PB Financial Corporation Reports Record Earnings for Both the Fourth Quarter and the Year 2021

January 31, 2022

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, 2021, of $2,706,912 compared to $1,892,886 for the same period in 2020, an increase of 43.00%. For 2021, net income was $9,819,356 compared to $6,808,484 for 2020, an increase of 44.22%.

As of December 31, 2021, the Company reported total assets of $701.4 million compared to $586.6 million at December 31, 2020, an increase of 19.58%. Total deposits were $573.1 million and gross loans were $550.7 million at the end of 2021, compared to total deposits of $456.4 million and gross loans of $464.2 million at the end of 2020, increases of 25.57% and 18.62% respectively.

Whitehurst commented, “I am very pleased to report record quarterly earnings along with record earnings for the year. The Company continued to experience strong organic growth throughout the organization with double digit growth in loans, deposits and total assets. Our Raleigh location which opened in late 2020, continues to do extremely well. 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 2021, the Company had basic earnings of $4.47 per share compared to basic earnings of $3.09 per share in 2020, an increase of 44.66%. The December 31, 2021, book value per common share was $29.57, and the tangible book value per common share was $27.61. In 2021, the Company paid cash dividends of $1.01 per share for each share of common stock outstanding, an increase of approximately 20.96% from the cash dividends paid in 2020. The Company has paid 40 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, Wilson and Raleigh.