PB Financial Corporation Reports Record Third Quarter 2022 Earnings

Rhea-AI Summary

PB Financial Corporation (OTCQX:PBNC) reported a net income of $3,970,996 for Q3 2022, marking a 58.64% increase from $2,503,174 in Q3 2021. For the nine months ending September 30, 2022, net income rose by 39.54% to $9,924,497. Total assets grew by 15.81% to $780.2 million, with deposits at $616.5 million and loans at $617.3 million, reflecting increases of 13.90% and 18.31%, respectively. Basic earnings per share also increased by 38.27% to $4.48. The book value per share slightly decreased to $28.52.

Positive

• Net income increased by 58.64% year-over-year for Q3 2022.
• Total assets grew by 15.81% to $780.2 million.
• Deposits rose by 13.90% to $616.5 million.
• Gross loans increased by 18.31% to $617.3 million.
• Basic earnings per share increased by 38.27% to $4.48.

Negative

• Book value per common share decreased by 1.14% to $28.52.

ROCKY MOUNT, NC / ACCESSWIRE / October 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 September 30, 2022, of $3,970,996 compared to $2,503,174 for the same period in 2021, an increase of 58.64%. For the nine-month period ended September 30, 2022, net income was $9,924,497 compared to $7,112,444 for the same period in 2021, an increase of 39.54%.

As of September 30, 2022, the Company reported total assets of $780.2 million compared to $673.7 million at September 30, 2021, an increase of 15.81%. Total deposits were $616.5 million and gross loans were $617.3 million at the end of the third quarter of 2022, compared to total deposits of $541.3 million and gross loans of $521.7 million at the end of the third quarter of 2021, increases of 13.90% and 18.31% respectively.

Whitehurst commented, "I am very pleased to report record quarterly earnings along with continued strong organic growth of our balance sheet. Our employees continue to lead our success and enhance our shareholder value by focusing on growth, serving our customers and efficiency."

For the nine-month period ended September 30, 2022, the Company had basic earnings of $4.48 per share compared to $3.24 per share for the same period last year, an increase of 38.27%. As of September 30, 2022, the book value per common share was $28.52 compared to $28.85 at September 30, 2021, a decrease of 1.14%. On August 22, 2022, the Company paid its third quarter dividend of $0.31 per share for each share of common stock outstanding. It was our 43^rd 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 September 30, 2022 and September 30, 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
In Thousands

		September 30,				December 31,
		2022				2021
Assets		(unaudited)				*
Cash and due from banks		$	6,841			$	7,232
Interest-earning deposits with banks			18,502				35,309
Investment securities			102,563				83,922
Loans, gross			617,267				550,660
Allowance for loan losses			(6,015	)			(5,541	)
Intangible assets			4,221				4,324
Other assets			36,852				25,516
Total assets		$	780,231			$	701,422
Liabilities and
Shareholders' Equity
Deposits		$	616,527			$	573,106
Borrowed funds			94,566				59,136
Other liabilities			5,373				3,905
Shareholders' Equity			63,765				65,275
Total liabilities and
shareholders' equity		$	780,231			$	701,422
Book value per share		$	28.52			$	29.57
Tangible book value per share		$	26.63			$	27.61

Statements of Operations
In Thousands

		For the three months ended								For the nine months ended
		September 30,				September 30,				September 30,				September 30,
		2022				2021				2022				2021
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Interest income		$	9,176			$	6,864			$	24,382			$	19,705
Interest expense			1,755				1,354				4,552				4,081
Net interest income			7,421				5,510				19,830				15,624
Provision for loan losses			47				230				395				672
Net interest income after
provision for loan losses			7,374				5,280				19,435				14,952
Non interest income			325				283				1,066				997
Non interest expense			2,566				2,338				7,683				6,774
Income before income taxes			5,133				3,225				12,818				9,175
Income tax expense			1,162				722				2,894				2,063
Net income		$	3,971			$	2,503			$	9,924			$	7,112
Net income per common share - basic		$	1.79			$	1.14			$	4.48			$	3.24
Net income per common share - diluted		$	1.73			$	1.11			$	4.34			$	3.15

* Derived from audited financial statements

SOURCE: PB Financial Corporation

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FAQ

What are PB Financial Corporation's earnings for Q3 2022?

PB Financial Corporation reported net income of $3,970,996 for Q3 2022.

How much did PB Financial's assets increase by as of September 30, 2022?

Total assets increased by 15.81% to $780.2 million.

What was the basic earnings per share for PB Financial for the nine-month period ending September 30, 2022?

Basic earnings per share increased to $4.48 for the nine-month period.

Did PB Financial Corporation increase its dividends in Q3 2022?

Yes, PB Financial paid its third quarter dividend of $0.31 per share, marking its 43rd consecutive increase.

What was the year-over-year growth in deposits for PB Financial Corporation?

Deposits grew by 13.90% year-over-year.