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Providence Bank announces second-quarter profit

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From Contributed Reports

Monday, July 23, 2018

Ted E. Whitehurst, president and CEO of PB Financial Corp., the holding company for Providence Bank, reported net income of $1,436,275 for the quarter ended June 30, compared to $848,206 for the same period in 2017, an increase of 69.33 percent.

For the six-month period ended June 30, net income was $2,421,838 compared to $1,559,207 for the same period in 2017, an increase of 55.32 percent.

As of June 30, the company reported total assets of $419.3 million, compared to $299.2 million at June 30, 2017, an increase of 40.14 percent. Total deposits were $341.3 million and gross loans were $323.5 million at the end of the second quarter of 2018, compared to total deposits of $244.3 million and gross loans of $240.7 million at the end of the second quarter of 2017, increases of 39.71 percent and 34.40 percent, respectively.

“The second quarter was extremely busy for us,” Whitehurst said. “We successfully completed the legal merger with CB Financial Corporation-Cornerstone Bank in early April followed by the systems conversion in late April, which took a tremendous amount of time and effort from all of our employees. I’m very happy with the financial results of our Company. We are seeing the positive effects on net income from the merger along with the organic growth we have experienced. Additionally, we’re seeing a reduction of income tax expense resulting from the Tax Cuts and Jobs Act.”

For the six-month period ended June 30, 2018, the company had basic earnings of $1.12 per share compared to $0.95 per share for the same period last year, an increase of 17.89 percent. As of June 30, the book value per common share was $20.32 compared to $18 on June 30, 2017, an increase of 12.89 percent.

On Aug. 24,  the company will pay its third quarter dividend of $0.13 per share for each share of common stock outstanding. This will be the 27th consecutive quarterly cash dividend paid.

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

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