PB Financial Corporation Reports Record First Quarter 2022 Earnings

April 11, 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, reported net income for the quarter ended March 31, 2022, of $2,709,595 compared to $2,150,425 for the same period in 2021, an increase of 26.00%.

As of March 31, 2022, the Company reported total assets of $743.9 million compared to $617.6 million at March 31, 2021, an increase of 20.45%. Total deposits were $603.3 million and gross loans were $557.0 million at the end of the first quarter of 2022, compared to total deposits of $484.5 million and gross loans of $495.9 million at the end of the first quarter of 2021, increases of 24.51% and 12.32% respectively.

Whitehurst commented, “I am very pleased to report that we are off to a tremendous start in 2022 with record earnings and strong organic balance sheet growth. The hard work and commitment of our employees to provide excellent service to our customers continues to drive our success. As we strive to further enhance shareholder value, we will remain focused on growth, customer satisfaction and efficiency.”

For the three-month period ended March 31, 2022, the Bank had basic earnings of $1.23 per share compared to $0.98 per share for the same period last year, an increase of 25.51%. As of March 31, 2022, book value per common share was $28.55 compared to $27.01 at March 31, 2021, an increase of 5.70%. On February 24, 2022, the Company paid its first quarter dividend of $0.28 per share for each share of common stock outstanding. It was our 41st 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.