PB Financial Corporation (OTCQX: PBNC), the parent company of Providence Bank, has announced a 9.62% increase in its quarterly dividend, reflecting the company’s robust financial performance and commitment to shareholder value. The Rocky Mount, North Carolina-based financial institution will pay $0.57 per share to stockholders of record as of February 11, 2025, with the payment scheduled for February 27, 2025.
This latest dividend hike marks the 53rd consecutive quarterly payout for PB Financial, a streak that began in the first quarter of 2012. The new annual dividend of $2.28 per share translates to a yield of 4.75%, based on the January 31, 2025 closing price of $47.99.
The dividend increase comes on the heels of PB Financial’s strong financial results for 2024. The company reported significant growth across key metrics, with total assets surging 34.08% to $1.317 billion, deposits rising 38.78% to $1.115 billion, and gross loans expanding 36.43% to $1.129 billion compared to the previous year.
PB Financial’s growth was further bolstered by its successful merger with Coastal Bank & Trust, completed in April 2024. Despite incurring one-time merger-related expenses of $937,420, the company managed to deliver impressive financial results. Net income available to common shareholders reached $3,937,492 in the fourth quarter of 2024, representing a 16.99% increase from the same period in 2023. For the full year 2024, net income grew 13.64% to $15,814,872.
The company’s strong performance has not gone unnoticed in the financial community. PB Financial was recently named to the 2025 OTCQX Best 50, a ranking of top-performing companies traded on the OTCQX Best Market. The company secured the 21st position out of 50 and was the only North Carolina-based bank to make the list.
Despite the overall positive results, PB Financial did experience a slight decrease in basic earnings per share, which fell 4.01% to $5.74 in 2024 from $5.98 in 2023. However, this minor setback appears to be outweighed by the company’s strong growth in other areas and its consistent dividend increases.
