PB Financial Corporation Reports First Quarter 2026 Earnings

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2:35 PM on Wednesday, April 15

The Associated Press

ROCKY MOUNT, NC / ACCESS Newswire / April 15, 2026 / 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.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 March 31, 2026 and March 31, 2025 as presented are unaudited.

PB Financial Corporation
Consolidated Balance Sheets	March 31,			December 31,
(Dollars in thousands)	2026			2025
Assets	(unaudited)				*
Cash and due from banks	$	11,037			$	10,521
Interest-earning deposits with banks		34,090				24,093
Investment securities		149,236				143,472
Loans, gross		1,219,216				1,180,246
Allowance for credit losses		(10,771	)			(10,493	)
Premises and equipment, net		3,679				3,737
Goodwill		9,876				9,876
Other intangible assets		3,743				3,978
Other assets		39,800				39,229
Total assets	$	1,459,906			$	1,404,659

Liabilities and Stockholders' Equity
Liabilities:
Deposits	$	1,243,910			$	1,186,279
FHLB advances		20,000				25,000
Subordinate debt		23,606				23,593
Junior subordinate debt		4,543				4,528
Other liabilities		12,458				12,186
Total liabilities		1,304,517				1,251,586
Shareholders' Equity:
Preferred stock		17,923				17,923
Common stock		3,016				2,977
Additional paid-in capital		56,806				55,930
Retained earnings		83,577				80,871
Accumulated other comprehensive loss		(5,933	)			(4,628	)
Total shareholders' equity		155,389				153,073
Total liabilities and
shareholders' equity	$	1,459,906			$	1,404,659

Common stock outstanding		3,016,459				2,976,761
Book value per share	$	45.57			$	45.40
Tangible book value per share	$	41.06			$	40.75

* Derived from audited financial statements

PB Financial Corporation
Consolidated Statements of Operations	For the three months ended
(Dollars in thousands)	March 31,			March 31,
	2026			2025
	(unaudited)			(unaudited)
Interest income	$	22,137			$	21,038
Interest expense		8,674				9,267
Net interest income		13,463				11,771
Provision for credit losses		284				161
Net interest income after
provision for credit losses		13,179				11,610
Non interest income		494				476
Non interest expenses:
Salaries and employee benefits		3,719				3,206
Occupancy and equipment		343				318
Advertising and promotion		40				61
Data processing		753				641
Professional services		213				238
Amortization of intangible assets		236				264
Other		743				880
Total non-interest expenses		6,047				5,608
Income before income taxes		7,626				6,478
Income tax expense		1,755				1,464
Net income		5,871				5,014
Preferred stock dividends		314				314
Net income available to common shareholders	$	5,557			$	4,700

Net income per common share - basic	$	1.93			$	1.64
Net income per common share - diluted	$	1.79			$	1.57

Basic weighted average shares outstanding		2,877,988				2,860,118
Diluted weighted average shares outstanding		3,102,599				2,993,183

Other Data

Return on average assets		1.63	%			1.47	%
Return on average equity		16.57	%			16.31	%
Net interest margin		3.91	%			3.62	%
Allowance for credit losses to loans		0.88	%			0.90	%
Non-performing assets to total assets		0.06	%			0.04	%
Net charge-offs to loans		0.00	%			0.00	%
Efficiency ratio		43.61	%			46.19	%

Non-accrual loans	$	928			$	514
Other real estate owned	$	-			$	-
Gain/(loss) on sale of securities	$	-			$	-