ROCKY MOUNT, NC / ACCESS Newswire / July 7, 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 June 30, 2026, of $6,060,996 compared to $5,112,688 for the same period in 2025, an increase of 18.55%. For the six-month period ended June 30, 2026, net income available to common shareholders was $11,617,890 compared to $9,813,082 for the same period in 2025, an increase of 18.39%.
As of June 30, 2026, the Company reported total assets of $1.514 billion compared to $1.402 billion on June 30, 2025, an increase of 8.05%. Total deposits were $1.291 billion and gross loans were $1.260 billion at the end of the second quarter of 2026, compared to total deposits of $1.186 billion and gross loans of $1.176 billion at the end of the second quarter of 2025, increases of 8.84% and 7.15%, respectively.
Whitehurst commented, "I am very pleased to report record quarterly earnings. The Company continued to experience strong growth throughout the organization with over 7% growth in loans, deposits and assets plus over 18% growth in net income available to common shareholders. Our employees continue to help drive our success through their hard work and commitment to serving our customers daily. As always, we will look for opportunities to further enhance shareholder value."
For the six-month period ended June 30, 2026, the Company had basic earnings of $4.02 per share compared to $3.42 per share for the same period last year, an increase of 17.54%. As of June 30, 2026, the book value per common share was $46.39 compared to $41.48 on June 30, 2025, an increase of 11.84%. On August 21, 2026, the Company will pay its third quarter dividend of $0.63 per share for each share of common stock outstanding. This will be the 59th 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 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 June 30, 2026 and June 30, 2025 as presented are unaudited.
| PB Financial Corporation | Consolidated Balance Sheets June 30, December 31, | (Dollars in thousands) 2026 2025 | Assets (unaudited) * | Cash and due from banks $ 13,302 $ 10,521 | Interest-earning deposits with banks 26,569 24,093 | Investment securities 167,720 143,472 | Loans, gross 1,260,204 1,180,246 | Allowance for credit losses (10,891 ) (10,493 ) | Premises and equipment, net 3,675 3,737 | Goodwill 9,876 9,876 | Other intangible assets 3,514 3,978 | Other assets 40,506 39,229 | Total assets $ 1,514,475 $ 1,404,659 |
| Liabilities and | Stockholders' Equity | Liabilities: | Deposits $ 1,290,855 $ 1,186,279 | FHLB advances 25,000 25,000 | Subordinate debt 23,619 23,593 | Junior subordinate debt 4,558 4,528 | Other liabilities 12,359 12,186 | Total liabilities 1,356,391 1,251,586 | Shareholders' Equity: | Preferred stock 17,923 17,923 | Common stock 3,021 2,977 | Additional paid-in capital 57,217 55,930 | Retained earnings 85,861 80,871 | Accumulated other comprehensive loss (5,938 ) (4,628 ) | Total shareholders' equity 158,084 153,073 | Total liabilities and | shareholders' equity $ 1,514,475 $ 1,404,659 | Common stock outstanding 3,021,235 2,976,761 | Book value per share $ 46.39 $ 45.40 | Tangible book value per share $ 41.96 $ 40.75 |
* Derived from audited financial statements
| PB Financial Corporation | Consolidated Statements of Operations For the three months ended For the six months ended | (Dollars in thousands) June 30, June 30, June 30, June 30, | 2026 2025 2026 2025 | (unaudited) (unaudited) (unaudited) (unaudited) | Interest income $ 23,083 $ 21,856 $ 45,220 $ 42,894 | Interest expense 9,065 9,361 17,739 18,628 | Net interest income 14,018 12,495 27,481 24,266 | Provision for credit losses 120 118 404 279 | Net interest income after | provision for credit losses 13,898 12,377 27,077 23,987 | Non interest income 480 461 974 937 | Non interest expenses: | Salaries and employee benefits 3,577 3,246 7,296 6,452 | Occupancy and equipment 312 328 655 646 | Advertising and promotion 34 62 74 123 | Data processing 803 692 1,556 1,333 | Professional services 219 253 432 491 | Amortization of intangible assets 228 258 464 522 | Foreclosure - 8 - 8 | Other 908 955 1,651 1,835 | Total non-interest expenses 6,081 5,802 12,128 11,410 | Income before income taxes 8,297 7,036 15,923 13,514 | Income tax expense 1,923 1,610 3,678 3,074 | Net income 6,374 5,426 12,245 10,440 | Preferred stock dividends 313 313 627 627 | Net income available to common shareholders $ 6,061 $ 5,113 $ 11,618 $ 9,813 | Net income per common share - basic $ 2.09 $ 1.78 $ 4.02 $ 3.42 | Net income per common share - diluted $ 1.93 $ 1.70 $ 3.72 $ 3.27 | Basic weighted average shares outstanding 2,897,095 2,870,239 2,887,595 2,865,207 | Diluted weighted average shares outstanding 3,135,678 3,009,741 3,120,110 3,001,570 |
| Other Data | Return on average assets 1.67 % 1.53 % 1.65 % 1.50 % | Return on average equity 17.52 % 17.04 % 17.05 % 16.68 % | Net interest margin 3.87 % 3.74 % 3.89 % 3.68 % | Allowance for credit losses to loans 0.86 % 0.89 % 0.86 % 0.89 % | Non-performing assets to total assets 0.10 % 0.06 % 0.10 % 0.06 % | Net charge-offs to loans 0.00 % 0.00 % 0.00 % 0.00 % | Efficiency ratio 42.59 % 45.53 % 43.09 % 45.85 % | Non-accrual loans $ 1,520 $ 394 $ 1,520 $ 394 | Other real estate owned $ - $ 411 $ - $ 411 | Gain/(loss) on sale of securities $ - $ - $ - $ - |
For more information, contact:
Ted E. Whitehurst, President and CEO
252-467-2990; twhitehurst@pbknc.com
SOURCE: PB Financial Corp
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