American Marconi Wireless News - PB Financial Corporation Reports Earnings For Both The Fourth Quarter And The Year 2024

As of December 31, 2024, the Company reported total assets of $1.317 billion compared to $982.4 million at December 31, 2023, an increase of 34.08%. Total deposits were $1.115 billion and gross loans were $1.129 billion at the end of 2024, compared to total deposits of $803.5 million and gross loans of $827.8 million at the end of 2023, increases of 38.78% and 36.43% respectively.

Whitehurst commented, "I am pleased to report our quarterly and full year earnings. We were able to show double digit increases in our quarterly and annual net income available to shareholders. We successfully completed our merger with Coastal Bank & Trust and had a smooth integration for our customers. We incurred total one-time merger-related expenses of approximately $937,420. The Company continued to experience strong growth throughout the organization with over 30% growth in loans, deposits and total assets. The hard work and dedication of our employees to serve our customers continues to drive our success. As always, we will continue to look for opportunities to further enhance shareholder value."

For 2024, the Company had basic earnings of $5.74 per share compared to basic earnings of $5.98 per share in 2023, a decrease of 4.01%. The December 31, 2024, book value per common share was $39.63, and the tangible book value per common share was $34.72. In 2024, the Company paid cash dividends of $2.15 per share for each share of common stock outstanding, an increase of approximately 15.59% from the cash dividends paid in 2023. The Company has paid 52 consecutive quarterly cash dividends since it began paying cash dividends in the first quarter of 2012. The quarterly cash dividend has increased each quarter.

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 and Richlands, as well as 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 December 31, 2024 and December 31, 2023 as presented is unaudited.

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

* Derived from audited financial statements

For more information, contact:

Ted E. Whitehurst, President and CEO

252-467-2990; [email protected]

SOURCE: PB Financial Corp.

View the original press release on ACCESS Newswire

T.Ward--AMWN