ROCKY MOUNT, North Carolina /ACCESSWIRE/July 12, 2022/ Ted E. Whitehurst, President and Chief Executive Officer of PB Financial Corporation (OTCQX: PBNC), the holding company (the “Company”) of Providence Bank, reported net income for the three months ended June 30, 2022 of 3 $.24 million vs. $2.46 million. for the same period in 2021, an increase of 31.92%. For the six-month period ended June 30, 2022, net income was $5.95 million compared to $4.61 million for the same period in 2021, an increase of 29.18%.
As of June 30, 2022, the Company reported total assets of $784.4 million, compared to $626.1 million as of June 30, 2021, an increase of 19.54%. Total deposits were $606.3 million and gross loans were $584.3 million at the end of the second quarter of 2022, compared to total deposits of $495.5 million and gross loans of 501 $.7 million at the end of the second quarter of 2021, representing increases of 22.36% and 16.47%. % respectively.
Whitehurst said: “I am extremely pleased with our financial results. We delivered record quarterly earnings and continued to experience strong organic growth across the organization. Our employees’ hard work and dedication to serving our customers continues to drive our success. As always, we will continue to seek opportunities to further increase shareholder value. »
For the six-month period ended June 30, 2022, the Company achieved basic earnings of $2.69 per share compared to $2.10 per share for the same period last year, an increase of 28. 10%. As at June 30, 2022, the book value per common share was $27.95 compared to $27.69 as at June 30, 2021, an increase of 0.94%. On August 22, 2022, the Company will pay its third quarter dividend of $0.31 per share for each common share outstanding. It will be the 43 rd 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
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding PB Financial Corporation. These statements may include, but are not limited to, statements regarding the Company’s plans, goals, expectations and intentions and other statements identified by words such as “believes”, “considers”, “s ‘expects’, ‘anticipates’, ‘estimates’, ‘intends,’ ‘plans’, ‘targets’, ‘projects’, ‘would’ and similar expressions. These statements are based on current beliefs and expectations. of the 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 contained in this press release Information as at and for the quarters ended June 30, 2022 and June 30, 2021 as presented is unaudited.
PB Financial Corporation
Consolidated balance sheets and income statements
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Balance sheets |
June 30th, | The 31st of December, | ||||||||||||||
|
In thousands |
2022 | 2021 | ||||||||||||||
|
Assets |
(unaudited) | * | ||||||||||||||
|
Cash and bank receivables |
$ | 8,496 | $ | 7,232 | ||||||||||||
|
Remunerated deposits with banks |
28,142 | 35,309 | ||||||||||||||
|
Investment security |
100,000 | 83,922 | ||||||||||||||
|
Loans, gross |
584 270 | 550 660 | ||||||||||||||
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Allowance for loan losses |
(5,891 | ) | (5,541 | |||||||||||||
|
Intangible assets |
4,252 | 4,324 | ||||||||||||||
|
other assets |
29,175 | 25,516 | ||||||||||||||
|
Total assets |
$ | 748 444 | $ | 701 422 | ||||||||||||
|
Responsibilities and |
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|
Equity |
||||||||||||||||
|
Deposits |
$ | 606 317 | $ | 573 106 | ||||||||||||
|
Borrowed funds |
74,464 | 59 136 | ||||||||||||||
|
Other liabilities |
5,433 | 3,905 | ||||||||||||||
|
Equity |
62,230 | 65,275 | ||||||||||||||
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Total liabilities and |
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equity |
$ | 748 444 | $ | 701 422 | ||||||||||||
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Book value per share |
$ | 27.95 | $ | 29.57 | ||||||||||||
|
Tangible book value per share |
$ | 26.04 | $ | 27.61 | ||||||||||||
|
Transaction States |
For the three months ended | For the six months ended | ||||||||||||||
|
In thousands |
June 30th, | June 30th, | June 30th, | June 30th, | ||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
|
interest income |
$ | 7,882 | $ | 6,492 | $ | 15,206 | $ | 12,841 | ||||||||
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Interest expense |
1,415 | 1,367 | 2,797 | 2,727 | ||||||||||||
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Net interest income |
6,467 | 5,125 | 12,409 | 10 114 | ||||||||||||
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Allowance for loan losses |
188 | 86 | 348 | 442 | ||||||||||||
|
Net interest income after |
||||||||||||||||
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provision for loan losses |
6,279 | 5,039 | 12,061 | 9,672 | ||||||||||||
|
Non-interest income |
482 | 375 | 741 | 714 | ||||||||||||
|
Non-interest charges |
2,569 | 2,240 | 5,117 | 4,436 | ||||||||||||
|
income before taxes |
4,192 | 3,174 | 7,685 | 5,950 | ||||||||||||
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income tax expense |
948 | 715 | 1,731 | 1,341 | ||||||||||||
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Net revenue |
$ | 3,244 | $ | 2,459 | $ | 5,954 | $ | 4,609 | ||||||||
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Net earnings per common share – basic |
$ | 1.46 | $ | 1.12 | $ | 2.69 | $ | 2.10 | ||||||||
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Net earnings per common share – diluted |
$ | 1.42 | $ | 1.08 | $ | 2.61 | $ | 2.04 | ||||||||
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* Derived from audited financial statements |
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For more information contact:
Ted E. Whitehurst, President and CEO
252-467-2990; [email protected]
THE SOURCE: PB Financial Corporation
See the source version on accesswire.com:
https://www.accesswire.com/708291/PB-Financial-Corporation-Reports-Record-Second-Quarter-2022-Earnings
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