Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company for Providence Bank, reported net income available to common shareholders for the quarter ended June 30, 2024, of $4,111,594 million compared to $3,742,273 million for the same period in 2023, an increase of 9.89%. For the six-month period ended June 30, 2024, net income available to common shareholders was $7,280,844 million compared to $7,454,287 million for the same period in 2023, a decrease of 2.33%. This included merger related expenses in the second quarter, 2024 of $745,776 and year-to-date expenses of $811,738.
As of June 30, 2024, the Company reported total assets of $1.261 billion compared to $879.1 million on June 30, 2023, an increase of 43.45%. Total deposits were $1.051 billion and gross loans were $1.066 billion at the end of the second quarter of 2024, compared to total deposits of $698.2 million and gross loans of $713.1 million at the end of the second quarter of 2023, increases of 50.54% and 49.47%, respectively.
Whitehurst commented, “I am pleased to report to our shareholders that we have continued to perform well in 2024. We successfully completed our merger with Coastal Bank & Trust in April, which contributed to strong earnings and balance sheet growth in the second quarter compared to the same period in 2023.”
For the six-month period ended June 30, 2024, the Company had basic earnings of $2.76 per share compared to $3.32 per share for the same period last year, a decrease of 16.87%. As of June 30, 2024, the book value per common share was $37.19 compared to $31.74 on June 30, 2023, an increase of 17.17%. On August 23, 2024, the Company will pay its third quarter dividend of $0.54 per share for each share of common stock outstanding. This will be the 51st 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, Wilson, Raleigh, Jacksonville, Holly Ridge, Morehead City, Richlands, and a loan production office in New Bern.
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, 2024 and June 30, 2023 as presented are unaudited.
