PB Financial Corporation Reports Record First Quarter 2022 Earnings

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Apr 11, 2022
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ROCKY MOUNT, NC / ACCESSWIRE / April 11, 2022 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (

OTCQX:PBNC, Financial), the holding company (the "Company") for Providence Bank, reported net income for the quarter ended March 31, 2022, of $2,709,595 compared to $2,150,425 for the same period in 2021, an increase of 26.00%.

As of March 31, 2022, the Company reported total assets of $743.9 million compared to $617.6 million at March 31, 2021, an increase of 20.45%. Total deposits were $603.3 million and gross loans were $557.0 million at the end of the first quarter of 2022, compared to total deposits of $484.5 million and gross loans of $495.9 million at the end of the first quarter of 2021, increases of 24.51% and 12.32% respectively.

Whitehurst commented, "I am very pleased to report that we are off to a tremendous start in 2022 with record earnings and strong organic balance sheet growth. The hard work and commitment of our employees to provide excellent service to our customers continues to drive our success. As we strive to further enhance shareholder value, we will remain focused on growth, customer satisfaction and efficiency."

For the three-month period ended March 31, 2022, the Bank had basic earnings of $1.23 per share compared to $0.98 per share for the same period last year, an increase of 25.51%. As of March 31, 2022, book value per common share was $28.55 compared to $27.01 at March 31, 2021, an increase of 5.70%. On February 24, 2022, the Company paid its first quarter dividend of $0.28 per share for each share of common stock outstanding. It was our 41st 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.


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 March 31, 2022 and March 31, 2021 as presented are unaudited.

For more information, contact:

Ted E. Whitehurst, President and CEO
252-467-2990; [email protected]

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets
March 31,December 31,
In Thousands
Cash and due from banks
Interest-earning deposits with banks
Investment securities
Loans, gross
Allowance for loan losses
Intangible assets
Other assets
Total assets
Liabilities and Shareholders' Equity
Borrowed funds
Other liabilities
Shareholders' Equity
Total liabilities and
shareholders' equity
Book value per share
Tangible book value per share

Statements of Operations

For the three months ended
In Thousands
March 31,March 31,
Interest income
Interest expense
Net interest income
Provision for loan losses
Net interest income after
provision for loan losses
Non interest income
Non interest expense
Income before income taxes
Income tax expense
Net income
Net income per common share - basic
Net income per common share - diluted

* Derived from audited financial statements

SOURCE: PB Financial Corporation

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