PB Financial Corporation Reports Record First Quarter 2021 Earnings

Rhea-AI Summary

PB Financial Corporation reported a net income of $2,150,425 for Q1 2021, a 41.85% increase from $1,515,938 in Q1 2020. Total assets grew to $617.6 million, reflecting a 16.20% rise from $531.5 million a year ago. Deposits rose by 21.86% to $484.5 million, while gross loans increased by 18.19% to $495.9 million. Earnings per share reached $0.98, up 42.03% from $0.69 in 2020. The company also paid a quarterly dividend of $0.23, marking the 37th consecutive increase.

Positive

• Net income increased by 41.85% to $2,150,425.
• Total assets rose by 16.20% to $617.6 million.
• Deposits grew by 21.86% to $484.5 million.
• Gross loans increased by 18.19% to $495.9 million.
• Earnings per share increased by 42.03% to $0.98.
• Paid a quarterly dividend of $0.23, marking 37 consecutive increases.

Negative

• None.

ROCKY MOUNT, NC / ACCESSWIRE / April 14, 2021 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (the "Company"), the holding company for Providence Bank, reported net income for the quarter ended March 31, 2021, of $2,150,425 compared to $1,515,938 for the same period in 2020, an increase of 41.85%.

As of March 31, 2021, the Company reported total assets of $617.6 million compared to $531.5 million at March 31, 2020, an increase of 16.20%. Total deposits were $484.5 million and gross loans were $495.9 million at the end of the first quarter of 2021, compared to total deposits of $397.6 million and gross loans of $419.6 million at the end of the first quarter of 2020, increases of 21.86% and 18.19% respectively.

Whitehurst commented, "I am very pleased to report the largest quarterly earnings in our history. Continued growth in loans and deposits along with a focus on expense management has allowed us to provide consistent financial results for our shareholders. We have also been very active in assisting businesses in our communities with the Small Business Administration's Paycheck Protection Program (PPP), including working through the forgiveness process for round one PPP loans and originating round two PPP loans."

For the three-month period ended March 31, 2021, the Bank had basic earnings of $0.98 per share compared to $0.69 per share for the same period last year, an increase of 42.03%. As of March 31, 2021, book value per common share was $27.06 compared to $25.00 at March 31, 2020, an increase of 8.24%. On February 25, 2021, the Company paid its first quarter dividend of $0.23 per share for each share of common stock outstanding. It was our 37^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, 2021 and March 31, 2020 as presented are unaudited.

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets		March 31,				December 31,
In Thousands		2021				2020
Assets		(unaudited)					*
Cash and due from banks		$	11,856			$	6,939
Interest-earning deposits with banks			42,780				56,301
Investment securities			41,487				32,551
Loans, gross			495,879				464,220
Allowance for loan losses			(4,949	)			(4,592	)
Other assets			30,539				31,140
Total assets		$	617,592			$	586,559
Liabilities and
Shareholders' Equity
Deposits		$	484,510			$	456,413
Borrowed funds			70,366				68,431
Other liabilities			3,445				3,614
Shareholders' Equity			59,271				58,101
Total liabilities and
shareholders' equity		$	617,592			$	586,559
Book value per share		$	27.06			$	26.60

Statements of Operations		For the three months ended
In Thousands		March 31,				March 31,
		2021				2020
		(unaudited)				(unaudited)
Interest income		$	6,349			$	5,966
Interest expense			1,360				1,649
Net interest income			4,989				4,317
Provision for loan losses			356				475
Net interest income after
provision for loan losses			4,633				3,842
Non interest income			339				209
Non interest expense			2,196				2,091
Income before income taxes			2,776				1,960
Income tax expense			626				444
Net income		$	2,150			$	1,516
Net income per common share - basic		$	0.98			$	0.69
Net income per common share - diluted		$	0.96			$	0.67
* Derived from audited financial statements

For more information, contact:

PB Financial Corporation
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com

SOURCE: PB Financial Corporation

View source version on accesswire.com:
https://www.accesswire.com/640367/PB-Financial-Corporation-Reports-Record-First-Quarter-2021-Earnings

FAQ

What was PBNC's net income for Q1 2021?

PBNC reported a net income of $2,150,425 for Q1 2021.

How much did PB Financial Corporation's total assets increase by?

Total assets increased by 16.20% to $617.6 million.

What is the earnings per share for PBNC for the latest quarter?

Earnings per share for Q1 2021 was $0.98.

How much did total deposits grow at PBNC?

Total deposits grew by 21.86% to $484.5 million.

What dividends did PB Financial Corporation declare recently?

PBNC declared a quarterly dividend of $0.23, marking the 37th consecutive increase.