PB Financial Corporation Declares Second-Quarter, 2024 Dividend

Rhea-AI Summary

PB Financial , the holding company for Providence Bank, has declared a second-quarter dividend of $0.53 per share on common stock, marking a 17.78% increase from the previous year. This is the 50th consecutive quarterly cash dividend, demonstrating consistent financial performance.

Positive

• Consistent increase in cash dividend for 50 quarters reflects strong financial performance and commitment to enhancing shareholder value.

• Dividend increase of 17.78% from the previous year signals financial growth and stability.

• Total assets of $1.016 billion, loans of $860.3 million, and total deposits of $805.0 million as of March 31, 2024, showcase a solid financial position.

Negative

• None.

ROCKY MOUNT, NC / ACCESSWIRE / April 30, 2024 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company for Providence Bank, announced today that the Board of Directors approved a quarterly cash dividend of $0.53 per share on common stock outstanding to shareholders of record at the close of business on May 8, 2024. The dividend is payable May 23, 2024. This is an increase of approximately 17.78% from the dividend paid during the 2^nd quarter of 2023. This represents a $2.12 per share dividend on an annualized basis and a dividend yield of approximately 5.30% (based on closing price on April 29, 2024 of $40.00/share).

Whitehurst commented, "This represents our 50^th consecutive quarterly cash dividend. Our consistent financial performance has allowed us to increase our cash dividend each quarter since we began paying dividends in the 1^st quarter of 2012. The consistent increase in our cash dividend continues to be an important part of our strategy to enhance shareholder value. We believe this strategy sets us apart from other community banks."

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. As of March 31, 2024, PB Financial Corporation had total assets of $1.016 billion, loans of $860.3 million and total deposits of $805.0 million.

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 quarter ended March 31, 2024 as presented is unaudited.

For more information, contact:

Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com

SOURCE: PB Financial Corporation

View the original press release on accesswire.com

FAQ

What is the dividend declared by PB Financial for the second quarter of 2024?

PB Financial declared a quarterly cash dividend of $0.53 per share on common stock.

How does the dividend for the second quarter of 2024 compare to the previous year?

The dividend for the second quarter of 2024 represents a 17.78% increase from the dividend paid during the 2nd quarter of 2023.

What is the total assets value of PB Financial as of March 31, 2024?

PB Financial had total assets of $1.016 billion as of March 31, 2024.

Where is Providence Bank headquartered?

Providence Bank is headquartered at 450 N. Winstead Avenue in Rocky Mount, North Carolina.