PB Financial Corporation Declares Fourth Quarter 2022 Dividend

October 21, 2022

Rocky Mount, North Carolina… Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX: PBNC), the holding company for Providence Bank, announced today the Board of Directors approved a quarterly cash dividend of $0.35 per share on common stock outstanding to shareholders of record at the close of business on November 7, 2022. The dividend is payable November 25, 2022. This is an increase of approximately 29.63% from the dividend paid during the 4th quarter of 2021. This represents a $1.40 dividend on an annual basis and a yield of 3.45% (based on closing price on October 20, 2022, of $40.55/share).

Whitehurst commented, “This represents our 44th consecutive quarterly cash dividend. The Company’s consistent financial performance has allowed us to increase our cash dividend every quarter since we began paying dividends, representing 11 consecutive years. Our original shareholders will have received over $6 per share in cash dividends, which is more than half of their original purchase price of $11 per share. This continued increase in our cash dividend is part of our long-term strategy to enhance shareholder value.”

PB Financial Corporation is headquartered at 450 N. Winstead Avenue in Rocky Mount, North Carolina. As of September 30, 2022, PB Financial Corporation had total assets of $780.2 million, loans of $617.3 million and total deposits of $616.5 million.