PB Financial Corporation Reports Earnings For Both the Fourth Quarter And the Year 2023
PB Financial Corporation (PBNC) reported a decrease in net income for the quarter ended December 31, 2023, compared to the same period in 2022. Total assets increased by 15.69% to $982.4 million at the end of 2023, while total deposits and gross loans also saw significant growth. The Company incurred one-time expenses related to its announced merger with Coastal Bank & Trust, impacting 4th quarter results. The proposed merger is expected to be accretive to earnings in 2024 and is anticipated to be consummated in the 2nd quarter of 2024. Despite the decrease in net income, the Company experienced strong organic growth in loans, deposits, and total assets. Cash dividends per share increased by approximately 51.22% from 2022, and the Company has paid 48 consecutive quarterly cash dividends since 2012.
01/26/2024 - 11:38 AM
ROCKY MOUNT, NC / ACCESSWIRE / January 26, 2024 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company (the "Company") for Providence Bank, announced today that the Company reported net income for the quarter ended December 31, 2023, of $3,365,752 compared to $4,329,604 for the same period in 2022, a decrease of 22.21% . For 2023, net income was $13,916,496 compared to $14,254,101 for 2022, a decrease of 2.37% .
As of December 31, 2023, the Company reported total assets of $982.4 million compared to $849.2 million at December 31, 2022, an increase of 15.69% . Total deposits were $803.5 million and gross loans were $827.8 million at the end of 2023, compared to total deposits of $674.0 million and gross loans of $687.7 million at the end of 2022, increases of 19.21% and 20.37% respectively.
Whitehurst commented, "I am pleased to report our quarterly and full year earnings. Our 4th quarter results were impacted by one-time expenses of $403,000 related to our announced merger with Coastal Bank & Trust. During 2023, we incurred total merger-related expenses of approximately $565,000. We expect that this proposed merger will be accretive to our earnings in 2024. We anticipate the merger will be consummated in the 2nd quarter of 2024. In 2023, the Company continued to experience strong organic growth throughout the organization with double digit growth in loans, deposits and total assets. 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 2023, the Company had basic earnings of $5.98 per share compared to basic earnings of $6.42 per share in 2022, a decrease of 6.85% . The December 31, 2023, book value per common share was $35.08 , and the tangible book value per common share was $33.45 . In 2023, the Company paid cash dividends of $1.86 per share for each share of common stock outstanding, an increase of approximately 51.22% from the cash dividends paid in 2022. The Company has paid 48 consecutive quarterly cash dividends since it began paying cash dividends in the first quarter of 2012. The quarterly cash dividend has been increased each quarter.
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 December 31, 2023 and December 31, 2022 as presented is unaudited.
For more information, contact: January 26, 2024twhitehurst@pbknc.com
PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations
Balance Sheets
December 31, December 31, In Thousands
2023 2022 Assets
(unaudited) * Cash and due from banks
$ 9,393 $ 9,478 Interest-earning deposits with banks
15,585 21,071 Investment securities
98,045 100,338 Loans, gross
827,803 687,706 Allowance for credt losses
(6,743 ) (6,142 ) Intangible assets
4,064 4,193 Other assets
34,240 32,525
Total assets
$ 982,387 $ 849,169
Liabilities and
Shareholders' Equity
Deposits
$ 803,536 $ 674,023 Borrowed funds
83,697 101,743 Other liabilities
7,629 5,994 Shareholders' Equity
87,525 67,409
Total liabilities and
shareholders' equity
$ 982,387 $ 849,169
Book value per share
$ 35.08 $ 29.93 Tangible book value per share
$ 33.45 $ 28.07
Statements of Operations
For the three months ended For the twelve months ended In Thousands
December 31, December 31, December 31, December 31,
2023 2022 2023 2022
(unaudited) (unaudited) (unaudited) (unaudited) Interest income
$ 14,608 $ 10,997 $ 53,067 $ 35,379 Interest expense
7,087 3,028 22,676 7,580 Net interest income
7,521 7,969 30,391 27,799 Provision for credit losses
242 135 955 530 Net interest income after
provision for loan losses
7,279 7,834 29,436 27,269 Non interest income
278 297 1,173 1,363 Non interest expense
3,339 2,652 12,722 10,335 Income before income taxes
4,218 5,479 17,887 18,297 Income tax expense
852 1,148 3,971 4,043 Net income
$ 3,366 $ 4,331 $ 13,916 $ 14,254
Net income per common share - basic
$ 1.38 $ 1.94 $ 5.98 $ 6.42 Net income per common share - diluted
$ 1.32 $ 1.88 $ 5.77 $ 6.23
* Derived from audited financial statements
SOURCE: PB Financial Corporation
press release on accesswire.com
What is PB Financial Corporation's ticker symbol?
PB Financial Corporation's ticker symbol is PBNC.
What was PB Financial Corporation's net income for the quarter ended December 31, 2023?
PB Financial Corporation reported net income of $3,365,752 for the quarter ended December 31, 2023.
How did PB Financial Corporation's net income for 2023 compare to 2022?
For 2023, net income was $13,916,496 compared to $14,254,101 for 2022, a decrease of 2.37%.
What was the percentage increase in total assets for PB Financial Corporation at the end of 2023?
Total assets increased by 15.69% to $982.4 million at the end of 2023.
What expenses impacted PB Financial Corporation's 4th quarter results in 2023?
One-time expenses of $403,000 related to the announced merger with Coastal Bank & Trust impacted the 4th quarter results in 2023.
When is the proposed merger with Coastal Bank & Trust anticipated to be consummated?
The proposed merger with Coastal Bank & Trust is anticipated to be consummated in the 2nd quarter of 2024.
How many consecutive quarterly cash dividends has PB Financial Corporation paid since 2012?
The Company has paid 48 consecutive quarterly cash dividends since it began paying cash dividends in the first quarter of 2012.
