April 8, 2025
Rocky Mount, North Carolina… Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company (the “Company”) for Providence Bank, reported net income available to common stockholders for the quarter ended March 31, 2025, of $4,700,394 compared to $3,169,250 for the same period in 2024, an increase of 48.31%.
As of March 31, 2025, the Company reported total assets of $1.355 billion compared to $1.016 billion on March 31, 2024, an increase of 33.40%. Total deposits were $1.153 billion and gross loans were $1.149 billion at the end of the first quarter of 2025 compared to total deposits of $805.0 million and gross loans of $860.3 million at the end of the first quarter of 2024, increases of 43.26% and 33.56%, respectively.
Whitehurst commented, “I am very pleased to report record quarterly earnings. The Company continued to experience strong growth throughout the organization with over 30% growth in loans, deposits and total assets. Our employees help drive our success through their hard work and dedication to serving our customers. As always, we will continue to look for opportunities to further enhance shareholder value.”
For the three-month period ended March 31, 2025, the Company had basic earnings of $1.64 per share compared to $1.30 per share for the same period last year, an increase of 26.15%. As of March 31, 2025, book value per common share was $41.10 compared to $35.67 on March 31, 2024, an increase of 15.22%. On February 27, 2025, the Company paid its first quarter dividend of $0.57 per share for each share of common stock outstanding. It was our 53rd 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, Raleigh, Jacksonville, Holly Ridge, Morehead City, Richlands, and a loan production office in New Bern.
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, 2025 and March 31, 2024 as presented are unaudited.