ROCKY MOUNT, NC / ACCESSWIRE / October 22, 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 September 30, 2020, of $1,741,447 compared to $1,905,743 for the same period in 2019, a decrease of 8.62%. For the nine-month period ended September 30, 2020, net income was $4,915,597 compared to $5,390,655 for the same period in 2019, a decrease of 8.81%.
As of September 30, 2020, the Company reported total assets of $576.0 million compared to $482.1 million at September 30, 2019, an increase of 19.48%. Total deposits were $439.9 million and gross loans were $451.6 million at the end of the third quarter of 2020, compared to total deposits of $374.5 million and gross loans of $382.1 million at the end of the third quarter of 2019, increases of 17.46% and 18.19% respectively.
Whitehurst commented, "I am pleased to report that our balance sheet remains strong and well positioned for the continuing economic effects of COVID-19. As outlined above, we have had double digit increases in loans, deposits and total assets. Our net income is below where it was last year at this time. However, we are still able to provide high returns for our shareholders as outlined below. I am confident that we will be able to manage our balance sheet and costs to continue providing strong financial results for our shareholders."
For the nine-month period ended September 30, 2020, the Company had basic earnings of $2.23 per share. As of September 30, 2020, the book value per common share was $25.98 compared to $23.82 at September 30, 2019, an increase of 9.07%. On August 24, 2020, the Company paid its third quarter dividend of $0.21 per share for each share of common stock outstanding. It was our 35th 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 and Wilson.
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 September 30, 2020 and September 30, 2019 as presented are unaudited.
PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations
| Balance Sheets | September 30, | December 31, | ||||||
| In Thousands | 2020 | 2019 | ||||||
| Assets | (unaudited) | * | ||||||
| Cash and due from banks | $ | 6,501 | $ | 5,816 | ||||
| Interest-earning deposits with banks | 66,679 | 38,742 | ||||||
| Investment securities | 24,644 | 19,733 | ||||||
| Loans, gross | 451,566 | 387,248 | ||||||
| Allowance for loan losses | (4,606 | ) | (3,602 | ) | ||||
| Other assets | 31,179 | 30,403 | ||||||
| Total assets | $ | 575,963 | $ | 478,340 | ||||
| Liabilities and | ||||||||
| Shareholders' Equity | ||||||||
| Deposits | $ | 439,852 | $ | 354,346 | ||||
| Borrowed funds | 76,190 | 66,894 | ||||||
| Other liabilities | 3,324 | 3,149 | ||||||
| Shareholders' Equity | 56,597 | 53,951 | ||||||
| Total liabilities and | ||||||||
| shareholders' equity | $ | 575,963 | $ | 478,340 | ||||
| Book value per share | $ | 25.98 | $ | 24.38 | ||||
Statements of Operations
In Thousands
| For the three months ended | For the nine months ended | |||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Interest income | $ | 5,687 | $ | 5,880 | $ | 17,346 | $ | 17,157 | ||||||||
| Interest expense | 1,551 | 1,517 | 4,839 | 4,356 | ||||||||||||
| Net interest income | 4,136 | 4,363 | 12,507 | 12,801 | ||||||||||||
| Provision for loan losses | 368 | 60 | 1,081 | 283 | ||||||||||||
| Net interest income after | ||||||||||||||||
| provision for loan losses | 3,768 | 4,303 | 11,426 | 12,518 | ||||||||||||
| Non interest income | 488 | 208 | 892 | 665 | ||||||||||||
| Non interest expense | 2,025 | 2,048 | 6,000 | 6,235 | ||||||||||||
| Income before income taxes | 2,231 | 2,463 | 6,318 | 6,948 | ||||||||||||
| Income tax expense | 489 | 557 | 1,402 | 1,557 | ||||||||||||
| Net income | $ | 1,742 | $ | 1,906 | $ | 4,916 | $ | 5,391 | ||||||||
| Net income per common share - basic | $ | 0.80 | $ | 0.86 | $ | 2.23 | $ | 2.46 | ||||||||
| * Derived from audited financial statements | ||||||||||||||||
SOURCE: PB Financial Corporation
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https://www.accesswire.com/611753/PB-Financial-Corporation-Reports-Third-Quarter-2020-Earnings
