PB Financial Corporation Reports Third Quarter 2023 Earnings

ROCKY MOUNT, NC / ACCESSWIRE / October 13, 2023 / 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 47^th 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.

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 September 30, 2023 and September 30, 2022 as presented are unaudited.

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets		September 30,				December 31,
In Thousands		2023				2022
Assets		(unaudited)					*
Cash and due from banks		$	7,510			$	9,478
Interest-earning deposits with banks			14,018				21,071
Investment securities			99,809				100,338
Loans, gross			775,026				687,706
Allowance for credit losses			(6,505	)			(6,142	)
Intangible assets			4,124				4,193
Other assets			35,960				32,525
Total assets		$	929,942			$	849,169
Liabilities and
Shareholders' Equity
Deposits		$	729,304			$	674,023
Borrowed funds			110,797				101,743
Other liabilities			7,431				5,994
Shareholders' Equity			82,410				67,409
Total liabilities and
shareholders' equity		$	929,942			$	849,169
Book value per share		$	33.04			$	29.93
Tangible book value per share		$	31.39			$	28.07

Statements of Operations

		For the three months ended								For the nine months ended
In Thousands		September 30,				September 30,				September 30,				September 30,
		2023				2022				2023				2022
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Interest income		$	13,472			$	9,176			$	38,459			$	24,382
Interest expense			5,962				1,755				15,589				4,552
Net interest income			7,510				7,421				22,870				19,830
Provision for credit losses			475				47				713				395
Net interest income after
provision for loan losses			7,035				7,374				22,157				19,435
Non interest income			284				325				895				1,066
Non interest expense			3,232				2,566				9,383				7,683
Income before income taxes			4,087				5,133				13,669				12,818
Income tax expense			990				1,162				3,118				2,894
Net income		$	3,097			$	3,971			$	10,551			$	9,924
Net income per common share - basic		$	1.31			$	1.79			$	4.61			$	4.48
Net income per common share - diluted		$	1.27			$	1.73			$	4.46			$	4.34

* 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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The PB Financial Corporation Stock at the time of publication of the news with a raise of 0,00 % to 42,00USD on Nasdaq OTC stock exchange (13. Oktober 2023, 15:53 Uhr).