PB Financial Corporation Reports Record Earnings for Both the Fourth Quarter and Year 2022

January 25, 2023

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, 2022, of $4,329,604 compared to $2,706,912 for the same period in 2021, an increase of 59.95%. For 2022, net income was $14,254,101 compared to $9,819,356 for 2021, an increase of 45.16%.

As of December 31, 2022, the Company reported total assets of $849.2 million compared to $701.4 million at December 31, 2021, an increase of 21.06%. Total deposits were $674.0 million and gross loans were $687.7 million at the end of 2022, compared to total deposits of $573.1 million and gross loans of $550.7 million at the end of 2021, increases of 17.61% and 24.89% respectively.

Whitehurst commented, “I am extremely 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. 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 2022, the Company had basic earnings of $6.42 per share compared to basic earnings of $4.47 per share in 2021, an increase of 43.62%. The December 31, 2022, book value per common share was $29.93, and the tangible book value per common share was $28.07. In 2022, the Company paid cash dividends of $1.23 per share for each share of common stock outstanding, an increase of approximately 21.78% from the cash dividends paid in 2021. The Company has paid 44 consecutive quarterly cash dividends since it began paying cash dividends in the first quarter of 2012.