PB Financial Corporation Reports First Quarter 2024 Earnings

April 22, 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, reported net income available to common stockholders for the quarter ended March 31, 2024, of $3,169,250 compared to $3,712,014 for the same period in 2023, a decrease of 14.62%.

As of March 31, 2024, the Company reported total assets of $1.016 billion compared to $878.9 million on March 31, 2023, an increase of 15.57%. Total deposits were $805.0 million and gross loans were $860.3 million at the end of the first quarter of 2024 compared to total deposits of $705.1 million and gross loans of $714.1 million at the end of the first quarter of 2023, increases of 14.16% and 20.48%, respectively.

Whitehurst commented, “I am very pleased to report that we are off to a great start in 2024 with good earnings and balance sheet growth. We completed a preferred stock offering in the first quarter which resulted in gross proceeds of $17.923 million, and we crossed over $1 billion in assets for the first time in the history of our Company. Recently, we completed the legal merger with Coastal Bank & Trust which was after the close of business on April 9, 2024. Our systems conversion will take place over the weekend of May 17–19, 2024. We are very excited about the merger and look forward to serving our customers in those new markets. We believe this merger will add to our pursuit of enhancing shareholder value.”

For the three-month period ended March 31, 2024, the Company had basic earnings of $1.30 per share compared to $1.66 per share for the same period last year, a decrease of 21.69%. As of March 31, 2024, book value per common share was $35.67 compared to $31.74 on March 31, 2023, an increase of 12.38%. On February 22, 2024, the Company paid its first quarter dividend of $0.52 per share for each share of common stock outstanding. It was our 49th 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, Raleigh, Jacksonville, Holly Ridge, Morehead City, Richlands and a loan production office in New Bern.


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, 2024 and March 31, 2023 as presented are unaudited.