PB Financial : Reports Record Second Quarter 2022 Earnings

PB Financial Corporation Reports Record Second Quarter 2022 EarningsPress Release | 07/12/2022

ROCKY MOUNT, NC / ACCESSWIRE / July 12, 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 June 30, 2022, of $3.24 million compared to $2.46 million for the same period in 2021, an increase of 31.92%. For the six-month period ended June 30, 2022, net income was $5.95 million compared to $4.61 million for the same period in 2021, an increase of 29.18%.

As of June 30, 2022, the Company reported total assets of $784.4 million compared to $626.1 million at June 30, 2021, an increase of 19.54%. Total deposits were $606.3 million and gross loans were $584.3 million at the end of the second quarter of 2022, compared to total deposits of $495.5 million and gross loans of $501.7 million at the end of the second quarter of 2021, increases of 22.36% and 16.47% respectively.

Whitehurst commented, "I'm extremely pleased with our financial results. We had record quarterly earnings and continued to experience strong organic growth throughout the organization. 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 the six-month period ended June 30, 2022, the Company had basic earnings of $2.69 per share compared to $2.10 per share for the same period last year, an increase of 28.10%. As of June 30, 2022, the book value per common share was $27.95 compared to $27.69 at June 30, 2021, an increase of 0.94%. On August 22, 2022, the Company will pay its third quarter dividend of $0.31 per share for each share of common stock outstanding. This will be the 43 ^rd consecutive quarterly cash dividend paid.

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 June 30, 2022 and June 30, 2021 as presented are unaudited.

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets		June 30,			December 31,
In Thousands		2022			2021
Assets		(unaudited)					*
Cash and due from banks		$	8,496			$	7,232
Interest-earning deposits with banks			28,142				35,309
Investment securities			100,000				83,922
Loans, gross			584,270				550,660
Allowance for loan losses			(5,891	)			(5,541
Intangible assets			4,252				4,324
Other assets			29,175				25,516
Total assets		$	748,444			$	701,422
Liabilities and
Shareholders' Equity
Deposits		$	606,317			$	573,106
Borrowed funds			74,464				59,136
Other liabilities			5,433				3,905
Shareholders' Equity			62,230				65,275
Total liabilities and
shareholders' equity		$	748,444			$	701,422
Book value per share		$	27.95			$	29.57
Tangible book value per share		$	26.04			$	27.61
Statements of Operations		For the three months ended								For the six months ended
In Thousands		June 30,				June 30,				June 30,				June 30,
		2022				2021				2022				2021
Interest income		$	7,882			$	6,492			$	15,206			$	12,841
Interest expense			1,415				1,367				2,797				2,727
Net interest income			6,467				5,125				12,409				10,114
Provision for loan losses			188				86				348				442
Net interest income after
provision for loan losses			6,279				5,039				12,061				9,672
Non interest income			482				375				741				714
Non interest expense			2,569				2,240				5,117				4,436
Income before income taxes			4,192				3,174				7,685				5,950
Income tax expense			948				715				1,731				1,341
Net income		$	3,244			$	2,459			$	5,954			$	4,609
Net income per common share - basic		$	1.46			$	1.12			$	2.69			$	2.10
Net income per common share - diluted		$	1.42			$	1.08			$	2.61			$	2.04
* Derived from audited financial statements

For more information, contact:
Ted E. Whitehurst, President and CEO
252-467-2990; [e-mail]

SOURCE: PB Financial Corporation

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