ROCKY MOUNT, NC / ACCESSWIRE / April 24, 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 March 31, 2020, of $1,515,938 compared to $1,653,761 for the same period in 2019, a decrease of 8.33%.
As of March 31, 2020, the Company reported total assets of $531.5 million compared to $465.1 million at March 31, 2019, an increase of 14.28%. Total deposits were $397.6 million and gross loans were $419.6 million at the end of the first quarter of 2020, compared to total deposits of $360.1 million and gross loans of $363.9 million at the end of the first quarter of 2019, increases of 10.41% and 15.31% respectively.
Whitehurst commented, "We have seen tremendous growth in assets, loans, deposits and capital in the first quarter. Our balance sheet remains strong as we position ourselves for the economic effects of COVID-19. During the quarter, interest rates decreased and our loan loss provisions were increased which caused a decline in our net income.
Our primary focus during the COVID-19 pandemic is helping our customers, employees and communities. We have assisted our customers by offering loan payment deferral options and processing Paycheck Protection Program applications. We have assisted our employees by maintaining our staffing levels and providing certain expanded health benefits. We have assisted our communities by maintaining customer transactions through our drive-thru windows since our lobbies have been closed. Additionally, we have provided targeted funding for key programs that have a direct impact on our communities. As we move forward, we will remain diligent in protecting the health of our employees and the economic health of our Bank and the communities that we serve."
For the three-month period ended March 31, 2020, the Bank had basic earnings of $0.69 per share compared to $0.76 per share for the same period last year, a decrease of 9.21%. As of March 31, 2020, book value per common share was $25.00 compared to $22.42 at March 31, 2019, an increase of 11.51%. On February 24, 2020, the Company paid its first quarter dividend of $0.20 per share for each share of common stock outstanding. It was our 33rd 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.
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 March 31, 2020 and March 31, 2019 as presented are 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 | March 31, | December 31, | ||||||
In Thousands | 2020 | 2019 | ||||||
Assets | (unaudited) | * | ||||||
Cash and due from banks | $ | 5,413 | $ | 5,816 | ||||
Interest-earning deposits with banks | 55,823 | 38,742 | ||||||
Investment securities | 23,772 | 19,733 | ||||||
Loans, gross | 419,574 | 387,248 | ||||||
Allowance for loan losses | (4,078 | ) | (3,602 | ) | ||||
Other assets | 30,964 | 30,403 | ||||||
Total assets | $ | 531,468 | $ | 478,340 | ||||
Liabilities and | ||||||||
Shareholders' Equity | ||||||||
Deposits | $ | 397,607 | $ | 354,346 | ||||
Borrowed funds | 75,104 | 66,894 | ||||||
Other liabilities | 3,435 | 3,149 | ||||||
Shareholders' Equity | 55,322 | 53,951 | ||||||
Total liabilities and | ||||||||
shareholders' equity | $ | 531,468 | $ | 478,340 | ||||
Book value per share | $ | 25.00 | $ | 24.38 | ||||
Statements of Operations | For the three months ended | |||||||
In Thousands | March | March | ||||||
| 2020 | 2019 | |||||||
| (unaudited) | (unaudited) | |||||||
Interest income | $ | 5,966 | $ | 5,490 | ||||
Interest expense | 1,649 | 1,379 | ||||||
Net interest income | 4,317 | 4,111 | ||||||
Provision for loan losses | 475 | 147 | ||||||
Net interest income after | ||||||||
provision for loan losses | 3,842 | 3,964 | ||||||
Non interest income | 209 | 248 | ||||||
Non interest expense | 2,091 | 2,081 | ||||||
Income before income taxes | 1,960 | 2,131 | ||||||
Income tax expense | 444 | 477 | ||||||
Net income | $ | 1,516 | $ | 1,654 | ||||
Net income per common share - basic | $ | 0.69 | $ | 0.76 | ||||
* Derived from audited financial statements
SOURCE: PB Financial Corporation
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