PB Financial Corporation Reports Record Third Quarter 2024 Earnings

Rhea-AI Summary

PB Financial (OTCQX:PBNC), the holding company for Providence Bank, reported record third quarter 2024 earnings. Net income available to common shareholders for Q3 2024 was $4.60 million, a 48.45% increase from $3.10 million in Q3 2023. For the nine-month period ended September 30, 2024, net income was $11.88 million, up 12.57% from the same period in 2023.

As of September 30, 2024, the Company reported:

• Total assets: $1.285 billion (38.22% increase YoY)
• Total deposits: $1.084 billion (48.61% increase YoY)
• Gross loans: $1.086 billion (40.17% increase YoY)
• Basic earnings per share: $4.37 (5.21% decrease YoY)
• Book value per common share: $39.70 (20.16% increase YoY)

The Company paid its 51st consecutively increased quarterly cash dividend of $0.54 per share on August 23, 2024.

Positive

• Record quarterly earnings for Q3 2024
• Net income increased by 48.45% YoY for Q3 2024
• Total assets grew by 38.22% YoY
• Total deposits increased by 48.61% YoY
• Gross loans rose by 40.17% YoY
• Book value per common share increased by 20.16% YoY
• Successful integration of Coastal Bank & Trust
• 51st consecutive quarterly dividend increase

Negative

• Basic earnings per share decreased by 5.21% YoY for the nine-month period

ROCKY MOUNT, NC / ACCESSWIRE / October 10, 2024 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company (the "Company") for Providence Bank, reported net income available to common shareholders for the quarter ended September 30, 2024, of $4.60 million compared to $3.10 million for the same period in 2023, an increase of 48.45%. For the nine-month period ended September 30, 2024, net income available to common shareholders was $11.88 million compared to $10.55 million for the same period in 2023, an increase of 12.57%.

As of September 30, 2024, the Company reported total assets of $1.285 billion compared to $929.9 million on September 30, 2023, an increase of 38.22%. Total deposits were $1.084 billion and gross loans were $1.086 billion at the end of the third quarter of 2024, compared to total deposits of $729.3 million and gross loans of $775.0 million at the end of the third quarter of 2023, increases of 48.61% and 40.17% respectively.

Whitehurst commented, "I am very pleased to report record quarterly earnings along with a very strong nine-month period for the Company. The integration of Coastal Bank & Trust has gone very well. We have had growth in both loans and deposits since the completion of the merger in the legacy Coastal branches. I'm very pleased with the hard work and effort of our employees as we continue to perform well."

For the nine-month period ended September 30, 2024, the Company had basic earnings of $4.37 per share compared to $4.61 per share for the same period last year, a decrease of 5.21%. As of September 30, 2024, the book value per common share was $39.70 compared to $33.04 on September 30, 2023, an increase of 20.16%. On August 23, 2024, the Company paid its third quarter dividend of $0.54 per share for each share of common stock outstanding. It was our 51^st 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, Raleigh, Jacksonville, Holly Ridge, Morehead City and Richlands, as well as a loan production office in New Bern.

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, 2024 and September 30, 2023 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		September 30,				December 31,
In Thousands		2024				2023
Assets		(unaudited)					*
Cash and due from banks		$	17,819			$	9,393
Interest-earning deposits with banks			22,451				15,585
Investment securities			110,533				98,045
Loans, gross			1,086,387				827,803
Allowance for credit losses			(9,929	)			(6,743	)
Intangible assets			18,449				4,064
Other assets			39,645				34,240
Total assets		$	1,285,355			$	982,387
								\
Liabilities and
Stockholders' Equity
Deposits		$	1,083,850			$	803,536
Borrowed funds			58,444				83,697
Other liabilities			8,995				7,629
Shareholders' Equity			134,066				87,525
Total liabilities and
stockholders' equity		$	1,285,355			$	982,387
Book value per share		$	39.70			$	35.08
Tangible book value per share		$	33.39			$	33.45

space

Statements of Operations		For the three months ended								For the nine months ended
In Thousands		September 30,				September 30,				September 30,				September 30,
		2024				2023				2024				2023
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Interest income		$	20,988			$	13,472			$	56,662			$	38,459
Interest expense			9,473				5,962				26,257				15,589
Net interest income			11,515				7,510				30,405				22,870
Provision for credit losses			163				475				355				713
Net interest income after
provision for credit losses			11,352				7,035				30,050				22,157
Non interest income			493				284				1,281				895
Non interest expense			5,475				3,232				14,701				9,383
Income before income taxes			6,370				4,087				16,630				13,669
Income tax expense			1,460				990				3,964				3,118
Net income			4,910				3,097				12,666				10,551
Preferred stock dividends			313				-				788				-
Net income available to common stockholders		$	4,597			$	3,097			$	11,878			$	10,551
Net income per common share - basic		$	1.60			$	1.31			$	4.37			$	4.61
Net income per common share - diluted		$	1.54			$	1.27			$	4.20			$	4.46

* Derived from audited financial statements

SOURCE: PB Financial Corporation

View the original press release on accesswire.com

FAQ

What was PB Financial 's (PBNC) net income for Q3 2024?

PB Financial (PBNC) reported net income available to common shareholders of $4.60 million for Q3 2024, a 48.45% increase from $3.10 million in Q3 2023.

How much did PB Financial 's (PBNC) total assets grow in Q3 2024?

PB Financial 's (PBNC) total assets grew to $1.285 billion as of September 30, 2024, representing a 38.22% increase from $929.9 million on September 30, 2023.

What was the book value per common share for PB Financial (PBNC) as of September 30, 2024?

The book value per common share for PB Financial (PBNC) was $39.70 as of September 30, 2024, a 20.16% increase from $33.04 on September 30, 2023.

How much was PB Financial 's (PBNC) quarterly dividend in Q3 2024?

PB Financial (PBNC) paid a quarterly dividend of $0.54 per share on August 23, 2024, marking its 51st consecutively increased quarterly cash dividend.