PB Financial Corporation Reports Second Quarter 2023 Earnings

ROCKY MOUNT, NC / ACCESSWIRE / July 11, 2023 / 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, 2023, of $3.74 million compared to $3.24 million for the same period in 2022, an increase of 15.35%. For the six-month period ended June 30, 2023, net income was $7.45 million compared to $5.95 million for the same period in 2022, an increase of 25.19%.

As of June 30, 2023, the Company reported total assets of $879.1 million compared to $748.4 million at June 30, 2022, an increase of 17.45%. Total deposits were $698.2 million and gross loans were $713.1 million at the end of the second quarter of 2023, compared to total deposits of $606.3 million and gross loans of $584.3 million at the end of the second quarter of 2022, increases of 15.15% and 22.06%, respectively.

Whitehurst commented, "I'm pleased to report to our shareholders that we have continued to perform well in 2023. We had strong earnings and balance sheet growth compared to the same period in 2022. 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, 2023, the Company had basic earnings of $3.32 per share compared to $2.69 per share for the same period last year, an increase of 23.42%. As of June 30, 2023, the book value per common share was $31.74 compared to $27.95 at June 30, 2022, an increase of 13.56%. On August 28, 2023, the Company will pay its third quarter dividend of $0.50 per share for each share of common stock outstanding. This will be the 47^th consecutive quarterly cash dividend paid.

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 June 30, 2023 and June 30, 2022 as presented are unaudited.

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets		June 30,				December 31,
In Thousands		2023				2022
Assets		(unaudited)				*
Cash and due from banks		$	9,012			$	9,478
Interest-earning deposits with banks			22,968				21,071
Investment securities			102,172				100,338
Loans, gross			713,141				687,706
Allowance for loan losses			(6,021	)			(6,142	)
Intangible assets			4,144				4,193
Other assets			33,666				32,525
Total assets		$	879,082			$	849,169
Liabilities and
Shareholders' Equity
Deposits		$	698,160			$	674,023
Borrowed funds			100,512				101,743
Other liabilities			8,016				5,994
Shareholders' Equity			72,394				67,409
Total liabilities and
shareholders' equity		$	879,082			$	849,169
Book value per share		$	31.74			$	29.93
Tangible book value per share		$	29.92			$	28.07

Statements of Operations		For the three months ended								For the six months ended
In Thousands		June 30,				June 30,				June 30,				June 30,
		2023				2022				2023				2022
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Interest income		$	12,825			$	7,882			$	24,987			$	15,206
Interest expense			5,145				1,415				9,627				2,797
Net interest income			7,680				6,467				15,360				12,409
Provision for loan losses			-				188				238				348
Net interest income after
provision for loan losses			7,680				6,279				15,122				12,061
Non interest income			301				482				611				741
Non interest expense			3,028				2,569				6,151				5,117
Income before income taxes			4,953				4,192				9,582				7,685
Income tax expense			1,211				948				2,128				1,731
Net income		$	3,742			$	3,244			$	7,454			$	5,954
Net income per common share - basic		$	1.66			$	1.46			$	3.32			$	2.69
Net income per common share - diluted		$	1.61			$	1.42			$	3.21			$	2.61

* Derived from audited financial statements

SOURCE: PB Financial Corporation

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