ROCKY MOUNT, NC / ACCESSWIRE / October 11, 2022 / 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 September 30, 2022, of $3,970,996 compared to $2,503,174 for the same period in 2021, an increase of 58.64%. For the nine-month period ended September 30, 2022, net income was $9,924,497 compared to $7,112,444 for the same period in 2021, an increase of 39.54%.
As of September 30, 2022, the Company reported total assets of $780.2 million compared to $673.7 million at September 30, 2021, an increase of 15.81%. Total deposits were $616.5 million and gross loans were $617.3 million at the end of the third quarter of 2022, compared to total deposits of $541.3 million and gross loans of $521.7 million at the end of the third quarter of 2021, increases of 13.90% and 18.31% respectively.
Whitehurst commented, "I am very pleased to report record quarterly earnings along with continued strong organic growth of our balance sheet. Our employees continue to lead our success and enhance our shareholder value by focusing on growth, serving our customers and efficiency."
For the nine-month period ended September 30, 2022, the Company had basic earnings of $4.48 per share compared to $3.24 per share for the same period last year, an increase of 38.27%. As of September 30, 2022, the book value per common share was $28.52 compared to $28.85 at September 30, 2021, a decrease of 1.14%. On August 22, 2022, the Company paid its third quarter dividend of $0.31 per share for each share of common stock outstanding. It was our 43rd 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 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 September 30, 2022 and September 30, 2021 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
In Thousands
| September 30, | December 31, | |||||||
| 2022 | 2021 | |||||||
Assets |
(unaudited) | * | ||||||
Cash and due from banks |
$ | 6,841 | $ | 7,232 | ||||
Interest-earning deposits with banks |
18,502 | 35,309 | ||||||
Investment securities |
102,563 | 83,922 | ||||||
Loans, gross |
617,267 | 550,660 | ||||||
Allowance for loan losses |
(6,015 | ) | (5,541 | ) | ||||
Intangible assets |
4,221 | 4,324 | ||||||
Other assets |
36,852 | 25,516 | ||||||
Total assets |
$ | 780,231 | $ | 701,422 | ||||
Liabilities and |
||||||||
Shareholders' Equity |
||||||||
Deposits |
$ | 616,527 | $ | 573,106 | ||||
Borrowed funds |
94,566 | 59,136 | ||||||
Other liabilities |
5,373 | 3,905 | ||||||
Shareholders' Equity |
63,765 | 65,275 | ||||||
Total liabilities and |
||||||||
shareholders' equity |
$ | 780,231 | $ | 701,422 | ||||
Book value per share |
$ | 28.52 | $ | 29.57 | ||||
Tangible book value per share |
$ | 26.63 | $ | 27.61 | ||||
Statements of Operations
In Thousands
| For the three months ended | For the nine months ended | |||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Interest income |
$ | 9,176 | $ | 6,864 | $ | 24,382 | $ | 19,705 | ||||||||
Interest expense |
1,755 | 1,354 | 4,552 | 4,081 | ||||||||||||
Net interest income |
7,421 | 5,510 | 19,830 | 15,624 | ||||||||||||
Provision for loan losses |
47 | 230 | 395 | 672 | ||||||||||||
Net interest income after |
||||||||||||||||
provision for loan losses |
7,374 | 5,280 | 19,435 | 14,952 | ||||||||||||
Non interest income |
325 | 283 | 1,066 | 997 | ||||||||||||
Non interest expense |
2,566 | 2,338 | 7,683 | 6,774 | ||||||||||||
Income before income taxes |
5,133 | 3,225 | 12,818 | 9,175 | ||||||||||||
Income tax expense |
1,162 | 722 | 2,894 | 2,063 | ||||||||||||
Net income |
$ | 3,971 | $ | 2,503 | $ | 9,924 | $ | 7,112 | ||||||||
Net income per common share - basic |
$ | 1.79 | $ | 1.14 | $ | 4.48 | $ | 3.24 | ||||||||
Net income per common share - diluted |
$ | 1.73 | $ | 1.11 | $ | 4.34 | $ | 3.15 | ||||||||
* Derived from audited financial statements
SOURCE: PB Financial Corporation
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https://www.accesswire.com/719886/PB-Financial-Corporation-Reports-Record-Third-Quarter-2022-Earnings
