PB Financial Corporation Reports Record Second Quarter 2022 Earnings
PB Financial Corporation (OTCQX:PBNC) reported a net income of $3.24 million for Q2 2022, up 31.92% from $2.46 million in Q2 2021. For the six months ending June 30, 2022, net income rose by 29.18% to $5.95 million. Total assets increased 19.54% to $784.4 million, while total deposits and gross loans surged by 22.36% and 16.47%, respectively. Basic earnings per share rose 28.10% to $2.69. A quarterly dividend of $0.31 per share will be paid on August 22, 2022.
- Net income surged 31.92% in Q2 2022, reaching $3.24 million.
- Total assets increased 19.54% year-over-year to $784.4 million.
- Strong organic growth led to total deposits rising 22.36% to $606.3 million.
- Gross loans saw a 16.47% increase, reaching $584.3 million.
- Basic earnings per share increased 28.10% to $2.69.
- None.
ROCKY MOUNT, NC / ACCESSWIRE / July 12, 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 June 30, 2022, of
As of June 30, 2022, the Company reported total assets of
Whitehurst commented, "I'm extremely pleased with our financial results. We had record quarterly earnings and continued to experience strong organic growth throughout the organization. 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 the six-month period ended June 30, 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 June 30, 2022 and June 30, 2021 as presented are unaudited.
PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations
Balance Sheets | June 30, | December 31, | ||||||||||||||
In Thousands | 2022 | 2021 | ||||||||||||||
Assets | (unaudited) | * | ||||||||||||||
Cash and due from banks | $ | 8,496 | $ | 7,232 | ||||||||||||
Interest-earning deposits with banks | 28,142 | 35,309 | ||||||||||||||
Investment securities | 100,000 | 83,922 | ||||||||||||||
Loans, gross | 584,270 | 550,660 | ||||||||||||||
Allowance for loan losses | (5,891 | ) | (5,541 | |||||||||||||
Intangible assets | 4,252 | 4,324 | ||||||||||||||
Other assets | 29,175 | 25,516 | ||||||||||||||
Total assets | $ | 748,444 | $ | 701,422 | ||||||||||||
Liabilities and | ||||||||||||||||
Shareholders' Equity | ||||||||||||||||
Deposits | $ | 606,317 | $ | 573,106 | ||||||||||||
Borrowed funds | 74,464 | 59,136 | ||||||||||||||
Other liabilities | 5,433 | 3,905 | ||||||||||||||
Shareholders' Equity | 62,230 | 65,275 | ||||||||||||||
Total liabilities and | ||||||||||||||||
shareholders' equity | $ | 748,444 | $ | 701,422 | ||||||||||||
Book value per share | $ | 27.95 | $ | 29.57 | ||||||||||||
Tangible book value per share | $ | 26.04 | $ | 27.61 | ||||||||||||
Statements of Operations | For the three months ended | For the six months ended | ||||||||||||||
In Thousands | June 30, | June 30, | June 30, | June 30, | ||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Interest income | $ | 7,882 | $ | 6,492 | $ | 15,206 | $ | 12,841 | ||||||||
Interest expense | 1,415 | 1,367 | 2,797 | 2,727 | ||||||||||||
Net interest income | 6,467 | 5,125 | 12,409 | 10,114 | ||||||||||||
Provision for loan losses | 188 | 86 | 348 | 442 | ||||||||||||
Net interest income after | ||||||||||||||||
provision for loan losses | 6,279 | 5,039 | 12,061 | 9,672 | ||||||||||||
Non interest income | 482 | 375 | 741 | 714 | ||||||||||||
Non interest expense | 2,569 | 2,240 | 5,117 | 4,436 | ||||||||||||
Income before income taxes | 4,192 | 3,174 | 7,685 | 5,950 | ||||||||||||
Income tax expense | 948 | 715 | 1,731 | 1,341 | ||||||||||||
Net income | $ | 3,244 | $ | 2,459 | $ | 5,954 | $ | 4,609 | ||||||||
Net income per common share - basic | $ | 1.46 | $ | 1.12 | $ | 2.69 | $ | 2.10 | ||||||||
Net income per common share - diluted | $ | 1.42 | $ | 1.08 | $ | 2.61 | $ | 2.04 | ||||||||
* 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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