PB Financial Corporation Reports Record First Quarter 2025 Earnings
As of March 31, 2025, the Company reported total assets of $1.355 billion compared to $1.016 billion on March 31, 2024, an increase of 33.40%. Total deposits were $1.153 billion and gross loans were $1.149 billion at the end of the first quarter of 2025 compared to total deposits of $805.0 million and gross loans of $860.3 million at the end of the first quarter of 2024, increases of 43.26% and 33.56%, respectively.
Whitehurst commented, 'I am very pleased to report record quarterly earnings. The Company continued to experience strong growth throughout the organization with over 30% growth in loans, deposits and total assets. 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, 2025, the Company had basic earnings of $1.64 per share compared to $1.30 per share for the same period last year, an increase of 26.15%. As of March 31, 2025, book value per common share was $41.10 compared to $35.67 on March 31, 2024, an increase of 15.22%. On February 27, 2025, the Company paid its first quarter dividend of $0.57 per share for each share of common stock outstanding. It was our 53rd 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, Richlands, and a loan production office in New Bern.
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, 2025 and March 31, 2024 as presented are unaudited.
PB Financial Corporation
Consolidated Balance Sheets and Statements of Operations
Balance Sheets
March 31,
December 31,
In Thousands
2025
2024
Assets
(unaudited)
*
Cash and due from banks
$
11,844
$
11,445
Interest-earning deposits with banks
31,988
13,385
Investment securities
113,981
114,048
Loans, gross
1,149,038
1,129,337
Allowance for credit losses
(10,369
)
(10,205
)
Intangible assets
14,604
14,278
Other assets
43,987
44,922
Total assets
$
1,355,073
$
1,317,210
Liabilities and Stockholders' Equity
Deposits
$
1,153,187
$
1,115,145
Borrowed funds
53,398
58,496
Other liabilities
10,245
10,282
Shareholders' Equity
138,243
133,287
Total liabilities and stockholders' equity
$
1,355,073
$
1,317,210
Book value per share
$
41.10
$
39.63
Tangible book value per share
$
36.11
$
34.72
Statements of Operations
For the three months ended
In Thousands
March 31,
March 31,
2025
2024
(unaudited)
(unaudited)
Interest income
$
21,038
$
15,640
Interest expense
9,267
7,884
Net interest income
11,771
7,756
Provision for credit losses
161
172
Net interest income after
provision for credit losses
11,610
7,584
Non interest income
476
299
Non interest expense
5,608
3,455
Income before income taxes
6,478
4,428
Income tax expense
1,464
1,098
Net income
5,014
3,330
Preferred stock dividends
314
161
Net income available to common stockholders
$
4,700
$
3,169
Net income per common share - basic
$
1.64
$
1.30
Net income per common share - diluted
$
1.57
$
1.24
* Derived from audited financial statements
For more information, contact:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
Tariffs Take A Bite Out Of Deere Profit, Demand Challenges Hit Core Businesses (UPDATED)
Deere & Company (NYSE:DE) shares tumbled Thursday after the agricultural equipment giant posted mixed third-quarter results and trimmed its full-year profit forecast, highlighting persistent headwinds from declining sales, tariffs, and cautious customer demand. The heavy machinery maker reported earnings per share of $4.75, beating the consensus of $4.67. It reported a 9% decline in quarterly sales to $12.02 billion, beating the consensus of $10.31 billion. Production and precision agriculture sales decreased 16% for the quarter to $4.27 billion as a result of lower shipment volumes and unfavorable price realization. Operating profit slumped 50% to $580 million primarily due to lower shipment volumes / sales agriculture and turf sales decreased 1% to $3.03 billion due to lower shipment volumes, partially offset by favorable currency translation and price realization. Operating profit decreased 2% to $485 million due to higher tariffs, partially offset by reductions in warranty expenses and lower production costs. The decreased production costs were primarily the result of lower material costs. Construction and forestry sales decreased 5% to $3.06 billion due to unfavorable price realization. Operating profit decreased 47% to $237 million primarily due to unfavorable price realization and higher production costs caused by higher tariffs, partially offset by a favorable product mix. 'By proactively managing inventory, we've matched production to retail demand, enabling our company and dealers to respond swiftly to market shifts and customer needs,' said John May, chairman and CEO of John Deere. 'By continuing to address the high levels of used equipment in the industry, we're building a healthier market for everyone, our customers, our dealers, and our business, even in these challenging times,' May added. View more earnings on DE Deere's financial services reported a net income increasing 34% to $205 million, driven by a lower provision for credit losses. Outlook Deere narrowed its fiscal 2025 net income guidance to between $4.75 billion and $5.25 billion, compared to its previous forecast of $4.75 billion to $5.50 billion, citing that customers remain cautious amid ongoing uncertainty. 'We remain committed to delivering solutions that address our customers' current needs while also laying the groundwork for future growth. For example, the increasing utilization and proven in-field effectiveness of advanced technologies, such as See & Spray and Harvest Settings Automation, are empowering customers to improve their productivity and better navigate industry challenges,' May noted. 'The positive outcomes we're enabling reinforce our confidence in Deere's future despite near-term uncertainty.' For fiscal 2025, Deere expects production and precision agriculture sales to decline between 15% and 20%, with small agriculture and turf revenues to fall by around 10% and construction and forestry sales to decline by 10%-15%. During the earnings conference call, Deere executives reportedly said tariff costs during the third quarter were about $200 million, with the pre-tariff impact forecast for 2025 now approaching $600 million. They also noted more uncertainty in the North American agricultural market and confirmed the company will continue to run factories lean to match demand. When looking at the industry, for fiscal 2025, Deere expects the U.S. and Canada large agriculture equipment sales to decline approximately 30%, while small agriculture and turf equipment sales are projected to decrease around 10%. The company sees U.S. and Canada construction equipment sales to fall by around 10%. Price Action: DE stock is trading lower by 6.49% to $480.22 at last check Thursday. Read Next:Image via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? DEERE (DE): Free Stock Analysis Report This article Tariffs Take A Bite Out Of Deere Profit, Demand Challenges Hit Core Businesses (UPDATED) originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Newsweek
14 minutes ago
- Newsweek
Popular Fast Food Chain to Close Dozens of Locations: What to Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Noodles & Company is set to close up to 32 of its restaurants across the United States by the end of 2025, the restaurant chain announced on Wednesday. The Colorado-based chain said in its 2025 second-quarter financial results that it will shutter between 28 and 32 company-owned restaurants this year and will open two sites. It comes as the company reported nationwide comparable restaurant sales growth, but a net loss and tighter liquidity. Newsweek reached out to Noodles & Company for comment via email outside of regular working hours. Why It Matters The expected 2025 closures represent around a 7 percent reduction in the company's footprint. The chain, which has been running since 1995, has around 400 restaurants across the U.S., according to the company. Several other American restaurant chains, including Denny's, Applebee's, TGI Fridays and Red Lobster, have also closed dozens of branches or filed for bankruptcy within the last year. Stock image of pasta. Stock image of pasta. GDA/AP What To Know Noodles & Company reported on Wednesday that comparable restaurant sales increased 1.5 percent overall in the second quarter, including a 1.5 percent increase at company-owned restaurants and a 1.6 percent increase at franchised sites. But total revenue decreased in the second quarter by 0.7 percent to $127.4 million. Net losses also stood at $17.6 million, compared to a loss of $13.6 million in the second quarter of 2024. As of July 1, the company had $2.3 million in cash and cash equivalents and outstanding debt of $108.3 million. In the second quarter, the company closed six company-owned restaurants and two franchise restaurants, but opened one new company-owned site. The restaurant closures come amid an attempted turnaround at the company, which included an overhaul of its menu in March. What People Are Saying Drew Madsen, Noodles & Company chief executive officer, said in a statement: "We are encouraged to have delivered positive comparable restaurant sales of 1.5 percent in the second quarter despite a challenging consumer environment that has led to heightened discounting and promotional activity across the industry. Our sales and traffic moderated after the initial successful rollout of our new menu due to the strong value-conscious climate as well as slower guest adoption of the upgrades made to some of our historic menu items. "We have been moving decisively to address these factors, particularly around guest value perception. Our new Delicious Duos value-focused platform, that launched at the beginning of August, is off to a great start. Comparable restaurant sales have increased to an average of positive five percent over the past two weeks, demonstrating that our value-focused initiatives are resonating with guests." Mike Hynes, Noodles & Company chief financial officer, said in a conference call on Wednesday, according to Restaurant Business Magazine: "We're very pleased with the results from closing under-performing restaurants. The closures have removed restaurants with negative cash flow from our system, and post closure, we've seen nearby Noodles restaurants experience an increase in sales and profits." What Happens Next Madsen is stepping down as the company's CEO this month and will be succeeded by Joe Christina, who will oversee the ongoing restaurant closures and openings this year.
Business Wire
43 minutes ago
- Business Wire
Immunis Named Among Top 25 Biotech & Life Sciences Companies for 2025 by The Healthcare Technology Report
IRVINE, Calif.--(BUSINESS WIRE)-- Immunis, Inc., a clinical-stage biotech pioneering multi-active stem cell-derived biologics for age and disease-related immune dysregulation, was honored as one of the 'Top 25 Biotech & Life Sciences Companies for 2025' by The Healthcare Technology Report. This award is highly regarded by corporate executives, institutional investors, and industry leaders, cementing Immunis' reputation as a groundbreaking force in biomedical innovation. Immunis received the accolade based on the ingenuity of its investigational stem cell-derived secretome therapy, IMM01-STEM, which aims to address age–related muscle atrophy, a disease that will affect 100% of humans. Share The Healthcare Technology Report (HTR) is a respected market research firm that reports on the developments, corporate actions, investment activity, and executive insights related to the healthcare industry. Awardees are chosen following an intensive evaluation of product innovation, leadership, strategic impact, and contributions to the global advancement of patient healthcare. Immunis received the accolade based on the ingenuity of its investigational stem cell-derived secretome therapy, IMM01-STEM, which aims to address age–related muscle atrophy, a disease that will affect 100% of humans. Not only does Immunis have the most clinically advanced secretome therapy in the world, but it is also tackling one of the most challenging health issues for which there is no pharmaceutical cure. Impressively, Immunis is recognized alongside some of the industry's most influential biotech companies that are invoking actionable change in human healthcare. The coveted distinction inspires Immunis to continue revolutionizing patient-centered biotechnology and dismantling barriers towards its progress. About Immunis Inc. Immunis is a clinical-stage biotechnology company developing multi-active stem cell-derived biologics for the various manifestations of age-related diseases and immune dysregulation. The investigational product line leverages Immunis' leading-edge capabilities in stem cell secretome technology to deliver a product of all natural, all human immune modulators in their natural physiological concentrations. For additional information about Immunis' programs, please visit our Pipeline. Cautionary Note Regarding Forward-Looking Statements This communication contains statements that constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, as applicable. Forward-looking statements include, but are not limited to, statements regarding our plans, beliefs, expectations and assumptions, as well as other statements that are not necessarily historical facts. You are cautioned that these forward-looking statements are only predictions and involve risks and uncertainties. Further, any forward-looking statement speaks only of the date as of which it is made, and we do not intend to update or revise any forward-looking statements. This communication also contains market data related to our business and industry which includes projections that are based on several assumptions we believe are reasonable and most significant to the projections as of the date of this communication. If any of our assumptions prove to be incorrect, our actual results may significantly differ from our projections based on these assumptions. This communication is neither an offer to sell nor a solicitation of an offer to buy any of the securities described herein.
