ROCKY MOUNT, NC / ACCESSWIRE / April 14, 2021 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (the "Company"), the holding company for Providence Bank, reported net income for the quarter ended March 31, 2021, of $2,150,425 compared to $1,515,938 for the same period in 2020, an increase of 41.85%.
As of March 31, 2021, the Company reported total assets of $617.6 million compared to $531.5 million at March 31, 2020, an increase of 16.20%. Total deposits were $484.5 million and gross loans were $495.9 million at the end of the first quarter of 2021, compared to total deposits of $397.6 million and gross loans of $419.6 million at the end of the first quarter of 2020, increases of 21.86% and 18.19% respectively.
Whitehurst commented, "I am very pleased to report the largest quarterly earnings in our history. Continued growth in loans and deposits along with a focus on expense management has allowed us to provide consistent financial results for our shareholders. We have also been very active in assisting businesses in our communities with the Small Business Administration's Paycheck Protection Program (PPP), including working through the forgiveness process for round one PPP loans and originating round two PPP loans."
For the three-month period ended March 31, 2021, the Bank had basic earnings of $0.98 per share compared to $0.69 per share for the same period last year, an increase of 42.03%. As of March 31, 2021, book value per common share was $27.06 compared to $25.00 at March 31, 2020, an increase of 8.24%. On February 25, 2021, the Company paid its first quarter dividend of $0.23 per share for each share of common stock outstanding. It was our 37th consecutively increased quarterly cash dividend paid to shareholders.
Providence Bank is a state-chartered community bank headquartered at 450 N. Winstead Avenue in Rocky Mount, North Carolina with branches in Rocky Mount, Tarboro, Nashville, Wilson and Raleigh.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding PB Financial Corporation. Those statements may include but are not limited to statements regarding the Company's plans, objectives, expectations and intentions and other statements identified by words such as "believes," "considers," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects," "would be," and similar expressions. These statements are based upon current beliefs and expectations of management of PB Financial Corporation and are subject to significant risks and uncertainties. Actual or future results or events may differ from those set forth in the forward-looking statements. PB Financial Corporation does not undertake to update any forward-looking statements in this press release. The information as of and for the quarters ended March 31, 2021 and March 31, 2020 as presented are unaudited.
| PB Financial Corporation | ||||
| Consolidated Balance Sheets and Statements of Operations |
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Balance Sheets
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March 31, | December 31, | ||||||
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In Thousands
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2021 | 2020 | ||||||
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Assets
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(unaudited) | * | ||||||
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Cash and due from banks
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$ | 11,856 | $ | 6,939 | ||||
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Interest-earning deposits with banks
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42,780 | 56,301 | ||||||
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Investment securities
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41,487 | 32,551 | ||||||
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Loans, gross
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495,879 | 464,220 | ||||||
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Allowance for loan losses
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(4,949 | ) | (4,592 | ) | ||||
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Other assets
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30,539 | 31,140 | ||||||
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Total assets |
$ | 617,592 | $ | 586,559 | ||||
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Liabilities and
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Shareholders' Equity
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Deposits
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$ | 484,510 | $ | 456,413 | ||||
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Borrowed funds
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70,366 | 68,431 | ||||||
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Other liabilities
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3,445 | 3,614 | ||||||
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Shareholders' Equity
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59,271 | 58,101 | ||||||
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Total liabilities and
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shareholders' equity
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$ | 617,592 | $ | 586,559 | ||||
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Book value per share
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$ | 27.06 | $ | 26.60 | ||||
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Statements of Operations
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For the three months ended | |||||||
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In Thousands
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March 31, | March 31, | ||||||
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2021 | 2020 | ||||||
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(unaudited) | (unaudited) | ||||||
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Interest income
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$ | 6,349 | $ | 5,966 | ||||
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Interest expense
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1,360 | 1,649 | ||||||
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Net interest income
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4,989 | 4,317 | ||||||
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Provision for loan losses
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356 | 475 | ||||||
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Net interest income after
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provision for loan losses
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4,633 | 3,842 | ||||||
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Non interest income
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339 | 209 | ||||||
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Non interest expense
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2,196 | 2,091 | ||||||
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Income before income taxes
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2,776 | 1,960 | ||||||
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Income tax expense
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626 | 444 | ||||||
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Net income
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$ | 2,150 | $ | 1,516 | ||||
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Net income per common share - basic
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$ | 0.98 | $ | 0.69 | ||||
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Net income per common share - diluted
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$ | 0.96 | $ | 0.67 | ||||
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* Derived from audited financial statements
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For more information, contact:
PB Financial Corporation
Ted E. Whitehurst, President and CEO
252-467-2990; [email protected]
SOURCE: PB Financial Corporation