PB Financial Corporation Reports Record Second Quarter 2025 Earnings

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%.

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; twhitehurst@pbknc.com

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.

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