PB Financial Corporation Reports Record Third Quarter 2021 Earnings
PB Financial Corporation (OTCQX:PBNC) announced record net income of $2,503,174 for Q3 2021, a 43.74% increase from Q3 2020. For the nine-month period, net income reached $7,112,444, up 44.69%. Total assets grew by 16.97% to $673.7 million, while total deposits were $541.3 million, reflecting a 23.07% increase. Gross loans amounted to $521.7 million, a 15.54% rise year-over-year. Shareholders enjoyed a quarterly dividend of $0.26, marking the 39th consecutive increase.
- Net income for Q3 2021 increased by 43.74% to $2,503,174.
- Net income for the nine-month period rose by 44.69% to $7,112,444.
- Total assets grew by 16.97% to $673.7 million.
- Total deposits increased by 23.07% to $541.3 million.
- Gross loans increased by 15.54% to $521.7 million.
- Quarterly dividend of $0.26 represents the 39th consecutive increase.
- None.
ROCKY MOUNT, NC / ACCESSWIRE / October 15, 2021 / 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 September 30, 2021, of
As of September 30, 2021, the Company reported total assets of
Whitehurst commented, "I am very pleased to report record quarterly earnings along with continued strong organic growth of our balance sheet. I am extremely proud of how our employees have worked through this pandemic to help our customers. In order to further enhance shareholder value, our Company continues to focus on growth, serving our customers, and efficiency."
For the nine-month period ended September 30, 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 September 30, 2021 and September 30, 2020 as presented are unaudited.
PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations
Balance Sheets | September 30, | December 31, | ||||||
In Thousands | 2021 | 2020 | ||||||
Assets | (unaudited) | * | ||||||
Cash and due from banks | $ | 7,752 | $ | 6,939 | ||||
Interest-earning deposits with banks | 59,941 | 56,301 | ||||||
Investment securities | 59,975 | 32,551 | ||||||
Loans, gross | 521,731 | 464,220 | ||||||
Allowance for loan losses | (5,242 | ) | (4,592 | ) | ||||
Other assets | 29,557 | 31,140 | ||||||
Total assets | $ | 673,714 | $ | 586,559 | ||||
Liabilities and | ||||||||
Shareholders' Equity | ||||||||
Deposits | $ | 541,310 | $ | 456,413 | ||||
Borrowed funds | 65,070 | 68,431 | ||||||
Other liabilities | 3,791 | 3,614 | ||||||
Shareholders' Equity | 63,543 | 58,101 | ||||||
Total liabilities and | ||||||||
shareholders' equity | $ | 673,714 | $ | 586,559 | ||||
Book value per share | $ | 28.91 | $ | 26.60 | ||||
Tangible book value per share | $ | 26.92 | $ | 24.54 | ||||
Statements of Operations | For the three months ended | For the nine months ended | ||||||||||||||
In Thousands | September 30, | September 30, | September 30, | September 30, | ||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Interest income | $ | 6,864 | $ | 5,687 | $ | 19,705 | $ | 17,346 | ||||||||
Interest expense | 1,354 | 1,551 | 4,081 | 4,839 | ||||||||||||
Net interest income | 5,510 | 4,136 | 15,624 | 12,507 | ||||||||||||
Provision for loan losses | 230 | 368 | 672 | 1,081 | ||||||||||||
Net interest income after | ||||||||||||||||
provision for loan losses | 5,280 | 3,768 | 14,952 | 11,426 | ||||||||||||
Non interest income | 283 | 488 | 997 | 892 | ||||||||||||
Non interest expense | 2,338 | 2,025 | 6,774 | 6,000 | ||||||||||||
Income before income taxes | 3,225 | 2,231 | 9,175 | 6,318 | ||||||||||||
Income tax expense | 722 | 489 | 2,063 | 1,402 | ||||||||||||
Net income | $ | 2,503 | $ | 1,742 | $ | 7,112 | $ | 4,916 | ||||||||
Net income per common share - basic | $ | 1.14 | $ | 0.80 | $ | 3.24 | $ | 2.23 | ||||||||
Net income per common share - diluted | $ | 1.11 | $ | 0.78 | $ | 3.15 | $ | 2.18 | ||||||||
* Derived from audited financial statements
For more information, contact: October 15, 2021
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com
SOURCE: PB Financial Corporation
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