PB Financial Corporation Reports Record Second Quarter 2025 Earnings

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PB Financial Corporation Reports Record Second Quarter 2025 Earnings

ECONOMY 08.07.2025

ROCKY MOUNT, NC / ACCESS Newswire / July 8, 2025 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company (the "Company") for Providence Bank, reported net income available to common shareholders for the quarter ended June 30, 2025, of $5,112,688 compared to $4,111,594 for the same period in 2024, an increase of 24.35%. For the six-month period ended June 30, 2025, net income available to common shareholders was $9,813,082 compared to $7,280,844 for the same period in 2024, an increase of 34.78%.

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As of June 30, 2025, the Company reported total assets of $1.402 billion compared to $1.261 billion on June 30, 2024, an increase of 11.14%. Total deposits were $1.186 billion and gross loans were $1.176 billion at the end of the second quarter of 2025, compared to total deposits of $1.051 billion and gross loans of $1.066 billion at the end of the second quarter of 2024, increases of 12.85% and 10.34%, respectively.

Whitehurst commented, "I am very pleased to report record quarterly earnings. The Company continued to have strong growth throughout the entire organization. We have been able to continue to drive efficiency from our strategic merger with Coastal Bank & Trust last year. As always, we will look for opportunities to further enhance shareholder value."

For the six-month period ended June 30, 2025, the Company had basic earnings of $3.42 per share compared to $2.76 per share for the same period last year, an increase of 23.91%. As of June 30, 2025, the book value per common share was $41.48 compared to $37.19 on June 30, 2024, an increase of 11.54%. On August 22, 2025, the Company will pay its third quarter dividend of $0.59 per share for each share of common stock outstanding. This will be the 55^th 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.

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 June 30, 2025 and June 30, 2024 as presented are unaudited.

For more information, contact:

Ted E. Whitehurst, President and CEO
252-467-2990; [email protected]

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

Balance Sheets	June 30,		December 31,
In Thousands	2025		2024
Assets	(unaudited)		*
Cash and due from banks	$	12,992	$	11,445
Interest-earning deposits with banks	41,142	13,385
Investment securities	122,701	114,048
Loans, gross	1,176,128	1,129,337
Allowance for credit losses	(10,487	)	(10,205	)
Intangible assets	14,347	14,278
Other assets	44,768	44,922
Total assets	$	1,401,591	$	1,317,210

Liabilities and
Stockholders' Equity
Deposits	$	1,186,033	$	1,115,145
Borrowed funds	63,422	58,496
Other liabilities	12,454	10,282
Shareholders' Equity	139,682	133,287
Total liabilities and
stockholders' equity	$	1,401,591	$	1,317,210

Book value per share	$	41.48	$	39.63
Tangible book value per share	$	36.60	$	34.72

Statements of Operations
In Thousands

	For the three months ended						For the six months ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income	$	21,856	$	20,034	$	42,894	$	35,674
Interest expense	9,361	8,900	18,628	16,784
Net interest income	12,495	11,134	24,266	18,890
Provision for credit losses	118	20	279	192
Net interest income after
provision for credit losses	12,377	11,114	23,987	18,698
Non interest income	461	489	937	788
Non interest expense	5,802	5,771	11,410	9,226
Income before income taxes	7,036	5,832	13,514	10,260
Income tax expense	1,610	1,406	3,074	2,504
Net income	5,426	4,426	10,440	7,756
Preferred stock dividends	313	314	627	475
Net income available to common stockholders	$	5,113	$	4,112	$	9,813	$	7,281

Net income per common share - basic	$	1.78	$	1.46	$	3.42	$	2.76
Net income per common share - diluted	$	1.70	$	1.41	$	3.27	$	2.65

* Derived from audited financial statements

SOURCE: PB Financial Corp.

View the original press release on ACCESS Newswire

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Arizona Tribune - PB Financial Corporation Reports Record Second Quarter 2025 Earnings

PB Financial Corporation Reports Record Second Quarter 2025 Earnings

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