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PB Financial Corporation Reports Record Second Quarter 2021 Earnings

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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.

Positive
  • 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.
Negative
  • 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 $2,458,844 compared to $1,658,212 for the same period in 2020, an increase of 48.28%. For the six-month period ended June 30, 2021, net income was $4,609,269 compared to $3,174,150 for the same period in 2020, an increase of 45.21%.

As of June 30, 2021, the Company reported total assets of $626.1 million compared to $563.9 million at June 30, 2020, an increase of 11.04%. Total deposits were $495.5 million and gross loans were $501.7 million at the end of the second quarter of 2021, compared to total deposits of $426.7 million and gross loans of $443.8 million at the end of the second quarter of 2020, increases of 16.13% and 13.04% respectively.

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 $2.10 per share compared to $1.43 per share for the same period last year, an increase of 46.85%. As of June 30, 2021, the book value per common share was $27.74 compared to $25.46 at June 30, 2020, an increase of 8.96%. On August 23, 2021, the Company will pay its third quarter dividend of $0.26 per share for each share of common stock outstanding. This will be the 39 th consecutive quarterly cash dividend paid.

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

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



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FAQ

What were PB Financial Corporation's net income figures for Q2 2021?

PB Financial Corporation reported net income of $2,458,844 for Q2 2021.

How much did PB Financial Corporation's total assets grow by in 2021?

Total assets grew by 11.04% to $626.1 million as of June 30, 2021.

What is the basic earnings per share for PB Financial Corporation for the first half of 2021?

The basic earnings per share for the first half of 2021 was $2.10.

When will PB Financial Corporation pay its Q3 2021 dividend?

The Q3 2021 dividend of $0.26 per share will be paid on August 23, 2021.

How much did total deposits increase year-over-year for PB Financial Corporation?

Total deposits increased by 16.13% year-over-year, reaching $495.5 million.

PB FINANCIAL CORPORATION

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128.62M
2.04M
Banks - Regional
Financial Services
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United States of America
Rocky Mount