PB Financial Corporation Reports Second Quarter 2024 Earnings

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PB Financial (OTCQX:PBNC) reported a net income available to common shareholders of $4.11 million for Q2 2024, up 9.89% from $3.74 million in Q2 2023. For the first half of 2024, net income was $7.28 million, down 2.33% from $7.45 million in the prior year, impacted by merger-related expenses totaling $811,738. The company’s total assets rose 43.45% to $1.261 billion, with total deposits increasing 50.54% to $1.051 billion and gross loans growing 49.47% to $1.066 billion. Earnings per share for the first half of 2024 fell 16.87% to $2.76, while book value per share increased 17.17% to $37.19. A dividend of $0.54 per share will be paid on August 23, 2024. The company successfully completed its merger with Coastal Bank & Trust in April, enhancing its financial performance.

Positive

• Net income for Q2 2024 increased by 9.89% to $4.11 million.
• Total assets surged by 43.45% to $1.261 billion.
• Total deposits increased by 50.54% to $1.051 billion.
• Gross loans grew by 49.47% to $1.066 billion.
• Book value per common share rose by 17.17% to $37.19.
• Successful completion of the merger with Coastal Bank & Trust in April 2024.

Negative

• Net income for the first half of 2024 decreased by 2.33% to $7.28 million.
• Earnings per share for the first half of 2024 fell by 16.87% to $2.76.
• Merger-related expenses totaled $811,738.

ROCKY MOUNT, NC / ACCESSWIRE / July 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 June 30, 2024, of $4,111,594 million compared to $3,742,273 million for the same period in 2023, an increase of 9.89%. For the six-month period ended June 30, 2024, net income available to common shareholders was $7,280,844 million compared to $7,454,287 million for the same period in 2023, a decrease of 2.33%. This included merger related expenses in the second quarter, 2024 of $745,776 and year-to-date expenses of $811,738.

As of June 30, 2024, the Company reported total assets of $1.261 billion compared to $879.1 million on June 30, 2023, an increase of 43.45%. Total deposits were $1.051 billion and gross loans were $1.066 billion at the end of the second quarter of 2024, compared to total deposits of $698.2 million and gross loans of $713.1 million at the end of the second quarter of 2023, increases of 50.54% and 49.47%, respectively.

Whitehurst commented, "I am pleased to report to our shareholders that we have continued to perform well in 2024. We successfully completed our merger with Coastal Bank & Trust in April, which contributed to strong earnings and balance sheet growth in the second quarter compared to the same period in 2023."

For the six-month period ended June 30, 2024, the Company had basic earnings of $2.76 per share compared to $3.32 per share for the same period last year, a decrease of 16.87%. As of June 30, 2024, the book value per common share was $37.19 compared to $31.74 on June 30, 2023, an increase of 17.17%. On August 23, 2024, the Company will pay its third quarter dividend of $0.54 per share for each share of common stock outstanding. This will be the 51^st 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, Raleigh, Jacksonville, Holly Ridge, Morehead City, Richlands, and 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 June 30, 2024 and June 30, 2023 as presented are unaudited.

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets		June 30,				December 31,
In Thousands		2024				2023
Assets		(unaudited)					*
Cash and due from banks		$	16,221			$	9,393
Interest-earning deposits with banks			19,685				15,585
Investment securities			110,417				98,045
Loans, gross			1,064,919				827,803
Allowance for credit losses			(9,766	)			(6,743	)
Intangible assets			18,728				4,064
Other assets			40,874				34,240
Total assets		$	1,261,078			$	982,387
Liabilities and
Stockholders' Equity
Deposits		$	1,050,994			$	803,536
Borrowed funds			72,894				83,697
Other liabilities			10,511				7,629
Shareholders' Equity			126,679				87,525
Total liabilities and
stockholders' equity		$	1,261,078			$	982,387
Book value per share		$	37.19			$	35.08
Tangible book value per share		$	30.79			$	33.45

For more information, contact:
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com

View the original press release on accesswire.com

FAQ

What were PBNC's net income results for Q2 2024?

PBNC reported a net income of $4.11 million for Q2 2024, an increase of 9.89% compared to $3.74 million for Q2 2023.

How did PBNC's net income for the first half of 2024 compare to the first half of 2023?

PBNC's net income for the first half of 2024 was $7.28 million, a decrease of 2.33% from $7.45 million in the first half of 2023.

What is the total asset value of PBNC as of June 30, 2024?

As of June 30, 2024, PBNC reported total assets of $1.261 billion, a 43.45% increase from $879.1 million on June 30, 2023.

What were PBNC's total deposits at the end of Q2 2024?

At the end of Q2 2024, PBNC's total deposits were $1.051 billion, up 50.54% from $698.2 million at the end of Q2 2023.

How did PBNC's gross loans change from Q2 2023 to Q2 2024?

PBNC’s gross loans increased by 49.47%, reaching $1.066 billion at the end of Q2 2024 compared to $713.1 million in Q2 2023.

What was PBNC's earnings per share for the first half of 2024?

For the first half of 2024, PBNC had basic earnings of $2.76 per share, a decrease of 16.87% compared to $3.32 per share for the same period in 2023.

What is the book value per common share of PBNC as of June 30, 2024?

The book value per common share of PBNC was $37.19 as of June 30, 2024, an increase of 17.17% from $31.74 on June 30, 2023.

When will PBNC pay its third quarter dividend for 2024 and how much will it be?

PBNC will pay its third quarter dividend of $0.54 per share on August 23, 2024.

What were the merger-related expenses for PBNC in Q2 2024?

Merger-related expenses for PBNC in Q2 2024 amounted to $745,776, with year-to-date expenses totaling $811,738.