (unaudited) (unaudited)
Interest income
$ 10,996 $ 7,196 $ 35,379 $ 26,901
Interest expense
3,028 1,378 7,580 5,459
Net interest income
7,968 5,818 27,799 21,442
Provision for loan losses
135 297 530 969
Net interest income after
provision for loan losses
7,833 5,521 27,269 20,473
Non interest income
297 297 1,363 1,294
Non interest expense
2,652 2,388 10,335 9,162
Income before income taxes
5,478 3,430 18,297 12,605
Income tax expense
1,148 723 4,043 2,786
Net income
$ 4,330 $ 2,707 $ 14,254 $ 9,819
Net income per common share - basic
$ 1.94 $ 1.23 $ 6.42 $ 4.47
Net income per common share - diluted
$ 1.88 $ 1.20 $ 6.23 $ 4.35
* Derived from audited financial statements

SOURCE: PB Financial Corporation



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