PB Financial Corporation Reports Record Third Quarter 2022 Earnings

October 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 September 30, 2022, of $3,970,996 compared to $2,503,174 for the same period in 2021, an increase of 58.64%. For the nine-month period ended September 30, 2022, net income was $9,924,497 compared to $7,112,444 for the same period in 2021, an increase of 39.54%.

As of September 30, 2022, the Company reported total assets of $780.2 million compared to $673.7 million at September 30, 2021, an increase of 15.81%. Total deposits were $616.5 million and gross loans were $617.3 million at the end of the third quarter of 2022, compared to total deposits of $541.3 million and gross loans of $521.7 million at the end of the third quarter of 2021, increases of 13.90% and 18.31% respectively.

Whitehurst commented, “I am very pleased to report record quarterly earnings along with continued strong organic growth of our balance sheet. Our employees continue to lead our success and enhance our shareholder value by focusing on growth, serving our customers and efficiency.”

For the nine-month period ended September 30, 2022, the Company had basic earnings of $4.48 per share compared to $3.24 per share for the same period last year, an increase of 38.27%. As of September 30, 2022, the book value per common share was $28.52 compared to $28.85 at September 30, 2021, a decrease of 1.14%. On August 22, 2022, the Company paid its third quarter dividend of $0.31 per share for each share of common stock outstanding. It was our 43rd 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.