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Press release content from Accesswire. The AP news staff was not involved in its creation.

PB Financial Corporation Reports Record Second Quarter 2021 Earnings

July 13, 2021 GMT
ROCKY MOUNT, NC / ACCESSWIRE / July 7, 2021 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company for Providence Bank, announced today that the Board of Directors approved a quarterly cash dividend ...
ROCKY MOUNT, NC / ACCESSWIRE / July 7, 2021 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company for Providence Bank, announced today that the Board of Directors approved a quarterly cash dividend ...

ROCKY MOUNT, NC / ACCESSWIRE / July 13, 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 June 30, 2021, of $2,458,844 compared to $1,658,212 for the same period in 2020, an increase of 48.28%. For the six-month period ended June 30, 2021, net income was $4,609,269 compared to $3,174,150 for the same period in 2020, an increase of 45.21%.

As of June 30, 2021, the Company reported total assets of $626.1 million compared to $563.9 million at June 30, 2020, an increase of 11.04%. Total deposits were $495.5 million and gross loans were $501.7 million at the end of the second quarter of 2021, compared to total deposits of $426.7 million and gross loans of $443.8 million at the end of the second quarter of 2020, increases of 16.13% and 13.04% respectively.

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Whitehurst commented, “I’m extremely pleased with our financial results. We had record quarterly earnings as we continue to experience strong organic growth throughout the organization. Our Raleigh location which opened in late 2020, has exceeded our expectations. 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, 2021, the Company had basic earnings of $2.10 per share compared to $1.43 per share for the same period last year, an increase of 46.85%. As of June 30, 2021, the book value per common share was $27.74 compared to $25.46 at June 30, 2020, an increase of 8.96%. On August 23, 2021, the Company will pay its third quarter dividend of $0.26 per share for each share of common stock outstanding. This will be the 39 th 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

For more information, contact:

Ted E. Whitehurst, President and CEO

252-467-2990; twhitehurst@pbknc.com

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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, 2021 and June 30, 2020 as presented are unaudited.

PB Financial Corporation

Consolidated Balance Sheets and Statements of Operations

Balance Sheets In Thousands

June 30, 2021 (unaudited) December 31, 2020 *

Assets

Cash and due from banks

$ 7,644 $ 6,939

Interest-earning deposits with banks

35,481 56,301

Investment securities

55,086 32,551

Loans, gross

501,668 464,220

Allowance for loan losses

(5,026 ) (4,592 )

Other assets

31,252 31,140

Total assets

$ 626,105 $ 586,559

Liabilities and Shareholders' Equity

Deposits

$ 495,500 $ 456,413

Borrowed funds

65,539 68,431

Other liabilities

4,056 3,614

Shareholders' Equity

61,010 58,101

Total liabilities and shareholders' equity

$ 626,105 $ 586,559

Book value per share

$ 27.74 $ 26.60

Tangible book value per share

$ 25.74 $ 24.54

Statements of Operations

For the three months ended For the six months ended

In Thousands

June 30, 2021 (unaudited) June 30, 2020 (unaudited) June 30, 2021 (unaudited) June 30, 2020 (unaudited)

Interest income

$ 6,492 $ 5,693 $ 12,841 $ 11,659

Interest expense

1,367 1,639 2,727 3,288

Net interest income

5,125 4,054 10,114 8,371

Provision for loan losses

86 238 442 713

Net interest income after

provision for loan losses

5,039 3,816 9,672 7,658

Non interest income

375 195 714 404

Non interest expense

2,240 1,884 4,436 3,975

Income before income taxes

3,174 2,127 5,950 4,087

Income tax expense

715 469 1,341 913

Net income

$ 2,459 $ 1,658 $ 4,609 $ 3,174

Net income per common share - basic

$ 1.12 $ 0.74 $ 2.10 $ 1.43

Net income per common share - diluted

$ 1.08 $ 0.73 $ 2.04 $ 1.40

* Derived from audited financial statements

SOURCE: PB Financial Corporation

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