PB Financial Corporation Reports Record Second Quarter 2021 Earnings
PB Financial Corporation (OTCQX:PBNC) reported a strong financial performance for Q2 2021, achieving net income of $2,458,844, a 48.28% increase from $1,658,212 in Q2 2020. For the first half of 2021, net income reached $4,609,269, up 45.21% from $3,174,150 in the same period last year. Total assets grew by 11.04% to $626.1 million, while total deposits increased by 16.13% to $495.5 million. The company plans to pay a quarterly dividend of $0.26 on August 23, 2021, marking 39 consecutive dividends.
- Net income increased by 48.28% in Q2 2021 compared to Q2 2020.
- Total assets grew by 11.04% year-over-year.
- Total deposits rose by 16.13% year-over-year.
- Basic earnings per share increased by 46.85% for the six-month period.
- 39 consecutive quarterly cash dividends paid.
- None.
ROCKY MOUNT, NC / ACCESSWIRE / July 13, 2021 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company (the "Company") for Providence Bank, reported net income for the quarter ended June 30, 2021, of
As of June 30, 2021, the Company reported total assets of
Whitehurst commented, "I'm extremely pleased with our financial results. We had record quarterly earnings as we continue to experience strong organic growth throughout the organization. Our Raleigh location which opened in late 2020, has exceeded our expectations. 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 the six-month period ended June 30, 2021, 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 and Raleigh.
For more information, contact:
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@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 June 30, 2021 and June 30, 2020 as presented are unaudited.
PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations
Balance Sheets In Thousands | June 30, 2021 (unaudited) | December 31, 2020 * | ||||||||||||||
Assets | ||||||||||||||||
Cash and due from banks | $ | 7,644 | $ | 6,939 | ||||||||||||
Interest-earning deposits with banks | 35,481 | 56,301 | ||||||||||||||
Investment securities | 55,086 | 32,551 | ||||||||||||||
Loans, gross | 501,668 | 464,220 | ||||||||||||||
Allowance for loan losses | (5,026 | ) | (4,592 | ) | ||||||||||||
Other assets | 31,252 | 31,140 | ||||||||||||||
Total assets | $ | 626,105 | $ | 586,559 | ||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||
Deposits | $ | 495,500 | $ | 456,413 | ||||||||||||
Borrowed funds | 65,539 | 68,431 | ||||||||||||||
Other liabilities | 4,056 | 3,614 | ||||||||||||||
Shareholders' Equity | 61,010 | 58,101 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 626,105 | $ | 586,559 | ||||||||||||
Book value per share | $ | 27.74 | $ | 26.60 | ||||||||||||
Tangible book value per share | $ | 25.74 | $ | 24.54 | ||||||||||||
Statements of Operations | For the three months ended | For the six months ended | ||||||||||||||
In Thousands | June 30, 2021 (unaudited) | June 30, 2020 (unaudited) | June 30, 2021 (unaudited) | June 30, 2020 (unaudited) | ||||||||||||
Interest income | $ | 6,492 | $ | 5,693 | $ | 12,841 | $ | 11,659 | ||||||||
Interest expense | 1,367 | 1,639 | 2,727 | 3,288 | ||||||||||||
Net interest income | 5,125 | 4,054 | 10,114 | 8,371 | ||||||||||||
Provision for loan losses | 86 | 238 | 442 | 713 | ||||||||||||
Net interest income after | ||||||||||||||||
provision for loan losses | 5,039 | 3,816 | 9,672 | 7,658 | ||||||||||||
Non interest income | 375 | 195 | 714 | 404 | ||||||||||||
Non interest expense | 2,240 | 1,884 | 4,436 | 3,975 | ||||||||||||
Income before income taxes | 3,174 | 2,127 | 5,950 | 4,087 | ||||||||||||
Income tax expense | 715 | 469 | 1,341 | 913 | ||||||||||||
Net income | $ | 2,459 | $ | 1,658 | $ | 4,609 | $ | 3,174 | ||||||||
Net income per common share - basic | $ | 1.12 | $ | 0.74 | $ | 2.10 | $ | 1.43 | ||||||||
Net income per common share - diluted | $ | 1.08 | $ | 0.73 | $ | 2.04 | $ | 1.40 | ||||||||
* Derived from audited financial statements |
SOURCE: PB Financial Corporation
View source version on accesswire.com:
https://www.accesswire.com/655370/PB-Financial-Corporation-Reports-Record-Second-Quarter-2021-Earnings
FAQ
What were PB Financial Corporation's net income figures for Q2 2021?
How much did PB Financial Corporation's total assets grow by in 2021?
What is the basic earnings per share for PB Financial Corporation for the first half of 2021?
When will PB Financial Corporation pay its Q3 2021 dividend?