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PB Financial , the holding company for Providence Bank, reported a decrease in net income available to common stockholders by 14.62% for the first quarter of 2024 compared to the same period in 2023. Total assets increased by 15.57% to $1.016 billion, with total deposits and gross loans also showing significant growth. The Company completed a preferred stock offering, raising $17.923 million, and surpassed $1 billion in assets for the first time in its history. The legal merger with Coastal Bank & Trust was finalized, with a systems conversion scheduled for May 17-19, 2024.
PB Financial, la holding di Providence Bank, ha riportato un calo del reddito netto disponibile agli azionisti ordinari del 14,62% per il primo trimestre del 2024 rispetto allo stesso periodo del 2023. Gli asset totali sono aumentati del 15,57%, raggiungendo 1,016 miliardi di dollari, con depositi totali e prestiti lordi che hanno mostrato una crescita significativa. La società ha completato un'offerta di azioni privilegiate, raccogliendo 17,923 milioni di dollari, e ha superato per la prima volta nella sua storia il miliardo di dollari in asset. La fusione legale con Coastal Bank & Trust è stata finalizzata, con una conversione dei sistemi programmata per il 17-19 maggio 2024.
PB Financial, la sociedad holding para Providence Bank, informó una disminución en los ingresos netos disponibles para los accionistas comunes de un 14,62% para el primer trimestre de 2024 en comparación con el mismo período de 2023. Los activos totales aumentaron un 15,57% alcanzando los $1.016 mil millones, mientras que los depósitos totales y los préstamos brutos también mostraron un crecimiento significativo. La compañía completó una oferta de acciones preferentes, recaudando $17.923 millones, y superó por primera vez en su historia los $1 mil millones en activos. La fusión legal con Coastal Bank & Trust fue finalizada, con una conversión de sistemas programada para el 17-19 de mayo de 2024.
PB 파이낸셜, 프로비던스 은행의 모기업은 2024년 첫 분기에 2023년 동기 대비 14.62% 감소한 순이익을 보고했습니다. 총 자산은 15.57% 증가해 10억 1,600만 달러에 달하며, 총 예금과 총 대출 또한 큰 성장을 보였습니다. 이 회사는 우선주 제공을 완료하여 1,792.3만 달러를 모금했으며, 역사상 처음으로 자산이 10억 달러를 초과했습니다. 코스탈 은행 & 트러스트와의 법적 합병이 마무리되었으며, 2024년 5월 17일부터 19일까지 시스템 전환을 계획하고 있습니다.
PB Financial, la société holding de Providence Bank, a enregistré une baisse de 14,62% du revenu net disponible pour les actionnaires ordinaires pour le premier trimestre de 2024 par rapport à la même période de 2023. Les actifs totaux ont augmenté de 15,57%, atteignant 1,016 milliard de dollars, avec une croissance significative des dépôts totaux et des prêts bruts. L'entreprise a complété une offre d'actions privilégiées, levant 17,923 millions de dollars, et a dépassé pour la première fois de son histoire 1 milliard de dollars d'actifs. La fusion juridique avec Coastal Bank & Trust a été finalisée, avec une conversion de systèmes prévue pour le 17 au 19 mai 2024.
PB Financial, die Muttergesellschaft der Providence Bank, meldete einen Rückgang des Nettoeinkommens für Stammaktionäre um 14,62% für das erste Quartal 2024 im Vergleich zum gleichen Zeitraum 2023. Die Gesamtaktiva stiegen um 15,57% auf 1,016 Milliarden Dollar, wobei auch die Gesamteinlagen und Bruttokredite erheblich wuchsen. Das Unternehmen hat ein Angebot von Vorzugsaktien abgeschlossen und dabei 17,923 Millionen Dollar aufgebracht und erstmals in seiner Geschichte die Marke von 1 Milliarde Dollar überschritten. Die rechtliche Fusion mit der Coastal Bank & Trust wurde abgeschlossen, mit einer Systemumstellung, die für den 17. bis 19. Mai 2024 geplant ist.
Positive
Net income available to common stockholders decreased by 14.62% for the first quarter of 2024 compared to the same period in 2023.
Total assets increased by 15.57% to $1.016 billion as of March 31, 2024.
Total deposits and gross loans experienced growth of 14.16% and 20.48%, respectively, compared to the first quarter of 2023.
The Company successfully completed a preferred stock offering, raising gross proceeds of $17.923 million.
PB Financial surpassed $1 billion in total assets for the first time in its history.
The legal merger with Coastal Bank & Trust was finalized, with a systems conversion scheduled for May 17-19, 2024.
Negative
None.
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 49th 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.
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
What was the percentage decrease in net income available to common stockholders for PB Financial in the first quarter of 2024 compared to the same period in 2023?
Net income available to common stockholders decreased by 14.62% for the first quarter of 2024 compared to the same period in 2023.
What was the total assets reported by PB Financial as of March 31, 2024?
PB Financial reported total assets of $1.016 billion as of March 31, 2024.
What percentage increase did the total assets of PB Financial experience from March 31, 2023, to March 31, 2024?
Total assets of PB Financial increased by 15.57% from March 31, 2023, to March 31, 2024.
What was the total amount of gross loans at the end of the first quarter of 2024 for PB Financial ?
The total amount of gross loans at the end of the first quarter of 2024 for PB Financial was $860.3 million.
When did PB Financial complete a preferred stock offering, and how much gross proceeds did it raise?
PB Financial completed a preferred stock offering in the first quarter, raising gross proceeds of $17.923 million.
What milestone did PB Financial achieve for the first time in its history?
PB Financial surpassed $1 billion in total assets for the first time in its history.
When was the legal merger with Coastal Bank & Trust completed, and when is the systems conversion scheduled?
The legal merger with Coastal Bank & Trust was completed after the close of business on April 9, 2024. The systems conversion is scheduled for May 17-19, 2024.
