PB Financial Corporation Reports Earnings For Both The Fourth Quarter And The Year 2024

ROCKY MOUNT, NC / ACCESS Newswire / January 31, 2025 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company (the "Company") for Providence Bank, announced today that the Company reported net income available to common shareholders for the quarter ended December 31, 2024, of $3,937,492 compared to $3,365,752 for the same period in 2023, an increase of 16.99%. For 2024, net income available to common shareholders was $15,814,872 compared to $13,916,496 for 2023, an increase of 13.64%.

As of December 31, 2024, the Company reported total assets of $1.317 billion compared to $982.4 million at December 31, 2023, an increase of 34.08%. Total deposits were $1.115 billion and gross loans were $1.129 billion at the end of 2024, compared to total deposits of $803.5 million and gross loans of $827.8 million at the end of 2023, increases of 38.78% and 36.43% respectively.

Whitehurst commented, "I am pleased to report our quarterly and full year earnings. We were able to show double digit increases in our quarterly and annual net income available to shareholders. We successfully completed our merger with Coastal Bank & Trust and had a smooth integration for our customers. We incurred total one-time merger-related expenses of approximately $937,420. The Company continued to experience strong growth throughout the organization with over 30% growth in loans, deposits and total assets. 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 2024, the Company had basic earnings of $5.74 per share compared to basic earnings of $5.98 per share in 2023, a decrease of 4.01%. The December 31, 2024, book value per common share was $39.63, and the tangible book value per common share was $34.72. In 2024, the Company paid cash dividends of $2.15 per share for each share of common stock outstanding, an increase of approximately 15.59% from the cash dividends paid in 2023. The Company has paid 52 consecutive quarterly cash dividends since it began paying cash dividends in the first quarter of 2012. The quarterly cash dividend has increased each quarter.

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 and Richlands, as well as a loan production office in New Bern.

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 December 31, 2024 and December 31, 2023 as presented is unaudited.

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets		December 31,				December 31,
In Thousands		2024				2023
Assets		(unaudited)					*
Cash and due from banks		$	11,445			$	9,393
Interest-earning deposits with banks			13,385				15,585
Investment securities			114,048				98,045
Loans, gross			1,129,337				827,803
Allowance for credit losses			(10,205	)			(6,743	)
Intangible assets			9,285				4,064
Other assets			49,915				34,240
Total assets		$	1,317,210			$	982,387
Liabilities and
Stockholders' Equity
Deposits		$	1,115,145			$	803,536
Borrowed funds			58,496				83,697
Other liabilities			10,282				7,629
Shareholders' Equity			133,287				87,525
Total liabilities and
stockholders' equity		$	1,317,210			$	982,387
Book value per share		$	39.63			$	35.08
Tangible book value per share		$	34.72			$	33.45

Statements of Operations		For the three months ended								For the twelve months ended
In Thousands		December 31,				December 31,				December 31,				December 31,
		2024				2023				2024				2023
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Interest income		$	21,158			$	14,608			$	77,820			$	53,067
Interest expense			9,559				7,087				35,816				22,676
Net interest income			11,599				7,521				42,004				30,391
Provision for credit losses			1,600				242				1,955				955
Net interest income after
provision for credit losses			9,999				7,279				40,049				29,436
Non interest income			442				278				1,723				1,173
Non interest expense			4,998				3,339				19,699				12,722
Income before income taxes			5,443				4,218				22,073				17,887
Income tax expense			1,192				852				5,156				3,971
Net income			4,251				3,366				16,917				13,916
Preferred stock dividends			314				-				1,102				-
Net income available to common stockholders		$	3,937			$	3,366			$	15,815			$	13,916
Net income per common share - basic		$	1.37			$	1.38			$	5.74			$	5.98
Net income per common share - diluted		$	1.32			$	1.32			$	5.52			$	5.77

* Derived from audited financial statements

For more information, contact:

Ted E. Whitehurst, President and CEO

252-467-2990; [e-mail]

SOURCE: PB Financial Corp.

View the original press release on ACCESS Newswire


The PB Financial Corporation Stock at the time of publication of the news with a raise of +2,50 % to 47,99USD on Nasdaq OTC stock exchange (31. Januar 2025, 18:30 Uhr).