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PB Financial Reports Record Quarterly Profits | Business

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Ted E. Whitehurst, president and CEO of PB Financial Corp., the holding company of Providence Bank, reported net income for the quarter ended Sept. 30 of $ 2,503,174, compared to $ 1,741,447 for the same period in 2020, an increase of 43.74%.

For the nine-month period ended September 30, net income was $ 7,112,444, compared to $ 4,915,597 for the same period in 2020, an increase of 44.69%.

As of September 30, the company reported total assets of $ 673.7 million, up from $ 576.0 million as of September 30, 2020, an increase of 16.97%.

Total deposits stood at $ 541.3 million and gross loans at $ 521.7 million at the end of the third quarter of 2021, against total deposits of $ 439.9 million and gross loans of $ 451.6 million at the end of the third quarter of 2020, increases of 23.07% and 15.54. percent respectively.

“I am very pleased to report record quarterly earnings as well as continued strong organic growth in our balance sheet,” said Whitehurst. “I am extremely proud of the way our employees worked during this pandemic to help our customers. In order to further enhance shareholder value, our company continues to focus on growth, customer service and efficiency. “

For the nine-month period ended September 30, the company reported basic earnings of $ 3.24 per share. As at September 30, the book value per common share was $ 28.91, compared to $ 25.98 as at September 30, 2020, an increase of 11.28%.

On August 23, the company paid its third quarter dividend of $ 0.26 per share for each common share outstanding. This was the company’s 39th consecutive increasing quarterly cash dividend paid to shareholders.

Providence Bank is a state-chartered community bank headquartered at 450 N. Winstead Ave. in Rocky Mount, with branches in Rocky Mount, Tarboro, Nashville, Wilson and Raleigh.


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