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PB Financial Corporation Reports Record Earnings for Both the Fourth Quarter and the Year 2021

ROCKY MOUNT, NC / ACCESSWIRE / January 31, 2022 / 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, 2021, of $2,706,912 compared to $1,892,886 for the same period in 2020, an increase of 43.00%. For 2021, net income was $9,819,356 compared to $6,808,484 for 2020, an increase of 44.22%.

As of December 31, 2021, the Company reported total assets of $701.4 million compared to $586.6 million at December 31, 2020, an increase of 19.58%. Total deposits were $573.1 million and gross loans were $550.7 million at the end of 2021, compared to total deposits of $456.4 million and gross loans of $464.2 million at the end of 2020, increases of 25.57% and 18.62% respectively.

Whitehurst commented, "I am very 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. Our Raleigh location which opened in late 2020, continues to do extremely well. 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 2021, the Company had basic earnings of $4.47 per share compared to basic earnings of $3.09 per share in 2020, an increase of 44.66%. The December 31, 2021, book value per common share was $29.57, and the tangible book value per common share was $27.61. In 2021, the Company paid cash dividends of $1.01 per share for each share of common stock outstanding, an increase of approximately 20.96% from the cash dividends paid in 2020. The Company has paid 40 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, 2021 and December 31, 2020 as presented is unaudited.

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets
December 31, December 31,
In Thousands
2021 2020
Assets
(unaudited) *
Cash and due from banks
$7,232 $6,939
Interest-earning deposits with banks
35,309 56,301
Investment securities
83,922 32,551
Loans, gross
550,660 464,220
Allowance for loan losses
(5,541) (4,592)
Intangible assets
4,324 4,501
Other assets
25,516 26,639
Total assets
$701,422 $586,559
Liabilities and
Shareholders' Equity
Deposits
$573,106 $456,413
Borrowed funds
59,136 68,431
Other liabilities
3,905 3,614
Shareholders' Equity
65,275 58,101
Total liabilities and
shareholders' equity
$701,422 $586,559
Book value per share
$29.57 $26.60
Tangible book value per share
$27.61 $24.54

Statements of Operations
In Thousands

For the three months ended For the twelve months ended
December 31, December 31, December 31, December 31,
2021 2020 2021 2020
(unaudited) (unaudited) (unaudited) (unaudited)
Interest income
$7,200 $6,019 $26,905 $23,365
Interest expense
1,379 1,486 5,460 6,325
Net interest income
5,821 4,533 21,445 17,040
Provision for loan losses
297 164 969 1,245
Net interest income after
provision for loan losses
5,524 4,369 20,476 15,795
Non interest income
294 227 1,291 1,119
Non interest expense
2,388 2,175 9,162 8,176
Income before income taxes
3,430 2,421 12,605 8,738
Income tax expense
723 528 2,786 1,930
Net income
$2,707 $1,893 $9,819 $6,808
Net income per common share - basic
$1.23 $0.86 $4.47 $3.09
Net income per common share - diluted
$1.20 $0.85 $4.35 $3.03
* Derived from audited financial statements

For more information, contact:
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com

SOURCE: PB Financial Corporation



View source version on accesswire.com:
https://www.accesswire.com/686412/PB-Financial-Corporation-Reports-Record-Earnings-for-Both-the-Fourth-Quarter-and-the-Year-2021

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