PB Financial Corporation Reports First Quarter 2023 Earnings
PB Financial Corporation (OTCQX:PBNC) reported a significant increase in net income for the first quarter of 2023, reaching $3,712,014, a 37% increase from the previous year. Total assets grew by 18.15% to $878.9 million, with deposits increasing by 16.88% to $705.1 million and gross loans rising by 28.21% to $714.1 million. Basic earnings per share also improved to $1.66, a 34.96% increase compared to Q1 2022. The bank's book value per share rose to $31.74, marking an 11.17% rise. Additionally, PBNC recently paid its 45th consecutive quarterly dividend of $0.40 per share.
- Net income increased 37% to $3,712,014 for Q1 2023.
- Total assets rose 18.15% to $878.9 million.
- Deposits increased 16.88% to $705.1 million.
- Gross loans grew by 28.21% to $714.1 million.
- Basic earnings per share improved by 34.96% to $1.66.
- Book value per share increased by 11.17% to $31.74.
- Paid a quarterly dividend of $0.40, marking the 45th consecutive increase.
- None.
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
As of March 31, 2023, the Company reported total assets of
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
For the three-month period ended March 31, 2023, the Bank had basic earnings of
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 March 31, 2023 and March 31, 2022 as presented are unaudited.
For more information, contact:
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com
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 | ||||
* Derived from audited financial statements
SOURCE: PB Financial Corporation
View source version on accesswire.com:
https://www.accesswire.com/748283/PB-Financial-Corporation-Reports-First-Quarter-2023-Earnings
FAQ
What were PB Financial Corporation's earnings for Q1 2023?
How much did PB Financial Corporation increase its total assets?
What is the earnings per share for PB Financial Corporation in Q1 2023?
How much did PB Financial Corporation pay in dividends in Q1 2023?
