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PB Financial Corporation Reports Record Third Quarter 2022 Earnings

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



View source version on accesswire.com:
https://www.accesswire.com/719886/PB-Financial-Corporation-Reports-Record-Third-Quarter-2022-Earnings

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