PB Financial Corporation Reports Record Earnings for Both the Fourth Quarter and the Year 2021
PB Financial Corporation (OTCQX:PBNC) reported strong financial results for the fourth quarter and full year ending December 31, 2021. Net income soared to $2.7 million for Q4 2021, a 43% increase from $1.9 million in Q4 2020. For the full year, net income reached $9.8 million, up 44% year-over-year. Total assets grew 19.58% to $701.4 million, while total deposits and gross loans rose by 25.57% and 18.62% respectively. Basic earnings per share were $4.47, a 44.66% increase from $3.09 in 2020. The company also raised cash dividends by 20.96%.
- Net income increased by 43% in Q4 2021 and 44% for the year.
- Total assets rose by 19.58% to $701.4 million.
- Significant growth in total deposits (25.57%) and gross loans (18.62%).
- Basic earnings per share increased to $4.47, up 44.66% from 2020.
- Cash dividends raised by approximately 20.96%.
- None.
ROCKY MOUNT, NC / ACCESSWIRE / January 31, 2022 / 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, 2021, of
As of December 31, 2021, the Company reported total assets of
Whitehurst commented, "I am very 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. Our Raleigh location which opened in late 2020, continues to do extremely well. 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 2021, 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, 2021 and December 31, 2020 as presented is unaudited.
PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations
Balance Sheets | December 31, | December 31, | ||||||
In Thousands | 2021 | 2020 | ||||||
Assets | (unaudited) | * | ||||||
Cash and due from banks | $ | 7,232 | $ | 6,939 | ||||
Interest-earning deposits with banks | 35,309 | 56,301 | ||||||
Investment securities | 83,922 | 32,551 | ||||||
Loans, gross | 550,660 | 464,220 | ||||||
Allowance for loan losses | (5,541 | ) | (4,592 | ) | ||||
Intangible assets | 4,324 | 4,501 | ||||||
Other assets | 25,516 | 26,639 | ||||||
Total assets | $ | 701,422 | $ | 586,559 | ||||
Liabilities and | ||||||||
Shareholders' Equity | ||||||||
Deposits | $ | 573,106 | $ | 456,413 | ||||
Borrowed funds | 59,136 | 68,431 | ||||||
Other liabilities | 3,905 | 3,614 | ||||||
Shareholders' Equity | 65,275 | 58,101 | ||||||
Total liabilities and | ||||||||
shareholders' equity | $ | 701,422 | $ | 586,559 | ||||
Book value per share | $ | 29.57 | $ | 26.60 | ||||
Tangible book value per share | $ | 27.61 | $ | 24.54 | ||||
Statements of Operations
In Thousands
| For the three months ended | For the twelve months ended | |||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Interest income | $ | 7,200 | $ | 6,019 | $ | 26,905 | $ | 23,365 | ||||||||
Interest expense | 1,379 | 1,486 | 5,460 | 6,325 | ||||||||||||
Net interest income | 5,821 | 4,533 | 21,445 | 17,040 | ||||||||||||
Provision for loan losses | 297 | 164 | 969 | 1,245 | ||||||||||||
Net interest income after | ||||||||||||||||
provision for loan losses | 5,524 | 4,369 | 20,476 | 15,795 | ||||||||||||
Non interest income | 294 | 227 | 1,291 | 1,119 | ||||||||||||
Non interest expense | 2,388 | 2,175 | 9,162 | 8,176 | ||||||||||||
Income before income taxes | 3,430 | 2,421 | 12,605 | 8,738 | ||||||||||||
Income tax expense | 723 | 528 | 2,786 | 1,930 | ||||||||||||
Net income | $ | 2,707 | $ | 1,893 | $ | 9,819 | $ | 6,808 | ||||||||
Net income per common share - basic | $ | 1.23 | $ | 0.86 | $ | 4.47 | $ | 3.09 | ||||||||
Net income per common share - diluted | $ | 1.20 | $ | 0.85 | $ | 4.35 | $ | 3.03 | ||||||||
* Derived from audited financial statements | ||||||||||||||||
For more information, contact:
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com
SOURCE: PB Financial Corporation
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