PB Financial Corporation Reports Second Quarter 2020 Earnings
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PB Financial Corporation Reports Second Quarter 2020 Earnings

Monday, July 13, 2020 4:20 PM
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ROCKY MOUNT, NC / ACCESSWIRE / July 13, 2020 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC)(the "Company"), the holding company for Providence Bank, reported net income for the quarter ended June 30, 2020, of $1,658,212 compared to $1,831,151 for the same period in 2019, a decrease of 9.44%. For the six-month period ended June 30, 2020, net income was $3,174,150 compared to $3,484,912 for the same period in 2019, a decrease of 8.92%.

As of June 30, 2020, the Company reported total assets of $563.9 million compared to $471.6 million at June 30, 2019, an increase of 19.57%. Total deposits were $426.7 million and gross loans were $443.8 million at the end of the second quarter of 2020, compared to total deposits of $365.5 million and gross loans of $379.3 million at the end of the second quarter of 2019, increases of 16.74% and 17.01% respectively.

Whitehurst commented, "Over the first six months of the year, we continued to grow assets, loans, deposits and capital. However, we have had declines in our net interest margin along with an increase of $355,000 in our loan loss provision, both of which are due to the effects of the pandemic. Our balance sheet remains strong and well positioned for the continued economic effects of COVID-19."

For the six-month period ended June 30, 2020, the Company had basic earnings of $1.43 per share compared to $1.60 per share for the same period last year, a decrease of 10.63%. As of June 30, 2020, the book value per common share was $25.46 compared to $22.98 at June 30, 2019, an increase of 10.79%. On August 24, 2020, the Company will pay its third quarter dividend of $0.21 per share for each share of common stock outstanding. This will be the 35th 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 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 PB Financial Corporation. Those statements may include but are not limited to statements regarding the Company'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 PB Financial Corporation 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. PB Financial Corporation does not undertake to update any forward-looking statements in this press release. The information as of and for the quarters ended June 30, 2020 and June 30, 2019 as presented are unaudited.

For more information, contact:
Ted E. Whitehurst, President and CEO
252-467-2990; [email protected]

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets
  June 30,     December 31,  
In Thousands
  2020     2019  
Assets
  (unaudited)       *  
Cash and due from banks
  $ 6,844     $ 5,816  
Interest-earning deposits with banks
    55,761       38,742  
Investment securities
    30,002       19,733  
Loans, gross
    443,815       387,248  
Allowance for loan losses
    (4,282 )     (3,602 )
Other assets
    31,718       30,403  
Total assets
  $ 563,858     $ 478,340  
 
               
Liabilities and
               
Shareholders' Equity
               
Deposits
  $ 426,663     $ 354,346  
Borrowed funds
    76,015       66,894  
Other liabilities
    4,714       3,149  
Shareholders' Equity
    56,466       53,951  
Total liabilities and
               
shareholders' equity
  $ 563,858     $ 478,340  
 
               
Book value per share
  $ 25.46     $ 24.38  
 
               
Statements of Operations
  For the three months ended     For the six months ended  
In Thousands
  June     June     June     June  
 
  2020     2019     2020     2019  
 
  (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Interest income
  5,693     5,787     11,659     11,277  
Interest expense
    1,639       1,460       3,288       2,839  
Net interest income
    4,054       4,327       8,371       8,438  
Provision for loan losses
    238       76       713       223  
Net interest income after
                               
provision for loan losses
    3,816       4,251       7,658       8,215  
Non interest income
    195       209       404       457  
Non interest expense
    1,884       2,106       3,975       4,187  
Income before income taxes
    2,127       2,354       4,087       4,485  
Income tax expense
    469       523       913       1,000  
Net income
  1,658     1,831     3,174     3,485  
 
                               
Net income per common share - basic
  0.74     0.84     1.43     1.60  
 
                               
* Derived from audited financial statements
                               
                                 

SOURCE: PB Financial Corporation

PB Financial Corporation
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