PB Financial Corporation Reports Record First Quarter 2022 Earnings
PB Financial Corporation (OTCQX:PBNC) reported a 26% increase in net income for Q1 2022, totaling $2,709,595, compared to $2,150,425 in Q1 2021. Total assets grew by 20.45% to $743.9 million, with total deposits increasing 24.51% to $603.3 million and gross loans up 12.32% to $557.0 million. Basic earnings per share rose to $1.23 from $0.98. The bank distributed a dividend of $0.28 per share, marking the 41st consecutive increase in quarterly cash dividends.
- Net income increased by 26% to $2,709,595.
- Total assets rose by 20.45% to $743.9 million.
- Total deposits grew by 24.51% to $603.3 million.
- Gross loans increased by 12.32% to $557.0 million.
- Basic earnings per share rose to $1.23, up from $0.98.
- Dividend of $0.28 per share is the 41st consecutive increase.
- None.
ROCKY MOUNT, NC / ACCESSWIRE / April 11, 2022 / 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, 2022, of
As of March 31, 2022, the Company reported total assets of
Whitehurst commented, "I am very pleased to report that we are off to a tremendous start in 2022 with record earnings and strong organic balance sheet growth. 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, 2022, 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, 2022 and March 31, 2021 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 | 2022 | 2021 | ||||||
Assets | (unaudited) | * | ||||||
Cash and due from banks | $ | 6,660 | $ | 7,232 | ||||
Interest-earning deposits with banks | 65,216 | 35,309 | ||||||
Investment securities | 88,648 | 83,922 | ||||||
Loans, gross | 556,957 | 550,660 | ||||||
Allowance for loan losses | (5,702 | ) | (5,541 | ) | ||||
Intangible assets | 4,287 | 4,324 | ||||||
Other assets | 27,806 | 25,516 | ||||||
Total assets | $ | 743,872 | $ | 701,422 | ||||
Liabilities and Shareholders' Equity | ||||||||
Deposits | $ | 603,279 | $ | 573,106 | ||||
Borrowed funds | 71,787 | 59,136 | ||||||
Other liabilities | 5,278 | 3,905 | ||||||
Shareholders' Equity | 63,528 | 65,275 | ||||||
Total liabilities and | ||||||||
shareholders' equity | $ | 743,872 | $ | 701,422 | ||||
Book value per share | $ | 28.55 | $ | 29.57 | ||||
Tangible book value per share | $ | 26.62 | $ | 27.61 | ||||
Statements of Operations
| For the three months ended | ||||||||
In Thousands | March 31, | March 31, | ||||||
| 2022 | 2021 | |||||||
| (unaudited) | (unaudited) | |||||||
Interest income | $ | 7,324 | $ | 6,349 | ||||
Interest expense | 1,382 | 1,360 | ||||||
Net interest income | 5,942 | 4,989 | ||||||
Provision for loan losses | 160 | 356 | ||||||
Net interest income after | ||||||||
provision for loan losses | 5,782 | 4,633 | ||||||
Non interest income | 259 | 339 | ||||||
Non interest expense | 2,548 | 2,196 | ||||||
Income before income taxes | 3,493 | 2,776 | ||||||
Income tax expense | 783 | 626 | ||||||
Net income | $ | 2,710 | $ | 2,150 | ||||
Net income per common share - basic | $ | 1.23 | $ | 0.98 | ||||
Net income per common share - diluted | $ | 1.19 | $ | 0.96 | ||||
* Derived from audited financial statements
SOURCE: PB Financial Corporation
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