PB Financial Corporation Reports Fourth Quarter and Year-End 2019 Financials

ROCKY MOUNT, NC / ACCESSWIRE / February 3, 2020 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company (the "Company") for Providence Bank, announced today that the Company reported net income for the quarter ended December 31, 2019, of $1,733,759 compared to $1,667,029 for the same period in 2018, an increase of 4.00%. For 2019, net income was $7,124,414 compared to $5,693,105 for 2018, an increase of 25.14%.

As of December 31, 2019, the Company reported total assets of $478.3 million compared to $451.5 million at December 31, 2018, an increase of 5.95%. Total deposits were $354.3 million and gross loans were $387.2 million at the end of 2019, compared to total deposits of $349.0 million and gross loans of $355.2 million at the end of 2018, increases of 1.52% and 9.02% respectively.

Whitehurst commented, "The Company had record earnings in 2019. There was increased pressure on our net interest margin from the lower rate environment; however, strong loan growth helped produce an increase in net income for the 4th quarter. We also completed a milestone as we listed our stock on the OTCQX late in the 4th quarter, 2019. I'm looking forward to the opportunities available to our Company in 2020 as we leverage our recently completed subordinated debt issuance."

For 2019, the Company had basic earnings of $3.25 per share compared to basic earnings of $2.62 per share in 2018, an increase of 24.05%. The December 31, 2019, book value per common share was $24.38, and the tangible book value per common share was $22.24. In 2019, the Bank paid cash dividends of $0.63 per share for each share of common stock outstanding, an increase of approximately 25.37% from the cash dividends paid in 2018. The Company has paid 32 consecutive quarterly cash dividends since it began paying cash dividends in the first quarter of 2012.

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 and Wilson.

www.pbknc.com

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Providence Bank. Those statements may include but are not limited to statements regarding the Bank's plans, objectives, expectations and intentions and other statements identified by words such as "believes," "considers," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects," "would be," and similar expressions. These statements are based upon current beliefs and expectations of management of Providence Bank and are subject to significant risks and uncertainties. Actual or future results or events may differ from those set forth in the forward-looking statements. Providence Bank does not undertake to update any forward-looking statements in this press release. The information as of and for the quarters ended December 31, 2019 and December 31, 2018 as presented is unaudited.

For more information, contact:

Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets

 
December 31,
 
 
December 31,
 

In Thousands

 
2019
 
 
2018
 

Assets

 
(unaudited)
 
 
 
*
 

Cash and due from banks

 
$
5,816
 
 
$
11,635
 

Interest-earning deposits with banks

 
 
38,742
 
 
 
42,975
 

Investment securities

 
 
19,733
 
 
 
14,312
 

Loans, gross

 
 
387,248
 
 
 
355,206
 

Allowance for loan losses

 
 
(3,602
)
 
 
(3,361
)

Other assets

 
 
30,403
 
 
 
30,691
 

Total assets

 
$
478,340
 
 
$
451,458
 

Liabilities and

Shareholders' Equity

Deposits

 
$
354,346
 
 
$
349,049
 

Borrowed funds

 
 
66,894
 
 
 
52,040
 

Other liabilities

 
 
3,149
 
 
 
2,965
 

Shareholders' Equity

 
 
53,951
 
 
 
47,404
 

Total liabilities and

shareholders' equity

 
$
478,340
 
 
$
451,458
 

Book value per share

 
$
24.38
 
 
$
21.77
 

Statements of Operations

 
For the three months ended
 
 
For the twelve months ended
 

In Thousands

 
December 31,
 
 
December 31,
 
 
December 31,
 
 
December 31,
 

 
2019
 
 
2018
 
 
2019
 
 
2018
 

 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
 
*
 

Interest income

 
$ 
5,605
 
 
$ 
5,285
 
 
$ 
22,762
 
 
$ 
18,760
 

Interest expense

 
 
1,498
 
 
 
1,227
 
 
 
5,854
 
 
 
3,811
 

Net interest income

 
 
4,107
 
 
 
4,058
 
 
 
16,908
 
 
 
14,949
 

Provision for loan losses

 
 
191
 
 
 
108
 
 
 
474
 
 
 
310
 

Net interest income after

provision for loan losses

 
 
3,916
 
 
 
3,950
 
 
 
16,434
 
 
 
14,639
 

Non interest income

 
 
222
 
 
 
239
 
 
 
887
 
 
 
751
 

Non interest expense

 
 
1,943
 
 
 
2,031
 
 
 
8,179
 
 
 
7,955
 

Income before income taxes

 
 
2,195
 
 
 
2,158
 
 
 
9,142
 
 
 
7,435
 

Income tax expense

 
 
461
 
 
 
491
 
 
 
2,018
 
 
 
1,742
 

Net income

 
$ 
1,734
 
 
$ 
1,667
 
 
$ 
7,124
 
 
$ 
5,693
 

Net income per common share – basic

 
$ 
0.79
 
 
$ 
0.77
 
 
$ 
3.25
 
 
$ 
2.62
 

* Derived from audited financial statements

SOURCE: PB Financial Corporation

ReleaseID: 575073