October 13, 2023
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 for the quarter ended September 30, 2023, of $3,096,457 compared to $3,970,996 for the same period in 2022, a decrease of 22.02%. For the nine-month period ended September 30, 2023, net income was $10,550,744 compared to $9,924,497 for the same period in 2022, an increase of 6.31%.
As of September 30, 2023, the Company reported total assets of $929.9 million compared to $780.2 million at September 30, 2022, an increase of 19.19%. Total deposits were $729.3 million and gross loans were $775.0 million at the end of the third quarter of 2023, compared to total deposits of $616.5 million and gross loans of $617.3 million at the end of the third quarter of 2022, increases of 18.29% and 25.56% respectively.
Whitehurst commented, “I am very pleased to report a strong quarter and nine-month period for the Company. During the quarter, we incurred expenses of $162,000 related to the announced strategic merger with Coastal Bank & Trust. Additionally, we increased loans outstanding by $61.9 million during the quarter which resulted in a credit provision of $475,000. Even with those expenses and margin compression, our earnings for the first nine months of 2023 have exceeded the earnings for the same period in 2022. We expect that this proposed strategic merger will be accretive to our earnings and provide great momentum for our Bank’s continued growth.”
For the nine-month period ended September 30, 2023, the Company had basic earnings of $4.61 per share compared to $4.48 per share for the same period last year, an increase of 2.90%. As of September 30, 2023, the book value per common share was $33.04 compared to $28.52 at September 30, 2022, an increase of 15.85%. On August 28, 2023, the Company paid its third quarter dividend of $0.50 per share for each share of common stock outstanding. It was our 47th 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, 2023 and September 30, 2022 as presented are unaudited.