PB Financial Corporation Reports First Quarter 2024 Earnings

ROCKY MOUNT, NC / ACCESSWIRE / April 22, 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 stockholders for the quarter ended March 31, 2024, of $3,169,250 compared to $3,712,014 for the same period in 2023, a decrease of 14.62%.

As of March 31, 2024, the Company reported total assets of $1.016 billion compared to $878.9 million on March 31, 2023, an increase of 15.57%. Total deposits were $805.0 million and gross loans were $860.3 million at the end of the first quarter of 2024 compared to total deposits of $705.1 million and gross loans of $714.1 million at the end of the first quarter of 2023, increases of 14.16% and 20.48%, respectively.

Whitehurst commented, "I am very pleased to report that we are off to a great start in 2024 with good earnings and balance sheet growth. We completed a preferred stock offering in the first quarter which resulted in gross proceeds of $17.923 million, and we crossed over $1 billion in assets for the first time in the history of our Company. Recently, we completed the legal merger with Coastal Bank & Trust which was after the close of business on April 9, 2024. Our systems conversion will take place over the weekend of May 17-19, 2024. We are very excited about the merger and look forward to serving our customers in those new markets. We believe this merger will add to our pursuit of enhancing shareholder value."

For the three-month period ended March 31, 2024, the Company had basic earnings of $1.30 per share compared to $1.66 per share for the same period last year, a decrease of 21.69%. As of March 31, 2024, book value per common share was $35.67 compared to $31.74 on March 31, 2023, an increase of 12.38%. On February 22, 2024, the Company paid its first quarter dividend of $0.52 per share for each share of common stock outstanding. It was our 49^th 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, 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 March 31, 2024 and March 31, 2023 as presented are unaudited.

For more information, contact: April 22, 2024
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets		March 31,				December 31,
In Thousands		2024				2023
Assets		(unaudited)				*
Cash and due from banks		$	9,038			$	9,393
Interest-earning deposits with banks			22,226				15,585
Investment securities			91,238				98,045
Loans, gross			860,296				827,803
Allowance for credit losses			(6,915	)			(6,743	)
Intangible assets			4,064				4,064
Other assets			35,819				34,240
Total assets		$	1,015,766			$	982,387
Liabilities and Stockholders' Equity
Deposits		$	804,985			$	803,536
Borrowed funds			96,413				83,697
Other liabilities			7,480				7,629
Shareholders' Equity			106,888				87,525
Total liabilities and stockholders' equity		$	1,015,766			$	982,387
Book value per share		$	35.67			$	35.08
Tangible book value per share		$	34.04			$	33.45
Statements of Operations		For the three months ended
In Thousands		March 31,				March 31,
		2024				2023
		(unaudited)				(unaudited)
Interest income		$	15,640			$	12,162
Interest expense			7,884				4,431
Net interest income			7,756				7,731
Provision for credit losses			172				238
Net interest income after provision for credit losses			7,584				7,493
Non interest income			299				259
Non interest expense			3,455				3,123
Income before income taxes			4,428				4,629
Income tax expense			1,098				917
Net income			3,330				3,712
Preferred stock dividends			161				-
Net income available to common stockholders		$	3,169			$	3,712
Net income per common share - basic		$	1.30			$	1.66
Net income per common share - diluted		$	1.24			$	1.60
* Derived from audited financial statements

SOURCE: PB Financial Corporation

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