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
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https://www.accesswire.com/575073/PB-Financial-Corporation-Reports-Fourth-Quarter-and-Year-End-2019-Financials
