ROCKY MOUNT, NC / ACCESSWIRE / October 15, 2021 / 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, 2021, of $2,503,174 compared to $1,741,447 for the same period in 2020, an increase of 43.74%. For the nine-month period ended September 30, 2021, net income was $7,112,444 compared to $4,915,597 for the same period in 2020, an increase of 44.69%.
As of September 30, 2021, the Company reported total assets of $673.7 million compared to $576.0 million at September 30, 2020, an increase of 16.97%. Total deposits were $541.3 million and gross loans were $521.7 million at the end of the third quarter of 2021, compared to total deposits of $439.9 million and gross loans of $451.6 million at the end of the third quarter of 2020, increases of 23.07% and 15.54% respectively.
Whitehurst commented, "I am very pleased to report record quarterly earnings along with continued strong organic growth of our balance sheet. I am extremely proud of how our employees have worked through this pandemic to help our customers. In order to further enhance shareholder value, our Company continues to focus on growth, serving our customers, and efficiency."
For the nine-month period ended September 30, 2021, the Company had basic earnings of $3.24 per share. As of September 30, 2021, the book value per common share was $28.91 compared to $25.98 at September 30, 2020, an increase of 11.28%. On August 23, 2021, the Company paid its third quarter dividend of $0.26 per share for each share of common stock outstanding. It was our 39th 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 September 30, 2021 and September 30, 2020 as presented are unaudited.
PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations
| Balance Sheets | September 30, | December 31, | ||||||
| In Thousands | 2021 | 2020 | ||||||
| Assets | (unaudited) | * | ||||||
| Cash and due from banks | $ | 7,752 | $ | 6,939 | ||||
| Interest-earning deposits with banks | 59,941 | 56,301 | ||||||
| Investment securities | 59,975 | 32,551 | ||||||
| Loans, gross | 521,731 | 464,220 | ||||||
| Allowance for loan losses | (5,242 | ) | (4,592 | ) | ||||
| Other assets | 29,557 | 31,140 | ||||||
Total assets | $ | 673,714 | $ | 586,559 | ||||
| Liabilities and | ||||||||
| Shareholders' Equity | ||||||||
| Deposits | $ | 541,310 | $ | 456,413 | ||||
| Borrowed funds | 65,070 | 68,431 | ||||||
| Other liabilities | 3,791 | 3,614 | ||||||
| Shareholders' Equity | 63,543 | 58,101 | ||||||
| Total liabilities and | ||||||||
| shareholders' equity | $ | 673,714 | $ | 586,559 | ||||
| Book value per share | $ | 28.91 | $ | 26.60 | ||||
| Tangible book value per share | $ | 26.92 | $ | 24.54 | ||||
| Statements of Operations | For the three months ended | For the nine months ended | ||||||||||||||
| In Thousands | September 30, | September 30, | September 30, | September 30, | ||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Interest income | $ | 6,864 | $ | 5,687 | $ | 19,705 | $ | 17,346 | ||||||||
| Interest expense | 1,354 | 1,551 | 4,081 | 4,839 | ||||||||||||
| Net interest income | 5,510 | 4,136 | 15,624 | 12,507 | ||||||||||||
| Provision for loan losses | 230 | 368 | 672 | 1,081 | ||||||||||||
| Net interest income after | ||||||||||||||||
| provision for loan losses | 5,280 | 3,768 | 14,952 | 11,426 | ||||||||||||
| Non interest income | 283 | 488 | 997 | 892 | ||||||||||||
| Non interest expense | 2,338 | 2,025 | 6,774 | 6,000 | ||||||||||||
| Income before income taxes | 3,225 | 2,231 | 9,175 | 6,318 | ||||||||||||
| Income tax expense | 722 | 489 | 2,063 | 1,402 | ||||||||||||
| Net income | $ | 2,503 | $ | 1,742 | $ | 7,112 | $ | 4,916 | ||||||||
| Net income per common share - basic | $ | 1.14 | $ | 0.80 | $ | 3.24 | $ | 2.23 | ||||||||
| Net income per common share - diluted | $ | 1.11 | $ | 0.78 | $ | 3.15 | $ | 2.18 | ||||||||
* Derived from audited financial statements
For more information, contact: October 15, 2021
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com
SOURCE: PB Financial Corporation
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