PB Financial Corporation Reports Fourth Quarter and Year-End 2019 Financials

ROCKY MOUNT, NC / ACCESSWIRE / February 3, 2020 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company (the “Company”) for Providence Bank, announced today that the Company reported net income for the quarter ended December 31, 2019, of $1,733,759 compared to $1,667,029 for the same period in 2018, an increase of 4.00%. For 2019, net income was $7,124,414 compared to $5,693,105 for 2018, an increase of 25.14%.

As of December 31, 2019, the Company reported total assets of $478.3 million compared to $451.5 million at December 31, 2018, an increase of 5.95%. Total deposits were $354.3 million and gross loans were $387.2 million at the end of 2019, compared to total deposits of $349.0 million and gross loans of $355.2 million at the end of 2018, increases of 1.52% and 9.02% respectively.

Whitehurst commented, “The Company had record earnings in 2019. There was increased pressure on our net interest margin from the lower rate environment; however, strong loan growth helped produce an increase in net income for the 4th quarter. We also completed a milestone as we listed our stock on the OTCQX late in the 4th quarter, 2019. I’m looking forward to the opportunities available to our Company in 2020 as we leverage our recently completed subordinated debt issuance.”

For 2019, the Company had basic earnings of $3.25 per share compared to basic earnings of $2.62 per share in 2018, an increase of 24.05%. The December 31, 2019, book value per common share was $24.38, and the tangible book value per common share was $22.24. In 2019, the Bank paid cash dividends of $0.63 per share for each share of common stock outstanding, an increase of approximately 25.37% from the cash dividends paid in 2018. The Company has paid 32 consecutive quarterly cash dividends since it began paying cash dividends in the first quarter of 2012.

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 and Wilson.

www.pbknc.com

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Providence Bank. Those statements may include but are not limited to statements regarding the Bank’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 Providence Bank 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. Providence Bank does not undertake to update any forward-looking statements in this press release. The information as of and for the quarters ended December 31, 2019 and December 31, 2018 as presented is unaudited.

For more information, contact:

Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

 
           
Balance Sheets
  December 31,     December 31,  
In Thousands
  2019     2018  
Assets
  (unaudited)       *  
Cash and due from banks
  $ 5,816     $ 11,635  
Interest-earning deposits with banks
    38,742       42,975  
Investment securities
    19,733       14,312  
Loans, gross
    387,248       355,206  
Allowance for loan losses
    (3,602 )     (3,361 )
Other assets
    30,403       30,691  
Total assets
  $ 478,340     $ 451,458  
 
               
Liabilities and
               
Shareholders’ Equity
               
Deposits
  $ 354,346     $ 349,049  
Borrowed funds
    66,894       52,040  
Other liabilities
    3,149       2,965  
Shareholders’ Equity
    53,951       47,404  
Total liabilities and
               
shareholders’ equity
  $ 478,340     $ 451,458  
 
               
Book value per share
  $ 24.38     $ 21.77  
 
               
Statements of Operations
  For the three months ended     For the twelve months ended  
In Thousands
  December 31,     December 31,     December 31,     December 31,  
 
  2019     2018     2019     2018  
 
  (unaudited)     (unaudited)     (unaudited)       *  
Interest income
  5,605     5,285     22,762     18,760  
Interest expense
    1,498       1,227       5,854       3,811  
Net interest income
    4,107       4,058       16,908       14,949  
Provision for loan losses
    191       108       474       310  
Net interest income after
                               
provision for loan losses
    3,916       3,950       16,434       14,639  
Non interest income
    222       239       887       751  
Non interest expense
    1,943       2,031       8,179       7,955  
Income before income taxes
    2,195       2,158       9,142       7,435  
Income tax expense
    461       491       2,018       1,742  
Net income
  1,734     1,667     7,124     5,693  
 
                               
Net income per common share – basic
  0.79     0.77     3.25     2.62  
 
                               
* Derived from audited financial statements
                                

SOURCE: PB Financial Corporation

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