PB Financial Corporation Reports First Quarter 2026 Earnings | PBNC Stock News

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 March 31, 2026, of $5,556,894 compared to $4,700,394 for the same period in 2025, an increase of 18.22%.As of March 31, 2026, the Company reported total assets of $1.460 billion compared to $1.355 billion on March 31, 2025, an increase of 7.74%. Total deposits were $1.244 billion and gross loans were $1.219 billion at the end of the first quarter of 2026 compared to total deposits of $1.153 billion and gross loans of $1.149 billion at the end of the first quarter of 2025, increases of 7.87% and 6.11%, respectively.Whitehurst commented, "I am very pleased to report our quarterly earnings. The Company continued to experience good growth throughout the organization with over 6% growth in loans, deposits and assets plus over 18% growth in net income available to common shareholders. Our employees help drive our success through their hard work and dedication to serving our customers. As always, we will continue to look for opportunities to further enhance shareholder value."For the three-month period ended March 31, 2026, the Company had basic earnings of $1.93 per share compared to $1.64 per share for the same period last year, an increase of 17.68%. As of March 31, 2026, book value per common share was $45.57 compared to $41.10 on March 31, 2025, an increase of 10.88%. On February 26, 2026, the Company paid its first ever special cash dividend of $0.34 per share for each share of common stock outstanding. On March 5, 2026, the Company paid its first quarter dividend of $0.61 per share for each share of common stock outstanding. The quarterly cash dividend was our 57th consecutively increased quarterly cash dividend paid to shareholders.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.www.pbknc.comThis 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 March 31, 2026 and March 31, 2025 as presented are unaudited.PB Financial CorporationConsolidated Balance SheetsMarch 31,December 31,(Dollars in thousands)20262025Assets(unaudited)*Cash and due from banks$11,037$10,521Interest-earning deposits with banks34,09024,093Investment securities149,236143,472Loans, gross1,219,2161,180,246Allowance for credit losses(10,771)(10,493)Premises and equipment, net3,6793,737Goodwill9,8769,876Other intangible assets3,7433,978Other assets39,80039,229Total assets$1,459,906$1,404,659Liabilities and Stockholders' EquityLiabilities:Deposits$1,243,910$1,186,279FHLB advances20,00025,000Subordinate debt23,60623,593Junior subordinate debt4,5434,528Other liabilities12,45812,186Total liabilities1,304,5171,251,586Shareholders' Equity:Preferred stock17,92317,923Common stock3,0162,977Additional paid-in capital56,80655,930Retained earnings83,57780,871Accumulated other comprehensive loss(5,933)(4,628)Total shareholders' equity155,389153,073Total liabilities andshareholders' equity$1,459,906$1,404,659Common stock outstanding3,016,4592,976,761Book value per share$45.57$45.40Tangible book value per share$41.06$40.75* Derived from audited financial statementsPB Financial CorporationConsolidated Statements of OperationsFor the three months ended(Dollars in thousands)March 31,March 31,20262025(unaudited)(unaudited)Interest income$22,137$21,038Interest expense8,6749,267Net interest income13,46311,771Provision for credit losses284161Net interest income afterprovision for credit losses13,17911,610Non interest income494476Non interest expenses:Salaries and employee benefits3,7193,206Occupancy and equipment343318Advertising and promotion4061Data processing753641Professional services213238Amortization of intangible assets236264Other743880Total non-interest expenses6,0475,608Income before income taxes7,6266,478Income tax expense1,7551,464Net income5,8715,014Preferred stock dividends314314Net income available to common shareholders$5,557$4,700Net income per common share - basic$1.93$1.64Net income per common share - diluted$1.79$1.57Basic weighted average shares outstanding2,877,9882,860,118Diluted weighted average shares outstanding3,102,5992,993,183Other DataReturn on average assets1.63%1.47%Return on average equity16.57%16.31%Net interest margin3.91%3.62%Allowance for credit losses to loans0.88%0.90%Non-performing assets to total assets0.06%0.04%Net charge-offs to loans0.00%0.00%Efficiency ratio43.61%46.19%Non-accrual loans$928$514Other real estate owned$-$-Gain/(loss) on sale of securities$-$-For more information, contact:Ted E. Whitehurst, President and CEO252-467-2990; twhitehurst@pbknc.comSOURCE: PB Financial CorpView the original press release on ACCESS Newswire