PB Financial Corporation Reports First Quarter 2023 Earnings

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ROCKY MOUNT, NC / ACCESSWIRE / April 10, 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 March 31, 2023, of $3,712,014 compared to $2,709,595 for the same period in 2022, an increase of 37.00%.

As of March 31, 2023, the Company reported total assets of $878.9 million compared to $743.9 million at March 31, 2022, an increase of 18.15%. Total deposits were $705.1 million and gross loans were $714.1 million at the end of the first quarter of 2023 compared to total deposits of $603.3 million and gross loans of $557.0 million at the end of the first quarter of 2022, increases of 16.88% and 28.21%, respectively.

Whitehurst commented, “I am very pleased to report that we are off to a good start in 2023 with strong earnings and balance sheet growth. We are honored that Providence Bank has been ranked in S&P Global Market Intelligence’s 2022 “Top 100 Community Banks with Less than $3 Billion in Assets,” out of 3,782 eligible banks in the analysis. The hard work and commitment of our employees to provide excellent service to our customers continues to drive our success. As we strive to further enhance shareholder value, we will remain focused on growth, customer satisfaction and efficiency.”

For the three-month period ended March 31, 2023, the Bank had basic earnings of $1.66 per share compared to $1.23 per share for the same period last year, an increase of 34.96%. As of March 31, 2023, book value per common share was $31.74 compared to $28.55 at March 31, 2022, an increase of 11.17%. On February 23, 2023, the Company paid its first quarter dividend of $0.40 per share for each share of common stock outstanding. It was our 45^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 March 31, 2023 and March 31, 2022 as presented are unaudited.

For more information, contact:

Ted E. Whitehurst, President and CEO
252-467-2990; [email protected]

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets	March 31,			December 31,
In Thousands	2023			2022
Assets	(unaudited)				*
Cash and due from banks	$	9,418		$	9,478
Interest-earning deposits with banks		23,998			21,071
Investment securities		100,991			100,338
Loans, gross		714,062			687,706
Allowance for loan losses		(6,020	)		(6,142	)
Intangible assets		4,167			4,193
Other assets		32,292			32,525
Total assets	$	878,908		$	849,169

Liabilities and
Shareholders’ Equity
Deposits	$	705,113		$	674,023
Borrowed funds		94,417			101,743
Other liabilities		6,987			5,994
Shareholders’ Equity		72,391			67,409
Total liabilities and
shareholders’ equity	$	878,908		$	849,169

Book value per share	$	31.74		$	29.93
Tangible book value per share	$	29.91		$	28.07

Statements of Operations

	For the three months ended
In Thousands	March 31,		March 31,
	2023		2022
	(unaudited)		(unaudited)
Interest income	$	12,162	$	7,324
Interest expense		4,482		1,382
Net interest income		7,680		5,942
Provision for loan losses		238		160
Net interest income after
provision for loan losses		7,442		5,782
Non interest income		310		259
Non interest expense		3,123		2,548
Income before income taxes		4,629		3,493
Income tax expense		917		783
Net income	$	3,712	$	2,710

Net income per common share – basic	$	1.66	$	1.23
Net income per common share – diluted	$	1.60	$	1.19