Providence Bank announces 3rd quarter dividend

ROCKY MOUNT — Providence Bank will pay shareholders a 54-cent dividend for the third quarter of 2024, a roughly 8% increase from the same time last year.

Holding company PB Financial Corp.’s board of directors approved a quarterly cash dividend of $0.54 per share on common stock outstanding to shareholders of record at the close of business on Aug. 2, President and CEO Ted E. Whitehurst announced Thursday. The dividend is payable on Aug. 23.

“This represents our 51st consecutive quarterly cash dividend,” Whitehurst said in a news release. “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.”

The 54-cent giveback represents a $2.16 dividend on an annual basis and a yield of 5.35% based on Providence Bank’s $40.35 per share Wednesday closing price.

For the six-month period that ended June 30, the company had basic earnings of $2.76 per share compared to $3.32 per share for the same period last year, a 16.87% decrease. As of June 30, the book value per common share was $37.19, a 17.17% increase from 2023.

SECOND-QUARTER EARNINGS

Providence Bank reported $4,111,594 in net income for the second quarter, which ended June 30. Income is up 9.89% from the same period in 2023.

Net income for the first half of 2024 was $7,280,844, a 2.33% decrease from the $7,454,287 in earnings reported a year prior. Expenses from Providence Bank’s merger with Coastal Bank & Trust affected this year’s figures. The bank has incurred $811,738 in merger-related costs to date, with $745,776 paid in the second quarter.

As of June 30, the company reported total assets of $1.261 billion compared to $879.1 million on June 30, 2023, an increase of 43.45%.

Total deposits were $1.051 billion and gross loans were $1.066 billion at the end of the second quarter of 2024 compared to total deposits of $698.2 million and gross loans of $713.1 million for the same period last year.

Current numbers reflect annual increases of 50.54% and 49.47%, respectively.

“I am pleased to report to our shareholders that we have continued to perform well in 2024,” Whitehurst said. “We successfully completed our merger with Coastal Bank & Trust in April, which contributed to strong earnings and balance sheet growth in the second quarter compared to the same period in 2023.”

Providence Bank is a state-chartered community bank headquartered at 450 N. Winstead Ave. in Rocky Mount. Branches are located in with branches in Rocky Mount, Nashville, Tarboro, Wilson, Raleigh, Jacksonville, Holly Ridge, Morehead City and Richlands, along with a loan production office in New Bern.

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