January 26, 2024
Rocky Mount, North Carolina… 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, 2023, of $3,365,752 compared to $4,329,604 for the same period in 2022, a decrease of 22.21%. For 2023, net income was $13,916,496 compared to $14,254,101 for 2022, a decrease of 2.37%.
As of December 31, 2023, the Company reported total assets of $982.4 million compared to $849.2 million at December 31, 2022, an increase of 15.69%. Total deposits were $803.5 million and gross loans were $827.8 million at the end of 2023, compared to total deposits of $674.0 million and gross loans of $687.7 million at the end of 2022, increases of 19.21% and 20.37% respectively.
Whitehurst commented, “I am pleased to report our quarterly and full year earnings. Our 4th quarter results were impacted by one-time expenses of $403,000 related to our announced merger with Coastal Bank & Trust. During 2023, we incurred total merger-related expenses of approximately $565,000. We expect that this proposed merger will be accretive to our earnings in 2024. We anticipate the merger will be consummated in the 2nd quarter of 2024. In 2023, the Company continued to experience strong organic growth throughout the organization with double digit growth in loans, deposits and total assets. The hard work and dedication of our employees to serve our customers continues to drive our success. As always, we will continue to look for opportunities to further enhance shareholder value.”
For 2023, the Company had basic earnings of $5.98 per share compared to basic earnings of $6.42 per share in 2022, a decrease of 6.85%. The December 31, 2023, book value per common share was $35.08, and the tangible book value per common share was $33.45. In 2023, the Company paid cash dividends of $1.86 per share for each share of common stock outstanding, an increase of approximately 51.22% from the cash dividends paid in 2022. The Company has paid 48 consecutive quarterly cash dividends since it began paying cash dividends in the first quarter of 2012. The quarterly cash dividend has been increased each quarter.
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 December 31, 2023 and December 31, 2022 as presented is unaudited.