PB Financial Corporation (OTCQX: PBNC), the holding company for Providence Bank, announced today that the Board of Directors has approved a quarterly cash dividend of $0.56 per share on common stock outstanding. This dividend will be available to shareholders of record at the close of business on November 5, 2024, and is scheduled to be paid on November 22, 2024. This marks a 9.80% increase from the dividend paid during the fourth quarter of 2023.
The newly declared dividend translates to an annualized payout of $2.24 per share, yielding approximately 5.34% based on the closing price of $41.93 per share as of October 25, 2024. This consistent growth in dividends underscores PB Financial Corporation’s commitment to enhancing shareholder value through stable financial performance. Ted E. Whitehurst, President of the company noted, “This represents our 52nd consecutive quarterly cash dividend. The Company’s consistent financial performance has allowed us to increase our cash dividend every quarter since we began paying dividends, representing 13 consecutive years of growth. Our original shareholders will have received $10.02 per share in cash dividends, which is 91.09% of their original purchase price of $11 per share.”
As of September 30, 2024, PB Financial Corporation reported total assets of $1.285 billion, with loans amounting to $1.086 billion and total deposits reaching $1.084 billion. These figures reflect a robust financial position that supports the ongoing commitment to returning value to shareholders. The bank’s strong asset base and sound loan portfolio contribute to its ability to generate consistent earnings, which in turn supports its dividend policy. The increase in dividends is not only a testament to the company’s financial health but also a strategic move aimed at attracting and retaining investors who seek reliable income from their investments.
PB Financial Corporation’s long-term strategy emphasizes sustainable growth and shareholder value enhancement. The company’s ability to consistently increase dividends sets it apart from many community banks that may struggle with fluctuating earnings or inconsistent payout policies. Providence Bank operates with a clear focus on community banking principles, providing personalized service while maintaining a strong financial foundation. With branches located in Rocky Mount, Tarboro, Nashville, Wilson, Raleigh, Jacksonville, Holly Ridge, Morehead City, Richlands, and a loan production office in New Bern, the bank serves a diverse customer base across North Carolina.
Looking ahead, PB Financial Corporation remains optimistic about its growth prospects despite potential economic challenges. The management team is focused on leveraging its strong capital position to explore opportunities for expansion and further investment in technology and customer service enhancements. In conclusion, the latest dividend announcement reflects PB Financial Corporation’s commitment to its shareholders and its confidence in future earnings growth. As the company continues to navigate the complexities of the financial landscape, its dedication to delivering value remains steadfast. For more information about PB Financial Corporation and its services, visit their website or contact their investor relations team. This article highlights the key aspects of PB Financial Corporation’s recent dividend declaration while providing context about its financial health and strategic focus for future growth.
