April 14, 2021
Rocky Mount, North Carolina… Ted E. Whitehurst, President and CEO of PB Financial Corporation (the “Company”), the holding company for Providence Bank, reported net income for the quarter ended March 31, 2021, of $2,150,425 compared to $1,515,938 for the same period in 2020, an increase of 41.85%.
As of March 31, 2021, the Company reported total assets of $617.6 million compared to $531.5 million at March 31, 2020, an increase of 16.20%. Total deposits were $484.5 million and gross loans were $495.9 million at the end of the first quarter of 2021, compared to total deposits of $397.6 million and gross loans of $419.6 million at the end of the first quarter of 2020, increases of 21.86% and 18.19% respectively.
Whitehurst commented, “I am very pleased to report the largest quarterly earnings in our history. Continued growth in loans and deposits along with a focus on expense management has allowed us to provide consistent financial results for our shareholders. We have also been very active in assisting businesses in our communities with the Small Business Administration’s Paycheck Protection Program (PPP), including working through the forgiveness process for round one PPP loans and originating round two PPP loans.”
For the three-month period ended March 31, 2021, the Bank had basic earnings of $0.98 per share compared to $0.69 per share for the same period last year, an increase of 42.03%. As of March 31, 2021, book value per common share was $27.06 compared to $25.00 at March 31, 2020, an increase of 8.24%. On February 25, 2021, the Company paid its first quarter dividend of $0.23 per share for each share of common stock outstanding. It was our 37th 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 and Raleigh.