PB Financial Corporation Reports Record Earnings for Both the Fourth Quarter and the Year 2022
PB Financial Corporation (OTCQX:PBNC) reported a net income of $4.33 million for Q4 2022, a 59.95% increase year-over-year. Full-year net income rose 45.16% to $14.25 million. Total assets reached $849.2 million, marking a 21.06% growth compared to 2021. Deposits grew 17.61% to $674 million, while gross loans climbed 24.89% to $687.7 million. Basic earnings per share increased 43.62% to $6.42, with a book value of $29.93. The company declared a cash dividend of $1.23 per share, up 21.78% from 2021.
- Net income for Q4 2022 increased by 59.95% to $4.33 million.
- Full year 2022 net income rose by 45.16% to $14.25 million.
- Total assets grew 21.06% to $849.2 million by year-end 2022.
- Deposits increased by 17.61% to $674 million.
- Gross loans rose by 24.89% to $687.7 million.
- Basic earnings per share went up 43.62% to $6.42.
- Cash dividends of $1.23 per share reflect a 21.78% increase.
- None.
5ROCKY MOUNT, NC / ACCESSWIRE / January 25, 2023 / 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 for the quarter ended December 31, 2022, of
As of December 31, 2022, the Company reported total assets of
Whitehurst commented, "I am extremely pleased to report record quarterly earnings along with record earnings for the year. The Company continued to experience strong organic growth throughout the organization with double digit 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 2022, the Company 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 December 31, 2022 and December 31, 2021 as presented is 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 | December 31, | December 31, | ||||||
In Thousands | 2022 | 2021 | ||||||
Assets | (unaudited) | * | ||||||
Cash and due from banks | $ | 9,478 | $ | 7,232 | ||||
Interest-earning deposits with banks | 21,071 | 35,309 | ||||||
Investment securities | 100,338 | 83,922 | ||||||
Loans, gross | 687,706 | 550,660 | ||||||
Allowance for loan losses | (6,142 | ) | (5,541 | ) | ||||
Intangible assets | 4,193 | 4,324 | ||||||
Other assets | 32,525 | 25,516 | ||||||
Total assets | $ | 849,169 | $ | 701,422 | ||||
Liabilities and | ||||||||
Shareholders' Equity | ||||||||
Deposits | $ | 674,023 | $ | 573,106 | ||||
Borrowed funds | 101,743 | 59,136 | ||||||
Other liabilities | 5,994 | 3,905 | ||||||
Shareholders' Equity | 67,409 | 65,275 | ||||||
Total liabilities and | ||||||||
shareholders' equity | $ | 849,169 | $ | 701,422 | ||||
Book value per share | $ | 29.93 | $ | 29.57 | ||||
Tangible book value per share | $ | 28.07 | $ | 27.61 | ||||
Statements of Operations | For the three months ended | For the twelve months ended | ||||||||||||||
In Thousands | December 31, | December 31, | December 31, | December 31, | ||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Interest income | $ | 10,996 | $ | 7,196 | $ | 35,379 | $ | 26,901 | ||||||||
Interest expense | 3,028 | 1,378 | 7,580 | 5,459 | ||||||||||||
Net interest income | 7,968 | 5,818 | 27,799 | 21,442 | ||||||||||||
Provision for loan losses | 135 | 297 | 530 | 969 | ||||||||||||
Net interest income after | ||||||||||||||||
provision for loan losses | 7,833 | 5,521 | 27,269 | 20,473 | ||||||||||||
Non interest income | 297 | 297 | 1,363 | 1,294 | ||||||||||||
Non interest expense | 2,652 | 2,388 | 10,335 | 9,162 | ||||||||||||
Income before income taxes | 5,478 | 3,430 | 18,297 | 12,605 | ||||||||||||
Income tax expense | 1,148 | 723 | 4,043 | 2,786 | ||||||||||||
Net income | $ | 4,330 | $ | 2,707 | $ | 14,254 | $ | 9,819 | ||||||||
Net income per common share - basic | $ | 1.94 | $ | 1.23 | $ | 6.42 | $ | 4.47 | ||||||||
Net income per common share - diluted | $ | 1.88 | $ | 1.20 | $ | 6.23 | $ | 4.35 | ||||||||
| * Derived from audited financial statements | ||||||||||||||||
SOURCE: PB Financial Corporation
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