PB Financial Corporation Reports Record First Quarter 2025 Earnings
Rhea-AI Summary
PB Financial (PBNC) reported exceptional Q1 2025 results with net income available to common stockholders reaching $4.7 million, a 48.31% increase from $3.17 million in Q1 2024. The company demonstrated robust growth across key metrics:
Total assets grew 33.40% to $1.355 billion, while deposits surged 43.26% to $1.153 billion. Gross loans increased 33.56% to $1.149 billion compared to Q1 2024. Basic earnings per share improved 26.15% to $1.64, and book value per share rose 15.22% to $41.10.
The company maintained its tradition of increasing shareholder returns, paying its 53rd consecutive quarterly dividend increase of $0.57 per share. Net interest income showed significant growth at $11.77 million, up from $7.76 million in the previous year.
Positive
- Net income surged 48.31% year-over-year to $4.7 million
- Deposits grew 43.26% to $1.153 billion
- Gross loans increased 33.56% to $1.149 billion
- Net interest income increased significantly to $11.77 million from $7.76 million
- 53rd consecutive quarterly dividend increase maintained
- Basic EPS grew 26.15% to $1.64
Negative
- Credit loss provisions remained necessary at $161,000
- Non-interest expenses increased 62.3% to $5.61 million
News Market Reaction 1 Alert
On the day this news was published, PBNC declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ROCKY MOUNT, NC / ACCESS Newswire / April 8, 2025 / 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, 2025, of
As of March 31, 2025, the Company reported total assets of
Whitehurst commented, "I am very pleased to report record quarterly earnings. The Company continued to experience strong growth throughout the organization with over
For the three-month period ended March 31, 2025, the Company had basic earnings of
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, 2025 and March 31, 2024 as presented are unaudited.
PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations
Balance Sheets |
| March 31, |
|
| December 31, |
| ||
In Thousands |
| 2025 |
|
| 2024 |
| ||
Assets |
| (unaudited) |
|
|
| * |
| |
Cash and due from banks |
| $ | 11,844 |
|
| $ | 11,445 |
|
Interest-earning deposits with banks |
|
| 31,988 |
|
|
| 13,385 |
|
Investment securities |
|
| 113,981 |
|
|
| 114,048 |
|
Loans, gross |
|
| 1,149,038 |
|
|
| 1,129,337 |
|
Allowance for credit losses |
|
| (10,369 | ) |
|
| (10,205 | ) |
Intangible assets |
|
| 14,604 |
|
|
| 14,278 |
|
Other assets |
|
| 43,987 |
|
|
| 44,922 |
|
Total assets |
| $ | 1,355,073 |
|
| $ | 1,317,210 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Deposits |
| $ | 1,153,187 |
|
| $ | 1,115,145 |
|
Borrowed funds |
|
| 53,398 |
|
|
| 58,496 |
|
Other liabilities |
|
| 10,245 |
|
|
| 10,282 |
|
Shareholders' Equity |
|
| 138,243 |
|
|
| 133,287 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
| $ | 1,355,073 |
|
| $ | 1,317,210 |
|
Book value per share |
| $ | 41.10 |
|
| $ | 39.63 |
|
Tangible book value per share |
| $ | 36.11 |
|
| $ | 34.72 |
|
Statements of Operations |
| For the three months ended |
| |||||
In Thousands |
| March 31, |
|
| March 31, |
| ||
|
| 2025 |
|
| 2024 |
| ||
|
| (unaudited) |
|
| (unaudited) |
| ||
Interest income |
| $ | 21,038 |
|
| $ | 15,640 |
|
Interest expense |
|
| 9,267 |
|
|
| 7,884 |
|
Net interest income |
|
| 11,771 |
|
|
| 7,756 |
|
Provision for credit losses |
|
| 161 |
|
|
| 172 |
|
Net interest income after |
|
|
|
|
|
|
|
|
provision for credit losses |
|
| 11,610 |
|
|
| 7,584 |
|
Non interest income |
|
| 476 |
|
|
| 299 |
|
Non interest expense |
|
| 5,608 |
|
|
| 3,455 |
|
Income before income taxes |
|
| 6,478 |
|
|
| 4,428 |
|
Income tax expense |
|
| 1,464 |
|
|
| 1,098 |
|
Net income |
|
| 5,014 |
|
|
| 3,330 |
|
Preferred stock dividends |
|
| 314 |
|
|
| 161 |
|
Net income available to common stockholders |
| $ | 4,700 |
|
| $ | 3,169 |
|
|
|
|
|
|
|
|
|
|
Net income per common share - basic |
| $ | 1.64 |
|
| $ | 1.30 |
|
Net income per common share - diluted |
| $ | 1.57 |
|
| $ | 1.24 |
|
|
|
|
|
|
|
|
|
|
* Derived from audited financial statements |
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For more information, contact:
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com
SOURCE: PB Financial Corp.
View the original press release on ACCESS Newswire
FAQ
What was PBNC's net income growth in Q1 2025 compared to Q1 2024?
How much did PBNC's deposits and loans grow in Q1 2025?
What is PBNC's current dividend payment and track record?
How did PBNC's earnings per share perform in Q1 2025?
What was PBNC's book value per share growth in Q1 2025?
