ROCKY MOUNT, NC / ACCESSWIRE / July 12, 2022 / Ted E. Whitehurst, President and CEO of PB Financial Corporation (OTCQX:PBNC), the holding company (the "Company") for Providence Bank, reported net income for the quarter ended June 30, 2022, of $3.24 million compared to $2.46 million for the same period in 2021, an increase of 31.92%. For the six-month period ended June 30, 2022, net income was $5.95 million compared to $4.61 million for the same period in 2021, an increase of 29.18%.

As of June 30, 2022, the Company reported total assets of $784.4 million compared to $626.1 million at June 30, 2021, an increase of 19.54%. Total deposits were $606.3 million and gross loans were $584.3 million at the end of the second quarter of 2022, compared to total deposits of $495.5 million and gross loans of $501.7 million at the end of the second quarter of 2021, increases of 22.36% and 16.47% respectively.

Whitehurst commented, "I'm extremely pleased with our financial results. We had record quarterly earnings and continued to experience strong organic growth throughout the organization. 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 the six-month period ended June 30, 2022, the Company had basic earnings of $2.69 per share compared to $2.10 per share for the same period last year, an increase of 28.10%. As of June 30, 2022, the book value per common share was $27.95 compared to $27.69 at June 30, 2021, an increase of 0.94%. On August 22, 2022, the Company will pay its third quarter dividend of $0.31 per share for each share of common stock outstanding. This will be the 43 ^rd 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 and Raleigh.

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, 2022 and June 30, 2021 as presented are unaudited.

PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations

For more information, contact:
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com

SOURCE: PB Financial Corporation