PB Financial Corporation Reports Record Third Quarter 2026 Earnings

Higher earnings and lending accompanied increased borrowing and a rise in non-performing assets.

Rhea-AI Summary

PB Financial Corporation (PBNC) reported third-quarter 2026 net income available to common shareholders of $6.59 million, up 15.45% year over year. Basic earnings per share rose to $2.27 from $1.98, while diluted earnings rose to $2.10 from $1.87. Nine-month common-shareholder income increased 17.31% to $18.21 million, with basic earnings of $6.30 per share versus $5.41.

At September 30, assets totaled $1.557 billion, deposits $1.284 billion and gross loans $1.313 billion, increasing 11.91%, 8.89% and 11.20% year over year, respectively. Quarterly net interest income rose to $14.709 million from $13.229 million. Non-performing assets increased to 0.13% of assets from 0.05% a year earlier. FHLB advances rose to $72 million from $25 million at December 31, 2025. The company paid a $0.63 quarterly dividend on August 21, 2026, its 59th consecutive quarterly dividend increase.

19 points · 0 major

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0 major · 12 points

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Positive

• Moderate pointCommon-shareholder income rose 15.45% to $6.59 million in Q3 and 17.31% to $18.21 million in nine months.
• Moderate pointNet interest income increased to $14.709 million in Q3 and $42.190 million year-to-date, versus $13.229 million and $37.495 million.
• Moderate pointTotal assets increased 11.91% year over year to $1.557 billion at September 30, 2026.
• Moderate pointGross loans increased 11.20% year over year to $1.313 billion at September 30, 2026.
• Moderate pointDeposits increased 8.89% year over year to $1.284 billion at September 30, 2026.
• Moderate pointEfficiency ratio improved to 41.74% versus 43.80% in Q3 and 42.62% versus 45.14% year-to-date.

13 minor points

• Minor pointBasic EPS rose to $2.27 from $1.98 in Q3; nine-month EPS reached $6.30 versus $5.41.
• Minor pointDiluted EPS rose to $2.10 from $1.87 in Q3 and $5.82 from $5.14 over nine months.
• Minor pointNon-interest income increased to $614,000 in Q3 and $1.588 million year-to-date, versus $516,000 and $1.453 million.
• Minor pointNine-month interest expense fell to $27.359 million from $28.093 million a year earlier.
• Minor pointNet interest margin improved to 3.86% versus 3.83% in Q3 and 3.88% versus 3.73% year-to-date.
• Minor pointReturn on average assets rose to 1.71% versus 1.64% in Q3 and 1.67% versus 1.55% year-to-date.
• Minor pointReturn on average equity rose to 18.41% versus 18.05% in Q3 and 17.52% versus 17.17% year-to-date.
• Minor pointBook value per common share increased 8.07% year over year to $47.28.
• Minor pointTangible book value per share rose to $42.93 from $40.75 at December 31, 2025.
• Minor pointShareholders' equity increased to $160.825 million from $153.073 million at December 31, 2025.
• Minor pointQuarterly dividend of $0.63 per share, paid August 21, 2026, marked the 59th consecutive quarterly increase.
• Minor pointNet charge-offs/(recoveries) to loans improved to (0.01)% from 0.00% for both Q3 and nine months.
• Minor pointOther real estate owned declined to zero from $370,000 a year earlier.

Negative

• Moderate pointFHLB advances increased to $72 million from $25 million at December 31, 2025.
• Moderate pointNon-interest expenses rose to $6.246 million in Q3 and $18.374 million year-to-date, versus $5.874 million and $17.284 million.
• Minor pointNon-performing assets rose to 0.13% of total assets from 0.05% a year earlier.
• Minor pointNon-accrual loans increased to $1.472 million from $283,000 a year earlier.
• Minor pointLoans 90 days past due and still accruing increased to $608,000 from zero a year earlier.

7 minor points

• Minor pointCredit-loss provision rose to $153,000 versus zero in Q3 and $557,000 versus $279,000 year-to-date.
• Minor pointAllowance for credit losses to loans declined to 0.85% from 0.89% a year earlier.
• Minor pointQuarterly interest expense increased to $9.620 million from $9.465 million a year earlier.
• Minor pointAccumulated other comprehensive loss widened to $9.980 million from $4.628 million at December 31, 2025.
• Minor pointCommon shares outstanding increased to 3,022,196 from 2,976,761 at December 31, 2025.
• Minor pointSubordinate debt increased to $23.632 million from $23.593 million at December 31, 2025.
• Minor pointJunior subordinate debt increased to $4.574 million from $4.528 million at December 31, 2025.

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ROCKY MOUNT, NC / ACCESS Newswire / October 6, 2026 / 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 shareholders for the quarter ended September 30, 2026, of $6.59 million compared to $5.71 million for the same period in 2025, an increase of 15.45%. For the nine-month period ended September 30, 2026, net income available to common shareholders was $18.21 million compared to $15.52 million for the same period in 2025, an increase of 17.31%.

As of September 30, 2026, the Company reported total assets of $1.557 billion compared to $1.391 billion on September 30, 2025, an increase of 11.91%. Total deposits were $1.284 billion and gross loans were $1.313 billion at the end of the third quarter of 2026, compared to total deposits of $1.179 billion and gross loans of $1.181 billion at the end of the third quarter of 2025, increases of 8.89% and 11.20% respectively.

Whitehurst commented, "I am pleased to report record quarterly earnings. The Company continued to experience strong growth throughout the organization with over 11% growth in total assets and over 17% increase in net income available to common shareholders year-to-date. The hard work and effort of our employees continues to drive our efficiency. As always, we will continue to look for opportunities to further enhance shareholder value."

For the nine-month period ended September 30, 2026, the Company had basic earnings of $6.30 per share compared to $5.41 per share for the same period last year, an increase of 16.45%. As of September 30, 2026, the book value per common share was $47.28 compared to $43.75 on September 30, 2025, an increase of 8.07%. On August 21, 2026, the Company paid its third quarter dividend of $0.63 per share for each share of common stock outstanding. It was our 59^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 and Richlands.

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 September 30, 2026 and September 30, 2025 as presented are unaudited.

PB Financial Corporation
Consolidated Balance Sheets		September 30,				December 31,
(Dollars in thousands)		2026				2025
Assets		(unaudited)					*
Cash and due from banks		$	9,686			$	10,521
Interest-earning deposits with banks			14,996				24,093
Investment securities			168,811				143,472
Loans, gross			1,313,317				1,180,246
Allowance for credit losses			(11,148	)			(10,493	)
Premises and equipment, net			3,642				3,737
Goodwill			9,876				9,876
Other intangible assets			3,294				3,978
Other assets			44,287				39,229
Total assets		$	1,556,761			$	1,404,659
Liabilities and Stockholders' Equity
Liabilities:
Deposits		$	1,283,519			$	1,186,279
FHLB advances			72,000				25,000
Subordinate debt			23,632				23,593
Junior subordinate debt			4,574				4,528
Other liabilities			12,211				12,186
Total liabilities			1,395,936				1,251,586
Shareholders' Equity:
Preferred stock			17,923				17,923
Common stock			3,022				2,977
Additional paid-in capital			57,411				55,930
Retained earnings			92,449				80,871
Accumulated other comprehensive loss			(9,980	)			(4,628	)
Total shareholders' equity			160,825				153,073
Total liabilities and
shareholders' equity		$	1,556,761			$	1,404,659
Common stock outstanding			3,022,196				2,976,761
Book value per share		$	47.28			$	45.40
Tangible book value per share		$	42.93			$	40.75

* Derived from audited financial statements

PB Financial Corporation
Consolidated Statements of Operations		For the three months ended								For the nine months ended
(Dollars in thousands)		September 30,				September 30,				September 30,				September 30,
		2026				2025				2026				2025
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Interest income		$	24,329			$	22,694			$	69,549			$	65,588
Interest expense			9,620				9,465				27,359				28,093
Net interest income			14,709				13,229				42,190				37,495
Provision for credit losses			153				-				557				279
Net interest income after
provision for credit losses			14,556				13,229				41,633				37,216
Non interest income			614				516				1,588				1,453
Non interest expenses:
Salaries and employee benefits			3,876				3,414				11,172				9,866
Occupancy and equipment			332				328				987				974
Advertising and promotion			29				61				103				184
Data processing			816				697				2,372				2,030
Professional services			214				263				646				754
Amortization of intangible assets			221				249				685				771
Foreclosure			-				45				-				53
Other			758				817				2,409				2,652
Total non-interest expenses			6,246				5,874				18,374				17,284
Income before income taxes			8,924				7,871				24,847				21,385
Income tax expense			2,019				1,848				5,697				4,922
Net income			6,905				6,023				19,150				16,463
Preferred stock dividends			314				314				941				941
Net income available to common shareholders		$	6,591			$	5,709			$	18,209			$	15,522
Net income per common share - basic		$	2.27			$	1.98			$	6.30			$	5.41
Net income per common share - diluted		$	2.10			$	1.87			$	5.82			$	5.14
Basic weighted average shares outstanding			2,902,417				2,879,406				2,892,590				2,869,992
Diluted weighted average shares outstanding			3,141,792				3,059,794				3,127,744				3,020,917

Other Data
Return on average assets			1.71	%			1.64	%			1.67	%			1.55	%
Return on average equity			18.41	%			18.05	%			17.52	%			17.17	%
Net interest margin			3.86	%			3.83	%			3.88	%			3.73	%
Allowance for credit losses to loans			0.85	%			0.89	%			0.85	%			0.89	%
Non-performing assets to total assets			0.13	%			0.05	%			0.13	%			0.05	%
Net charge-offs/(recoveries) to loans			(0.01	)%			0.00	%			(0.01	)%			0.00	%
Efficiency ratio			41.74	%			43.80	%			42.62	%			45.14	%
Non-accrual loans		$	1,472			$	283			$	1,472			$	283
90 days past due and still accruing		$	608			$	-			$	608			$	-
Other real estate owned		$	-			$	370			$	-			$	370
Gain/(loss) on sale of securities		$	-			$	-			$	-			$	-

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were PB Financial's third-quarter 2026 earnings and EPS?

PB Financial earned $6.59 million available to common shareholders in the quarter ended September 30, 2026, up 15.45% year over year. Basic EPS was $2.27 versus $1.98, and diluted EPS was $2.10 versus $1.87.

How much was PB Financial's third-quarter 2026 dividend?

PB Financial paid a $0.63 dividend per common share on August 21, 2026. This was its 59th consecutively increased quarterly cash dividend.

How did PB Financial's efficiency ratio change in 2026?

PB Financial's efficiency ratio declined to 41.74% from 43.80% for the third quarter and to 42.62% from 45.14% for the nine-month period. Both comparisons are against the corresponding periods in 2025.

How did PB Financial's book value per share change through September 2026?

Book value per common share reached $47.28 at September 30, 2026, compared with $43.75 a year earlier and $45.40 at December 31, 2025. Tangible book value per share was $42.93, compared with $40.75 at December 31, 2025.