October 15, 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 September 30, 2021, of $2,503,174 compared to $1,741,447 for the same period in 2020, an increase of 43.74%. For the nine-month period ended September 30, 2021, net income was $7,112,444 compared to $4,915,597 for the same period in 2020, an increase of 44.69%.
As of September 30, 2021, the Company reported total assets of $673.7 million compared to $576.0 million at September 30, 2020, an increase of 16.97%. Total deposits were $541.3 million and gross loans were $521.7 million at the end of the third quarter of 2021, compared to total deposits of $439.9 million and gross loans of $451.6 million at the end of the third quarter of 2020, increases of 23.07% and 15.54% respectively.
Whitehurst commented, “I am very pleased to report record quarterly earnings along with continued strong organic growth of our balance sheet. I am extremely proud of how our employees have worked through this pandemic to help our customers. In order to further enhance shareholder value, our Company continues to focus on growth, serving our customers, and efficiency.”
For the nine-month period ended September 30, 2021, the Company had basic earnings of $3.24 per share. As of September 30, 2021, the book value per common share was $28.91 compared to $25.98 at September 30, 2020, an increase of 11.28%. On August 23, 2021, the Company paid its third quarter dividend of $0.26 per share for each share of common stock outstanding. It was our 39th 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.