July 13, 2021
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 June 30, 2021, of $2,458,844 compared to $1,658,212 for the same period in 2020, an increase of 48.28%. For the six-month period ended June 30, 2021, net income was $4,609,269 compared to $3,174,150 for the same period in 2020, an increase of 45.21%.
As of June 30, 2021, the Company reported total assets of $626.1 million compared to $563.9 million at June 30, 2020, an increase of 11.04%. Total deposits were $495.5 million and gross loans were $501.7 million at the end of the second quarter of 2021, compared to total deposits of $426.7 million and gross loans of $443.8 million at the end of the second quarter of 2020, increases of 16.13% and 13.04% respectively.
Whitehurst commented, “I’m extremely pleased with our financial results. We had record quarterly earnings as we continue to experience strong organic growth throughout the organization. Our Raleigh location which opened in late 2020, has exceeded our expectations. 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 the six-month period ended June 30, 2021, the Company had basic earnings of $2.10 per share compared to $1.43 per share for the same period last year, an increase of 46.85%. As of June 30, 2021, the book value per common share was $27.74 compared to $25.46 at June 30, 2020, an increase of 8.96%. On August 23, 2021, the Company will pay its third quarter dividend of $0.26 per share for each share of common stock outstanding. This will be the 39th consecutive quarterly cash dividend paid.
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.