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Providence Bank reports 2nd quarter earnings, 3rd quarter dividend

Posted on July 18, 2021

Local news

Whitehurst

Whitehurst

ROCKY MOUNT — Providence Bank boosted its second-quarter net income by more than 48% from 2020 to 2021.

Holding company PB Financial Corp. reported net income of $2,458,844 for the quarter that ended June 30 compared to $1,658,212 for the same period in 2020, an increase of 48.28%, President and CEO Ted E. Whitehurst announced.

For the six-month period that ended June 30, net income was $4,609,269 compared to $3,174,150 for the same period in 2020, an increase of 45.21%.

As of June 30, the company reported total assets of $626.1 million compared to $563.9 million on June 30, 2020, an increase of 11.04%.

Total deposits were $495.5 million and gross loans were $501.7 million at the end of the second quarter of 2021, compared to total deposits of $426.7 million and gross loans of $443.8 million at the end of the second quarter of 2020, increases of 16.13% and 13.04% respectively.

“I’m extremely pleased with our financial results,” Whitehurst said in a news release. “We had record quarterly earnings as we continue to experience strong organic growth throughout the organization. Our Raleigh location, which opened in late 2020, has exceeded our expectations. 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 that ended June 30, the company had basic earnings of $2.10 per share compared to $1.43 per share for the same period last year, an increase of 46.85%. As of June 30, the book value per common share was $27.74 compared to $25.46 on June 30, 2020, an increase of 8.96%.

DIVIDEND ANNOUNCED

Providence Bank’s Board of Directors approved a quarterly cash dividend of $0.26 per share on common stock outstanding to shareholders of record at the close of business on Aug. 2. The dividend is payable on Aug. 23.

This is an increase of about 23.81% from the dividend paid during the third quarter of 2020. This represents a $1.04 dividend on an annual basis and a yield of 2.98% based on the July 6 closing price of $34.86 per share.

“This represents our 39th consecutive quarterly cash dividend,” Whitehurst said. “Our consistent financial performance has allowed us to increase our cash dividend each quarter since we began paying dividends in the first quarter of 2012. This increase in our quarterly cash dividend is part of our continued strategy to enhance shareholder value, which we believe sets us apart from other community banks.”

PB Financial Corp. is headquartered at 450 N. Winstead Ave. in Rocky Mount. As of June 30, the company reported total assets of $626.1 million, loans of $501.7 million and total deposits of $495.5 million.

Providence Bank is a state-chartered community bank with branches in Rocky Mount, Tarboro, Nashville, Wilson and Raleigh.

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